Assistant Store Manager (Former Employee) – Auburn, CA – June 20, 2015
I would arrive at the branch at 7:00 a.m. each morning. After entering the branch, I would hurriedly start my computer and start scrolling through the previous days reported sales and see how my branch and team ranked up in the day, month-to-date, and quarter-to-date against the rest of the district. No later than 7:45 a.m. I had to get the team into my cubicle to begin the morning "huddle." The huddle mainly consisted of discussing how our store did that day and how many sales we had to make by friday to be on track for the month. Often, I would try and engage my team by asking the top sales performer what worked well. I would then ask the lowest performer, if they were substantially lower, what they felt they did right and what they felt they needed to improve on moving forward. I worked hard to avoid cut-throat sales tactics. I believe that a store can be incredibly successful and the work environment incredibly civil at the same time. Kindness towards your co-workers does not necessarily mean poor sales performance. In fact quite the opposite. In these huddles my team would often encourage a team member that was lagging in their sales goals and help coach them. In sales one persons success means everyone's success. The reasoning behind this is reputation. If you have a happy and healthy work environment people enjoy working there. If people enjoy working there they want to stay there because the like their job. If people like their job and want to stay in their job they will work hard to keep their job. Because the people at the job are happy and work hard customers willmore... be attracted to that branch. I have found that clients will drive well out of their way, past several more convenient locations to one of my branches because my team were so much happier, effective, and easier to work with. Consequently, whatever branch I worked at had a reputation of having a happy staff which always attracted more customers. Happy people attract customers and unhappy people detract customers. More customers means more sales. Even the happiest team needs motivation. However, motivation in sales can easily devolve into petty office fights or worse, reckless sales. Therefore, I always tried to develop and encourage "healthy competition" often giving one person sales award for being the best performer of the week. The awards were clearly separate from the commissions earned by hitting sales goals. I used a silly little monicker, like a trophy, from the dollar store. Whoever won that week got the trophy. At the end of the week the previous winner would bring the trophy back to the friday huddle. Whoever had the most sales at the end of the week got the trophy for the following week. The trophy had no value in of itself, so team members were unlikely to attempt to cheat to win it, because after all, it was only a plastic trophy. But at the end of the day every sales person wants to prove to the others and themselves that they can win the trophy. Before the branch opened I always tried to leave the team with a few words of encouragement and one or two focused goals for the day. After the store opened, I immediately got on the morning sales conference calls with the district manager and the rest of the branches in the district. I would spend the rest of the day checking in on my team, monitoring sales, helping out bankers with questions, and filling out and filing my many daily reports. Perhaps the most difficult part of the job was having let someone go for failing to meet their sales goals. Worst yet, when a team member tried to cheat to meet their goals. Sales is a tough profession. It can be stressful and relentless. However, nothing is impossible if you believe in what you are doing and you want to succeed. I cannot say how important it is to meet both of those criteria, or inevitably a person will fail at sales. My favorite part of the job was being able to help an angry customer and see them leave happy. I always found most sales people see an upset customer and they try to avoid them. However, if a person is upset, there is the greatest chance to actually provide the customer with a solution to a problem. The main obstacle was being able to find the exact problem and show the customer how you wanted to fix the problem. Once the problem was fixed and the customer was satisfied, simply show the customer why the product you are advising the buy will make their life better, easier, and more enjoyable. My best customers were always the ones that came in the branch the angriest.less
A Horrible place to work if you're a Personal Banker
Personal Banker (Former Employee) – Mountain View, CA – September 28, 2012
The typical day of work consists of a morning huddle with all staff, most of the time it's with the Personal Bankers, Small Business Banker, Mortgage Consultant Banker, and Financial Advisor. The corporation has different sales vision varying based on corporate objectives, (i.e. Sell Home ELOCS) on a daily basis. It's the Personal Bankers responsibility to bring in new business (i.e. Checking, Savings, Debit Card, Credit Card, Mortgage Referral, and Financial Advisor Referrals) and meet those sales objectives, while giving "exceptional" customer service. The company has a "Daily Activity Planner" sheet that every employee is required to fill out in the morning before the store opens. The "DAP" is used as a "tool" for the bank to measure what different activities you have planned throughout the day. Typically depending on the store location and the foot traffic coming into the store, keeping occupied can be your advantage or disadvantage. If it's to your disadvantage the company has different databases which help you "scrub" ("Scrub: Finding other means to create relationship banking. I.e. Cross-selling other bank affiliated or partner products). For the most part scrubbing will help you find leads; those leads which will help you identify the clients and their needs. From that point on the Personal Banker will attempt to contact the client to have them get a "Financial Check-Up" or call to find out more information from the client. The goal is to get the client sitting in the Personal Bankers chair to go over their financial information; daily money management (checking), planningmore... for the future (savings), unexpected expenses (Credit Cards, HELOC, ELOCS), and most importantly retirement goals (IRA's, 401k, etc). Aside from all the information I just mentioned the company is a commercial bank which has too many expectations from its Personal Bankers, and creates unrealistic sales goals for its stores and Personal Bankers. The stem of the problem comes from the company top management and then trickling down to district managers and store managers, the company wants production from all its Personal Bankers. Also when clients come into the bank for the most part it’s a servicing need for their accounts, however management also wants the Personal Banker to get a sales gain from this interaction with the client, and in my case my manager would tell me to cross-sell and then give the gesture “Pointing at her watch” behind the seated client, after of being only in the seat for three minutes. It’s very difficult to have a positive interaction with a client and find out their needs in three minutes. Also I was afraid at the fact that the client would be “Galloped Poll” and under “Made you feel like they want your business” would be marked low because I have a manager that wanted to cut the clients’ time in half because other clients were a priority, instead of trying to establish client rapport. In the beginning its ok if you fall short of your goals, most Personal Bankers don't make their goals, but after some time managers get stressed by district managers (Top Down Affect) of which Personal Banker being productive and non-productive. The company doesn't pay decent compensation for the amount of work that a Personal Banker goes through. The company also sometimes has “Family and Friend” days, where they want to know if you can open up accounts for family or friends. I just personally find this very disconcerting, a company so low to make a profit to sell to family and friends who don’t need any accounts. Just to add; banking has become very unethical with Personal Bankers opening up “Dummy Accounts” for consumers and small business, sometimes with or without the authorized accountholder consent.. Don’t be surprised when you walk into your Wells Fargo Store to find the Personal Banker who previously assisted you has either; resigned, promoted (yeah right), or terminated.less
I am usually a very upbeat and positive person however, I have watched the Frederick Maryland site lose over half of its workforce due to employees leaving on their accord or management creating chaos by terminating/laying off great employees. The once manageable work load has tripled in the past three months to unmanageable levels. It is not unusual but the norm to work through breaks and lunch. It is also not unusual to list on ones time tracker/time card that you took your much needed lunch break when you actually did not! In fact, this practice is pushed by many managers/supervisors verbally and in instant messages.
