Flagstar Bancorp

  www.flagstar.com
  www.flagstar.com

Flagstar Bancorp Reviews

Updated December 10, 2014
Updated December 10, 2014
141 Reviews
2.5
141 Reviews
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Flagstar Bancorp President & CEO Alessandro P. DiNello
Alessandro P. DiNello
46 Ratings

Review Highlights

Pros
  • Some good people who mean well, but quality leadership is sorely lacking (in 7 reviews)

  • Competitive pay, normal hours, good benefits, good PTO, opportunity to move up (in 5 reviews)


Cons
  • And often changes in upper management in the last 3 or 4 years (in 7 reviews)

  • Flagstar has little room for advancement (in 4 reviews)

More Highlights

Employee Reviews

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  1.  

    Not a long term position...

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Service Representative in Jackson, MI
    Former Employee - Financial Service Representative in Jackson, MI

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

    Pros

    Fun pace, good people to work with. But for what it's worth...I'd never go back.

    Cons

    Your "sales commission" wasn't reward based, but threat-based. Terrible fear every month when the numbers came due. Nearly impossible goals as well.

    Advice to ManagementAdvice

    Treat your employees like people. Never seen a more harsh Top>bottom discrepancy

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  2.  

    Don't trust em!

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

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

    Pros

    Nice office setting, and working with people that are pretty cool. The pay is competitive and hard to come by. Breaks and lunches can be taken when the worker wants in most departments.

    Cons

    Layoffs, and outsourcing- provides no stability- No telling if you are on the chopping block!

    Advice to ManagementAdvice

    Change the slogan if jobs are being outsourced to Texas! It's no longer "In Michigan and for Michigan"- and stop lying to customers- Flagstar is not taking the calls or servicing the loans.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Many futile attempts to get back on course...

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Information Technology in Troy, MI
    Current Employee - Information Technology in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 10 years)

    Pros

    The job pays well, benefits are decent (they were better), a good place to get some "on the job" experience. You get all the bank holidays, and every Friday is a $2 jean day, with donations going to some local charity. Employees will vary rarely be let go for incompetence: good for the employee, but just another sign of poor management. The current CEO actually seems to care. He may not tell the whole story, but he's been mostly truthful in his town hall meetings and has attempted to provide monthly voice recordings on the state of the company through the employee's internal web site.

    Cons

    Many issues with company performance has led to multiple changes in upper management over the last several years. Even though the current CEO is trying to get the company back on course, there is a lot of leftover "garbage" in place. Middle management seems to have their own agenda, not wanting to participate in change or provide assistance, which in the end should help everyone. Some employees have been pulled aside for not meeting quota, and others for going over quota when there is not enough work to go around: just excellent example of "be average or you don't belong." And then mandatory overtime is implemented when there is again too much work; great if you're paid hourly, but bad for salary. It's gotten to the point where some salary employees have been told not to clock in anymore. Interaction between business groups is minimal, causing tasks to be done over and over due to lack of information, which would have helped to get something done right the first time. Some teams apparently feel superior and provide no assistance, and face no consequences in doing so. While some of this has slowly began to change, it is still a huge problem when attempting to complete a project that requires multiple internal resources. Middle management seems to have found a work around by hiring in contractors and "off shore" personnel when these tasks could just as easily have been done internally if some backbone were in place to better manage the employees. Thus, we now have wasteful spending when the company is looking to save money. In order to offset that cost, raises are minimal, promotions few (unless you're a manager), money is hidden / stolen from other projects, and there is usually a yearly employee layoff between Thanksgiving and Christmas to make the stock look good. Happy Holidays for those who are let go during this time...

    Advice to ManagementAdvice

    Middle management needs to be better supervised and/or cleaned out. Some of these managers came from a time of about 10 years ago when the company had its own internal management training program, the proverbial "blind leading the blind." New ideas from new middle management would help instead of relying on previous methods that has brought the company to its current situation.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
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  5.  

    interesting

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

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

    Pros

    balance and time off was good

    Cons

    too many changes in cfo, ceo

    Advice to ManagementAdvice

    Stop changing executive management

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6. 2 people found this helpful  

    Not the best one.

