Provident Funding Reviews | Glassdoor

Provident Funding Reviews

Updated March 10, 2019
141 reviews

Filter

Filter


2.5
StarStarStarStarStar
Rating TrendsRating Trends
Recommend to a friend
Approve of CEO
(no image)
Craig Pica
50 Ratings

Employee Reviews

Sort: PopularRatingDate

Pros
Cons
  • "No 401k match, no sick days, expensive health insurance, 12 days of PTO/year, no maternity leave" (in 25 reviews)

  • "It would be nice to have a 401k match and more leniency with make up time" (in 21 reviews)

More Pros and Cons

  1. "Servicing Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Client Service Analyst/Accounting Analyst in Santa Rosa, CA
    Former Employee - Client Service Analyst/Accounting Analyst in Santa Rosa, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Provident Funding full-time (More than a year)

    Pros

    They hire people who are looking for careers. They teach you from the ground up; You get a 2 week training program where you learn everything about the company history, the platform, and product knowledge. You spend 2-6 months in servicing role depending on your work ethic. Take as many calls as you can. From there you can move into nearly any department you want too. They are really about helping the employee find their niche. Really great team structure; you always have someone to assist with any problems. Pay increases regularly with time put in.

    Cons

    Very corporate feel. but its mortgages not a brewery. Work environment as quite as a Church. Some people like a more ambiance. 8-5 job hours with lack of leniency.

    Lack of interaction from Leadership in news and agenda of the company.

    Advice to Management

    Would advise better atmosphere for employees. Would create greater incentive for people wanting to stay long term.


  2. "Great in the Beginning"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Credit Analyst in San Jose, CA
    Current Employee - Credit Analyst in San Jose, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Provident Funding full-time (More than 10 years)

    Pros

    Great position to learn about the mortgage industry.

    Cons

    Not much opportunity to move up.

  3. "closer/funder"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Provident Funding full-time

    Pros

    light work load, slow work pace

    Cons

    micromanage, not much to learn

    Advice to Management

    give more incentives for employee to grow


  4. "They don't care"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales Executive in Los Angeles, CA
    Former Employee - Sales Executive in Los Angeles, CA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Provident Funding full-time (More than 3 years)

    Pros

    Low rates for its borrowers

    Cons

    Sacrifices everything to maximize owner profits and continue offering low rates. The majority of the workforce is under the age of 25 and has no clue how bad they are treated as employees because this is their first job out of college. Have more respect for yourself than to work for a sweatshop like Provident Funding.

    Advice to Management

    Providing advice is useless unless management changes from the top.


  5. "Decent First Job for College Grads"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Provident Funding full-time (More than a year)

    Pros

    Opportunity to work in a traditional corporate environment

    Cons

    Work can be a bit dry and not too exciting

    Advice to Management

    Invest in your employees a bit more. 401K match would be nice.


  6. Helpful (3)

    "Similar to Three Tours in Vietnam"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Closer in San Bruno, CA
    Current Employee - Mortgage Closer in San Bruno, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Provident Funding full-time (Less than a year)

    Pros

    Will hire pretty much anybody with a pulse right out of college. This is because they prey on people that do not understand a normal corporate environment. Once you escape and have recovered mentally, you will love your new job like no other. You will also appreciate jobs you have in the future because they will respect you.

    Cons

    This job will leave you with mental problems similar to a Marine that served in 'Nam. Expect constant stress and fights with customers, brokers, management, and your coworkers. When Dante wrote the Inferno, I am pretty sure the 4th and 5th Circles were based off this company. The owner shows greed beyond measure, refusing to hire new employees when encouraging the few that remain to just work harder. A cycle develops were people get frustrated and leave which just creates more work for the people that remain.

    Advice to Management

    Your company currently has one of the lowest ratings on Glassdoor which will go lower once I post this. I know you won't change until you run your company into the ground so I would just advise everyone to steer clear unless you are a masochist.


  7. "Funder"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Provident Funding full-time

    Pros

    good Starting salary for just out of college

    Cons

    Terrible company culture and treats employees like machines

  8. "Great place to start out"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Loan Officer
    Former Employee - Mortgage Loan Officer
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Great staff, management, products, rates, technology. Everyone works together as a team regardless of what part of the country you are in which really helps streamline the loan process and allows you to stay competitive. They are constantly working to further everyones knowledge of the loan process regardless of what role you are in by cross training all employees

    Cons

    Pay isn't competitive for the amount of work you do. You will need to work a lot of long days and nights to break six figures. No flexibility in work schedule.


