Provident Funding

www.providentfunding.com

Provident Funding Reviews

Updated January 6, 2015
Updated January 6, 2015
89 Reviews
2.6
89 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Craig Pica
27 Ratings

Review Highlights

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

  • Solid entry level pay for recent graduates (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 Highlights

Employee Reviews

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  1.  

    You are treated like a machine in a factory

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

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

    Pros

    Good salary with steady raises each year (base salary was pretty high compared to other jobs in mortgage and you get bonuses when work is flowing), knowledgeable leads are very willing to help you learn the industry

    Cons

    Monotonous job-be expected to perform the same tasks/make the same calls all day, everyday.

    Advice to ManagementAdvice

    Provide more cross-training opportunities to employees who really want them- don't just move employees into departments without knowing if that's what they want

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Get what you give

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

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

    Pros

    •Upper management-We have conference calls once a month where members of upper management talk to us about the past month, future goals and what is going on in the mortgage world. I’ve never gotten off a conference call not feeling confident about the company’s future. Upper management really seems to have it together.
    •In periods where companies in the mortgage industry are laying off employees in droves, Provident Funding seems committed to making the best of the situation by either cross-training employees or restructuring to take advantage of other opportunities in the sector.
    •Little micromanaging- Many branches don’t even have management at the branch. When management is in the branch, they sit in the bullpen with the rest of the employees and make themselves easily available and approachable.
    •Career opportunities- If you make an effort, they’ll make an effort. This is a fairly small company so every employee has the opportunity to be recognized. In the time I’ve been with the company, I’ve been given so many opportunities-some without me even having to ask. If you do a good job, you’ll be rewarded.
    •Great work environment- They recruit people based on the obvious grades, extracurricular, etc., but they also take into account the other employees at the branch and how a candidate would fit in with current employees.
    Way more pros than cons to this company, this is a really great company to work for and those complaining probably didn't realize what they had/have

    Cons

    •They could be a little more flexible when it comes to the 8-5 work day. I’m sure some employee abused a more flexible work day and ruined it for the rest of us, but it would be nice if we could a schedule doctor’s appointment over our lunch break and not break out in a cold sweat trying to get back to the office within the hour.
    •They don’t provide a 401K match.

    Advice to ManagementAdvice

    Keep Summer Fridays, be a little more flexible, and consider a 401K match after an employee has been with the company an X amt. of time

    Recommends
    Positive Outlook
    Approves of CEO
  3.  

    So so

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

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

    Pros

    -Helping people save money/afford their houses
    -You can create your own work outside of pure production if you have good ideas and management's approval
    -commission income when business is good
    -Ability to learn personal finance
    -Like-minded, helpful and compatible coworkers
    -Annual raise after OK starting pay
    -relatively flat org structure
    -Good training program
    -Understanding and communication with manager

    Cons

    -It took too long to be cross-trained from closing to underwriting
    -commission structure needs to be updated to new regional model
    -Small office setting with 6 people doesn't suit me
    -You hit the ceiling quickly (very few promotions)
    -Work can get repetitive, especially if you don't have authorization to perform different tasks
    -Looking for work when business is slow

    Advice to ManagementAdvice

    -Correct the commission structure
    -Give employees more responsibility
    -Match 401k contributions
    -Give more PTO
    -Allow more flexible schedule, like summer Friday

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
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  5.  

    Company executes well, room for employees to take ownership

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

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

    Pros

    Flat structure, little micromanaging, breadth and variety of job duties, compensation, overtime often available, stable company, doesn't implement fads or gimmicks but builds momentum through consistent execution of the basics, leading to continuity in work expectations and environment.

    Cons

    "Soft" employee perks such as fringe benefits package and scheduling flexibility

    Advice to ManagementAdvice

    Opportunities for increasing scheduling flexibility without detrimentally affecting production exist and can be taken advantage of to increase worker satisfaction

    Recommends
    Positive Outlook
    Approves of CEO
  6.  

    Underwriter

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

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

    Pros

    Training is available and you can get a job right out if college with no experience. Raises were always generous

    Cons

    Management often moves employees around without first discussing with the employee if that's something they even want to do.

