Provident Funding Reviews

Updated July 14, 2015
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2.6
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Craig Pica
35 Ratings

Pros
  • Opportunity offered to recent college grads (in 9 reviews)

  • Good learning experience, good entry level job (in 10 reviews)

Cons
  • Extremely cheap company - No 401K match (in 13 reviews)

  • It would be nice to have a 401k match and more leniency with make up time (in 11 reviews)

More Pros and Cons

106 Employee Reviews

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  1. Closer

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

    I worked at Provident Funding full-time

    Pros

    Hourly so got paid overtime

    Cons

    Limited upward mobility and low pay


  2. Helpful (2)

    Five Years with an Ethical, Growing Employer

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Consultant in Chicago, IL
    Current Employee - Mortgage Consultant in Chicago, IL

    I have been working at Provident Funding full-time (More than 5 years)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Directly out of college, I genuinely lucked out in finding an employer within my preferred field firmly committed to ethics (rare) during an unprecedented time for the industry and a period of aggressive growth for the business. This allowed me to receive accelerated, diverse exposure of the company as well as the industry and positioned me for future success. To provide some chronological guidance, the application/interviewing process is fluid, not rigid, with the goal being to find passion, past achievement, attention to detail and an entrepreneurial spirit. Once welcomed to the team, the training material can be dull and overwhelming, though that is expected in a mature, ever-changing and bureaucratic industry. Once on the job, your industry understanding will develop rapidly through repetition and on-site support. Even once the material is "mastered", constant change within the industry, the personalities of those you interact with and an individual's commitment to continuous self and company improvement will keep you challenged. As you grow with the firm, your effort, ethics, intelligence and initiative will be rewarded via increased responsibilities and monetary incentives. No matter the position, Provident employees will quickly and continuously receive broad exposure to a variety of services within the real estate industry (customers, coworkers, third party brokers, real estate agents, title companies, county/state governments, auditors, investors, etc.) positioning oneself for future success by increasing options if the position they find with Provident is not desirable. Fortunately, the company is open to a dedicated, proven employee's request for positional change, so that future success absolutely can be found within (nationwide, locational change can also be made available). The company's culture is defined by its commitment to ethics and prompt customer service, while the office culture varies from office to office, and division to division. Of course you are encouraged to show your personality and brighten up the office environment as well as the occasional decentralized, web-based meeting, ultimately developing lifelong relationships with your coworkers. Coming from someone who has interviewed, trained and managed many employees and personally worked on both the origination and servicing sides of the business in ~5-7 offices nationwide, I have been exposed to executive management's commitment to changing the mortgage industry time and time again. Our reason for being in business extends beyond profit to minimizing mortgage default via hands-on hiring, conservative, disciplined underwriting guidelines as well as proprietary technology (designed to automate regulation compliance and build scalability) built and improved upon by the initiative of employees. This stance allows the company to offer the best price and service to the "best" customers and all employees play an integral part in achieving this.

    Cons

    The initial training can be dull, as explained, but I am confident of Provident's commitment to continually improve upon its thorough foundation. The company's benefits leave something to be desired but may be up to par with the industry - specifically a slow accrual of paid-time off, no sick days and no guaranteed 401k match. Even so, Provident's progressive base pay and commission/bonuses exceed expectations and continuously reward the type of employee explained above, fostering a meritocratic culture. The only other knock that I can honestly share is regarding the career progression, which is not structured - but again this differs from division to division and is being improved upon.

    Advice to Management

    I suggest further branding our commitment to eliminating default which should increase employee and customer pride and word-of-mouth referrals. I also advise that each division develop a more structured, overlapping employment progression to foster long-term commitment from current and future employees. I also hope for improved benefits (retirement, health insurance and sick time/PTO) to again foster long-term employment and employee satisfaction, while ensuring the best of the best are recruited to become our business partners in the first place.


  3. Helpful (1)

    Origination

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Origination in Chicago, IL
    Current Employee - Origination in Chicago, IL

    I have been working at Provident Funding full-time (More than 5 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The company is established within the mortgage industry by employing ethical standards - best rate mortgages for best qualified customers. The work environment allows for best and brightest to shine through - hard workers, self-motivators, dedicated to high standards employees will be noticed and leveraged. Executive Management's vision is clear - organized structure, high expectations, and structured advancement.

    Cons

    Retirement benefit may be up to par within industry, but company compensates by rewarding through base pay, pay raises, and commission/bonuses - hard workers and dedicated to company are rewarded.

    Advice to Management

    Continue to set vision clear - organized structure, expectation for high standards


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  5. Helpful (2)

    Good company, limited growth.

    Current Employee - Anonymous Employee in San Bruno, CA
    Current Employee - Anonymous Employee in San Bruno, CA

    I have been working at Provident Funding (More than 3 years)

    Recommends
    Negative Outlook
    No opinion of CEO
    Recommends
    Negative Outlook
    No opinion of CEO

    Pros

    -Pays well -Good annual raises (as long as you aren't in a commission position)

    Cons

    -Incompetent middle management -Limited growth potential (hope a manager quits or you have no shot at management) -No 401k match -Limited benefits -No sick days, all PTO


  6. Helpful (3)

    A Very Strange Company

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

    I worked at Provident Funding full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Good credit analysis experience, engaged co-workers, good immediate supervisor. I did appreciate the experience I gained working here. My immediate boss was a nice guy and a hard worker and I learned a lot from him. However, his counterparts were much less engaged and were clearly favored over him for some weird reason. The office had a clique that was uncomfortable to deal with at times and took away from a professional environment. Get a few years on your resume and go to something better even if the pay is less. This is not a typical environment and I realized that as soon as i started with my new job which has much more potential and actually treats dedicated employees with respect.