  9. Helpful (6)

    "Fundamentally Exploitative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Irvine, CA
    Former Employee - Anonymous Employee in Irvine, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Provident Funding full-time (More than 3 years)

    Pros

    Provident was the definition of the dangling carrot. They provided a salary that was slightly above average to incoming college graduates (how and why is explained below). Raises were consistent in the rage of 5-10% (higher or lower depending on your proximity to the power of the ruling Provident family, or showcasing of meager talents).

    Cons

    Provident is a business school case study in the impact of automation on jobs in the financial service sector and how labor can be exploited for short term gain. Here's why:

    0. Heavy automation has allowed the company to automate the most trivial and monotonous jobs. Unfortunately, the jobs left over requiring even little skill are few . As a result, much of the "jobs" are actually paper pushing jobs or jobs that require very little skill. There are VERY few people at this company who actually perform job tasks that are transferable or valuable in today's market.
    1. The business is family owned and run. Nepotism is so apparent and common that everyone knows that your only ticket to climb the ranks is your proximity to family members in power.
    2. Young labor is recycled. This is the actual business model. Young workers are attracted to the job by an above average advertised pay, and then very little is invested for retention, because this is an intentional business model. This allows the company to provide quick training to young ambitious kids, and then cycle in new kids once the older class realizes whats going on. It's a genius model.
    3. Benefits are absymal (pay itself is above average, but medical, bonuses, and other fringe benefits are laughable or non-existent). The company functions on a "low-cost-structure". In business speak, this means that overhead costs are heavily minimized so that the company can survive market downswings. Unfortunately, costs are kept so low, the company not only appears cheap, IT IS cheap. We received $13 per person stipend for our company holiday party. Put this in perspective. The company makes hundreds of millions in revenue and is highly profitable. The Pica family is VERY wealthy. VERY. They can spare a few more dollars for things.

    Advice to Management

    In 2018, companies like Provident are finding it increasingly difficult to compete in the market. This is no surprise: competition is stiff and the same business practices that were considered common and ok in the latter half of the 21st century are no longer ok. You HAVE to invest in your employees for better retention. You have to create a sense of belonging. You have to be more egalitarian instead of constantly squeezing productivity and pay. My advice to management is to look in the mirror and reflect on how their empire was built, and the hundreds if not thousands of workers and consumers they have hurt on their quest for riches.


  10. Helpful (7)

    "Frustration, Anger, Depression, Escape: the stages of working at Provident Funding"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in San Diego, CA
    Former Employee - Anonymous Employee in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Provident Funding full-time (More than 3 years)

    Pros

    There is only one: Potential for bonds that can be formed among employees through shared suffering and eventual emotional desolation, and in some cases clinical depression

    Cons

    -- Complete disregard for employees:

    The Pica family who own Provident Funding do not consider the vast majority of their employees to be human beings, deserving of basic respect. Now you might be thinking "I will distinguish myself by becoming a top performer through sheer willpower and hard work!" This is what I and many others planned to do when we accepted offers to work here directly out of college, ready to set the world on fire. Irrelevant. They will not care if you put up the best numbers in the company every day for the rest of time (this would net you at best canned email praise from a pointless middle manager and would never result in a raise, promotion, or any meaningful appreciation). The Pica family has already installed family and friends in any relevant management positions, and does not consider input or ideas from anyone outside of that pre-formed group, which is closed for entry.

    Oh by the way, there is no Human Resources department, so there is no outlet to report harassment, abuse, misconduct, or other problems. This is a clear signal that PF does not care about employee concerns, well-being, or mental health.

    There is also no effort to develop employees or present any sort of career path. Advancement was mentioned during my interview, and by humble-bragging middle managers on occasion, where their advice was to do things I had already been doing, which confirmed no one noticed or cared that I had been doing those things (work lots of overtime, be # 1 in production measures).

    As a result of the above, employees do not develop any transferable skills. Because they hire almost exclusively fresh college grads, most employees have never worked a corporate job elsewhere. This makes them vulnerable to think the culture at PF and the bleak nature of working there is a normal part of professional life. This saddens me, as PF is swallowing the potential their employees don't know they have. No one at PF has much success job hunting, because they do not have any skills that are valued by the job market.

    The daily drudgery of going to a job you hate, being faceless and without acknowledgment for your achievements, and receiving only negative feedback about your performance can really get to you. It makes good people start to question their self worth as human beings, and start to believe they are failures who are unworthy of basic human needs, such as love, companionship, and happiness. PF is a factory that produces depressed people. When I recently watched Game of Thrones, the downward spiral of Theon Greyjoy to become "Reek" immediately struck me as similar to the descent of continuing to work at PF as days go by (obviously GoT is way more dramatic and this is an exaggeration, but the point stands).