    Advice to ManagementAdvice

    Provide a 401k match. Sick time/vacation days are minimal. Earning only one day a month for sick/vacation time doesn't allot for people to make dr appts, go on vacation and get sick in a year.

    Recommends
    Negative Outlook
    Approves of CEO
  7.  

    A perspective from a previous employee.

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

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

    Pros

    Good opportunity for overtime, good opportunity to earn small monthly bonuses and maybe a christmas bonus. Good opportunity to learn some corporate culture. Sometimes you have great co-workers and awesome branch leads. I was fortunate to have both. Good out of college job.

    Cons

    Here is where the cons really stack up. Provident Funding being my first job, in which they only target college graduates, I guess you could say I was naive. Having been at my employer for a few months, I can honestly say Provident Funding was one of the worst companies I have worked for.

    1) No freedom over your time. Be in at 8am, take one hour lunch during a specified time because you will be answering phone calls all day and you need someone to pick up the phone. Leave at 5pm. I guess this is just an hourly thing, however, you were definitely not in charge of your time.
    2) Benefits are very lean. Little PTO, no sick which is fine but then you need to provide more PTO. Health plan is very lean and you pay a lot for it.
    3) Work is not creative at all. You look at the exact same thing day in day out. Sure you get opportunities to look at other things but the company is run like a factory.
    4) CEO states it's great to switch roles and be put into different roles. Most professionals would laugh and walk if they were told this, but being naive, I ate it up. You were basically made to be a jack of all trades, but the work again is very monotonous, it wasn't like being able to do some creative work.

    I'm very happy to be where I am. For those that need a couple years to make some money and pay off student loans, this isn't a bad job, but this shouldn't be your "career".

    Advice to ManagementAdvice

    None, I had no problems with management.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8.  

    Unfulfilled. Monotonous.

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

    I have been working at Provident Funding

    Pros

    If you have leverage, you can argue for a pretty decent salary and have pretty good access to the higher ups.

    Cons

    You'll be unfulfilled and won't enjoy your job. If you aren't in the inner circle, your salary will suck and you will not be happy.

    Advice to ManagementAdvice

    Don't hire if there is nothing to do. There are many intelligent people there would would like to do more, but there simply isn't enough decent work to do.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  9. 1 person found this helpful  

    Worst Job I've Ever Had

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

    I worked at Provident Funding full-time (more than 5 years)

    Pros

    Probably the only thing that this company has going for it, in terms of employment, is that it's a job. The CEO does know what he's doing but that's about it.

    Cons

    Provident is run by one family, husband and wife, brother, father, and a family friend. They have absolutely NO idea about hanging onto good employees and the place is run exactly like a factory. Come into work at 8 am, work work work until 5 pm, go home and repeat the next day. Sometimes they expect you to come in on weekends. I worked in the Audit department and when I was there they told me to do one thing before the audits went out and then another thing when the audits were disputed. Almost all major audits were disputed and removed so what's the point of even having an audit department? They expected you to literally do the work of two people and to be happy doing it. They'd have company-wide conference calls every once in a while and talk the talk about how much they value their employees and unless things have radically changed since I left in 2010, don't believe a word of it. If you quit, don't even bother asking for any recommendations, they do the bare minimum in terms of verifying your job with your new employer - it's like they're vindictive but in a childish way. The mid-levels have a huge chip on their shoulder because they're given a little responsibility. Five holidays per year, you work the day after thanksgiving. The day before thanksgiving and Christmas Eve, expect to stay until 5 pm, they won't let you out early. I ended up quitting and going back to school to do something different - completely soured my outlook on working in Finance.

    Advice to ManagementAdvice

    Restructure, get rid of the mid-levels and hire good people. Do what you can to make them feel valued and appreciated.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  10.  

