Residential Finance

  www.residentialfinance.com
  www.residentialfinance.com

Residential Finance Reviews

Updated September 26, 2014
Updated September 26, 2014
82 Reviews
3.2
82 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Residential Finance CEO Michael Isaacs
Michael Isaacs
61 Ratings

Review Highlights

Pros
  • I like coming to work every day (in 6 reviews)

  • Great company to work for until the mortgage industry took a huge hit (in 5 reviews)


Cons
  • There are not enough processors for the amount of loan officers that are employed and producing (in 8 reviews)

  • Communication between departments could be better to achieve higher goals (in 4 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Move on...

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

    I worked at Residential Finance full-time (more than an year)

    Pros

    The office furniture is nice

    Cons

    1/2 of all the executives left. Rumors abound that the company is being acquired. This is not a place to grow.

    Advice to ManagementAdvice

    Let the guys in CA run it

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2. 1 person found this helpful  

    Time well spent working on dynamic projects with creative people.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Marketing in Columbus, OH
    Former Employee - Marketing in Columbus, OH

    I worked at Residential Finance full-time (more than 3 years)

    Pros

    Flexible hours, creative work space, good team environment.

    Cons

    The mortgage industry as a whole is always undergoing changes.

    Recommends
    Positive Outlook
    Approves of CEO
  3. 1 person found this helpful  

    Very disappointing. The company tanked shortly after I was hired.

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

    I have been working at Residential Finance full-time (less than an year)

    Pros

    Pretty offices in a convenient location.

    Cons

    False expectations developed upon hiring.

    Advice to ManagementAdvice

    Be honest.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review
  5. 1 person found this helpful  

    Surprised it is still in business

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

    I worked at Residential Finance full-time (more than an year)

    Pros

    I was able to grow professionally as a developer while working there which made it very easy to find my next job. I had a great manager who did not micromanage and encouraged personal growth. I met some cool people and very capable developers.

    Cons

    Upper management (CEO level) is not capable of thinking ahead. When business was good they spent money on cruises and expensive furniture instead of investing in the future. Once the rates started going up, they canceled 401K contributions, cut salaries, and laid off half of the company including the whole development team with a one hour notice. I am surprised the company is still in business.

    Advice to ManagementAdvice

    Run before the company goes bankrupt.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 3 people found this helpful  

    Beware, this company puts on a good front but has major issues...

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

    I have been working at Residential Finance full-time

    Pros

    Sales Training is Good
    Leads are Good
    Office is nice and in a nice location

    Cons

    -The company seems to not have enough money to pay paychecks consistently on time, paychecks are always wrong and parts of your pay plan are hard to understand and change all the time. They also changed my pay scale twice in a year, both times with virtually no notice and both time it was paying less money. Loan officers are charged $199 per month for "licensing fees" but you never really know where this money is going and it doesn't even show up on your paycheck anywhere?

    -They received an award as one of the top 3 places to work in the city. Channel 10 news came in to do a news story and my manager told us that we were required to stand while we sold loans and told us to "look energetic" while the news crew was around. They also put a gaming system, corn hole set, and a golf put in the employee cafeteria and told the news reporters that this is where their employees go to de-stress. They put this stuff out 1 hour before the news got there and then it was gone a month or two later! All for show, not really for the employees and is an ongoing joke with the sales staff.

    -The processing department doesn't support the sales staff at all which adds a lot of extra stress and time to my job and much of the time is spent trying to do my job and their job.

    -Don't value employees at all. They will feed you the "we are a family" line but it is an empty statement. They value the bottom dollar and that is it.

    -Sales floor environment not good and getting worse. Moral is low, managers act unprofessional, and the managers micro manage every part of your work day down to how many calls you make and I know first hand it is worse in the Tampa office. It is also comprised of 85-90% men, not a lot of diversity in the sales staff at all.

    -Company seems to be in financial trouble, rumors are that this is due to bad decisions by executives and senior managers but company says it is due to changing market conditions. They discontinued 401K match, paychecks was always coming in late, laid off 60-70% of staff in last few months.

    -Fees and Rates on loans are high compared to industry average . Customer service issues are ongoing and loan officers are docked $500 pay for a bad online review by a customer even though most of the time the customer is mad because of things out of the loan officers control like the length of time it takes to close their loan or a denial by underwriting.

