Seterus Reviews

Updated August 11, 2014
Updated August 11, 2014
57 Reviews

2.0
57 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
(no image)
Jay Hamilton Memmott
7 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

Employee Reviews

Sort: Popular Rating Date
  1. 3 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 for 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
  2.  

    Would not recommend

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Foreclosure Specialist  in  Research Triangle Park, NC
    Current Employee - Foreclosure Specialist in Research Triangle Park, NC

    I have been working at Seterus as a contractor for more than a year

    Pros

    Not many things positive I can say about this company. The only thing I can say is that it is hard to get fired.

    Cons

    Management is horrible. They do not treat everyone equally. Certain people have the red carpet laid out for them while others are treated horribly. If you come into the company as a temp, do not expect to be converted over.

    Advice to ManagementAdvice

    Stop micromanaging, treat people fairly, and learn the processes before you give out incorrect information.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3.  

    Hostile work environment

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

    I have been working at Seterus full-time for more than 3 years

    Pros

    Good pay, good benefits, awesome coworkers (minus management)

    Cons

    Team Leads have NO clue how to manage. They don't know how to do our jobs and dont care to learn.. They micromanage break time and berate you on the floor in front of everyone if your late. Constantly making inappropriate and unprofessional comments. Going to upper management does nothing as they think the behavior isnt a problem.

    Advice to ManagementAdvice

    Get rid of the bad management or risk losing more employees.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  4. We want your feedback – Are these company reviews helpful to you?  Yes | No
  5.  

    Good

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Seterus

    Pros

    You learn alot about collecting and how to be a great collector for mortages. The managers are willing to help that was the good thing.

    Cons

    Poor training, needs to be more interactive programs need to be more training friendly should have a good understanding of all programs before starting the job.

    Advice to ManagementAdvice

    I love the company and people I worked with but I have to say the training needs more interactive.

  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 for 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.  

    Contact Management - Customer Service

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

    I have been working at Seterus full-time for more than 10 years

    Pros

    Some of the benefits are great, like example vacation time and leave of Absence. and yet the work itself is not hard, just alot to learn.

    Cons

    HUGE challenge is upper management. They treat employees like they were in prison, it's either you kiss up to them or they'll eventually find reasons to let you go. You're entitled to your vacation, yet can't take it when you want to. They monitor your calls, yet there's always something wrong about every single call you handle. Nothing seems to be good enough for them. Even upper management have walked off the job due to the stress level coming from their bosses. CEO and VP's have quit or gotten fired. Insurance benefits are too expensive as well.

    Advice to ManagementAdvice

    They need to stop and think about the human beings that work under them, as they were in their shoes at one point or another. and just remember as other employees have gotten fired they will eventually be there too.

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

    Seterus is a poorly managed company with an excessive amount of customer complaints

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

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

    Pros

    They are part of IBM and that should be good but it is not

    Cons

    Part of the Seterus culture is to be negative with customers and never work with helping them with the common problem of communicating with them why they never get a correct payoff. There is a company based policy to stall them until Seterus can foreclose on the property and steal the equity. Everyone in the company is aware of this evil corporate policy and they should be investigated and shut down. they are a horrible company to work for and have a high turnover because everyone hates working for a dishonest company owned by IBM

    Advice to ManagementAdvice

    Change the culture to being honest with the customers/

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Would never work here again.

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

    I worked at Seterus full-time for less than a year

    Pros

    Your colleagues are very helpful and pleasant. You can learn the most from your fellow colleagues. A few very smart and experienced people that you can work with and learn from. You can put IBM on your resume.

    Cons

    The department I worked for valued mediocrity as well as fostered a culture of intimidation and fear. Company culture overall did not foster community or an environment that encouraged their employees to excel in their role or grow within their career objectives. The majority of managers have little to no experience managing people.

    Advice to ManagementAdvice

    Start following the greater IBM culture to foster innovation and critical thinking. Clean out your managers. Many good employees are leaving for other companies due to their managers.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10.  

    Don't let the IBM building get your hopes up

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Delinquency Management Early Stage  in  Research Triangle Park, NC
    Former Employee - Delinquency Management Early Stage in Research Triangle Park, NC

    I worked at Seterus as a contractor for more than a year

    Pros

    No one breathing down your neck, good working hours and you have a job

    Cons

    This perception is from a contract employee that work there for more than 2 years.
    1) low pay and no pay increase
    2) don't believe the hype in being converted. It doesn't matter about the collection numbers. It's all about who you know.
    3) every one is not on the same page lack of consistency
    4) poor management decisions
    5) you only get 5 days off a year unpaid

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Poor management

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Customer Service  in  Research Triangle Park, NC
    Former Employee - Customer Service in Research Triangle Park, NC

    I worked at Seterus as a contractor for more than a year

    Pros

    I thought it would be good company because Seterus is being part of IBM

    Cons

    micromanaged, low pay, management push to work OT, no work/life balance

    Advice to ManagementAdvice

    need to be flexible with employees with time off, breaks, etc

    Recommends
    Neutral Outlook
    No opinion of CEO

Worked for Seterus? Contribute to the Community!

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