    So So

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Funder, Underwriter, Trainer in Bellevue, WA
    Former Employee - Funder, Underwriter, Trainer in Bellevue, WA

    I worked at Provident Funding full-time (more than 5 years)

    Pros

    -The company has a good CEO Craig and Lori Pica; they are both very understanding and is willing to listen to suggestions if they ever get to them. Majority of the time however the immediate supervisor will take credit for the work or is unwilling to pass on ideas.
    -decent training program and support for small company

    Cons

    -although the CEOs are great themselves the fact that they are a private company that can not control the simplest aspects of promoting correctly--they should be named as the first negative aspect of this company.

    -promotion is based on whether you are willing to stay over time, but management fail to check whether the overtime was warranted. Many employees do honest work and do not require overtime is punished b/c they are viewed as dedicated. Especially people who are new typically sit on their phones playing with Facebook or twitter, then spend extra time at the end of the day so they can earn overtime. Those are the people that get notice at this company bc they simply stay after.
    -lower management is often a year into the job and have no experience dealing with people. They are very power hungry, incompetent, and non-knowledgeable.
    -while I was employed here, there were two specific example that just blew my mind. Case 1: an employee was at the branch for about 1 year and he threaten to quit, the head of the department gave him a raise and promoted him to branch manager simply he does an insane amount of overtime. After about 6 months as branch manager the employee left for another company anyways. Case 2: the wholesale division manager promoted an employee who has been with the company for about 1 year over an experienced underwriter who had trained me I funding and underwriting--after a year this new branch manager was fired for incompetency. These are just two very specific case of mismanagement which causes confusion and chaos in the branch.
    -some branches have remote managers so new employees take advantage of this. They arrive late and have someone log onto the system for them so they are shown as being on time. Remote managers are too incompetent to know that they should call a branch meeting each day or once in a while to make sure everyone is on time!

    I was with provident for roughly 4.5 years. I worked as a funder for 2 years, then worked as an underwriter for 1 years then became a trainer for about a year and a half and left for PACCAR mainly bc I was sick of seeing discrimination and lack of values in promotion practices. Currently I manage roughly 6-7 folks.
    My advice for new graduates is that if you are looking for a job in this track then prepare yourself---this is not the best company to work for. Your "manager" will likely be fairly incompetent, your training will be decent, your hours will be long, and you will be frustrated.

    Advice to ManagementAdvice

    -do not promote people just because they do a lot of overtime. Check to see what they accomplished throughout the day as well. Check for accuracy and not just quantity.
    -show loyalty to those who stayed loyal with the company.
    -instead of trying to save money by promoting the younger and more inexperience people, award the people who has been there with the company and know what they are doing.
    -check up on supervisors and make sure they are competent
    -do not have remote managers. Office manager is highly recommended. The office manager should have experience, been with the company, and know what he/she is doing.
    -do not promote people to "manager" over those who has been on the job for 5,6,7 or 8 years, after 1 year on the job! This creates chaos in the branch and these new 1 year managers are the core of incompetency. It does nothing positive except save the company some money in terms of lower compensation for the new manager.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  11.  

    OK place to start out entry-level in mortgage industry...if you have no other options

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

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

    Pros

    A good comprehensive introduction to the mortgage industry. Solid training-although it is mindnumbingly boring at the time you are going through it, after about a year you realized how much you learned.

    You can take your training and experience here and become a broker/LO and easily make 2-3X what you were making here. Mortgage is a difficult industry to get started in from scratch and PF does a good job of getting you started with an incredibly detail-oriented training and comprehensive overview of the industry.

    Also, whether you are a closer or an underwriter, you will get exposure to all parts of the mortgage origination process. That's because of the limited staffing--no account reps/AE's, no setup/processing staff. So by the time you've been there a year plus, you have exposure to lots of different scenarios, questions, things going wrong, etc. - after the fact, I've found this broad exposure to be very useful.

    Sometimes I think I've seen more scenarios, questions, etc. than people who have been in the industry 10-20 years due to the tremendous volume that runs through PF's doors and the fact that everyone in the branch kind of collectively takes on the role of the AE.

    Another pro is that in terms of mortgage lending, Provident is one of the least shady companies, and I like that. They have integrity in their lending guidelines and programs. They are very good at what they do. It's a good learning environment just to witness that firsthand.