I am an over achiever and I have always been in the top 5-10 numerically in the Power Rankings. I have to admit I began to sell my shares of Wells Fargo stocks based on what I saw and experienced first hand during my six years at the Frederick site well before I gave my notice.
Education and math skills are never a requirement at Wells Fargo on the mortgage side of the business.The job hiring culture is all about diversity ; and not in the true meaning of the word- meaning if you have zero education and zero mortgage or finance experience .....your hired! It doesn't matter that a borrower's mortgage loan is assigned to a 19 year old with barely a "c" average in high school, no college, no math skills, who lives with parents and has horrible credit. Well, if you speak sports then your in! I personally could never allow anyone that does not have the education and financial skills to manage, underwrite or service my mortgage and or financial situation. The commonmore... statement by my skilled peers is "young, dumb, and cheap disposable labor". I did not invent this line but it does fit the description of the hiring environment for the past three years.
As to micromanaging to the extreme...it is more likely due to hiring unskilled and uneducated people that need to be babysat!
I have multiple college degrees and decades in banking - all facets of banking. I am the employee that receives all the double out of cycle raises and kudos and awards personally awarded by corporate management. I have had double raises for the past five years. Eight and ten percent raises might not be that bad considering my unskilled peers are given between three and ten cent (actual penny raises) , once a year ! It is difficult to transfer to another department, especially if you are well liked and are called the "cash cow/rain maker" for bringing in the money and bonuses. The management and or "supervisor" will stop the process at all costs to the employees expense. All kinds of concocted erroneous reasons are made up to stop the employee from posting out and up.
Wells Fargo was higher on my approval scale six years ago before it began its demise after the government cracked down on mortgage loan servicing guidelines. The management was not prepared to follow the government rules, the borrowers high level demands and major government inappropriate fines. I was successful at my job and my ethics are stronger than a great many. I just could not watch my employer collapse and struggle with my large 401K in hand.
I handed in my resignation to move forward from a stale work environment. I am looking forward to a smaller company that believes in great customer service and actual mortgage banking.
In summary, Wells Fargo is not a good career choice but just a stepping stone while one is looking for that desired career of choice.less
wells fargo is not a good career choice, wells fargo is just a stepping stone while one is looking for that desired career of choice, stale environment and mismanagement, unskilled and limited educated peers
Small Business Banker (Former Employee) – Roseburg, OR – October 21, 2014
August 2006- June 2007 Responsible for all support staff training to include basic loan product knowledge, verbal skills to interact with customers to promote loan products and services, and the skills to view a customers’ account for potential leads for sales staff. Recommended approval of customer applications for lines and extension of lines of credit, commercial loans, real estate loans, consumer credit loans and credit card accounts. Developed list of prospective customers by studying business and telephone directories, consulting business associates and observing business establishment while driving through sales territory. Reviewed orders for ideas to expand services available to present customers. Called on prospects to explain features of services, costs and advantages. Conferred with customers and company officials to resolve complaints. Contacted prospective clients through newspaper advertisements and mailing lists. Sold products and services to new and existing customers. Opened bank accounts for small business owners. Submitted applications for business loans and lines of credit. Cross-sell specialized business products and services offered by the bank.