    The Hope: Employees must reject self-doubt and take back their self-worth and control of their careers and lives. My advice as someone who has survived this dark chapter and gone on to thrive:

    1. Fully admit to yourself that your PF career is going nowhere: the blood sweat and tears you have put in have not mattered to the company, and you must come to acceptance with that. This is by far the most difficult step. I was in denial of this for years--years I wish I could get back.
    2. Stop channeling your work ethic toward your job. Be there physically, but not mentally. You'll need your your mental effort for the rest of these steps.
    3. Focus on finding out what skills are in highest demand, and which ones overlap with your aspirations. Google "LinkedIn's top skills in demand this year" to get a start. You don't need to know anything about what you choose, in fact that's the point.
    4. Google for free online learning resources in your chosen area to get your start. The best news is that if a skill is in demand, there are great online resources available for you to learn it for free.
    5. See if certifications exist for the topic/field you have chosen and pursue them relentlessly. If they do not exist, see if there are open badges available to certify your knowledge (Google "open badges" or "mooc").
    6. Do not be afraid to fail at the above step. Failing only slightly delays success. Not trying and then aging is much scarier.
    7. Look up people who have the job you want on LinkedIn, and see what parts of their summary/job descriptions you could incorporate or adapt to your profile. It is ok if a duty mentioned is a minor part of your job, as long as you can speak competently on the subject in an interview. Set your profile to not share updates before making edits.
    8. Update your LinkedIn profile and resume to fully commit to marketing yourself to the role you want, highlighting only relevant experience. Delete even your core job responsibilities or achievements from PF that are not relevant to the job you want. Do not worry that your coworkers might see it, if they care about you they will understand and respect the hustle. Block or remove your boss if you're that worried, they won't notice.
    9. Consider searching for volunteer opportunities with non-profits if you can find them, or search for online niche groups for people in the field and ask them for opportunities to do volunteer work. You can add this to your resume to make yourself a more appealing candidate.
    10. You're a mentally tough survivor who has endured a lot, celebrate your life after Provident.

    Ok, back to the review:

    -- Complete disregard for customers / partners:

    Due to the closed group of non-diverse family and friends running the company who do not think anyone else has worthwhile ideas, the company makes no effort to solicit feedback from customers, pay attention to feedback that customers voluntarily provide, measure impact of decisions made that affect the customer experience, or listen to employees who interact with customers or partners full-time. Competition has left PF in the dust due to this sheer lack of feedback loops, organizational learning, and continuous improvement which are basic building blocks for success in today's business world.

    It was extremely frustrating to hear customers and partners both complaining about the same, unnecessary, easy-to-fix issues day after day, bubbling this feedback up the chain, and watching as absolutely nothing gets done. The reason? Fatcats at the top do not give a damn about their customers. Customers are not seen as human beings capable of critical thinking, they are wallets who should be silenced. PF has many unreasonable nickel and dime fees that accomplish nothing but enraging good customers, often when the customer is not at fault. It is a grind to pretend to defend this company's inexcusably unjust policies in the Servicing division.

    -- Horrible technology:

    Their website touts technology as one of their differentiators. This is laughable. It is also ironic since the website looks like it was last updated in the 90s. All technology is proprietary and therefore very difficult to adapt to increasing expectations around usability that come with society's technological advancement. They are too cheap to either a) hire enough developers to keep up, or b) invest in a CRM or AUS platform to make development work quicker, simpler, and easier. To claim technology as a strength when it is such a glaring weakness is to pretend there has been no technological progress in the past 20 years. Competitors such as Rocket Mortgage or Better Mortgage must be laugh-crying over this claim, if they have heard of Provident.

    -- Bad benefits

    You will lose a lot of your paycheck to medical coverage, especially if you have a spouse and children on your plan. Better hope your spouse has a better employer. There is also no 401k match. But hey, if you stick with PF, who are you kidding, you'll never retire anyway.

    Advice to Management

    Consider whether your company is making the world a better or worse place. Brainstorm ways to increase positive impact and decrease the negative. Get more and more specific from there, and commit to implementing some of the top ideas. It is possible to treat people better and increase profits at the same time.

    Delegate some actual decision making power to people outside the Pica family and close personal friend group. Recruit some new executives that are not white males (!) and are not related to the Picas. You need diverse perspectives and ideas to become competitive again.

    Understand that if you treated employees better, they would be happier and have better interactions with customers and partners, leading to increased brand equity, reputation, image, customer satisfaction, and finally increased loan portfolio retention.

    Have an HR department. PF is a sexual harassment lawsuit waiting to happen.

    Google "UX Designer" and hire one sometime.