Seterus Reviews

Updated May 20, 2015
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1.7
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Jay Hamilton Memmott
5 Ratings

Pros
  • There are some genuine good people working here willing to help, It pays the bills but don't stop looking elsewhere (in 3 reviews)

  • There are some nice people working there (in 3 reviews)

Cons
  • Upper management makes baffling decisions that are taking the company nowhere good (in 5 reviews)

  • Seterus is owned by IBM who could care less about Microsoft Technology, which is what we were using (SQL, SSRS, SSIS etc) (in 3 reviews)

More Pros and Cons

29 Employee Reviews

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  1. Helpful (1)

    Typical financial software company--smart people, bad process

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Computer Systems Analyst in Beaverton, OR
    Former Contractor - Computer Systems Analyst in Beaverton, OR

    I worked at Seterus as a contractor (Less than a year)

    Doesn't Recommend
    Neutral Outlook
    Doesn't Recommend
    Neutral Outlook

    Pros

    Lots of really smart, capable, nice people in the IT department, but they are being held back by antiquated approach to software project management.

    Cons

    Weirdly strict dress code, rules against decorating your cube, etc. considering that it's basically a call center with no contact with external customers. Terrible building--they converted a warehouse into a cube farm and neglected to add bathrooms proportional to the 20x increase in employees! That's got to be a health code violation. Parking is a quarter-mile walk away. Some dysfunctional and toxic people in management, but the influence of IBM's corporate culture seems to be helping. Time will tell whether it really makes a difference. For now, I wouldn't recommend.

    Advice to Management

    Bad process is worse than no process! Don't just hold a bunch of finger-pointing meetings when software releases keep getting late and buggier--do something different!


  2. Helpful (5)

    Tarnished-Ivory-Tower- Syndrome. Hopefully, it has improved

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Portfolio Manager in Beaverton, OR
    Former Employee - Portfolio Manager in Beaverton, OR

    I worked at Seterus

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

    Pros

    Like before, when Wilshire was affiliated with Merrill Lynch, there was status for being affiliated with IBM; when IBM bought Wilshire from Bank of America, there was a lot of hope for improvement.

    Cons

    Decisions for services and vendors are bizarre. Senior management was out of touch with the workers and their jobs on the floor. Changes are implemented poorly. Morale could be very low at times.

    Advice to Management

    Treat others as you want to be treated. Remember when you started out and how frustrating it could be being the new person with no say in anything.


  3. Helpful (7)

    Project Reporting

    Former Employee - Anonymous Employee in Beaverton, OR
    Former Employee - Anonymous Employee in Beaverton, OR

    I worked at Seterus

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    There is absolutely NO, ZERO, NULL, NONE pros.

    Cons

    Management has ZERO integrity, it is a very dishonest, lying, slanderous company with no check and balance - Stay FAR away, you do NOT want to work for this company. Fannie Mae needs to find someone else to service their loans.

    Advice to Management

    Your management sucks.


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  5. Helpful (3)

    Run away! I wasted too much of my life.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - BK/SAT Call Team in Beaverton, OR
    Former Contractor - BK/SAT Call Team in Beaverton, OR

    I worked at Seterus as a contractor (More than a year)

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    Loved some and only some of my peers. Hours were decent. The pay makes you think it is worth the trouble so catch 22. I lived nearby so travel was easy. If you are "in" with managment you get it easier then if they don't like you. Not sure that is a pro in the long run.

    Cons

    Back stabbing. Under trained management. You can be a "lifer" and never move up in the company. They are moving toward all contract positions. Call center BS where you start work at 6 and will be required to eat lunch at 9. The company is reactive rather than proactive about issues. The management team EXPECTS you to make bonus so they earn it but as a contractor you see NOTHING! Nobody admits they work there. Need time off well you might as well look for a new job. Shall I continue?