HOME MORTGAGE CONSULTANT/RESIDENTIAL MORTGAGE SPECIALIST AND UNDERWRITER, WELLS FARGO HOME MORTGAGE February 2000- August 2006 Relationship building for new and current bank customers through active listening and utilizing team member and self-generated business leads. Recommended approval of customer applications for real estate loans. Have business relationship with Loan Underwritersmore... and Management. Have ability to prepare and deliver letters of explanations of potential financial risks and strengths of clients. Interviewed applicants and requested specific information for loan application(s). Information included time sensitive documentations and letters from third party sources to include specific information. Have skills to acquire documentation from third party sources to assist clients and underwriting staff. Analyzed applicants' financial status, credit and property evaluation to determine feasibility of granting loans. Ability to address potential financial risks and provide explanations for many credit and/or employment issues and/or discrepancies that may cause a loan to be denied. Analyzed credit information to determine risk involved in lending money to mortgage customers and prepared report of findings. Determined if applicant met establishment standards for further consideration, following manual and using calculator. Approved loans within specified limits and referred loans to loan committee for approval. Approved and denied mortgage loans, following mortgage standards. Reviewed information on mortgage loan documents to determine if buyer, property and loan conditions met establishment and government standards. Wrote, designed and produced closing conditions for title and escrow companies. Evaluated acceptability of loans to corporations that bought real estate loans on secondary mortgage markets, where existing mortgages were bought and sold by investors. Recorded loan rejection, specifying investor, institutional guidelines and basis for declining application, such as insufficient cash reserves. Authorized by federal agency to certify that mortgage loan applicant and property qualified for mortgage insurance endorsement from federal government. Recorded data on status of loans, including number of new applications and loans approved, canceled, and denied, using computer.less
Customer Service and Sales Representative (Former Employee) – Anaheim, CA – October 6, 2013
As a CSSR (customer service and sales representative) I was expected to handle both the expectations of a teller and a banker. The pay is less than a regular Personal Banker, but the expectations are about the same (if not more). A CSSR is required to memorize two sets of scripting to regurgitate them word for word to every customer regardless of personal relationships. One set for tellers to sell customers unnecessary products and get them to sit with a banker (yes, tellers have sales goals they must hit also or they are terminated). The second set of scripting is the bankers scripting to try and "add value" to a customers visit. Really it's just jargon to try and justify them sitting with a banker so he/she can try and talk you into as many products as possible (regardless of need) and brainwash the customer into giving all 5's in case gallop calls to ask your customer how your service was the previous day. EXAMPLE: The scripting says things like "To make sure that I do things right for you the first time, you wanted XY and Z?" and, "In order to go out of my way to please you today, I've done XY and Z" and three others I won't bore you with. Then if gallop calls the next day in regards to your service, they ask the same questions like "on a scale of 1-5, how well do you feel that your banker went out of their way to please you?" Wells Fargo's scripting is directly related to brainwashing their customers to give great scores so they can boast of their EXCEPTIONAL service.
NEXT, the unrealistic sales expectations come from the top down. You will have no wiggle room for gettingmore... new accounts. Recently, I believe 30 or so bankers were let go over unethical sales practices like opening accounts without customers knowledge, opening unnecessary accounts, etc... If you think you're better than it, just wait until your manager starts threatening your job. I myself was very ethical in all my sales, and my manager hated that I wasn't meeting the numbers. My customers loved me, but I was let go because I wouldn't sell people accounts they wouldn't use. Unfortunately, all the successful bankers are the unethical ones and they are the ones getting promoted to managers. The bank doesn't care how many bankers/CSSR's/tellers they go through to get their numbers. They are constantly training new classes of employees, then they fire the under productive and bring in someone new who is going to open up all new accounts for their family and friends. Vicious circle.
By the way, the new thing to do now is for the branches to take the new recruits and make them stand in the lobby for most of the day "lobby leading". You're a greeter. The expectation is that all your sales will go to the bankers and CSSR's who don't have to lobby lead now because you are! Great for them! Sucks for the new guy.
Best story, from a simple interaction at the branch - I referred over a new customer that brought over 2 million in investments to a financial advisor. I made his year. My district manager said "High Five! You get absolutely nothing for it". I put in hours of work making the deal go through, but saw absolutely NO incentive pay from it because it wasn't a "metric" I'm expected to hit. If I had been a licensed banker, I would have made some cool cash from the deal - but alas...nothing. I was terminated a few months later because my "metrics" (goals) were low.
UNITED STATES Personal Banker (Current Employee) – Minnetonka, MN – March 11, 2014
Company is Great at self, by how its managed its a whole different question, If you dont mind stressful nature in mental thinking and feeling less human than its right company for you, you are have to prepare your self to be just like ATM- AUTOMATED TELLER MACHINE, when i mean ATM i mean ATM, how they program you, you would have to follow not just thru but to the tee and if you dont you are malfunction, what do they do when atm malfunction? they try to fix you, so your inner you, should get deleted and re-installed what is called what good for banking is good for the customers, and you should believe in product and services so you can sell them and if there is updated like fees getting charged, you should still need to believe in that, and its no longer where you truly explain to the customer so they are fully aware in what they are getting into, but another number how many things we can sell to you or sign for services that you might need someday. There is customers who truly needs all the products that bank provides it, but majority already have most what they need, but goal keep on feeding and finding away to push more product on current customers, and yes you have to generate brand new households who never had banking with a bank, or a person who just turn 13 they should have a bank account, and really focus on credit cards, if person have credit cards they should have more because its better! is it? I would say try not to get in Retail banking because it will be hard to get out, any other department beside phone