Flagstar Bancorp
2.5 of 5 106 reviews
www.flagstar.com Troy, MI 1000 to 5000 Employees

Flagstar Bancorp Reviews

Updated Apr 17, 2014

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2.5 106 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
106 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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  • Comp & Benefits
         
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  • Disapproves of CEO

 

Has been moving backwards for the last 6 years. No progress in IT or product

Account Executive (Former Employee)

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

ProsNever had a paycheck bounce, payroll taxes were always paid, and benefits were OK, though getting worse.

ConsWas laid off from a 100% commission position, in a declining market. That's pretty much unheard of and indicative of how this management team is really just in over their heads. I think there have been 4 CEO's since 2008, which again is unheard of. The banks profits come from the mortgage business and unfortunately this bank is the wrong size. Too big to be customer friendly and too small to play with the big boys. The wholesale sales team is now being run by three people, all of which were over promoted to just be regional managers, now they get a chance to mismanage the whole division. I'm glad to be gone.

Advice to Senior ManagementListen to the rank and file, your managers are perfect examples of the Peter Principle, and will drag the whole thing down. The best advice is SELL while you can

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

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Full time employee over 5 years

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

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

Pros*Benefits
*Co-workers are like family
*Excellent lunch room with restaurant

Cons*Little room for advancement
*Many managers have been promoted only because of time there and not because of skill
*Company is reactive rather than proactive
*Pay is on the low side for your position unless you are a hold over from the old regime.

Advice to Senior ManagementPlease trim the fat. There are too many people that are complacent in their roles just going through the motions. You've lost good people due to cuts in the wrong places

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Former AE

Account Executive (Former Employee)

I worked at Flagstar Bancorp full-time

ProsFlagstar is well known in the wholesale lending arena. They were one of the first to bring the concept of the emerging banker into the lending world, so they are very good at it. They have excellent technology as well.

ConsThey have recently laid off of bunch of individuals and the ownership is different now than when I worked there, so I am not the best person to speak on how things are now. It has been longer than 2010 since I worked there, however the system doesn't have that option. I am a stockholder though, so I still know what is going on to some degree there.

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A very fast pace environment with growth potential, if you are willing to put in a lot of hours.

First Vice President (Current Employee)
Troy, MI (US)

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

ProsAbility to make a difference in a growing company.

ConsPoor systems, weak infrastructure. A lot of manual work.

Advice to Senior ManagementPeople are the greatest asset - treat them with respect and they will do great things for you.

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

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My experience at Flagstar started off ok. Then it became a nightmare. They started to track your every move.

Post Closer (Former Employee)
Troy, MI (US)

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

ProsThey are willing to hire people with little to no experience. There is some potential to move up.

ConsManagement is rude. There is no lunch room on any of the floors. You have to share microwaves with the whole company.

Advice to Senior ManagementManagement needs to stop mico-managing their employees. They make you feel like you are always doing something wrong. They need to encourage their employees more. This will help boost moral.

No, I would not recommend this company to a friend

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Generally a positive experience, with usual highs and lows.

Senior Accountant (Former Employee)
Troy, MI (US)

I worked at Flagstar Bancorp full-time for more than 8 years

ProsPleasant working conditions and facilities. Friendly culture. Variety of types of work assigned. The on-site cafeteria has good food and pleasant staff.

ConsFrequent cuts in staffing. Consistent lack of communication to employees. Constant turnover at the highest levels over the past 3 years. 20% staffing reduction by department, across the company. Career advancement difficult. Company spent thousands abd thousands of dollars to expand into leased space, then walked away from the space in less that 2 years, and eliminated more than 800 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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Flagstar bank is an alright place to work, tough to move within.

Loan Officer (Former Employee)
Troy, MI (US)

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

ProsFlagstar is a small enough bank that most people at corporate are known around. They have the big bank name and small to medium bank feel that makes customers feel comfortable.

ConsIt felt difficult to get promoted within, most people have been there for a while and like where they were at and content without going anywhere.

Advice to Senior ManagementShow a path to career advancement to new employees.

Yes, I would recommend this company to a friend

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Busting my ass for a company that never recognizes it Mortgage loan closer

Anonymous Employee (Current Employee)

I have been working at Flagstar Bancorp

ProsPTO time and the cafeteria staff is only pros for this place

ConsNever want to hire within or allow employees to move up within. Poor pay, managers who micro manage your every move. Managers who won't take advise from employees on their every day work.

Advice to Senior ManagementPromote from within!!! Learn how to pay your employees what they deserve or you will lose GOOD employees. Get rid of the lazy staff who work only for a pay...not to make a difference

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Work there at you own risk.

Financial Service Representative (Current Employee)

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

ProsThe company try to get input from the employees of how to improve the company.

ConsThe company doesn't have a great reputation as a bank. As a bank I wouldn't say they are strong.

Advice to Senior ManagementI have none.

No, I would not recommend this company to a friend

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Not a pleasant place to work, management is completely disorganized

Top Dog In Charge of Everything (Former Employee)

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

ProsThe best reasons to work at Flagstar include: paid holidays, PTO, and since they are settling all their lawsuits maybe they will be bought out.

ConsA few of the downsides of working for Flagstar include: the offices being short staffed most of the time, constantly changing the high priority work, and declining most of the loan applications that take many weeks to process.

Advice to Senior ManagementGet your act together.... you are losing good people!

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

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Glassdoor is your free inside look at Flagstar Bancorp reviews and ratings - including employee satisfaction and approval ratings for Flagstar Bancorp CEO Alessandro P. DiNello. All 106 reviews are posted anonymously by Flagstar Bancorp employees.