Flagstar Bancorp
2.5 of 5 105 reviews
www.flagstar.com Troy, MI 1000 to 5000 Employees

Flagstar Bancorp Reviews

Updated Apr 01, 2014

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2.5 105 reviews

                             

57% Approve of the CEO

Flagstar Bancorp President & CEO Alessandro P. DiNello

Alessandro P. DiNello

(21 ratings)

33% of employees recommend this company to a friend
105 Employee Reviews
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Review Highlights

Pros:
  • "Competitive pay, normal hours, good benefits, good PTO, opportunity to move up"
    in 5 reviews
  • "Good benefits work life balance"
    in 3 reviews
Cons:
  • "Flagstar has little room for advancement"
    in 4 reviews
  • "Customer service agents present less than professional front to customers"
    in 4 reviews
  • Show more review highlights

Reviews

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  • Work/Life Balance
         
  • Senior Management
         
  • Comp & Benefits
         
  • Career Opportunities
         
  • Approves of CEO

1 person found this helpful  

Great Company

Senior Financial Service Representative (Current Employee)
Sterling Heights, MI (US)

I have been working at Flagstar Bancorp part-time for more than 5 years

ProsI work in the branch as a personal banker and enjoy working with my team on a daily basis. Management is great as long as you meet or exceed your goals. Work/school/life balance is great and they are really flexible.

ConsLoan goals can be stressful at times. Very hard to get promoted within. A lot of ass kissing is necessary to get what you want.

Advice to Senior ManagementStart hiring within the company instead of outsiders.

Yes, I would recommend this company to a friend

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Great employer when the Hammonds were in charge!

Account Executive (Former Employee)

I worked at Flagstar Bancorp full-time for more than 10 years

ProsGreat culture when I was there.

ConsHardest job I've ever had, but most rewarding.

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It was A great learning experience

Loss Mitigation Speciaist (Former Employee)
Troy, MI (US)

I worked at Flagstar Bancorp full-time for more than 3 years

ProsIf you get into the right department, your learning can be endless

ConsYou work for a company and bust your butt and work 50-60 hrs a week and then they decide to outsource your work and you are out of a job.

Advice to Senior ManagementQuit hiring friends and relatives as team leads and managers and hire people on their dedication and performance.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Senior Loan Officer

Senior Loan Officer (Former Employee)
Bloomfield Hills, MI (US)

I worked at Flagstar Bancorp full-time for less than a year

ProsClean, secure work environment. No clock to punch and little to no supervision. Extremely easy interview process, acceptance and placement. Given trust from day one.

ConsI worked for Flagstar for one year. Unfortunately, I found no encouragement to succeed. No corporate culture. No "in person" training. No career path and restrictive prospecting policies.

Advice to Senior ManagementPay a "living wage" to those who provide professional services on behalf of the bank. Engage in in person training and create a corporate culture of any kind. Encourage management to take an interest in employees in the field. Include all employees in year end bonuses when bonuses are given.

No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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Current Employee.

Loan Analyst (Current Employee)
Troy, MI (US)

I have been working at Flagstar Bancorp full-time for more than a year

ProsNice people, Good working conditions, great hours, great benefits

ConsVery low pay, not much room for advancement, work quota's that can be hard to reach, error ratios that are hard to stay below. Many Departments being closed and outsourced. Overtime is almost impossible to get.

Advice to Senior ManagementStop outsourcing your business and laying off employees. The employees you have now have experience in your company and could help you with your new vision if you let us. Increase the pay and give hard working current employees a chance to get into management positions.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Good learning opportuity in a frustrating work atmosphere

Loss Mitigation Speciaist (Former Employee)
Troy, MI (US)

I worked at Flagstar Bancorp full-time for more than 3 years

ProsThere were many great people working here. Training staff was very good in the end. Time off was very flexible.

ConsLack of advancement opportunity, Processes changed constantly, Software package purchased for doing our job in loss mitigation destroyed our customer service. Poorly managed.

Advice to Senior ManagementA company that advertises itself as Michigan owned, Michigan focused shouldn't be outsourcing jobs out of state. There have been numerous layoffs in the mortgage and loss mitigation departments of well over 400 employees.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Wasted Time

Financial Service Representative (Current Employee)
Farmington Hills, MI (US)

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

ProsIt's a job that pays something

ConsSalary, Benefits, no time off, work hours

Advice to Senior ManagementPromote the people that actually work hard and not just the kiss-ups.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Good experience

Anonymous Employee (Former Employee)
Troy, MI (US)

I worked at Flagstar Bancorp full-time for more than 5 years

ProsTeam building experiences encouraged
Management wants ideas of ways to improve processes

ConsMany changes in the last years leads to feelings of uncertainty in departments
Low salary range for positions in comparison to market

Yes, I would recommend this company to a friend – I'm not optimistic about the outlook for this company

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Employees as commodity

Anonymous Employee (Former Employee)

I worked at Flagstar Bancorp full-time for more than a year

ProsLet's see...commute was reasonable. Co-workers were nice folks, considering indentured servitude nature of the place. That's about it.

ConsTop 5
1. Radically excessive production goals.
2. Low pay to start with, absurdly low considering # hours necessary to meet goals.
3. Unclear delineation of responsibility (assistant level staff should have done more).
4. Incomprehensible management configuration.
5. Sloggy computers.

Advice to Senior ManagementConsider relying more on contract employees. Invest in training assistant level staff. Clarify management structure & underwriting standards to eliminate brokers shotgunning for the answer they want. Have IT install more RAM in office computers, or whatever is needed to make the computers more responsive.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Poorly Managed Company

Anonymous Employee (Former Employee)
Troy, MI (US)

I worked at Flagstar Bancorp full-time for more than a year

ProsIt bought me some time for my next career move.

ConsToo many to list here. It's a good idea for interested persons to find out for themselves.

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