    Cons

    Senior management keeps employees in the dark, little transparency or goals, bad managers favored over good managers, Lack of respect from senior managers to subordinates, poor benefits. 12 days annual for PTO which includes sick and vacation is all you get. I heard the CEO talk one time while I was there. He chewed out our division on the phone and said that he might close it because it was inefficient. Stability obviously was a major concern for all from that time forward. Another senior manager spoke very inappropriately to a subordinate manager in front of the staff when he was in the office. Not much of an incentive to grow here based on what I saw and heard.

    Advice to Management

    They don't seem to care at a senior level and that's the problem. I think the owners have placed their trust in just a few people and they don't hear the full story as a result. Sr. Management expects you to crash through a brick wall for them but they will not do the same for you.


  7. Helpful (1)

    Career Starter

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

    I worked at Provident Funding full-time

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    There is upward movement available up to around middle management. They tend not to let go employees except for gross negligence. They are no-nonsense, and very honest up-front about what you receive. Overall, this is a good place to begin a career, and I value my time here.

    Cons

    Work can be repetitive, kitchen and shared facilities were periodically closed in a punitive manner, there wasn't much team-building, there is healthcare but no 401K match. Performance is not rewarded quickly enough, as reviews are only completed on an annual basis. Also, no sick days means you either work while ill, or use your paid time off.

    Advice to Management

    An LGBTQ inclusion policy is needed to ensure the workplace is welcoming. Instituting a bi annual review process could facilitate greater upward movement by high achieving new employees, and encourage retention.


  8. Helpful (1)

    Ok for Recent Grads

    Former Employee - Loan Reviewer in Anaheim, CA
    Former Employee - Loan Reviewer in Anaheim, CA

    I worked at Provident Funding

    Pros

    I was hired to work as a Loan Reviewer right after earning my Bachelors degree in Business Administration. It gave me the opportunity to get into the mortgage industry without the need for having experience. This is definitely a stepping stone towards greater things.

    Cons

    There is no room for grow. Use this as an opportunity to get your foot in the mortgage banking industry, but then find something better after that, unless you are content with staying where you are. No 401K match; no sick leave.


  9. Helpful (2)

    Take it if you have no other choice.

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

    I worked at Provident Funding full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    - Consistent raises. Anywhere between 10-15% seems to be normal. - Job security. No layoffs due to extremely high turnover.

    Cons

    - Laughable benefits. No 401k match, no sick days, expensive health insurance, 12 days of PTO/year, no maternity leave. - Nepotism. Most senior managers are related to the CEO. Limited opportunities to advance. - No flexibility. If you have to leave a couple of hours early, you need to use your PTO.

    Advice to Management

    - Decentralize the decision-making process, not everything has to be signed off by the CEO/COO. - Unless you offer better benefits, you won't be able to retain your employees.


  10. One of the best run mortgage companies

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

    I have been working at Provident Funding full-time (More than 10 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    I started my career at PF directly out of college, like many of my fellow colleagues. I've had a fantastic career in loan origination with the company. I'm a firm believer that if you put in hard work, and find ways to work smarter and more efficiently than your peers, you will get rewarded nicely here. That's just like any other company. Nothing in life is ever handed to you. You have to earn it! It may not always be immediate, but good employees and talent gets recognized and rewarded appropriately. I've read through some of the other employee reviews on this site, posted mostly by former employees, and unfortunately they blame the company for their own short-comings. The company is very straightforward and ethical in how it operates with its customers (borrowers/brokers/lenders) and employees. It's managed incredibly well from the top. It's one of the few privately owned companies that survived the mortgage crisis. If you like to roll up your sleeves and work hard, and want to work with an ethical mortgage company, PF is a great place to work.

    Cons

    None at this time .

    Advice to Management

    Keep doing what you've been doing.


  11. Helpful (3)

    Dead End Job

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

    I worked at Provident Funding

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    You have Saturday and Sunday off.

    Cons

    Gave it one start because zero is not an option. There are very few loans being submitted, so the job has become nothing more than a call center worthy of India. The "Servicing Analyst" (AKA Customer Service) manager monitors your every move on the phone to make sure you take call after call after call all day. The expectation is that you take 80 calls a day. The majority of employees that were Underwriters or Funders have been demoted to Customer Service, unless of course you're a relative, a friend, or dating one. That's how you get promoted. In an office of 24, the office dwindled down to 9 employees. Everyone resigned, and the ones left are looking for a job. Now, if you read positive reviews, be wary of them as it is believed that "Provident Funding and Friends" are posting their own to increase their ratings and also to attract new naive graduates to do the mundane work. There is discrimination when it somes to religion, as an employee was denied time off for religious reasons to travel to Israel. The "Witnesses" can work part-time and work 3 days a week so they can attend/teach bible studies and knock on doors. Managers have been demoted for taking maternity/paternity leave.

    Advice to Management

    I won't waste my time giving management advice because they don't care or are afraid of the owner's wife. The owner's wife is a micromanager that is overbearing and has ultimate say.The underling managers dare not undermine her. If you question her she will try to intimidate you into submission. In a company meeting she refered to brokers as "riff-raff". If she refers to the people that bring her business this way, how do you expect her to refer to her employees.



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