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

    I worked at Flagstar Bancorp full-time (more than 3 years)

    Pros

    Relative ease to get in.

    Cons

    Low salaries,lack of promotional opportunities, broken promises.

    Advice to ManagementAdvice

    Start paying people right ! Take care of your employees !

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  7. 1 person found this helpful  

    Big Company, Small Mentality

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Assistant Branch Manager in West Bloomfield, MI
    Former Employee - Assistant Branch Manager in West Bloomfield, MI

    I worked at Flagstar Bancorp full-time (more than 3 years)

    Pros

    I worked with great employees. The systems for account opening were pretty straight forward.

    Cons

    Flagstar had no clue how to gain new customers. Their marketing department was defunct as we would always receive new overly complicated promotions to have to market to our existing customer base. Alot of the promotional efforts were just trail and error as corporate would submit and pull promotions literally every other week. Way too confusing and frustrating when you are required to make sales goals. They were just a large company who knew nothing of how to attract new customers. Ultimately, we suffered with the added pressure of having to deliver our numbers. Was way too stressful for that reason alone and decided to leave after I was left without a Branch Manager for 3 months with no signs of help.

    Advice to ManagementAdvice

    Hire outside professionals to help market your products. Set realistic sales goals as online banking has kept many people from even coming into the branches anymore.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8.  

    Review of the company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Loan Officer in Troy, MI
    Current Employee - Mortgage Loan Officer in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 3 years)

    Pros

    The compensation as a loan officer is great.
    The company is very flexible with the hours for the loan officer.
    Management is very laid back

    Cons

    The company was unorgainized
    They did not set goals for loan officers
    They did not have many values posted around the company
    The managers seemed very lost in there roles, they didn't offer much guidance to the employees.
    It was very difficult for management to get anything done in order to keep customer service.
    The company does not offer any growth opportunities.

    Advice to ManagementAdvice

    Be more informative with the employees and have more meeting that execute on the discussion in the meeting.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9.  

    Lack of Communication

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Flagstar Bancorp full-time

    Pros

    Flexibility, ability to learn through experience

    Cons

    Little direction and communication from management unless a negative event has occurred. Employee reviews are not reviewed with employee and compensation for jobs is unclear and unspoken among different departments.
    Instead of finding a solution to the problem negative nit picking occurs and a blame game starts instead of looking at the overall objective.

    Advice to ManagementAdvice

    Communicate goals and events when things are positive not only negative. If a expectation is expected make the goal and journey clear.
    Universally communicate among departments so that statistical financial findings can be analyzed to enhance process instead of trying to avoid blame
    Bullying is not a way to enhance employee performance.

    Doesn't Recommend
    Approves of CEO
  10. 1 person found this helpful  

    Has been moving backwards for the last 6 years. No progress in IT or product

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Account Executive
    Former Employee - Account Executive

    I worked at Flagstar Bancorp full-time (more than 10 years)

    Pros

    Never had a paycheck bounce, payroll taxes were always paid, and benefits were OK, though getting worse.

    Cons

    Was laid off from a 100% commission position, in a declining market. That's pretty much unheard of and indicative of how this management team is really just in over their heads. I think there have been 4 CEO's since 2008, which again is unheard of. The banks profits come from the mortgage business and unfortunately this bank is the wrong size. Too big to be customer friendly and too small to play with the big boys. The wholesale sales team is now being run by three people, all of which were over promoted to just be regional managers, now they get a chance to mismanage the whole division. I'm glad to be gone.

    Advice to ManagementAdvice

    Listen to the rank and file, your managers are perfect examples of the Peter Principle, and will drag the whole thing down. The best advice is SELL while you can

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Generally a positive experience, with usual highs and lows.

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

    I worked at Flagstar Bancorp full-time (more than 8 years)

    Pros

    Pleasant working conditions and facilities. Friendly culture. Variety of types of work assigned. The on-site cafeteria has good food and pleasant staff.

    Cons

    Frequent cuts in staffing. Consistent lack of communication to employees. Constant turnover at the highest levels over the past 3 years. 20% staffing reduction by department, across the company. Career advancement difficult. Company spent thousands abd thousands of dollars to expand into leased space, then walked away from the space in less that 2 years, and eliminated more than 800 positions.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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