Seterus

www.seterus.com

Seterus Reviews in Beaverton, OR

Updated January 25, 2015
Updated January 25, 2015
67 Reviews
2.0
67 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Jay Hamilton Memmott
14 Ratings

Review Highlights

Pros
  • IBM Brand: If you're looking for a worldwide brand on your resume, this is it (in 5 reviews)

  • Colleagues are friendly and willing to help you (in 3 reviews)


Cons
  • Going to upper management does nothing as they think the behavior isnt a problem (in 5 reviews)

  • Owned by IBM but not an IBM company (in 3 reviews)

More Highlights

26 Employee Reviews Back to all reviews

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  1.  

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

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

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

    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 ManagementAdvice

    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.

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

    Employees aren't respected for their experience

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

    I have been working at Seterus

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Negative Outlook
  3.  

    Quite simply the worst company ever

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

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

    Pros

    None other than its basically impossible to be fired for incompetence

    Cons

    Pay below market, unreasonable working hours, completely incompetent management, lack of coherent strategy, complete lack of accountability within management, no fiduciary responsibility for tax payer money being given away, lack of moral integrity

    Advice to ManagementAdvice

    quit simply wanting better employee morale and do something about it. You have already lost most of your good employees and if you don't do something turnover is going to kill your company. IBM, you should fire Jeff and find someone competent

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 5 people found this helpful  

    Never really found a balance between Client Expectations and Customer Expectations

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

    I worked at Seterus (more than 5 years)

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  6.  

    Nice people/dysfunctional workplace

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

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

    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 ManagementAdvice

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

    Neutral Outlook
  7.  

    Good Company to work for

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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)

    Pros

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

    Cons

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

    Recommends
    Positive Outlook
  8. 4 people found this helpful  

    It paid okay, but they never take any advice.

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

    I worked at Seterus as a contractor (more than 3 years)

    Pros

    The pay was okay for contractors. There are some nice people working there.
    Most of the HR staff really cares and they're darned good at their jobs.

    Jay Memmott was recently removed as President and replaced with Jeff Johnson. I can say something very good about Jay: he always treated the borrowers with respect and not like a turnip to be squeezed for one more drop of blood. I don't know that I've ever heard this attitude at the top in this industry before. I respect him enormously for that one thing. Sadly, Jay was not the best leader.

    From what I've seen of Jeff Johnson, new President (a/o January 2014), I think he's got the best chance of turning the company around. I don't believe he plays favorites, he's blazingly competent, and I think he's got the eggs to do the things that need doing. I wish him well.

    Cons

    (Please note that all my negative comments notwithstanding, I enjoyed working there. I had many friends, I got paid well, and I was able to do good work for the company, even if they didn't take any advice on the problems they asked me to identify and suggest solutions for.)

    * Don't be surprised if the company just blips out of business one day due to a simple technical failure they're unable to fix.
    * Most of the good people are leaving. The recent large layoff was a wake-up call to the survivors. Everyone I liked there is looking hard for something else.
    * The company survives only because people step up as heroes. This won't continue indefinitely.
    * The percentage of incompetent, mediocre, ineffective people at Seterus is impressively high.
    * The office is filthy. It's really depressing. The bathrooms have been reported to OSHA and the Health department on many occasions. It's like being in prison: you keep your head down to avoid looking at the horrible environment and it starts affecting other parts of your life.
    * Most of the management should have been dumped years ago. Instead, they get promoted.
    * The company is a dysfunctional little family: if you're in, you're in, but if you're not, anything you do is likely to be seen as an indictment of the in-crowd. You'll get spanked for being too good in your job.
    * There's no coordination between projects. Everything is siloed.
    * Turnover at the company is very high, but mgmt doesn't acknowledge the costs.

    Advice to ManagementAdvice

    * Enforce an SDLC.
    * Hold people accountable.
    * Set up performance standards. Follow them.
    * Stop making estimates based on political desirability.
    * Brooks' Law: "Adding more people to a late project only makes it later." That's been well-known for 40+ years. Seterus has yet to figure this out.
    * Look at the true costs of turnover in the call center and in the technical staff.
    * Get rid of the management weasel in Colorado. There will be parties.
    * Get rid of the former admin ass't in Beaverton. There will be a holiday.

    Doesn't Recommend
    Negative Outlook
  9. 3 people found this helpful  

    Constant chaos

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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)

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 3 people found this helpful  

    The apple and the bad seeds

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

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

    Pros

    I worked on one of the IT teams, which was mostly great (except for upper management). I get to put IBM on my resume.

    Cons

    Upper (mis)management. Constant shuffling and restructuring of personnel, changing the roles and redefining said roles way too often.

    Advice to ManagementAdvice

    Listen to the employees. Seriously. And settle on a standard and stick with it. And don't lay off most of your IT staff who are very experienced, knowledgeable, and get the job done. Word gets around fast at the tactics that were pulled on the last round of layoffs (2014), and I'm pretty certain you'll have to pay more to make anyone want to work there. Good luck finding the same amount of dedication and reliability.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11. 4 people found this helpful  

    Collateral Control Specialist-Beaverton

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

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

    Pros

    The pay and the benefits

    Cons

    I have been there for over 3 years, it is a very hostile environment, with management that doesn't know how to do anything accept micromanage, I would definitely not recommend anyone to work there! you are targeted non stop and there is no room growth and let alone forget about going to upper management or to the human resource dept. in regards to the non stop harassment they will do nothing but make you feel like you are in the wrong.

    DO NOT WORK FOR THEM!!!!! YOU WILL REGRET IT

    Advice to ManagementAdvice

    Coach your management on how to respect and treat your employees!!!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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