Residential Finance Reviews | Glassdoor

Residential Finance Reviews

Updated April 7, 2017
84 reviews

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84 Employee Reviews

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  1. Helpful (2)

    "Surprised it is still in business"

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

    I worked at Residential Finance full-time (More than a year)

    Pros

    I was able to grow professionally as a developer while working there which made it very easy to find my next job. I had a great manager who did not micromanage and encouraged personal growth. I met some cool people and very capable developers.

    Cons

    Upper management (CEO level) is not capable of thinking ahead. When business was good they spent money on cruises and expensive furniture instead of investing in the future. Once the rates started going up, they canceled 401K contributions, cut salaries, and laid off half of the company including the whole development team with a one hour notice. I am surprised the company is still in business.

    Advice to Management

    Run before the company goes bankrupt.


  2. Helpful (4)

    "Dishonest practices and this is a SINKING SHIP"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Loan Officer in Tampa, FL
    Current Employee - Senior Loan Officer in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Residential Finance full-time (More than a year)

    Pros

    -Direct mail leads are better here than most competitors.
    -Most people quit or get fired quickly so you get free loans from their pipeline if you are friends with your branch manager

    Cons

    -Bounced payroll checks
    -Payroll arrives late most of the time
    -Recruiting will tell you what you want to hear to get you to start, mostly lies
    -Roughly 4 months before you see a dime in commission, got paid more as a CSR
    -Marketing CLEARLY breaks every rule possible (appears to be a letter from the government, advertises an APR that is comical compared to what I can actually offer)
    -Highest rates/fees I have ever seen
    -Tampa office is highly unprofessional, grown men acting like children
    -Comp plan is significantly lower than when I was hired, now it is not that competitive (my first year made good money, next year if I don't find a better job will prob make $50k)

    Advice to Management

    Quit as soon as you can, the Tampa call center is probably going to get shut down sooner or later.


  3. Helpful (4)

    "Great opportunity for paid training / licenses paid."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Loan Officer in Sharonville, OH
    Current Employee - Loan Officer in Sharonville, OH
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Residential Finance full-time (Less than a year)

    Pros

    Relaxed atmosphere and paid training.

    Cons

    Mismanaged, terrible loan close times. My paycheck was wrong more times than it was correct.

    Advice to Management

    Stop wasting money training people who have no shot at passing the tests / making it in this business, more strict interview process needed. GET YOUR FINANCES RIGHT!


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  5. Helpful (4)

    "From Family Values to just valuing the dollar."

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

    I worked at Residential Finance full-time

    Pros

    Use to be a company that cared for it's employees and the job. Upper management just cares about upper management. Very deceptive in their motives and actions.

    Cons

    Poor decisions and overspending has jeopardized this company and it's direction.


  6. Helpful (4)

    "Run away as fast as you can!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Loan Officer in Tampa, FL
    Former Employee - Senior Loan Officer in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Residential Finance full-time (Less than a year)

    Pros

    Absolutely nothing good about RFC

    Cons

    It's hard to think of every con! For starters, every review I have seen lately is extremely accurate and it is only going to get worse. I want to try and give insight on some things that haven't been mentioned so people can see what other problems exist with RFC. I was only with the company for 8 months and for the most part everything was different than expected from what I was told during the hiring process. I came in and received training for my licensing and it was the only experience that was similar to what I expected. The manager Bill was straightforward and thorough during the time I worked for him. Once I became a loan officer I quickly realized I had been lied to about a lot of things in the hiring process. They tell you that you can close an average of 4-7 loans per month just depending on the month which is a huge exaggeration because the processing and underwriting departments are horrendous and lose, forget or never get proper documentation or information needed. You are lucky to average 3 closed loans per month and you will be pulling your hair out by the end of it and have pissed off your customer to no end. RFC tried to have a department just for doing purchase loans and it failed miserably as well. My manager was always adjusting my hours to equal 40 even after I was basically threatened to work overtime and then was never paid for the hours worked. Talk about illegal on that one, hopefully the labor board got my email! The benefits suck, you'll spend as much through the company as you can to have insurance on your own. Cross your fingers when payday comes around. The worst part is that RFC will spend thousands to try and keep you from progressing after you decide to leave or if they fire you! They are doing everything in their power to prevent everybody that leaves(including myself) from working for other lenders. Pretty ridiculous when they can't afford payroll but will spend and do whatever it takes to screw you even harder after you are gone. Like mentioned before, read all the recent reviews because they are true and it would not fit in this review if I tried to put it all in here.

