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Cardinal Financial Company

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Cardinal Financial Company

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Cardinal Financial Company Employee Reviews about "loans"

Updated May 16, 2020

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Found 27 of over 321 reviews

4.1
81%
Recommend to a Friend
91%
Approve of CEO
Cardinal Financial Company President Nick Florez (no image)
Nick Florez
205 Ratings
Pros
  • "The comp plan is enticing and very rewarding(in 20 reviews)

  • "Cardinal is the sole proprietor/creator of a loan processing software system that is the definition of cutting edge(in 19 reviews)

  • Cons
  • "Originating loans is stressful all together - If had to give a con I cant see the TV on the wall from my cube depending on the seating chart(in 27 reviews)

  • "Upper management sees only bottom line(in 11 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

    Reviews about "loans"

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    1. 5.0
      Current Employee, more than 3 years

      The place I call home

      Sep 6, 2019 - Production Manager in Chandler, AZ
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Culture is very important to me and we have that in folds - Presented plenty of opportunities for me to be successful. Got me licensed and just always had my back in many respects. Good Comp, Good people, Operating system is awesome.

      Cons

      Originating loans is stressful all together - If had to give a con I cant see the TV on the wall from my cube depending on the seating chart. Im not a big fan of the white noise pumped in - I would be super happy to have some higher cubes.

      Continue reading
      1 person found this review helpful
    2. 5.0
      Current Employee, more than 3 years

      Company Review from an individual with 2+ years of full-time employment

      Aug 29, 2019 - Senior Loan Officer in Charlotte, NC
      Recommend
      CEO Approval
      Business Outlook

      Pros

      1) Compensation plan is outstanding. If you are a decent salesman/saleswoman, you WILL get paid handsomely. 2) Contrary to a negative review I read from 5 weeks ago, the technology is bar none. Cardinal is the sole proprietor/creator of a loan processing software system that is the definition of cutting edge. 3) The work ethic and caliber of fellow Loan Officers positively promotes solid friendships as well as a contagious competition - that ultimately bolsters everyone's bottom line. 4) Probably should be at the top of the list, but the flexibility you're afforded is excellent. I go to the gym for ~1 hour 3-4 days a week in the middle of the work day - no questions asked. 5) Of the four employees I've recruited here over the past 2 years, all of them are still gainfully employed. I guess the "Pro" is that you can infer that the reason they're still gainfully employed is because they are thriving financially and generally HAPPY - which is perhaps the most important aspect of a job.

      Cons

      1) For those familiar with the mortgage industry - specifically a loan officer - there is always the dilemma of processing turn around times. As a loan officer, it ALWAYS seems "the loan should close more quickly", or "could be more efficient". But the question is relative in nature: compared to what? I think you'd be hard-pressed to find a company that routinely closes a refinance in less than 4 weeks.

      Continue reading
      14 people found this review helpful
    3. 1.0
      Current Employee, less than 1 year

      Liars, Small time, lack of leadership

      May 16, 2020 - Loan Officer in Addison, TX
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Really hard to think of one. You can login from home which is convenient.

      Cons

      The worst leads in the market. They take FOREVER to close loans and my manager picks his favorite people to take care of. Since I’m not on his favorite list he never helps me close Loans. For some reason I have only been paid commission maybe once or twice. You have to fund 3 in order to get paid. Well for some reason they just won’t close my loans. Makes me think they are holding back in order to not pay me at all. It’s not just me it is multiple LO’s that feel the same way on my team. They try to make you fear losing your job in order to motivate. The managers just praise each other when they do no training for the employees and don’t benefit us only certain people in the office. Now being in the Dallas area there is a lot of companies to work for and I am looking to move somewhere else that will treat me right and pay me.

      Continue reading
      6 people found this review helpful
    4. 1.0
      Former Employee, less than 1 year

      Career killer

      Dec 11, 2019 - Loan Officer in Dallas, TX
      Recommend
      CEO Approval
      Business Outlook

      Pros

      ZERO pros. This company has ZERO pros if you are an LO.

      Cons

      They let files sit for over 100 days. Yes over 100 days in processing. You are making over 400 calls to horrible leads. On average your leads will be average loan amount under 115k and no equity. Pricing is not competitive. The company offers loans for credit scores as low as 550. Yet you can’t get them approved the pricing is horrible and they tell you to not even deal with that file. Other companies focus on customers 700+ FICO and loan amount over 200K this company is lost and has no direction. The system is always having issues. I have talked to people who use to work for cardinal and everyone has said the best leads go to a handful of people.

      5 people found this review helpful

      Cardinal Financial Company Response

      We’re disappointed to hear about your experience while working at Cardinal, but appreciate you sharing your thoughts.We don’t know the specifics of the file you referenced, but we certainly do not see extended turn times as the norm. Through automation and solid processes, we make every effort to move files through the pipeline as quickly as possible. Cardinal also spends a lot of time and resources to ensure high quality leads are delivered to our loan officers. This includes working with reputable providers, only purchasing leads that have high intent and delivering a high quantity of records to each team member to help them be successful. Thanks again for taking the time to leave a review, and although Cardinal wasn’t a good fit for you, we wish you the best in your career.

    5. 5.0
      Current Employee, more than 5 years

      Best of all worlds!

      Sep 5, 2019 - Production Manager in Scottsdale, AZ
      Recommend
      CEO Approval
      Business Outlook

      Pros

      No beating your head against the wall trying to get contacts/prospects to present options too. Licensed in many states gives us LOs many "ponds to fish in" and creates more prime contacts given you are licensed in many different time zones (EastCoast to WestCoast).

      Cons

      Clients are "shop happy" so you must fend off competitors (courtesy calls) until the loan is in processing.