    Advice to Management

    Train yourself! All management lacks the ability to mentor and coach. The title of coach is a JOKE! You need to get rid of the call team management and start fresh. That team of idiots actually think they know what the heck they are doing. Geez get your management to actually dress professional and not like the trash we know them to be. Dress for success. You aren't going to a yard sale. Your subordinates dress and act better. Of course it makes for great cocktail jokes with my friends!


  6. Helpful (2)

    Politics and Red Tape - no raises in eight years with stellar reviews?

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

    I have been working at Seterus full-time (More than 8 years)

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

    Pros

    Paid Time Off ...but you NEED it to work there.

    Cons

    Don't walk away from an opportunity here, RUN from it. Not big on personal growth assistance. Training is non-existent in my former business units. Leadership on the whole was apathetic with the exception of a few very, very good managers. No pay increases, they toy with your income because they make a substantial portion of it production based in loss mitigation. There is no room for growth unless you already know someone. The majority of the people managers are unskilled at what they do and some are even pretty bad. But that's what Executive Leadership wants. They want people who tow the line and don't ask questions. I would not recommend this company to anyone.

    Advice to Management

    Develope the people who are great managers who the staff believe in, and turn them into executives. Get rid of the leadership costing you huge losses, namely anyone promoted to executive leadership in the Loss Mit side from business partners. Terrible leadership. Just shameful.


  7. Helpful (4)

    Employees aren't respected for their experience

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

    I have been working at Seterus

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    Owned by IBM but that's it

    Cons

    Too many to list them all but here's some: Constant system issues which slows down production, exempt employees are expected to work 60+ hours a week while Senior Management comes and goes when they please, Senior Management won't listen to your concerns regardless of how many years of experience you have, they live by the saying 'Do more with less', raises are hard to come by, moral is terrible and they really don't care.

    Advice to Management

    Advice for IBM - Come in and clean house. Too many unqualified people running the show and if things don't change it's a matter of time before the business will go under.


  8. Helpful (5)

    Never really found a balance between Client Expectations and Customer Expectations

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

    I worked at Seterus (More than 5 years)

