Flagstar Bancorp

www.flagstar.com
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Employee Reviews

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  1. 1 person found this helpful  

    Senior Business Analyst

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Business Analyst in Troy, MI
    Former Employee - Senior Business Analyst in Troy, MI

    I worked at Flagstar Bancorp full-time (more than a year)

    Pros

    good location
    good pay
    easy hours
    No supervision

    Cons

    Worst place I have ever worked.
    No one cares about doing a good job.
    Salaried employees clock in like they are hourly workers.
    Everyone is very unprofessional.
    Profanity flies in the office.
    Always willing to point finger at others.
    The morale is horrible and the leaders have a 'morale boosting' committee that is a joke.

    Advice to ManagementAdvice

    Fire all the management in IT and start over.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Stay away!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Retail Banking
    Current Employee - Retail Banking

    I have been working at Flagstar Bancorp

    Pros

    Not much to go on. Co-workers are great to work with and benefits are decent.....Get some vacation but seems like a guilt trip anytime you asked for it because staffing is so poor.

    Cons

    Poor management
    Poor compensation
    Extemely short staff
    Poor attitudes
    Micromanagement by force of upper management
    Little opportunity
    Poorly run company

    Advice to ManagementAdvice

    Figure out a way to boost employee morale. Senior management gets paid the big bucks. Can't seem to figure out why they can't do that with the positions they hold. Marketing can't seem to figure out how to drive business in the door. Only way to attract outside/potential customers is to go out and get them. Little marketing whatsoever. We are way down on the scale in production as compared to other banks. With extremely minimal staffing, makes it difficult to do our jobs. Need to recognize those that actually do work hard and pay them for it. Don't just hand over extra responsibilies with no reward. Keep your employees happy and the company will improve. Additionally, listen to what your employees have to say. It can't hurt!

    Doesn't Recommend
  3.  

    A Sinking Ship

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Flagstar Bancorp

    Pros

    Flagstar was a great place to work for many years until the reorganization last year. There are still many good people working within Flagstar Bank.

    Cons

    Do not join Flagstar as an LO or branch manager. The leadership style of Senior Management is best described as "fear based" management. There's little to no communication. Emails and phone calls to management were regularly ignored and a response was rare. The support staff is grossly overwhelmed with their current workload and unable to support the sales staff. The sales staff is required to do far more than their share, but not compensated accordingly. Health benefits were extremely expensive and inadequate. All of this should begin to explain why this company went from 100+ home loan centers at the beginning of 2009 to roughly 20 home loan centers at the moment. After many years of commited service to Flagstar, it was very sad to see what the bank had become and far too easy to say goodbye.

    Advice to ManagementAdvice

    If you truly intend to remain in the retail mortgage origination game, do it right or don't do it at all. The retail division has always felt like the "step-child" compared to the wholesale division. Your senior management team for your retail home loan centers bring nothing to the table. The fact that the two regional managers and the EVP have kept their job given the overall failure of the retail division in the past 18 months is amazing. Replace those three senior managers with a team of leaders who are encouraging, communicative and helpful. Develop a marketing plan speciifically designed for retail, not wholesale marketing pieces that are amended with retail contact info. Replace all of your technology. The current LOS technology is dated, complicated and time consuming (not to mention it was really designed for wholesale and simply given a retail interface in 2003). Get rid of your three websites you use (LOS, CRM, and Doc Management) and get one robust software package that does everything AND does it correctly. Much of the back-log within Flagstar could be eliminated with a new software package, but I don't think they can afford the cost to upgrade. Eliminate the "Centralized Support Center" idea. All the tweeks that have been applied over the past few months have only made things worse. Given the current environment within Flagstar, you will not be able to attract and retain quality loan originators until you make major changes in the retail division.

    Doesn't Recommend
    Disapproves of CEO
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  5. 1 person found this helpful  

    Potential Employees - Stay Away

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee in Troy, MI
    Former Employee - Anonymous Employee in Troy, MI

    I worked at Flagstar Bancorp

    Pros

    Good Compensation
    Decent Benefits
    Work-Life Balance is good

    Cons

    Clueless Management
    Only people belonging to the 'inner circle' have their ideas heard
    distrust between groups is encouraged by management
    morale is rock bottom
    7.5 hour workday that is boasted by HR is a complete joke to salaried staff
    Salaried people have to badge in and out with the hourly people but aren't paid overtime. Instead, it is used as a barometer of who is dedicated and who isn't
    Expectation that you are available for monthly builds on weekends but aren't givent any comp time for it

    Advice to ManagementAdvice

    Consider fry-cook at McDonald's, but you are probably under-qualified
    Why do you think that so many people are leaving who are not managers?
    Don't expect people to stay around when you tell them that they should be considered 'blessed' for staying at such a 'great company', give out nothing for raises and then expect the rank and file staff to pick up the work of three other people that you laid off due to your incompetence.

    Doesn't Recommend
    Disapproves of CEO
  6. 2 people found this helpful  

    Avoid Flagstar unless a major management shake-up occurs

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee in Troy, MI
    Former Employee - Anonymous Employee in Troy, MI

    I worked at Flagstar Bancorp

    Pros

    In IT, you can do whatever you wish, as the only standard practice is to make up your own personal standards.