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      1 person found this review helpful
    6. 1.0
      Former Employee, more than 1 year

      Good for getting your license

      Jul 25, 2019 - Loan Originator in Charlotte, NC
      Recommend
      CEO Approval
      Business Outlook

      Pros

      They pay you to study and get your license

      Cons

      Everything else. Truly, a sweatshop. 125 dials a day. Monitored talk time. Calls monitored. Almost all employees are new to the industry, so they are told how great the pay, technology, closing process, etc...is there. Truth be told? Pay is below industry average. Tech is mediocre. Closing process is a nightmare. Unless you are one of the "in crowd" you will receive terrible leads. If 4 loans don't fund, you get nothing. Problem is, most of the leads are for SUB 620 borrowers. They blow up in underwriting 60% of the time.

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      3 people found this review helpful

      Cardinal Financial Company Response

      Thank you for taking the time to provide feedback regarding your experience working at Cardinal Financial. We are sorry your experience was not a positive one. We strive to provide the best possible experience for our employees, including providing a competitive compensation package. We are also continually working to improve the employee experience. Thank you again for taking the time to provide us your feedback.

    7. 4.0
      Former Employee

      Transaction Assistant

      Nov 15, 2018 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      My manager Beth Rogers was amazing! Hours and benefits are great.

      Cons

      Training for a TA IS NOT thorough. Need an extra week to train, interactive software (practice on fake loans), maybe even have an experienced TA help with training. Also, please hold the WHOLE team accountable for things.

      1 person found this review helpful
    8. 3.0
      Current Employee

      Accountability

      Jul 21, 2016 - Underwriter in Charlotte, NC
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Remote work. A decent 401K matching program with standard vesting rules. Fair amount of PTO and floating holidays are given.

      Cons

      Not the best pay in the industry and don't expect a cola or raise, those pretty much do not exist. Just work harder to earn overtime and bonus because that is the only way you will come out ahead over last years earnings. Environment is a total free for all. Nobody is held accountable for their work. Way too many hands in the pot so it's difficult for management to call out a training issue when material defects arise on loans. Overall, the processing teams lack experience and push off all their unfinished work to the underwriters. Underwriters are expected to pick up the slack for the problems of processing.

      Continue reading
      4 people found this review helpful

      Cardinal Financial Company Response

      Talent Acquisition

      Thank you for the feedback and great suggestions. It sure has been a very busy few years here at Cardinal as we have grown to over 800 employees as of August of 2016. There have been some growing pains along the way and we continue to improve everyday. You are right. We are a team and appreciate the hard work everyone continues to do each day.

    9. 1.0
      Former Employee, more than 1 year

      Terrible

      Aug 13, 2016 - Loan Originator in Dallas, TX
      Recommend
      CEO Approval
      Business Outlook

      Pros

      They pay for your licensing.. but everyone does that sooo??

      Cons

      -Negative work/life balance -Poor/lazy management -No human resources..They treat people like numbers and not people -Uses threatening tactics to produce results.. trickles down from upper management -Micromanagement- Example: they count daily talk time and make you clock in and clock out -Terrible pay compared to industry standard. NOT based off bps but a chart range! Example for purchase loans: $200k-$249,999 loan will pay $800 gross $250k-$299,999 loan will pay $900 gross -Uncertain business plan.. management is confused on direction and lacks organization -Mediocre medical plans -Management would express to the open floor "If you don't like it, then leave" or "I would fire everyone and start all over" -Obviously terrible overall morale -No seasoned LO's (because they know better). They have a Junior LO program for kids trying getting into the mortgage industry. Then "promote" them to LO once they pass the SAFE exam. JLO's have no idea they're getting taken advantage of. - No name recognition. 30 years in the business and nobody knows who Cardinal is! That's for a reason! See Sebonic's rating.. Same management style because it's the same company

      Continue reading
      14 people found this review helpful

      Cardinal Financial Company Response

      Talent Acquisition

      Thank you for taking the time to write a review. Feedback is important to us. We have a very clear business strategy which is being developed and launched. We care about our employees and work very hard to create a high energy culture with industry and non industry professionals. These positions are considered non exempt by the federal government so by law we are required to have all LO's clock in and out. We feel like our benefits and comp plans are not only lucrative but very competitive. In fact, we have not raised premiums on insurance for employee's in 3 years. We are very proud of our Junior Loan Origination program that we refer to as The Academy. It is just another example of how we are a very forward thinking company and are revolutionizing the mortgage industry. Transparency is huge for us not only in our mortgage process but when recruiting new hires. We have our new LO's sign agreements to make sure they understand exactly how to get paid and what they are signing up for. This position is not for everyone. We understand that. We are sorry it did not work out for you here at Cardinal but do wish you the best of luck in your next opportunity.

    10. 3.0
      Former Employee, more than 1 year

      Great concept, great coworkers, struggling mortgage company, slow processing, miss closing deadlines.

      Oct 4, 2016 - Anonymous Employee in Charlotte, NC
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Great coworkers, great team spirit, motivated folks that work there. Great energy when you need to be in a team environment. Upper management is trying to fix their delivery times - and there used to be free lunch everyday. I have heard now not anymore, but overall nice facility in the main campus.

      Cons

      They used to offer free food everyday; now I hear it's every other day, or a few times a week. The majority of producers have moved on to organizations that can close their loans on time. It's great to sale a concept to a customer; it's another thing to 'deliver' on that concept. If you can't deliver on what you're selling, stop writing loans. It's that simple. Don't make the customer suffer, as well as the employee (LO). These aren't growing pains, this is a constant in the formula. The business model has to drastically be changed for improvement.

      Continue reading
      4 people found this review helpful
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