Provident Funding Reviews | Glassdoor

Provident Funding Reviews

Updated July 14, 2017
126 reviews

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126 Employee Reviews

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Pros
  • Entry level salaries are respectable (in 15 reviews)

  • The best reason to work at Provident Funding is the job security (in 6 reviews)

Cons
  • Managers will micro manage you, there really isn't any room for advancement, middle managers lack people skills, you will be treated like a robot (in 5 reviews)

  • As others indicated, no matching 401K or sick days (in 7 reviews)

More Pros and Cons

  1. Helpful (1)

    "Great Start, don't stick around"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Servicing Representative in Los Angeles, CA
    Former Employee - Mortgage Servicing Representative in Los Angeles, CA
    Doesn't Recommend
    Positive Outlook

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

    Pros

    they hire a LOT of recent grads- cool people and decent salary for what you do

    Cons

    you will repeat yourself all day long answering 90+ phone calls a day, everyday

    Advice to Management

    more pay and clear promotion tracks would decrease turnover


  2. "Only Work at Corporate!"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Burlingame, CA
    Former Employee - Anonymous Employee in Burlingame, CA

    Pros

    I started as a college grad like people in all the reviews, but I was luck to work in corporate instead of being in a branch or servicing department. Pros about the company is don't need to worry about company going down. I was paid very well (average 20% paid raise every year.) Don't need to work a lot of OT, don't need to travel. You will move up fast if you have a special analytical skill or know when to say what.

    Cons

    Normal channel will not get people to move up the corporate ladder. Only 3% of the emplooyee working in a branch or servicing department get promoted. Need to ask for annual review else no pay raise. Bad employee benefits.

    Advice to Management

    Some special bonus or benefits to employees would retain more people in this refi boom.

  3. Helpful (7)

    "BEWARE -- Working at McDonalds may provide more satisfaction than here."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Underwriter and Closer in Tampa, FL
    Current Employee - Mortgage Underwriter and Closer in Tampa, FL
    Doesn't Recommend

    Pros

    This job is one that pays -- if you have student loans and are absolutely desperate...although I highly caution you to look else ware beforehand.

    Cons

    Provident Funding Associates L.P. is split into two large divisions: Retail and Wholesale.

    Retail Department consists of Servicing, Correspondent Lending, Secondary Market, Customer Retention whereas Wholesale Department is solely Underwriting and Funding for 3rd Party Brokers.

    If you come from a Top 25 University I strongly urge you to look elsewhere...you may be fooled by the job description initially (ie. Mortgage Consultant, Servicing Analyst, Servicing Specialist, IT Analyst, or any other buzzwords). Here's the scoop -- if you work in the Retail department...you start off as a Customer Support Specialist. Imagine being heavily micromanaged and taking over 90+ calls in one day to be considered "on par." If you work for Wholesale department...you will be crosstrained as an Underwriter and Funder (eventually) and expect to take 50+ calls while working from brokers who demand to have their loans processed.

    Company morale is at an all time low, the average age group is 21-30. The reason being is that the compensation and benefits are laughable at best. The people who stay are usually unmotivated and have nowhere else to go.

    Management is ridiculous -- I highly doubt they even train their employees on management. Imagine a kid watching Boiler Room or any other typical Wall Street movie -- now s/he is your boss!

    Compensation is as follows:

    $20.19/hour (was much lower when I started), $41,995.00 Annual first year (provided that you work the standard 40 hours)
    4 Paid Holidays per year -- expect to work Christmas Eve folks!
    12 PTO (Paid Time Off -- consider this your vacation/sick days) -- accrued 8 hours per month.

    Enjoy and good luck! Don't say I didn't warn you.

    Advice to Management

    You are not fit to manage.


  4. "Just not an enjoyable place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Underwriter in Nashville, TN
    Current Employee - Mortgage Underwriter in Nashville, TN
    Doesn't Recommend

    Pros

    -Friendly co-workers
    -Paid Training
    -Ability to leave work at work and not have to think about the work all day everyday.