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

    Pros

    I started with Seterus in 2008 in Beaverton OR when Seterus was still owned by Merrill Lynch and operating under Wilshire Credit Coporation. I stayed with the company through the transition to Bank of America, and ultimately IBM under the Lender Business Process Services (LBPS) moniker. My time with the company ended in early 2014 as a result of a resource action no longer requiring the need of my teams job role. The Company is not a bad company per se. The company at one time was a great place to work, the people were friendly, we genuinely wanted to help the borrowers and actually were able to, and we were compensated well. The downfall, to me, started with the IBM acquisition. IBM purchased Wilshire from Bank of America with Fannie Mae providing the loans to IBM for servicing. IBM took Wilshire and rapidly expanded it, more than it could handle it felt like. We almost doubled the staffing in the Beaverton location, increased the size of the Salem office, and even opened an entire new office located in between Durham and Raleigh North Carolina at IBM's facilities in Research Triangle Park. My Role at Seterus/Wilshire started in Processing Paperwork, I would work with attendees at the numerous outreach events across the country. I would process the paperwork provided and review it to determine how their loan could be restructured, ultimately I moved into more of a collectors position, working with newly delinquent accounts to avoid Foreclosure. The belief that the company wants loans to foreclose is simply not true. There's more money for the client, Fannie Mae, in having borrowers current and performing on their loans than there is in foreclosing on a property after spending 1000's of dollars to do so and selling the home at a loss compared to the original loan given. Seterus, along with other Fannie Mae loan servicers, is graded upon numerous metrics, one of those being keep loans current and rolling them back from past due to current. At the end of my career with Seterus I was assisting homeowners who had exhausted all options sell the property or turn the home back over to the investor and be released from their loan, again to avoid Foreclosure. To go back however to the downturn of Seterus, it would have to be when the RTP location was opened, I was sent to the RTP location for a month to train new hires on the collection role and the different options that are offered. It was obvious being at that location that the emphasis on training was lacking and the goal was to pay people as little as possible, get them on the phones collecting as soon as possible, and fit as many people as possible into the classes. When the site went live it was horrible, the stories of the blunders RTP was having as well as customers noticing it as well and simply asking at the start of a call, are you in North Carolina or are you in Oregon? As a result of this there then grew a rift within the company itself, pitting the employees in Oregon against the North Carolina employees, each viewing the others as not competent, or creating a bigger burden on the other. This then began to seep into the locations themselves, with departments and groups isolating themselves, viewing contact with the other departments or groups as problematic or burdensome. It resulted in morale going down, On top of this the higher ups were growing more and more distant with their direct reports and management above them started imposing archaic guidelines on the employees that made it a cesspool of dissatisfaction. Leaving paper on your desk, not locking a drawer, not locking your desktop if you stepped away could all be grounds for termination. Ultimately at the end of my employment there it was burdensome to come into work, the anxiety experienced was devastating. People were on medical leave because of the stress from the workplace. This didn't go by unnoticed with our customers, numerous times you'd hear the frustration in the voices of the employees, the customers responding with their own anger and frustration only bringing us down further. You could cut the negativity with a knife in the air it was so thick and vile. I don't know ultimately where this company will end up, as far as Fannie Mae is concerned Seterus is normally always within the top 5 of their "STAR" rating of Fannie Mae servicers and the client is happy. However the working conditions are poor and the compensation isn't good any longer. If you're hired through a staffing agency you can almost expect to never be converted to a full time employee as it's easier to pay a staffing agency than it is to pay you vacation, insurance, holidays. The motto of the place is get the most done as cheap as possible and they take it to extremes. Also I never even touched on this, even though Seterus is owned by IBM, and you have IBM benefits and and such, do not expect any involvement with IBM. The 2 are separated as far as they could possibly be, Seterus is the child who ran away from home at 15 and hasn't called home in 20 years and IBM is the dieing Dad wondering where it all went wrong.

    Cons

    The negativity within the company is mind blowingly horrific, the stress you'll go through is a true test of character.

    Advice to Management

    An absolute reformation is needed, Management needs to take a long hard look at what their values are as a company and reconnect with their employees.


  9. Nice people/dysfunctional workplace

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Applications Release Manager in Beaverton, OR
    Former Contractor - Applications Release Manager in Beaverton, OR

    I worked at Seterus as a contractor (Less than a year)

    Neutral Outlook
    Neutral Outlook

    Pros

    I enjoyed the people I worked with. Lot of good folks there.

    Cons

    A lot of "management by personality" and "management by position" within the company. Got reamed by a manager for failing to follow up with a member of his team even though we provide/invited him to set up a meeting at his convenience. Never done but shielded as under the "a member of my team never would not follow through".

    Advice to Management

    Watch out, being a division of IBM can be a bear.


  10. Good Company to work for

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Technical Service Representative in Beaverton, OR
    Former Employee - Technical Service Representative in Beaverton, OR

    I worked at Seterus full-time (More than 5 years)

    Recommends
    Positive Outlook
    Recommends
    Positive Outlook

    Pros

    Good Benefits and compensation. Was able to work from home.

    Cons

    IN the IT department there are not very many opportunities to advance.


  11. Helpful (3)

    Constant chaos

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

    I have been working at Seterus full-time (More than 3 years)

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

    Pros

    Fairly easy to start and make your way up the ladder. Plentiful paid days off and understanding of outside work needs.

    Cons

    The management, both upper and mid, is incompetent, with very few exceptions. Due to the massive use of contractors, constant loss of employees, and ever changing federal/state requirements the atmosphere is consistently one of chaos.

    Advice to Management

    Use of more permanent employees, tied to competitive payment/incentives, would greatly reduce the employee turnover rate. This would allow for a significant increase in productivity due to people actually knowing what the hell they're doing.



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