    Advice to Management

    Give up and go home! You're crooked practices and giving ridiculous pep speeches to your employees has gone on long enough and nobody believes you! Everybody just laughs about everything you say after the meetings and conference calls are over.


  7. Helpful (3)

    "WARNING!! Stay as far away from RFC as possible"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Loan Officer in Tampa, FL
    Former Employee - Senior Loan Officer in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Residential Finance full-time (Less than a year)

    Pros

    The only positive experience I had was with the CSR training manager at the tampa office

    Cons

    Very disorganized, every week they tell you something different about pay or the way things are going to be done. Smoke and mirrors from what the recruiters make the company out to be. Most managers micro manage every aspect of your day and cannot make up their mind on what they want the team to do.Loan officer training was the biggest joke, they had multiple managers come in explaining things in a disorganized contradicting manor. If you're smart i would highly recommend you stay far away from RFC.

    Advice to Management

    stop lying to your employees


  8. Helpful (4)

    "Collapsing"

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

    I worked at Residential Finance full-time

    Pros

    It was a decent work environment while it lasted. Marketing department is obviously effective.

    Cons

    Company is struggling to stay in business. There have been mass layoffs and bounced payroll checks. The payroll issues were blamed on fraud at first. Then they cut benefits and pay. Then they laid off my whole department. I don't know if I'm going to get paid for my last few weeks or not.

    Advice to Management

    Resign


  9. Helpful (2)

    "Sinking ship"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Tampa, FL
    Current Employee - Anonymous Employee in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    there used to be a ton, literally none come to mind after the past month.

    Cons

    processing is a complete joke.the worst in the industry but still have jobs. 50-60 day closings is the norm and getting worse. Invest entirely too much revenue in useless training that no one uses.act as if this company produces ground breaking incentives, and with a little investigating every lender offers better packages.

    Advice to Management

    quit hiring customer service reps and clean house in processing.put together some incentives comparable to the industry


  10. Helpful (2)

    "You've been warned"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Loan Officer in Tampa, FL
    Former Employee - Senior Loan Officer in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Residential Finance full-time (Less than a year)

    Pros

    They will hire with no prior experience. Hiring department deserves an award - they make this job seem like the holy grail.

    Cons

    The drawback to the pro of "will hire with no experience" is they give you some training but not enough. During my recruiting classes' training the director of training was fired for trash talking a VP, sales managers, and the company. Since there was no one of train us they just threw us out on the sales floor asking a million questions which irritated our sales managers and prompted a lot of issues.

    The recruiting class after mine were all hired under the pretense of becoming licensed loan officers after they passes they're NMLS. Once they did that they only made the JR loan officers meaning they did all the same exact work up but for less pay and commission.

    Also, the company's slow transition from refinance to purchase that is not congruent with the market caused for profit loss and restructuring of pay. I'd never worked somewhere before where a CEO flies in and says "hey we're lowering all your pay!"

    There are some great people there with good intentions and will help you out if you need it. I made some good friends and contacts. And at the very least if you make it through the first few months you learn a lot of mortgages and get your loan originators license.

    Advice to Management

    Stop being shady.


  11. Helpful (3)

    "Smoke and Mirrors"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Loan Officer in Tampa, FL
    Current Employee - Senior Loan Officer in Tampa, FL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Residential Finance full-time (More than a year)

    Pros

    Co-workers are great. Can still get loans closed in about 30 days on average. They will hire recent college graduates to be a "Sr. Loan Officer" even though they have no prior mortgage experience.

    Cons

    Not what they seem. They spend a ton of effort and marketing dollars creating this illusion of a company with happy employees. The fact is that their employee turnover is insanely high. They constantly bring in training groups of 15-20 new hires that are quickly reduced to about 3-4 people within the first 6 months. Most leave voluntarily once they see that the average Sr. Loan Officer closes less then 3 loans per month and doesn't make even 1/2 the money the recruiters tell you during the interview.

    Advice to Management

    Company has great marketing but is moving in the wrong direction. Hiring way too may unskilled workers with little to no mortgage experience. Focus more retaining quality employees instead of hiring so many unqualified "Loan Officers" just bc they will accept minimum wage to start. Employee morale is at the lowest level I have seen since I've been here.


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