bank do it, if you can generate thru mortgage a lot of closingmore... you will make a decent amount depends how hard you work from $40k min to $500k + and that means about 50+ hours, but if you do decide retail banking here what you need to know to succeed. Success= Get hired at busiest locations, reason turnover is so huge, you will get promoted from teller to a banker with in 3 to 6 month about $3 raise not bad for a promotion, also if you stay in busy store from teller to a service manager with in 1year depends if you sell, sell, sell, going to banker sell sell sell, and you getting paid even more, than you can get opportunity assistant branch manager or service manager 2- dont do it unless stress you living for, you are salary and you work very long hours and you wished you were a teller again, because now you are 100% baby sit others who malfunction, now you are the psychiatrist. FAST PROMOTION, little money. do it if you cant find anything else, but maybe get a college degree, in Computer Science, dont do business management unless you are not want to make a lot of money, focus on what you love and money will fallow you, dont fallow money, find a new way help people and in conclusion, talk to people in that position, find positive and negative, but dont just jump in, brainstorm and take action after, but not before you brainstorm, do not storm into position because you might end up on recovery from stress, its been 4 month i even took a week off, and i still on recovery and i had to switch position till i find something newless
promotion quick only in busy stores
stress, feeling less human, you will be going thru recovery
AVP/Operations Manager 3 (Former Employee) – Salt Lake City, UT – March 31, 2014
AVP/Operations Manager 3- Research & Resolution Health Benefit Services Successful management of a back office Research and Resolution team specific to research, resolution and documentation. Management of cradle to grave support for each client issue brought forth to the team. · Managed yearly budget of ¾ million dollars. · Internal talent development resulting in several key positions being created and filled. · Developed Service Level Agreements for all issues from client ensuring immediate responses and realistic resolution time frames. · Developed and implemented critical processes and database tracking along with procedures to reduce client backlog workload volume from 1600 issues down to less than 400 in a 9 month period. · Developed and implemented departmental measurements and Premier Performance plans specific to measurable directives for yearly performance appraisals. · Implemented documentation process to ensure all issues being worked on were properly documented and made part of intranet site for service center to access. 09/11/2006- 09/01/2007 Wells Fargo Salt Lake City, UT AVP/Client Service Manager Health Benefit Services Manage a multi-product team consisting of FSA/HRA/H S A consultants. Responsible for ensuring Client Service Consultants are providing superior customer service and timely resolution to their client base. · Implemented call management system for Health Benefit Consultants, which consisted of current 800 number along with ability to track consultant statistics and call volume. · Created and oversaw installation and implementation of Skill Basedmore... Routing · Developed and implemented Client Service Consultant premier performance reviews along with measurable metrics. · Developed QA analytics program to effectively measure customer service 09/11/2000 – 09/01/2007 Wells Fargo Salt Lake City, UT AVP/Online Customer Service Supervisor 2 Played critical role in opening the Online Customer Service business in Salt Lake City in September 2000. Managed a multi-functional team consisting of advanced level, software support specialists and Online Customer Service representatives. Teams consistently met and exceeded set departmental goals, such as sales, quality assurance, and overall job performance. · Oversight of on boarding, training and continued career advancement for new software and customer service staff within the SLC facility. · Mentored and developed highly marketable team members; which lead to the three promotions: Two Team Lead positions and one Supervisory position within the online department. · Partnered with management to develop and maintain sales tracking tools. · Developed and implemented Tier 2 support queue for the advancement of sister site support.less
Senior Teller Representative (Former Employee) – Sacramento, CA – December 20, 2012
I worked for WF for nearly six years while earning my masters degree. The pay is what I would call "low competitive," meaning that they pay a bit less than the going rate, but fairly close. The benefits, including health insurance, are wonderful. The people are about what you find anyplace: some great to work with, some not so much. I generally had no problem. From a Big Picture standpoint, the company had undergone a huge metamorphosis. When I started in 2006, WF had a strong commitment to customer service. Each teller had the option to reverse fees for customers, up to $100 per day. Good "secret shopper" scores were well-rewarded. As the financial crisis hit in 2008, and deepened in the ensuing years, the emphasis steadily went from top customer service to grinding every penny out of customers that the company could get. There is tremendous daily pressure to sell, sell, sell to EVERY SINGLE CUSTOMER, using pre-scripted lines that turn tellers into robots. If you miss selling to a single customer, you are called on it. As a result, the customers have learned to hate coming into the branches, because they know they will be pressured into buying an additional WF product or service. It used to be that tellers were encouraged to sell products in a natural way, meeting customer needs. Now peoples' jobs are threatened if they fail to make constantly tightening sales goals. In addition to that, WF products can be easily beaten by competing banks or credit unions. Interest rates on savings accounts and CDs are a joke, and there is nearly no incentive for the customer to consider addingmore... additional WF services. Yet the pressure to sell continuously increases. The only advantage WF can offer is that they are big, and are less likely to fail, at least for the moment. Rewards for positive customer service were either eliminated or seriously downgraded. Top scores for secret shoppers now mean nothing; only the bad ones will draw a response. Even if a teller meets top sales goals, there is little reward, and the pressure starts all over again the first day of the next quarter. WF is truly a company to which "What have you done for me lately?" definitely applies. I understand that WF is a public company, owned by shareholders, and that the pressure in this industry is to show consistently strong profits. That pressure has rolled downhill and now permeates every aspect of working for this company. There will come a time when customers will finally rebel against this business model. I would not recommend working for Wells Fargo. WF could have been more popular with customers than ever, had it taken a more customer-friendly stance. It could have been part of the economic solution; now it has decided to become part of the problem.less
good benefits, good 401(k).
constant pressure to sell, sell, sell. no appreciation of good customer service.
