Provident Funding Reviews

Updated June 28, 2015
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99 Employee Reviews

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  1. Helpful (3)

    Horrible Place

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stuff Accountant in Burlingame, CA
    Current Employee - Stuff Accountant in Burlingame, CA

    I have been working at Provident Funding

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

    Pros

    I'm not sure there are any pros. I would recommend staying there the shortest time possible and then jumping ship.

    Cons

    Hostile work environment, low salaries, low advancement opportunities, women get paid much less than men, a very depressing place to work

    Advice to Management

    Change culture, offer sick days, increase advancement opportunities to all sexes, create a more pleasant office culture.


  2. Helpful (2)

    A stepping stone and not much more.

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

    I worked at Provident Funding

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

    Pros

    · Job security & salary: The company is a well-oiled machine and prides itself on neither firing nor laying off employees, regardless of performance or market conditions. Good pay for entry-level positions with generous annual raises and year-end bonuses.

    · Friendly & young colleagues: Provident hires recent college graduates for most entry-level positions.

    · Resume builder: If you go out of your way to take on extra work, you can develop a skill set that will allow you to exit Provident with favorable prospects.

    Cons

    · Poor benefits: No 401k matching, PTO accrual is slow and must be used for any type of time off (with the exception of bereavement & holidays, etc.), working on the eves of major holidays is common.

    · Inexperienced management: A lot of pointless meetings, conference calls, and silly initiatives that are never seen through to completion. Organizational decisions aren't made based on data or strategic thinking but rather because they're passed down the chain of command (i.e., a member of executive management's family). Excessive micromanaging across the board because middle managers don't have anything else to do since the markets have slowed down.

    · Culture & morale: The paychecks and job security are the two main reasons employees stay. After a year or two, most people realize that professional development simply isn't a priority at this company.

    · Mind-numbing & repetitive work: If you are the analytical type and looking for quantitative/technical work, you will be very bored.


  3. Helpful (2)

    Experience of a Provident Funding Closer/Funder

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

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

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    It was my first experience in the corporate world. I learned first-hand the inefficiencies of the corporate hierarchy. The company forces all parties in the mortgage process to bend to their strict guidelines. This reputation is well known amongst closing agents and brokers alike. Expect opposition from all parties should you become an employee here. I did learn how to mediate angry closing agents and quickly memorized the line “I know we do things differently than other lenders”.

    Working for Provident also taught me to endure hardship and maintain professional relationships despite personal views. I did create life-long friendships with those who suffered alongside me in the Provident trenches. I salute you brother in arms, the war has been won.

    Cons

    ENVIRONMENT/PHILOSOPHY
    The branches are small so it really is luck of the draw who you end up working with. You realize quickly there are two types of people, the lifers and those that took the job because of the economy and the need to payoff student debt. I was lucky to join a branch with some great people but while I was there 5 people left the branch in less than a year and a half. I was the sixth. The company has an extremely high turnover rate but don’t seem to care because the system continues to MOVE FORWARD. At the same time, I can’t fault upper management. They got into the company at the right time and solidified their positions. There is no room for advancement unless your aspiration is to underwrite mortgage loans. You will be told to accept “diagonal advancement” which entails no change in position with minimally higher pay. You do have to royally screw up to not get the 10% raise every year unless upper management has a grudge against you (which happens!). Complete gap between day to day operations within branches and upper management. Headphones were taken away to “increase communication” within the branch even though all communication is done through the company messaging system (even cubicle to cubicle). Get used to “anti-logic”.

    WORK
    You do not need a college degree to do this job. They recruit college grads that need to pay off debt with promises of extensive training, which includes two weeks in California at the corporate office (I did have an awesome time in San Francisco though, so thanks for that). As a closer/funder every aspect of the position is reviewed. Expect to have arguments about signatures and whether or not dates look like they are completed correctly. Be prepared to discuss if an 8 is “loopy enough” (actual terminology).

    The term “buyback” is used as a scare tactic to ensure all documents are perfectly completed, which only increases when volume slows. They do not tell you, however, your work as a closer has no bearing on whether or not a loan will be “bought back” in the secondary market. Any issues worthy of a “buy back” occurs in underwriting (mysterious magical processes most never have the pleasure of learning). As a closer you get really good at stacking pieces of paper in a certain order, scanning said papers, and printing shipping labels. Other than that, don’t expect to learn any transferrable skills outside of the mortgage industry.

    Advice to Management

    Sadly, none


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  5. It was time to go

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Processor in Santa Rosa, CA
    Former Employee - Loan Processor in Santa Rosa, CA

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

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    Pros

    Good pay, good raises, good bonuses. What I admired about working with Provident was that for a mortgage company they did not let people go during the slow times. They pride themselves on not laying people off when things get slow and they stick to it. The job security was great. I'll always appreciate my time at Provident.

    Cons

    The culture was very positive when I started. Interest rates were low and Provident was hiring a lot of young people my age. I met some of my closest friends working at Provident. I was later moved to Colorado Federal Savings Bank (a new division at Provident) when the interest rates rose and that's where things went South… and fast. There was no structure, no plan, no training, no tools. We were thrown into an ocean without a raft. I appreciated Provident Fundings training program and moving to CFSB, there was none to speak of. My confidence was shot and things were slow… and I mean slowwwwww. I had to leave for my career and professional development. It was a hard decision considering I worked with some of my best friends, was only 8 minutes from work, and was paid well, but I was going nowhere fast.

    Advice to Management

    Be more organized and train your people.


  6. review

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

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

    Pros

    my boss treat me very well

    Cons

    the work is very intense


  7. credit analyst

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

    I worked at Provident Funding full-time

    Pros

    The interview is fairly easy. The company offers high pay, which is good for new grad. They have decent PTO and provide good training.

    Cons

    Managers are rude. Co-workers are quiet and focus on their own work. The company raises the salary very year, but promotion is very unlikely. They don't match 401K.


  8. Top Private Mortgage Lender.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Underwriter and Closer in San Bruno, CA
    Current Employee - Mortgage Underwriter and Closer in San Bruno, CA

    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

    Great company with exceptional mortgage lending standards. CEO is on top of his game and the business model is the best in the mortgage industry. Highly energized working environment which demands pursuit of excellence.

    Cons

    Lack of upward mobility. There is an inherent fear of demotion or dismissal from management down. There is no clear path to promotion, it seems the more willing you are to do overtime or work weekends, the better your chance to move ahead.

    Advice to Management

    Management sometimes gets too consumed with numerical production & efficiency. Company could use better, friendly environment without inherent fear of being demoted or fired.


  9. servicing analyst

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

    I have been working at Provident Funding full-time

    Doesn't Recommend
    Approves of CEO
    Doesn't Recommend
    Approves of CEO

    Pros

    great people, steady raises, good training

    Cons

    no matching 401K, work gets monotonous


  10. Dull, overworked

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Provident Funding

    Pros

    Pay was alright, everyone was young

    Cons

    Terrible company culture, high turnover


  11. Mortgage auditor

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Auditor in Burlingame, CA
    Former Employee - Auditor in Burlingame, CA

    I worked at Provident Funding full-time (More than 3 years)

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

    Pros

    Good learning experience, good entry level job

    Cons

    no flexibility, fixed timing, long hrs



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