    Cons

    -Work makes you feel like a mouse on a wheel. Working hard but going nowhere.
    -Upper Management uses fear tactics to get results. It is always do this or you could get fired.
    -Nothing but staring at a computer for 8+ hours a day with little or no talking in the office.
    -Management shows absolutely no trust in employees.
    -Work feels like a Mortgage sweat shop.
    -Turnover rate is incredibly high. People take it because it looks good on paper but within a few months realize that it was a terrible mistake.

    Advice to Management

    Trust your employees. A little freedom and flexibility is not a bad thing. If you treat employees well to start off with you wont have to always threaten them to get what you want and the retention and employee attitudes will improve drastically.


  5. "Ok place to work right after college with no experience, but very unrewarding job, limited use of my brain."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Irvine, CA
    Former Employee - Anonymous Employee in Irvine, CA
    Doesn't Recommend

    Pros

    easy to get in wtih no experience. Friendly work place.

    Cons

    Unrewarding job, you basically fill in forms all day long, and answer some emails. Everything is done by the computer.

    Advice to Management

    Nothing you've setup a great $$ machine.


  6. "Good for fresh grad, but only good for a year"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Consultant in Los Angeles, CA
    Current Employee - Mortgage Consultant in Los Angeles, CA
    Doesn't Recommend

    Pros

    no experience required to enter, they teach you everything

    Cons

    family owned company, no room to advance
    paid little
    no 401K matching
    high turnover for employees

    Advice to Management

    they need to provide more incentive for employees to stay especially for those who are capable


  7. "Don't work for Provident, they don't care about their staff and treat everyone as expendable"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Professional in Los Angeles, CA
    Former Employee - Mortgage Professional in Los Angeles, CA
    Doesn't Recommend

    Pros

    * Opportunity offered to recent college grads.
    * Young company
    * Will get different experience if senior management favors you.

    Cons

    * Growing company and expanding however without fundamental growth in infrastructural things that should come like a expanded HR department.
    * Limited room for growth.
    * Relatively lower rate when compared to industry wages.
    * Does not treat employees with respect and treats everyone as expendable.
    * High turn over rate.

    Advice to Management

    * Improve upon evaluation system.
    * Please support your staff better and expand HR department.
    *Promote people because of their performance and not whom you like the best.

  8. "Ok place to work if just starting out, but wouldn't really spend more than a year or two there"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Burlingame, CA
    Former Employee - Anonymous Employee in Burlingame, CA
    Doesn't Recommend

    Pros

    *Not a bad place to work if you're just starting out, but in a better economy it will probably bleed employees.
    *Senior Management is very competent and driven and is usually there for employees as long as proper communication channels are upheld (you --> lead --> dept manager --> sr mgmt)
    *Company is growing pretty fast and they have a good strategy for sustained growth
    *PTO is pretty easy to get if requested withing a couple of weeks of time off needed

    Cons

    *Pay is towards the bottom when compared to other companies in the industry
    *Long hours and you get dirty looks if you leave at quitting time
    *When the economy was good, they were bleeding jobs
    *This is the big one - not really any opportunity for advancement and they really expect you to work 120% everyday 8+ hours a day
    -Only 5 holidays per year, if your luck they'll give you the day after Thanksgiving off, but don't count on it...oh and the day before holidays is usually a full work day

    Advice to Management

    -Create more opportunities for growth, don't just say you're going to
    -May sound petty, but more holidays would really boost employee morale
    -Actually LIVE by the "work hard/play hard" mantra that you espouse, not just the "work hard" portion...


  9. "Company Politics"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Reviewer in Anaheim, CA
    Former Employee - Loan Reviewer in Anaheim, CA
    Doesn't Recommend

    Pros

    Good starting pay and gives a month of training

    Cons

    Not a place you want to stay for long. Get promoted based on how liked you are by the managers and not by performance. All the good people leave.

    Advice to Management

    Pay attention to people who can really work and don't promote based on looks


  10. "no room for growth"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Reviewer in Anaheim, CA
    Former Employee - Loan Reviewer in Anaheim, CA
    Doesn't Recommend

    Pros

    no room for growth, boring mundane job, no opportunities to move up in a department

    Cons

    good training on the mortgage industry for an entry level job

    Advice to Management

    create more opportunities, listen to employees et.


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