A challenging job with good future if employee able to meet job description requirements
Customer Service "Phone Banker 2" (Former Employee) – Roanoke, VA – June 3, 2012
Intense stressful position taking customer calls regarding multiple issues that you handle to resolution through research or, if necessary transfer to a specialized dept. All phone bankers required to adhere to detailed requirements such as call length, handle call to resolution, sales referral, branding company name, utilizing required and verbatim scripts read to customer, very strict and detailed verification/authorization of customer on all calls before assisting or providing any information to customer. Phone Banker has access to computer data base of all subject matter believed to be necessary to handle customer requests. Phone banker must be able to work fast on computer and be able to do research to answer or handle customer question or request. Research time is taken into account of AHT (average handling time per call which is a critical means of measuring phone bankers goal requirements.) Strict requirements to adhere to regular breaks and lunches and that they are taken at time designated for that phone banker. Failure to adhere to to phone banker call requirements are measured and taken into account of employees review. Failure to meet requirements lead to formal warning then dismissal of job. Goals are set in above requirements with incentives for quarterly bonus if phone banker meets or exceeds goals. PTO or paid time off is allotted to employee as a "pto bucket" of so many hours allocated per month for the year with total listed in pto bucket. PTO is used for vacation, sick days etc. Time off for pto must be authorized prior to using pto, otherwise employee acquiresmore... points. Points can be deleted if employee obtains FMLA form completed by doctor. Points can be earned back each month that employee meets "no unscheduled pto hours taken" and AHT (average handling time per call requirements ) Employee is paid for unscheduled pto as long as employee has hours available in their pto bucket. Adherence to schedule signing in on time, breaks and lunch on time etc. If points for unscheduled pto exceed 41 termination takes place (points are hours taken unscheduled). Verbal warnings are given for violation of above bankers taking and handling calls. 2nd violation or failure to meet goal requirements leads to formal written warning. If improvement is not made to meet warning requirements employee may be terminated. Points for unscheduled pto rolls over to new year. Employee does not start new year with clean slate of points. Benefits are excellent. If employee phone banker is able to meet requirements to monthly goal consistently they have good promotion opportunities available to them.less
Learned many various office skills throughout 17 years attributable toward future endeavors.
Operations Processor (Former Employee) – Portland, OR – May 18, 2015
My primary job at Wells Fargo's Exception Payments Department was to accurately key data information into Exception Payments' internal database for correspondence from Wells Fargo customers who wished to close their accounts at Wells Fargo. After said information was input, verification of each customer's bank account, identity and signature was performed, through online database information and/or through customer contact via telephone. If all information was verified to be true, then payment through closure of the account was made via Cashier's Check or domestic/international wire. If any of a customer's information was found to be false, then the customer's account was not closed and denial correspondence was sent to the customer, stating the reason for denial or requesting further information. I was also cross-trained in various other tasks in other smaller departments within the overall Exception Payments Department, in order to cover co-worker absences, or to help strengthen production parameters within the other departments, learning how to process consumer check collections and consumer fraud collections. After 17 years working for Wells Fargo's Exception Payments Department, I became instrumental in training new and current employees person-to-person and by teleconference via Microsoft Lync; and creating detailed training manuals explaining internal procedures within the Exception Payments Department. And I was also integral in the transition to and beta-testing of a new data-entry LAN computer system installed for paperless data entry. Also, after 17 years, I developedmore... a rapport with management, providing my insight in how to streamline and improve production parameters within Consumer Account Closures. The hardest part of my job and the most enjoyable part of my job happened to coincide: customer relations. I consider myself a rather shy person and so, therefore, not the best person to instigate communication with strangers, or customers. But I was told on more than one occasion by co-workers that they found me to be very articulate with customers on the telephone. And I must confess, I found calling customers overseas with information about their international wires quite pleasurable and engaging, and it was a joy to be able to help these people and to talk with them. Overall, my experience with Wells Fargo has been an asset. I learned many skills which I hope to be able to use toward any future endeavors. And I met a lot of great people throughout my time there.less
All of the many skills I learned throughout my time at Wells Fargo.
Working for Wells Fargo was a great experience for me, depending on the roll you are in your duties can vary drastically. Working at the phone bank is great for beginners who need a foot in the door but it is not a job I would recommend long term, they micromanage everything and everyone- even the managers- the position is labeled customer service but you are required to "refer" aka sell products to each incoming caller in order to succeed there. Although the job duties aren't the best and micromanagement sucks the people you work with are fun and there is usually some kind of game or challenge - around sales goals- going on that make the day go by fast and keep you more into what you are doing. Working at the Wells Fargo Home Mortgage campus was a completely different environment, the best thing about working here is that you are basically working independently which was much better coming from being micromanaged all day every day prior. It is a desk job and the area I was in it was hard to socialize and get to know your co-workers due to the high amount of work we had. Management there can be judgmental of you, I thankfully was with one of the better managers in that department, but that doesn't stop the other managers/team leads from talking about you behind your back, it was very disappointing being told about things managers and team leads would say about you, especially when it was not work related but more on the lines of personal/discrimination like comments- I have a larger backside and management/team leads had no remorse when speaking negatively about me to thesemore... employees. Its also very apparent that they look for a certain person to be put in a higher up roll, disregarding your skills- if you don't fit their idea of manager forget it- they also cant seem to figure out what to do with the dress code, its quit comical if you ask me. During my 2 years there we had a different dress code about every 6 months, going back and forth from business casual to casual. It can also be confusing because depending on who your manager is and your body shape things will either be more flexible or less, it just depends- my advice would be to always stay dressed to impress. Like the other departments I have worked at in Wells Fargo this one too had fun ways to get us through the day with challenges, team lunches and different types of holiday parties. Overall Wells Fargo is a great company to work for as long as you are willing to work hard, be accountable and be a team player you should have no problem advancing and doing well there.less