    Advice to ManagementAdvice

    Put your employees first, they are the lifeblood of the company not the managers and executives.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 4 people found this helpful  

    Dishonest practices and this is a SINKING SHIP

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Loan Officer in Tampa, FL
    Current Employee - Senior Loan Officer in Tampa, FL

    I have been working at Residential Finance full-time (more than an year)

    Pros

    -Direct mail leads are better here than most competitors.
    -Most people quit or get fired quickly so you get free loans from their pipeline if you are friends with your branch manager

    Cons

    -Bounced payroll checks
    -Payroll arrives late most of the time
    -Recruiting will tell you what you want to hear to get you to start, mostly lies
    -Roughly 4 months before you see a dime in commission, got paid more as a CSR
    -Marketing CLEARLY breaks every rule possible (appears to be a letter from the government, advertises an APR that is comical compared to what I can actually offer)
    -Highest rates/fees I have ever seen
    -Tampa office is highly unprofessional, grown men acting like children
    -Comp plan is significantly lower than when I was hired, now it is not that competitive (my first year made good money, next year if I don't find a better job will prob make $50k)

    Advice to ManagementAdvice

    Quit as soon as you can, the Tampa call center is probably going to get shut down sooner or later.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 4 people found this helpful  

    Great opportunity for paid training / licenses paid.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Loan Officer in Sharonville, OH
    Current Employee - Loan Officer in Sharonville, OH

    I have been working at Residential Finance full-time (less than an year)

    Pros

    Relaxed atmosphere and paid training.

    Cons

    Mismanaged, terrible loan close times. My paycheck was wrong more times than it was correct.

    Advice to ManagementAdvice

    Stop wasting money training people who have no shot at passing the tests / making it in this business, more strict interview process needed. GET YOUR FINANCES RIGHT!

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9. 4 people found this helpful  

    From Family Values to just valuing the dollar.

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

    I worked at Residential Finance full-time

    Pros

    Use to be a company that cared for it's employees and the job. Upper management just cares about upper management. Very deceptive in their motives and actions.

    Cons

    Poor decisions and overspending has jeopardized this company and it's direction.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 4 people found this helpful  

    Run away as fast as you can!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Loan Officer in Tampa, FL
    Former Employee - Senior Loan Officer in Tampa, FL

    I worked at Residential Finance full-time (less than an year)

    Pros

    Absolutely nothing good about RFC

    Cons

    It's hard to think of every con! For starters, every review I have seen lately is extremely accurate and it is only going to get worse. I want to try and give insight on some things that haven't been mentioned so people can see what other problems exist with RFC. I was only with the company for 8 months and for the most part everything was different than expected from what I was told during the hiring process. I came in and received training for my licensing and it was the only experience that was similar to what I expected. The manager Bill was straightforward and thorough during the time I worked for him. Once I became a loan officer I quickly realized I had been lied to about a lot of things in the hiring process. They tell you that you can close an average of 4-7 loans per month just depending on the month which is a huge exaggeration because the processing and underwriting departments are horrendous and lose, forget or never get proper documentation or information needed. You are lucky to average 3 closed loans per month and you will be pulling your hair out by the end of it and have pissed off your customer to no end. RFC tried to have a department just for doing purchase loans and it failed miserably as well. My manager was always adjusting my hours to equal 40 even after I was basically threatened to work overtime and then was never paid for the hours worked. Talk about illegal on that one, hopefully the labor board got my email! The benefits suck, you'll spend as much through the company as you can to have insurance on your own. Cross your fingers when payday comes around. The worst part is that RFC will spend thousands to try and keep you from progressing after you decide to leave or if they fire you! They are doing everything in their power to prevent everybody that leaves(including myself) from working for other lenders. Pretty ridiculous when they can't afford payroll but will spend and do whatever it takes to screw you even harder after you are gone. Like mentioned before, read all the recent reviews because they are true and it would not fit in this review if I tried to put it all in here.

    Advice to ManagementAdvice

    Give up and go home! You're crooked practices and giving ridiculous pep speeches to your employees has gone on long enough and nobody believes you! Everybody just laughs about everything you say after the meetings and conference calls are over.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 4 people found this helpful  

    Do not believe anything they say !

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

    I worked at Residential Finance full-time (less than an year)

    Pros

    None!!! Zero !! Nada !! !! !!

    Cons

    If you are an employee or prospective employee stay away - if you are a consumer looking at this for an idea how they treat their employees - stay away - they will waste your time - dishonest - compliance questionable

    Advice to ManagementAdvice

    move on to something else - you are not good at this - shame on you !

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

Residential Finance Photos

Work at Residential Finance? Share Your Experiences

Residential Finance

 
Click to Rate
or

Your response will be removed from the review – this cannot be undone.