Provident Funding
2.4 of 5 73 reviews
www.providentfunding.com San Bruno, CA 500 to 999 Employees

Provident Funding Reviews

Updated Jun 25, 2014

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2.4 73 reviews

                             

74% Approve of the CEO

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Craig Pica

(19 ratings)

25% of employees recommend this company to a friend
73 Employee Reviews
Relevance Date Rating
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Review Highlights

Pros:
  • "Pay is pretty good for an entry level job"
    in 9 reviews
  • "Opportunity to build a career and advance quickly, especially as a recent college graduate"
    in 7 reviews
Cons:
  • "Extremely cheap company - No 401K match"
    in 9 reviews
  • "Little PTO, no sick which is fine but then you need to provide more PTO"
    in 7 reviews
  • Show more review highlights

Reviews

    • Culture & Values
           
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    Poor career advancement, boring work.

    Credit Analyst (Current Employee)
    San Bruno, CA

    Pros1. consistent 8% raises every year
    2. easy work

    Cons1. No 401K
    2. Incompetent managers - managers do not go through proper training in how to be a good manager. Most managers come from for-profit colleges too.
    3. Lack of advancement opportunities, once you're trained to underwrite or fund, get ready to do it for the rest of your career. I know underwriters/funders that have been in their position for 8 years.
    4. No flexibility of work hours
    5. Only 5 holidays a year
    6. No sick days, don't get sick or you are going to use your PTOs for it.
    7. Cheap owners, for example: getting a sharpie ordered takes more than 3 months. Also, getting a hand sanitizer requires COO approval.
    8. Unprofessional work environment.

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    Great company for recent grads!

    Mortgage Closer (Former Employee)
    Tampa, FL

    ProsGreat starting salary, plenty of overtime opportunities, weekly employee recognition. Small office/branch settings (4-6 employees on avg.). Great technology and systems. Bonuses are monthly. Ability to speak with owners and upper level management with ease.

    ConsNo 401k, not a lot of room for advancement but raises are on par. Production driven but easy to meet goals.

    Advice to Senior Management401k match!

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    MC

    Mortgage Consultant (Former Employee)
    San Bruno, CA

    ProsIt's a relatively young company composed of new and recent graduates, they are easy to talk to since you will be within their age group.
    The people there are nice unless it's your manager. Those are different groups of animals.
    There are bright people within the company who can do well.
    For goal oriented people this place offer a little nice reward if you get to a MC position.

    ConsYou need to know what you are getting your self into. Career growth is almost none if you are not a type A person who would constantly market yourself and get your manager to notice you.

    There is no middle management. Once you get to know the management you notice their last names are awfully familiar.

    Respect is secondary.

    The work is repetitive and machine like.

    Benefits are rudimentary, you get basic health package and no contribution to retirement/401k.

    Advice to Senior ManagementNone. Sir, you have build a wonderful machine, just keep the cogs oiled and you will do fine.

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    • Culture & Values
           
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    1 person found this helpful  

    If you thrive on conflict, stress and micro managing, you'll love it here!!

    Mortgage Underwriter (Current Employee)
    Pittsburgh, PA

    ProsYou will get paid to work. It's easy to get hired. If you went to college, show up to your interview on time, and don't say anything too weird you'll get hired.

    ConsYou start out with 0 days vacation/sick and earn days as you work. You accumulate less than 1 day per month until the 2 year mark then you earn a fraction more per month. You don't get most holidays off, you can count on 4 - 6 paid holidays per year depending on if days like Christmas and New years fall on the weekend or weekdays. There's also serious pressure to work overtime during the busy times (which is the majority of the time considering the company is wildly understaffed). You are bothered all day long by brokers, title agents, managers and fellow co workers telling you you're doing things wrong. There's pressure to have perfect work and not get audits so staff will turn on eachother and try to pass the blame to whoever they can to avoid an audit exception in their employee file.

    This company is also obsessed with reports. Every task you complete has a point value assigned to it. Every day production reports are emailed out to every employee. These reports list every single person by name and shows exactly what they did the day before and if they hit their 100 points or not. They even go as far as to put little red and blue lines in the report to highlight who didn't hit their points that day. Then every monday, we get a weekly production summary. Month end, we get a monthly summary etc etc. These reports don't take into account days you were training, or assigned to a non point producing task such as calling on pipeline to get conditions in. The reports also don't account for holidays or PTO days. So you can hit over 100% every day you are at work and still have a below average production rating if you dared to take a day off of work. They also send out audit reports listing everyone's name and any mistake they've made.

    There is no work life balance. When interviewing, if you talk about your aspirations to pursue an MBA or other degree program, you probably won't be hired. They want workers straight out of college with no families who are need to pay student loans and gain work experience. They do not value their employees at all.

    Advice to Senior ManagementThere's currently a movement to hire new employees. The focus is, what can we do to get more people in the door? Stop focusing on that and start focusing on your enormous turn over rates. Focus on making the environment less hostile and stressful. Instead of having the CEO say, "hey I want you guys to enjoy coming to work and have fun with in" then having zero follow through and zero changes, start doing something about it. You can't just will people to enjoy their jobs when you know it's a tough and stressful job. Put your money where your mouth is too. We're setting company records for volume and quality but we still only get $6 each to buy a nice lunch for ourselves for the "Christmas party." You can't even get a combo meal at jack in the box for $6....seriously.

