Flagstar Bancorp

  www.flagstar.com
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Flagstar Bancorp Reviews

Updated 10 August, 2014
Updated 10 August, 2014
127 Reviews

2.4
127 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Flagstar Bancorp President & CEO Alessandro P. DiNello
Alessandro P. DiNello
37 Ratings

Review Highlights

Pros
  • Competitive pay, normal hours, good benefits, good PTO, opportunity to move up (in 5 reviews)

  • Some good people who mean well, but quality leadership is sorely lacking (in 5 reviews)


Cons
  • And often changes in upper management in the last 3 or 4 years (in 7 reviews)

  • Flagstar has little room for advancement (in 4 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Lack of Communication

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Flexibility, ability to learn through experience

    Cons

    Little direction and communication from management unless a negative event has occurred. Employee reviews are not reviewed with employee and compensation for jobs is unclear and unspoken among different departments.
    Instead of finding a solution to the problem negative nit picking occurs and a blame game starts instead of looking at the overall objective.

    Advice to ManagementAdvice

    Communicate goals and events when things are positive not only negative. If a expectation is expected make the goal and journey clear.
    Universally communicate among departments so that statistical financial findings can be analyzed to enhance process instead of trying to avoid blame
    Bullying is not a way to enhance employee performance.

    Doesn't Recommend
    Approves of CEO
  2. 1 person found this helpful  

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

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Account Executive
    Former Employee - Account Executive

    Pros

    Never had a paycheck bounce, payroll taxes were always paid, and benefits were OK, though getting worse.

    Cons

    Was 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 ManagementAdvice

    Listen 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

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Full time employee over 5 years

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee  in  Troy, MI (US)
    Former Employee - Anonymous Employee in Troy, MI (US)

    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 ManagementAdvice

    Please 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

    Recommends
    Positive Outlook
    Approves of CEO
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  5.  

    Former AE

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Account Executive
    Former Employee - Account Executive

    Pros

    Flagstar 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.

    Cons

    They 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.

    Neutral Outlook
    No opinion of CEO
  6.  

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

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - First Vice President  in  Troy, MI (US)
    Current Employee - First Vice President in Troy, MI (US)

    Pros

    Ability to make a difference in a growing company.

    Cons

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

    Advice to ManagementAdvice

    People are the greatest asset - treat them with respect and they will do great things for you.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  7.  

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

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Post Closer  in  Troy, MI (US)
    Former Employee - Post Closer in Troy, MI (US)

    Pros

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

    Cons

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

    Advice to ManagementAdvice

    Management 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.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  8.  

    Generally a positive experience, with usual highs and lows.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Accountant  in  Troy, MI (US)
    Former Employee - Senior Accountant in Troy, MI (US)

    Pros

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

    Cons

    Frequent 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.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9.  

    Flagstar bank is an alright place to work, tough to move within.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Officer  in  Troy, MI (US)
    Former Employee - Loan Officer in Troy, MI (US)

    Pros

    Flagstar 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.

    Cons

    It 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 ManagementAdvice

    Show a path to career advancement to new employees.

    Recommends
    Neutral Outlook
    No opinion of CEO
  10.  

    Busting my ass for a company that never recognizes it

    Mortgage loan closer

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

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

    Cons

    Never 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 ManagementAdvice

    Promote 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

  11.  

    Work there at you own risk.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Service Representative
    Current Employee - Financial Service Representative

    Pros

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

    Cons

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

    Advice to ManagementAdvice

    I have none.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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