Provident Funding

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Provident Funding Reviews

Updated August 10, 2014
Updated August 10, 2014
77 Reviews

2.5
77 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
(no image)
Craig Pica
21 Ratings

Review Highlights

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

  • Pay is pretty good for an entry level job (in 9 reviews)


Cons
  • Extremely cheap company - No 401K match (in 12 reviews)

  • It would be nice to have a 401k match and more leniency with make up time (in 10 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    If you're good, you will be happy.

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

    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 ManagementAdvice

    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.

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    Mortgage Underwriter

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

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
  3.  

    Not bad, but could be better

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

    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

    Recommends
    Neutral Outlook
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  5. 1 person found this helpful  

    Mindless, Soul Sucking Job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Mortgage Underwriter  in  Pittsburgh, PA
    Former Employee - Mortgage Underwriter in Pittsburgh, PA

    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 ManagementAdvice

    Hire account managers
    Stop being so cheap. More people would stay

    Doesn't Recommend
    Neutral Outlook
  6.  

    Poor career advancement, boring work.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Credit Analyst  in  San Bruno, CA
    Current Employee - Credit Analyst in San Bruno, CA

    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.

    Doesn't Recommend
    Neutral Outlook
  7. 1 person found this helpful  

    Great company for recent grads!

    • Career Opportunities
    Former Employee - Mortgage Closer  in  Tampa, FL
    Former Employee - Mortgage Closer in Tampa, FL

    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 ManagementAdvice

    401k match!

  8. 1 person found this helpful  

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

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Underwriter  in  Pittsburgh, PA
    Current Employee - Mortgage Underwriter in Pittsburgh, PA

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Neutral Outlook
  9.  

    MC

    Former Employee - Mortgage Consultant  in  San Bruno, CA
    Former Employee - Mortgage Consultant in San Bruno, CA

    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 ManagementAdvice

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

  10. 1 person found this helpful  

    You get what you put in

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

    Recommends
    Positive Outlook
  11.  

    No communication from Management, dishonest business practices

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

    Pros

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

    Cons

    The 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 ManagementAdvice

    None. 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.

    Doesn't Recommend
    Neutral Outlook

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