GMAC-RFC Reviews in Minneapolis-St. Paul, MN Area

Pros

Great benefits and large enough to grow if you are in the right departments. Seemed generally family friendly.

Cons

Layoffs were constant during the melt down. Not sure if Bloomington offices are going to stay or be moved to Philadelphia.

Pros

Good organizataion,
good co workers,
 management,
opportunity to learn,
convenient work location,
decent enough pay and decent benefits,
latest technology used.

Cons

Layoffs , not much opportunity to grow, need to move to PA to grow. Minneapolis operations are being shut down. Contractors more preferred than employees.

Advice to Senior Management

Hopefully the mortgage industry see light at the end of the tunnel. Hope that Minneapolis location grows in size. All the best.

Pros

Pay and benefits are awesome... even during the worst of crisis they didn't cut benefits...

Cons

Previous management made bad decisions, and now everyone is suffering... fingers crossed!

Advice to Senior Management

Make sure after selling us to someone else, we still keep our job

Pros

bonuses were great in the good times

Cons

The company was not able to adjust to changes in the economy in a sufficient manner so to survive. Morale was low due to the company's inability to provide leadership in the marketplace.

Advice to Senior Management

employ better risk management methodology

Pros

Being a subsidiary of GMAC has its benefits, both from a total rewards, recognition, and benefits perspective. But this is a company that excelled in another world, prior to the mortgage market meltdown and global economic turmoil. Work - life balance was strongly encouraged and supported.

Cons

GMAC-RFC served a niche market that at one point was very profitable. Then the world changed and the company did not change fast enough or move in the right direction. While talking about diversification of its portfolio, the company missed the boat in that it still focused on the sub prime market. The pressures brought about by the sale of GMAC to Cerebus also created turmoil as GMAC sought to consolidate and become more efficient. There were culture clashes and low employee engagement as a result. The people who needed to be retained were either let go or left the company before things got too bad.

Advice to Senior Management

Get back to the basics. Either build a culture that people can buy into or divest the business and focus on growth areas.

Pros

Prior to the Mortgage Crisis, RFC was a great place to work. Good Compensation, Great Benefits and Great People. I can't begin to explain the level of talent of the people I worked with. Many smart, creative and innovative individuals. If a company were smart, it would come in and pick up a whole group of the displaced workers.

Cons

Since the mortgage credit crisis things are not very good. My entire group was eliminated as part of a re-structuring. Not sure if the company will make it.

Advice to Senior Management

Be more proactive if you can. Over the years, RFC was more reactive...not a leader in the industry. More of a fast follower.