Flagstar Bancorp

  www.flagstar.com
  www.flagstar.com
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Flagstar Bancorp Reviews

Updated 29 September 2014
Updated 29 September 2014
132 Reviews
2.5
132 Reviews
Rating Trends

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

Review Highlights

Pros
  • Some good people who mean well, but quality leadership is sorely lacking (in 7 reviews)

  • Competitive pay, normal hours, good benefits, good PTO, opportunity to move up (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. 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

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

    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
  2.  

    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)

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

    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
  3.  

    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)

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

    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
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  5.  

    Busting my ass for a company that never recognizes it

    Mortgage loan closer

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Flagstar Bancorp

    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

  6.  

    Not a pleasant place to work, management is completely disorganized

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Top Dog In Charge of Everything
    Former Employee - Top Dog In Charge of Everything

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

    Pros

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

    Cons

    A 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 ManagementAdvice

    Get your act together.... you are losing good people!

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  7.  

    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

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

    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
  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)

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

    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. 1 person found this helpful  

    Great employer when the Hammonds were in charge!

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

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

    Pros

    Great culture when I was there.

    Cons

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

    No opinion of CEO
  10.  

    Good learning opportuity in a frustrating work atmosphere

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

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

    Pros

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

    Cons

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

    Advice to ManagementAdvice

    A 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.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 1 person found this helpful  

    Great Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Financial Service Representative  in  Sterling Heights, MI (US)
    Current Employee - Senior Financial Service Representative in Sterling Heights, MI (US)

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

    Pros

    I 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.

    Cons

    Loan 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 ManagementAdvice

    Start hiring within the company instead of outsiders.

    Recommends
    Neutral Outlook
    Approves of CEO

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