great advancement options, fun working environment
Consumer Loan Underwriter (Current Employee) – Las Vegas, NV – May 16, 2014
When I first started at Wells Fargo, I was under different management which was extremely supportive, motivating, and even if you disagreed with a decision, management respected the employees with explanations that made sense. Due to a change of direction in underwriting, a few of my colleagues and I were grandfathered within a different group because of our abilities to truly underwrite applications. I love my team, they are a work family and we get along well. We can bounce ideas off each other and help sort out difficult SOPs and policies to avoid audits. We are a true unit and has survived a lot of change in a short time. My direct report also was moved into our group, and I absolutely adore her. She works hard to take care of our team because she still carries the values of our previous V.P. However, our new V.P. is now making our lives miserable. Often our questions are not answered, promises were made that after two years are still not kept, there is an unbalanced focus on the three teams that report to the V.P. and that is causing undue burden on our team. Mandatory overtime without proper notice due to failures of proper training and staffing of the other offices have been made. New hires have a higher title and income with less experience in the product. This is causing low morale and downright anger because underwriters on my team make less money, have lower titles, and more work cleaning up poorly underwritten applications from the larger, inexperienced and badly trained new staff. The bonus and monthly evaluation structure is also unfair. Judgmental underwritingmore... of credit cards at Wells Fargo are the highest risk credit lending. Underwriters are guided to make decisions based on the risk policies, SOPs, and management direction. There are many times due to the high risk my colleagues and I do not want to proceed with the credit card approvals, but because management wants to increase the portfolio, they push the approvals. What is unfair about the bonus and employee evaluations is we follow the guidelines of management, but if there is even 1 delinquency on any account that was approved, it is held against us for bonuses and evaluations. The evaluations can later impact a chance for our annual raise. I do not agree that if an underwriter if following the risk procedures, and something as simple as a delinquency may occur, should be held against an underwriter. My old environment with the first V.P. was a dream, but since they changed our teams, life at Wells Fargo is a total disappointment.less
insurance too expensive, poor upper management, bad mpp evaluation
Very good work place if you are the perfect employee
Teller (Former Employee) – Jacksonville, FL – January 21, 2013
I was employed with the company for almost 4 years. I worked when they wanted me, where they wanted me, as many extra hours as they asked me to, without comment or questions. I proud myself of being a very hard worker and very flexible, excellent team member, with initiative and responsibility. All my refferences are available and my managers have only words of praise for me. I earned numerous awards, diplomas and pins and I never called in, miss a day or come in late, I was actually priding myself and was known among coleagues about that. I always balanced my drawer and my transaction processing was flawless and very fast. I had coleagues coming to ask me questions all the time, I always shared my knowledge with them and I helped new employees. I was surprised I lasted that long with the company. Coleagues were fired right and left after Wells Fargo took over Wachovia. Finally, when two of my older coleagues from the same office were fired, I knew my time had come, and sure enough, after the company let me take the rest of my 2012 vacation, I was fired on account of Sales Policy Break (which translates that after reffering a customer to the banker to open an account, the Investigation Team called the customer and the customer did not remember talking to me, therefore me being charged with not being honest which I declined with no result). It is very nice to work at Wells Fargo, and the company offers very good benefits, but it is only a temporaty job, because employes can be fired very quickly, for any little mistake. Also, expect very high goals (150 solutions a quarter -more... opening accounts for new customers). You will be trained in sales along with the basic teller training, so expect to be about 50% sales representative and 50% teller. You have to also bring the family members and friends to bank with Wells Fargo, there is a separate quota for that. If you don't meet your quota, you will be first warned then fired. I have been already warned in 2012, so I had either to meet my quota for the last quarter or lose my job over it. Standards and expectations are very high, you have to be absolutelly perfect and 100% productive to last more than a year in this company. The career opportunities are also very good, but the schedule are very tight because the number of employees are always short.
Overall, an excellent place to work for and excellent training and career opportunities.less
excellent benefits and training
employee shortages and very tight quotas and policies.
Wells Fargo is great to work for, but the mortgage industry is not recession proof.
Home Loan Processor (Current Employee) – Minneapolis, MN – September 11, 2013
A typical day at work starts by retrieving the updated pipeline report with the loans that are assigned to me along with information pertaining to those loans. Up to 100 loans have been in my pipe line. Normally then start going through emails and voicemails and return them with the best possible response. Make sure customers are contacted at least once a week to keep them informed of where there are at in the process, make sure I have all necessary documents from them, and answer any questions they may have. Once all of the documentation to satisfy the conditions on the refinance have been completed it is my duty to work up numbers, let the borrower know if there is cash needed at closing or not and set up the closing. I am considered a one touch processor so I am involved in the file from start to finish. I learned many benefits from friendly and consistent customer service. I was new to the mortgage industry but was excited to learn about it. I am now much more knowledgeable about the industry overall. Everything from insurance coverage’s, escrow accounts, what is good and not good to do before and during a refinance or purchase of a property, what goes into assigning rates, credit reports, appraisal reports, to name a few things. I am excited to learn and I know I can excel at anything I put my mind to. I enjoyed working with all of the managers at Wells Fargo. Most of them have been in the same position as me so they can relate to or workloads and tasks. I enjoy conversing with and getting to know all of the employees around me. There is a wide range of skills and agesmore... between the co-workers. The hardest part of the job is when you have 100 loans in your pipeline and you have to keep every borrower updated. There is only so much time in the day and between document reviews, working up files for closings, and getting new files it was still important to keep everyone informed of where they are at in the process. Also changes to programs and procedures happen almost every day so you have to keep up with that as well. The most enjoyable part is the satisfaction of closing a good chunk of loans out of your pipeline. People are usually not too happy with the process because we are collecting personal information, but they are usually are very thankful once we get their payments lowered, they can skip a payment and start saving money.less
