Provident Funding Reviews

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

Pros – Good co w-orkers and the training is meticulous. Everyone is helpful. No overhead

Cons – No sick days. Only Paid Time off. Work can get monotonous.

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

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

Pros – Great pay, annual review. One year I got above 10% the next above 20% raise. If you're a star, and that means doing a lot of production and with little audits, you will go far.
Good people, majority of the people that work here are good, everyone is pretty smart. There are a few slackers, management has a hard time firing people, they just put them in non-essential roles.
I'm in the entry underwriting position, above me is a branch lead, above him is a regional manager, above him is a department manager, and above him is the CEO. The vertical to the top is very short, however the company has a lot of different operations so you can move around and climb that way.
Unlimited overtime, when things get busy and if you want to make money, you're going to be making time and a half if you're in the entry positions. Very cool.

Cons – Benefits. Even though you will easily make much more than with any competitor it still sucks. 12 days PTO with no sick pay when you start. 2 yrs in that moves up to 15 days. I want to say 5 yrs you get 17-18 days and 10 yrs you get 20 days. No 401k match.

Advice to Senior Management – Improve the benefits and I'll be happy. Overall I enjoy the company, appreciate the job in this economy!

Also someone needs to fix this, Doug Pica is the CTO not CEO. The CEO is Craig Pica.

Yes, I would recommend this company to a friend

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

Pros – Training in underwriting conventional mortgage products
Management is helpful and laid back if you do your job.
Good technology, paperless
Friendly co-workers
Sense of accomplishment through metrics ie. funding and productivity

Cons – Angry brokers calling all day- faceless communication through email and cases compounds stress and gets passive aggressive quickly.
Other employees do not know you and will throw you under the bus. Document everything so when audited you can protect yourself...
Pay is crap but if you're single a nd it of college, the commission and OT is pretty awesome.
Oh, no advancement.

Advice to Senior Management – Turnover is quite high I think largely to the pressure of production and dealing with brokers. Maybe putting a layer between underwriting and brokers would allow underwriters to do their job, not destroy relationships.

Pay more. Wages are not competitive.

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

I have been working at Provident Funding full-time

Pros – Good entry level job
Great raises if you're a top performer
Potentially large commission and bonuses if you and your branch are doing well
Company will invest in your training
Job allows you to work and develop yourself in different areas
Great co-workers
Hardworking, challenging environment

Cons – Dysmal benefits
No 401k match
Only 7 paid holidays a year
Depending on the branch, micromanagement can be seen
Unrealistic expectations to achieve perfection and high numbers
Seemingly no loyalty to employee

Yes, I would recommend this company to a friend

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

Pros – My Co-Workers were all great people.

Cons – Understaffed - As an underwriter, we also had to answer every single phone call from mortgage brokers. This was extremely frustrating while trying to get work done to be bombarded every 5 minutes by an angry broker. The worst part is that we had to take calls on every loan that our branch was doing. This means that brokers would call and you would have to answer questions and figure out problems on loans that you weren't even working on.

Not much room for advancement

Extremely cheap company - No 401K match. Minimum paid holidays and and no sick days.

Zero job satisfaction - You stare at a computer for 8 hours a day doing the same boring tasks and you talk to angry mortgage brokers.

Advice to Senior Management – Hire account managers
Stop being so cheap. More people would stay

No, I would not recommend this company to a friend

I have been working at Provident Funding full-time for more than 3 years

Pros – 1. consistent 8% raises every year
2. easy work

Cons – 1. 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

I worked at Provident Funding full-time for more than 3 years

Pros – Great 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.

Cons – No 401k, not a lot of room for advancement but raises are on par. Production driven but easy to meet goals.

Advice to Senior Management – 401k match!

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

Pros – It'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.

Cons – You 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 Management – None. Sir, you have build a wonderful machine, just keep the cogs oiled and you will do fine.

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

Pros – You 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.

Cons – You 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 Management – There'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

I have been working at Provident Funding full-time for more than 3 years

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