    Cons

    Regarding IT software development management: none are competent, all are wishy-washy and unwilling to take a stand on anything, especially development standards. None are qualified for the job and would be better off doing another type of work: your best doers are not generally your best managers.

    New management is totally ineffective: they added another layer without ousting any of the managers that are holding the company back. This is especially true in IT and loss mitigation.

    Advice to ManagementAdvice

    How can you continue to ignore the bleeding in loss mit?!?!? Remove the old management, choose an automated method to improve the workflow, and get the work done. If need be, bring in new staff that aren't so locked into the old manual ways of doing things.

    I have never seen a takeover involve NO firings of existing management. The new management needs to root out the deadwood and get things headed in a positive direction.

    Doesn't Recommend
    No opinion of CEO
  7.  

    Fear-based employer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Personal Banker
    Current Employee - Personal Banker

    I have been working at Flagstar Bancorp

    Pros

    The dental and vision benefits are fairly good. Vacation time is adequate.

    Cons

    Fear is the number one tool management uses to provoke results. The pay is below industry average, around $12/hr for Personal Bankers monthy bonuses are around $75-$100. A lot of the time PB's are in charge of the bank when the mangers are at job training and manager meetings.

    Turn over is very high and doesn't seem to be slowing down.

    If we don't reach our goals they make everyone at the branch come in on the last Saturday of the month.

    We haven't has raises in 3 years...

    Advice to ManagementAdvice

    Morale is very low. Stop treating employees as "costs" that need to be "constrained"

    Negative re-enforcement will only work in the immediate short term. The company needs a serious attitude overhaul and it must start from the Top – Down

    Doesn't Recommend
    Disapproves of CEO
  8.  

    Interviewer Beware

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Software Developer in Troy, MI
    Former Employee - Software Developer in Troy, MI

    I worked at Flagstar Bancorp

    Pros

    7.5 hour work days, and finally adpoting buisness casual dress code are about all I can think of.

    Cons

    After becoming a distressed company and being purchased by Matlin Patterson in 2008 things have really fallen apart. Be warned that this company has slashed the I.T. department quarterly since then. Only with the recent improvement in the job markets has hiring re-started. Most currently employees will admit to looking for new employment elsewhere and their churn rate is on average 1 employee leaving per week.

    While Boasting an "Agile" development shop, this is rather new and poorly implemented with more paperwork and requirements than some waterfall approaches. The technology is fragmented across multiple systems, languages and even within languages. A good example would be the use of Struts 2, 3 and Spring or Ant and Maven or Java 1.4-1.6 depending on the day.

    If you are in need of a job to feed your family, perhaps consider an offer but don't stop looking. If you think this warning may be outdated as about the newly Morale committee (2010) and what they are doing to improve morale and reduce the number of veteran developers leaving.

    Advice to ManagementAdvice

    Trim your management down, or find something constructive to do with the mid level managers.

    Doesn't Recommend
    Disapproves of CEO
  9.  

    Low pay

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Licensed Banker in Duluth, GA
    Current Employee - Licensed Banker in Duluth, GA

    I have been working at Flagstar Bancorp

    Pros

    Easy to shine, but no reward for going the extra mile.

    Cons

    Very, Very low pay. No raises going on 3 years now. Sometimes you have to work from 7 to 7. 7 day work weeks, no weekends. All for 10-14 dollars an hour; seriously.

    Advice to ManagementAdvice

    Copy other banks. If it works for them is should be a no-brainer. Pay more, pay more.

    Doesn't Recommend
  10.  

    Place is a joke

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Personal Banker
    Former Employee - Personal Banker

    I worked at Flagstar Bancorp

    Pros

    Bonus and incentive pay are wonderful if you get lucky enough to reach the ridiculous goals they set for the branch.

    Cons

    They make their branch goals almost impossible to reach. Their mentality on getting clients to open different accounts and products is comparable to that of a cheesy used car salesman. I took training, studied and got certifications to improve myself and my stock within the company so I could move up and I was constantly rejected. Then on the day I submitted my 2 week notice I was offered a management position but by that time I was so sick of how they did business, I didn't care.

    Advice to ManagementAdvice

    Making threats to your employees is not a great motivator in order to get more sales and accounts. It actually causes them to panic and they take whatever means necessary to meet the goals and often times quality of customer service is not up to par because they're only worried about getting people in accounts to meet specific goals instead of setting them up with the accounts that would be the best fit for the client.

    Doesn't Recommend
    Disapproves of CEO
  11.  

    Disappointing

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - IT Business Analyst in Troy, MI
    Current Employee - IT Business Analyst in Troy, MI

    I have been working at Flagstar Bancorp

    Pros

    plenty of IT work on the horizon, if market conditions improve in mortgage industry

    Cons

    Lack of vision and poor decision making by senior IT leadership.
    Lack of growth opportunities.

    Advice to ManagementAdvice

    Talk with front line IT employees, empower development teams to self manage, and goals will be accomplished. Current heavy handed, micro managing at mid management level is stiffing innovation and ownership of work by development teams. Collaboration is simply effective communication and coordination. Don't over complicate it.

    Doesn't Recommend
    No opinion of CEO

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