Typical day began at 8:30; I was really just working alone at a desk looking at imaged mortgage loan files, making sure everything was there and that all legal requirements were met by the lender & borrower. I'd enter data into a data-collection application, essentially contributing to a profile of pertinent information from the loan. Review typically took 20-40 minutes to look at every document and enter all the important data. Typically I'd do 10-15 a day. It was fairly difficult to learn the review process at first, and the company had high production and accuracy expectations, but in time I became more and more experienced with it and made fewer errors. It was my first full-time job in a large corporate office, doing this kind of thing, so naturally I was very apprehensive about the job and about my success rate for a while. Management was generally helpful and wanted to help us succeed, though my department was itself so big and had so many people in various positions that I wasn't always sure who I was supposed to ask about what. Sometimes I felt like there were things I was supposed to know that I simply wasn't told about, for some reason. My co-workers were a wide variety of people, from recent college grads like myself to people in their later 50s, and it was difficult to know how I should mix with them for a while. On the job I learned quite a bit about mortgage and the housing market that I'd never even thought about otherwise, I also learned how a large corporation such as Wells Fargo is organized internally, and how different departments use technology to accessmore... and work with the same loan files and data in huge masses. I learned how important it was to be accurate when checking files for loans that were typically at least $100,000 or more, to ensure that no lending mistakes were made or that the company purchased any bad loans. After working there for several months I began to feel as though I actually knew something about banking and finance, which I'd had no experience with before. I also learned what a typical 9-to-5 job is like, what the expectations of an employee are, and how to succeed and satisfy those expectations.less
mostly solitary work, relaxed environment, on-site cafeteria et al, paid well
large campus was overwhelming, had to learn a lot in a short amount of time, not much direct communication from managers
Loan Servicing Specialist III (Current Employee) – Fort Mill, SC – April 26, 2013
Order legal documents of lien holders and sellers for short sale requirements, to include pay statements, property reports, credit reports, hardship letters, tax returns, tax statements, BPO’s, cost analysis, purchase contracts and listing agreements. ● Review all documents to verify accuracy of all information received from creditors, sellers, additional lien holders and agents. ● Continuous correspondence with agents and brokers throughout process for status of sale. ● Negotiate fees to be accepted with investors on HUD’s for closing within compliance with Wells Fargo, investor, legal, regulatory and business policies. ● Create closing package to be submitted to investors and foreclosure attorney department.
Loan Servicing Specialist IV - January 2012 – November 2012 Cash management of short sales and foreclosures within the United States. Reconcile manifest reports received for short sales with Fannie Mae, Freddie Mac, DIL, FHA and VA investors
● Reconcile manifest reports for VA, Freddie Mac, Fannie Mae, FHA and DIL. ● Send reports to main cash department, president level management and investors of funds received for short sales. ● Notify settlement representatives of urgent matters pertaining to files of which are to be delegated for review immediately. ● Research unidentified funding items to be forwarded to correct department. ● Notify closers of funds received and send their documentation for file.
Loan Servicing Specialist III - November 2012 - present Escrow analysis processor for low value foreclosure loans in default. Analyst assistant for charge off and foreclosuremore... loans.
● Calculate and determine escrow analysis for low value homes and determine charge off or foreclosure status. Highly maintain proficiency and accuracy as to if liens are to be released on junior liens. ● Research notifications received from internal and external customers in default mailbox for equity analysis requests. Delegate work accordingly to other team members based on work load and delegated authority of processes. ● Analyst assistant in reporting for verification for final steps to foreclose and/or charge off on properties. ● Assisted management on final 3rd level review for verification of accuracy on loans completed by lower level processors.less
WFHM:Career Minded welcomed Critical Thinkers Think again
Mortgage Quality Assurance Analyst II (Former Employee) – Bloomington, MN – January 1, 2014
This review is not meant to be a complaint. It is merely a warning or a lightning rod for those who are either critical thinkers or career climbers, respectively. This review is also written from an analyst’s perspective; I was not in a sales or production type environment. I analyzed policies as well as identified/corrected procedural issues.
Career Minded: If you are looking at your career as just that, solely your career, and are not concerned about benefiting your company’s holdings, bottom line, stock holders, customers or clients then this is great company. If your main goal is to climb the corporate ladder by doing only what creates a positive performance review and are comfortable with being allowed and often encouraged to let responsibilities to the aforementioned groups fall by the wayside then WFHM is a great place to work.
Career planning is welcomed and strongly encouraged. As long as you are able to focus on what is rewarded rather than what may be profitable, upright and logical if they should happen to conflict.
Critical Thinkers: Maybe like one of the sorcerer’s apprentice’s brooms you were told to mop the deck however you realized the ship was sinking and sinking largely because of your moping. For individuals who do rock the boat in attempt to right the ship you will not be openly chastised for trying to right the ship. However any serious attempts to right the ship will not be understood by people who are so focused on their next quarterly review which doesn't ask if moping the deck has sunk the ship only if the deck was mopped enough times, to even realizemore... the ship is sinking. Again I do want to stress you will not be openly chastised. However you will have to make cases against moping the floor all the while still mopping because that is what is on your quarterly review and no one who isn't doing good enough of a job sinking the ship will be taken seriously in their desire to save it.
Management: Management on the whole are pleasant in an everly HR minded kind of way. However management typically are mired down in thier job description and performance numbers rather than their projects or departments actual efficacy.