    Cons

    Unfortunately, the working environment leaves a lot to be desired from an employee's perspective. I understand why they do what they do but it sucks to be the employee at the other end of their policies which all emphasize consistency, efficiency, production at all costs.

    Incredibly strict, rigid environment. You have to submit a formal PTO request at least 2 weeks in advance even if you just want to leave half an hour early to go to the doctor. They don't allow any unpaid time off or any schedule modifications (e.g. take a shorter lunch and leave a half hour early for the doctor). Because of the limited amount of PTO and slow accrual, I ended up budgeting my PTO more rigorously than I budgeted my actual earnings. It's stressful when one sick day can set you back an entire month in terms of "saving up" to take a real vacation.

    Branch managers are micro-managers. That helps the branch as a lot gets done. But it can be stressful at times. Employees lack opportunities for flexibility/creativity/critical thinking - you are basically a cog in a factory assembly line, all they care about is getting more "production" out of you.

    Not only do they send out a daily company-wide report listing all employees and their production percentages from the previous day...depending on the branch, they might also write everyone's names (in the branch) and percentages on a giant whiteboard. Just in case people weren't paying attention to the PDFs being sent out. This can be incredibly stressful.

    Tasks are very repetitive. Expect to spend all day scrolling through hundreds of pages of PDF documents on one monitor and clicking some checkboxes on the other monitor screen. The only break you get from that is answering "cases" and emails from brokers etc., and if you're lucky, after about 6 months they'll start "letting" you answer the phone calls. Which means getting yelled at a majority of the time by angry mortgage brokers and escrow agents and people you have never met. And it's not uncommon for others in your branch to slack off, be intentionally vague in their conditions and communications to the brokers, and then let you and others take the brunt of it by having to answer the phone calls when these brokers call in confused and frustrated by the lack of clear communication. Meanwhile you have no knowledge of the file and just have to listen to them talk your ear off until you are able to get them off the phone.

    To somebody who said "what did you expect to do with that finance or accounting degree?" - definitely not this. The actual work duties require very little if any brainpower at all. If I had stayed here longer than 2 years I would have felt I was wasting my brainpower and education on mindless repetitive tasks that can also be incredibly hard on the body due to their repetitiveness.

    HR is also a little bit shady...and it definitely doesn't help that the only HR contact is the COO of the company, who is also the CEO's wife. That means you really don't have anyone to "talk to" about any HR issues that come up....and good luck if you decide to report any issues. Expect to be marginalized. They will likely not outright violate your employment rights, but they will do as much as they can get away with on the right side of the law to squeeze as much out of you as an employee and save as much money for the company.

    There is no focus on advancement, career development, personal development, or building any skills except those directly related to the job (underwriting/closing). When I took the classes to get my LO's license, I had to do so secretly outside of work, because this kind of aspiration for advancing my career would certainly not have been supported by management.

    Also, there is a lot of pressure to work overtime and come in on the weekends (except in the rare times when volume is slower). Expect to be asked every Friday, often in aggressive and manipulative ways, if you can come in this weekend. They don't outright force it but will ask it in such a way that you basically can't say no.

    Advice to ManagementAdvice

    I understand PF's reluctance to hire additional employees as account exec's/reps. But the communication issues cause a serious burden. It's basically just a giant chaos and nobody seems to care. It would be nice to at least have some sort of an "underwriting help desk" for brokers to e-mail scenario questions to, and have some sort of a system for shifts. Employees should be rewarded for responding to communications and evaluated on the clarity of their responses, as the current system only rewards new underwrites/condition clearing, and as a result incentivizes avoiding communication or giving unclear responses.

    Also, employee benefits could be improved. The rigid structure of PTO and lack of any sort of flexibility in scheduling is a major factor in employee stress and turnover. And I agree with another comment...a budget of $12 per person for the end-of-the-year "appreciation" lunch is just a complete joke....we got better lunches from our brokers voluntarily showing us their "appreciation" at random times throughout the year. If the brokers are rewarding the employees better than the company is, something is wrong.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

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