Provident Funding
2.5 of 5 67 reviews
www.providentfunding.com San Bruno, CA 500 to 999 Employees

Provident Funding Reviews

Updated Apr 11, 2014

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2.5 67 reviews

                             

86% Approve of the CEO

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Craig Pica

(14 ratings)

25% of employees recommend this company to a friend
67 Employee Reviews
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Review Highlights

Pros:
  • "Pay is pretty good for an entry level job"
    in 8 reviews
  • "A good comprehensive introduction to the mortgage industry"
    in 6 reviews
Cons:
  • "Unfortunately, still no 401k match, which would be nice"
    in 9 reviews
  • "Extremely cheap company - No 401K match"
    in 8 reviews
  • Show more review highlights

Reviews

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Company Politics

Loan Reviewer (Former Employee)
Anaheim, CA

I worked at Provident Funding

ProsGood starting pay and gives a month of training

ConsNot a place you want to stay for long. Get promoted based on how liked you are by the managers and not by performance. All the good people leave.

Advice to Senior ManagementPay attention to people who can really work and don't promote based on looks

No, I would not recommend this company to a friend

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no room for growth

Loan Reviewer (Former Employee)
Anaheim, CA

I worked at Provident Funding

Prosno room for growth, boring mundane job, no opportunities to move up in a department

Consgood training on the mortgage industry for an entry level job

Advice to Senior Managementcreate more opportunities, listen to employees et.

No, I would not recommend this company to a friend

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Avoid this place at all costs!

Mortgage Consultant (Former Employee)
Anaheim, CA

I worked at Provident Funding

ProsCommission was great when the market was good
Cream of the Crop A Paper inbound leads
Work Environment was casual and fun
Unlimited income potential if you are willing to not have a life outside of work

ConsZero opportunity for advancement as a mortgage consultant
You can make a lot of $ but you need to work 60 hours a week plus to get there
management is completely incompetent and communicated so ineffectively it was almost comical
We were told of major changes regarding new laws or new company policies basically the day of
benefits plan is OK if you're single but if you want to add a spouse or child you must pay the full cost

Advice to Senior ManagementLearn to communicate to your employess more efeectively
alter commission structure so that you do not need to work 12 hours plus a day to make decent $
make insurance for families more affordable
Allow employess room to grow and opportunites for advancement

No, I would not recommend this company to a friend

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Growing Company, decent commission opportunity if you work constantly

Mortgage Consultant (Former Employee)
Anaheim, CA

I worked at Provident Funding

ProsMade a lot of commission in 2009 as the refinance industry was booming. Company is growing and has a strong business model.

ConsMiddle-management and communication from upper management was poor. We got paid commission such that we needed to work extremely long hours. This is potentially a good job for a young and single person.

Advice to Senior ManagementFocus more on communication to employees regarding company plans, short and long-term. Spend more time on keeping the strongest performers while weeding out the rest. Take a serious look at middle-management to determine which managers are actually adding value to the company.

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Good place for college grads

Underwriter (Current Employee)

I have been working at Provident Funding

ProsThe training that is given is great compared to many other mortgage companies that do not provide training. The company is a great place for college grads to come on board and become underwriters in an industry that is often times old school

ConsThe compensation is not the highest in the industry but then again they are one of the few mortgage companies that are still open and had not to do any layoffs.

Advice to Senior ManagementAnnual reviews and better pay is a place to start.

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Provident Funding, good place to get your feet wet, bad for the long term.

Underwriter (Current Employee)

I have been working at Provident Funding

ProsGood way to learn about the mortgage industry. Provident seems to hire mostly recent college graduates and trains them from the ground up to become underwriters and funders. It seems that it would be difficult to start out as an underwriter without prior mortgage experience at any traditional lender in the industry. Provident seems to have decent proprietary technology relative to the rest of the industry and the mortgage brokers tend to say this as well.

ConsThe company is relatively young in the industry and there is a lack of a structure in terms of promotion. Unlike many larger corporations, moving in the company seems a lot more subjective where many of the success stories tend to lean towards someone knowing someone high up. After learning the ropes of your position, the daily tasks become very monotonous and you begin to feel like a glorified CSR. The only way to grade an employee is based on how many units of production are completed each day along with an audit score. The fear of having your audit score drop causes everyone to be afraid to make a decision ending up in pushing the decision to the manager above them who often pushes it up to his boss because everyone is afraid to take the blame.

Advice to Senior ManagementI think senior management should find a way to bolster company morale. The company needs to pay more attention to the effectiveness of an employee beyond their production score.

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Provident Funding work life

Anonymous Employee (Current Employee)

I have been working at Provident Funding

ProsGood salary from what I was offered.

ConsThe work sounded monotonous and boring. It sounded like they would push you to the max.

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Good First Job if you wanna be Corporate

Anonymous Employee (Former Employee)

I worked at Provident Funding full-time

ProsLearn a lot about the mortgage industry and how to work in a corporate environment. Can make a good salary if you buy into it or at least pretend to.

ConsConstant Politics, Communication with Management, Rigid Corporate Environment

Advice to Senior ManagementEmployees need to know who their direct boss is at all times

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

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1 person found this helpful  

Get your experience and move on.

Mortgage Underwriter (Former Employee)

I worked at Provident Funding full-time for more than a year

ProsThey are one of the few companies in this economy that are actually willing to hire recent graduates and train them.
They don't expect you to know everything when you arrive and will fly you to Pittsburgh or San Fran for training.
Decent starting pay for recent college grads.
They provide a solid base of knowledge and experience for eventually moving up in the mortgage industry.

ConsThe benefits are somewhat of a joke. No sick days, no 401k matching... the health plans could be better.
Ridiculous rules... basically no flexibility in scheduling. Have a doctors appointment? Arrive 15 minutes late? You get to take time from one of your 12 yearly days off.
Holidays are minimal compared to the rest of the financial services industry (no MLK day, no Presidents day, no black Friday).
Given Provident's limited range of financial products, once you're trained, opportunities to learn new skills/ move up are limited.
The upper management structure is essentially based on nepotism. The whole company is owned/managed by one family and their friends/cronies.

Advice to Senior ManagementRetaining employees/ increasing morale is going to require significant structural changes.

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

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Not too bad

Mortgage Closer (Current Employee)

I have been working at Provident Funding full-time for less than a year

ProsVery competitive setting pushes you to strive harder

ConsVery competitive setting so stress levels are quite high.

Advice to Senior ManagementCare more about your employees; they're not just funding figures.

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

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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 67 reviews posted anonymously by Provident Funding employees.