Disclaimer: I do not believe WFHM will become insolvent or go out of business I just believe that course corrections take near martyrdom to occur.less
Fun place to work, but I stuggled with the "ethics" of the company and how they conduct business,
PERSONAL BANKER (Former Employee) – Reno, NV – May 31, 2012
Working at the Wells Fargo Phone Bank was a lot of fun. The managers and supervisor's are great and the co-worker's all seem to get along pretty well. It's the things that happen throughout the day that use to bring each and every one of us down! If it wasn't our bonus they were taking away, they were getting rid (or making worse) our health benefits). By taking away our bonus, I mean Quality Assurance would find a reason to fail you on a call. and bring down an average score by mere percentage points..and there goes your $3000 bonus. It simply didn't seem right. The second down side was the fees they were charging to the consumer's accounts. I won't go into it now, only to say that I found myself empathizing with the customer's, making excuses for the bank, and feeling a little bitter myself as I, myself am a Wells Fargo account holder. I like our customer's to much to lie to them. Now let me be clear on something, I was promoted from customer service into the sales dept after my first year. I was one of six. There were 99 applicants. There was a time when I was very proud of my position, A time when I believed I was helping people. But I was wrong. Then to add insult to injury, we are to encourage people with bad credit to apply for all loans, personal lines of credit and credit cards. Yes, this will lower their credit scores, however if we discourage them from applying, that's a violation of Regulation B..and a ZERO call for the banker. The customer just wants someone to give them some honest advice. Don't we all hope we get that from our financial advisers? I certainly don'tmore... like to be sold products I don't need and that's what this company required us to do. They expected us to sell our customer's products we KNEW they wouldn't get approved for? It seemed as if it was getting more in-ethical and I would feel badly about my job when I would leave in the evening. Most enjoyable was the social gatherings away from work.. We would have summer BBQ's including supervisor's and manager's. Also, we had no dress code...and lot's of potlucks in the office. We were divided into teams so we had a lot of competition with our sales which made for Reno's Phone Bank being ranked the top 2 in sales profit during my nearly four years of employment.less
weekly blitz's..win prizes for sales competion's between team's)
•Providing remittance, loss, modification and delinquency information, and preparing bond reports for distribution to investors and rating agencies. •Scrutinize servicer’s report for compliance within PSA guideline, checking for reporting accuracy, loss mitigation, and modification. •Analyzing pooled loan level data in MS Excel/Access using various in house computer software applications. •Preparing/delivering portfolio and investor reporting on diverse and complex types of Residential Mortgage Backed securities – Senior Sub, OC, ratio strip and hybrid transactions. •Maintain full accountability for handling all aspects of securities analysis activities, in accordance with organizational goals. •Execute all aspects of loan accounting including, reporting responsibilities, reconciliation work, default assessment, cash management, and master servicing aspects of the job. •Resolve processing exceptions, rectify data discrepancies, and wire funds to investors. •Sustain high quality standards by applying strategic planning, prioritization, and project management skills toward consistently achieving critical deadlines. •Interact with internal support team to build process efficiencies, control risk and identify opportunities to fill the knowledge gap. •Participating in system enhancements, implementation, and testing of new products and services. •Demonstrate strong communication skills by presenting recommendations to implement automated solutions that replace any manual or semi-automated processes on an ongoing basis. •Assess a broad range of complex transactions and reconciliationsmore... relating to loan level and security transactions, develop tracking reports, and manage activities within established standards. •Evaluate legal documents such as Indenture, Trust Agreement, SWAP/CAP Agreements and/or Prospectus Supplement as issues arise with the asset or liability payments. •Drove training of new and current employees on the production process and mortgage industry principles. •Periodically evaluate servicer performance to ensure their compliance with stated agreements. •Managing General Electric portfolio by ensuring that Wells Fargo meets their reporting and cash obligations to investors.less
Phone Banker (Customer Service) (Current Employee) – El Monte, CA – June 2, 2012
A typical day at Wells Fargo consists of logging into systems and immediately begin taking calls. We use a phone system that allows calls to be routed from all over the country. It is only an inbound call center. Each call can vary from balance inquiries to disputes of charges to tax related questions. Each call varies the amount of stress and duration of the call. Because each scenario is different for each call each phone banker is measured based on a series of metrics. The most important metrics is Average Handle Time, Quality Assurance, Referral Rate, and Compliance (time on the phone).
I learn a lot from my customers on how to deal with people. Some people need information in a direct format where as another customer may need the same information but in perhaps a more cautiously approached method. Everyday I learn more about people which is great experience to bring to any career in the future.
Management is decent at my current job. They help monitor your progress and will give you daily reminders on how you are doing and if correction needed they are quick to bring your faults to your attention.
Co-Workers are on the phones at the same time and many people have different shifts and breaks so socializing with co-workers is minimal. This is productive for the company because there is less socializing and more work being done but at times it is demotivating to go into a cubical job where you barely get to say more than a few words a day to someone you sit next to all day.
The hardest part of the job for me is perhaps the referrals. Our job as phone bankers is to helpmore... the customer as customer service representatives but the bank puts so much pressure on the representatives and on its customers to have refferals to other products every call. Personally I use my best judgment to find if any of our companies products could benefit the customer. There are times where I don't believe that the customer can benefit. It is difficult to overlook personal connections that the company encourages and apply sales to a customer service job.
The most enjoyable part of the job is when the teams that each phone banker is assigned to sets aside to get off the phones and have a team meeting to talk about what the team is strong at and where their weaknesses are.less