    No, I would not recommend this company to a friend

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    1 person found this helpful  

    You get what you put in

    Mortgage Underwriter and Closer (Current Employee)
    Pittsburgh, PA

    Pros-Hard work is noticed and rewarded
    -Fellow employees are friendly and easy to get along with
    -Good pay and great increases
    -Upper management is easily accessible and willing to listen to ideas
    -Promotions are earned and not given for tenure

    Employees need to understand the basis of the company and be on board with the overall goal. Provident creates a very concrete product and expects its employees to do this efficiently. If you are not found of working hard and actually earning what you make, I suggest you steer clear. Great company to work for with solid ideals and morals in a less than par industry. Helps to build great communication and multitasking skills as well as a solid work ethic.

    For the reviewers who stated the job consists of looking at a computer screen for 8+ hours, I ask, what did you expect to do with that finance or accounting degree?

    Cons-Structure for advancement could be clearer

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    No communication from Management, dishonest business practices

    Anonymous Employee (Former Employee)
    Los Angeles, CA

    ProsUnlikely that the Company will go under so employment outlook is fairly stable compared to the rest of the lending industry.

    ConsThe workloads are not evenly distributed. It is common to see some employees running out the door at 5:00pm everyday while others are frequently working into the night and on weekends. Management disavows all knowledge of problems being reported to them. Employees ask for additional help or training repeatedly, their requests go unanswered and then Management likes to issue write ups when the problems come to light later in the form of bad press, lawsuits or scrutiny from regulatory oversight. They act as if is were the very first time they have been made aware despite a mile long chain of emails proving they were informed months prior, the Employee is usually blamed despite asking for help or attempting to have issues corrected. During annual audits they cherry pick the information they choose to give to the Auditors. If something is perceived to negatively affect their statistics they simply omit the information altogether. They are now offing their services to private label clients but have greatly overstated their ability to service loans outside their niche of conventional loan products. Employees have no experience dealing with many of the loan programs/types that Management is representing themselves to be "Experts" of. Employees that choose to give 2 weeks notice are often dismissed on the spot despite no past performance issues. Employees that leave are often later painted as being ungrateful or under achievers though they never had any performance issues while employed. The tone of emails from Management are often very hostile and threatening. Advancement is unlikely unless you are related to the Owners. Female employees have it even worse as there are extremely few women in any position of authority. The low number of paid holidays, poor raises, unreasonable workload and scant benefits package all further demonstrate that they view their employees as expendable rather than the Men and Woman who are making their lifestyle and success possible.

    Advice to Senior ManagementNone. You would never accept the idea that your way of doing things is less than perfect so any advice would be wasted on you anyway.

    No, I would not recommend this company to a friend

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    Not a wonderful place to work unless you want to work Christmas Eve

    Funder (Former Employee)
    Burlingame, CA

    ProsGood entry level job position

    ConsHorrible management terrible stay away

    Advice to Senior ManagementListen

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • Culture & Values
           
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    The most monotonous job ever created!

    Anonymous Employee (Current Employee)
    Los Angeles, CA

    Pros-Pay is pretty good for an entry level job
    -Coworkers are friendly

    Cons-The most monotonous job ever created!
    -Not difficult at all
    -VERY boring, especially since we have no internet access in our down time
    -No privacy, don't even have cubicles, just desks
    -Very basic benefits
    -They would rather over work their employees than hire additional

    Advice to Senior ManagementShow you care about your employees in some way. Hire more people in the departments that need it. Inform your employees about how your overtime system works before screwing them over.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    Great Start, don't stick around

    Mortgage Servicing Representative (Former Employee)
    Los Angeles, CA

    Prosthey hire a LOT of recent grads- cool people and decent salary for what you do

    Consyou will repeat yourself all day long answering 90+ phone calls a day, everyday

    Advice to Senior Managementmore pay and clear promotion tracks would decrease turnover

    No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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    Only Work at Corporate!

    Anonymous Employee (Former Employee)
    Burlingame, CA

    ProsI started as a college grad like people in all the reviews, but I was luck to work in corporate instead of being in a branch or servicing department. Pros about the company is don't need to worry about company going down. I was paid very well (average 20% paid raise every year.) Don't need to work a lot of OT, don't need to travel. You will move up fast if you have a special analytical skill or know when to say what.

    ConsNormal channel will not get people to move up the corporate ladder. Only 3% of the emplooyee working in a branch or servicing department get promoted. Need to ask for annual review else no pay raise. Bad employee benefits.

    Advice to Senior ManagementSome special bonus or benefits to employees would retain more people in this refi boom.

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Glassdoor is your free inside look at Provident Funding reviews and ratings — including employee satisfaction and approval rating for Provident Funding CEO Craig Pica. All 73 reviews posted anonymously by Provident Funding employees.