Fannie Mae Sucks Customer Reviews and Feedback
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly-traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally-based savings and loan associations (or "thrifts").
Rachael shares her very disappointing experience on consumeraffairs.com, "My husband and I had a closing date, contract, and paid an appraisal fee for a Fannie Mae Homepath house. They went and sold the house for cash to someone else. We are contacting an attorney to fight it. Terrible business!"
Underwriter Associate (Former Employee) says"A typical work day consisted of being micro managed by management looking for ways to demean and intimidate subordinates. High pressure and unrealistic production goals with a get the job done by any means possible attitude instituted by management. The hardest part of the job was being managed by an old hardcore manager with no people skills who was supported by upper management. Little or no diversity at the top."
CEO/President (Former Employee) says"Don't waste your time. This is a company that will use you and toss you aside when they don't need you anymore. Upper management is good but I've seen much better. They implemented the philosophy called WoW Way of Working. It's horrible! It should be called MoM Micro of Management because it's a micro-management philosophy. It's designed to root out anyone that is not a Yes man (or woman). If you have the audacity to question one thing, you're labeled a troublemaker. And everything is based on metrics. The only reason managers are there is to go to meetings. That's really all they do. They're not needed as most departments can work successfully without them."
Sr Informatica Developer (Former Employee) says"Fannie Mae as a comapny has very good benefits. But the manager that I reported to was not good at all. Although i worked 15 to 16 hours a day he was only stuck on the fact that i had to pick my kids and drop them off at home around 3:00 PM and be at work back at 3:45PM. Fannie as a company has a benefit that gives employees that flexibility. The company is filled with managers that micromanage if the employees physical presence than the actual work they do. Because of the benefits the company has i would love to go back and work there anytime provided the team is good."
Product Manager IV - Single Family Mortgage (Former Employee) says"Do not work here unfair work environment management is awful extreme corporate management people cannot advance never ever recommend the absolute horrible place"
R.E. Appraiser II-Credit - (SPECIAL MATTER EXPERT) says"My last assignment was Remote with 50% travel - great job. My other assignments were in the office and the culture was great and collaborative, a real team environment. Cons: None"
Senior Financial Analyst (Former Employee) says"Very bureaucratic. Discrimination. Racism. Backstabbing. Lack of career progression. Too much pretense. Cons: Too much bureaucracy"
Manager (Former Employee) says"Very weak, No focus, Limited insight, very bad culture, no mobility very bad environment"
Sr. Consultant (Current Employee) says"This company has too many changes and going through the turbulent time. Management doesn't have a clear concept where it's heading. A lot of politics, rumors, favoritism."
Consultant (Former Employee) says"Fannie Mae is completely mismanaged. The biggest problem is people there are almost like government workers with the entitlement and knowledge they won't get fired. The tech organization is poorly run and lack of focus. I would stay far away from them as a company. Cons: too many things to say"
Technical Writer (Former Employee) says"Treated contractors like they were unworthy of working there. Contractors were not allowed to park in certain areas in the parking garage sometimes there were no places to park. Parking in the surrounding area would result in being towed. Cons: always feeling threatened"
Corporate Tax - Tax Accountant II (Former Employee) says"All in all I would not recommend someone work at Fannie because of the uncertainty around if the government will even keep the agency as a mortgage originator."
Senior IT Project Manager (Current Employee) says"Management does not care about its employees or their interests. They just expect them to work 15-16 hours a day and keep producing. They never back you up. You have to fight to justify your work. They work you like dogs and they do not pay overtime. So be prepared for long hours of work, with no direction from management and no support. One big clueless company with no direction and Capitalism at its peak. Cons: Management does not back you up and is un-supportive, Mostly clueless as far as direction, They exploit the employees working them over time, A typical day never ends in 8 hours, Office Politics is at its peak, A true form of American Capitalism at its peak and Exploitation at its worst"
Project Manager (Current Employee) says"Senior leadership does not have a clear line of sight on corporate objectives. Priorities shift excessively without accountability for results or lack of results. 50% consultant staff augmentation with little commitment to a common goal. Cons: Conflicting priorities, poor leadership"
Administrative Support IV (Former Employee) says"A typical day includes dodging the many bullets and knives being thrown front and back. Extremely cutthroat and riddled with unethical behavior and activities. Cons: extremely cutthroat"
IT Practice Lead (Current Employee) says"Fire drills and choas reigns. There are many good people but culture has not changed from days of high turnover."
Confidential (Former Employee) says"The culture at Fannie Mae has been in place for decades and still resists attempts to make positive changes. Fannie Mae took advantage of the federal bail-out, going on an employee and consultant spending spree that brought them many new employees who had the capability of changing the culture. Instead of keeping open minds, management decided to eliminate the very people who could have made a difference and saved the company. It should be dissolved and liquidated as soon as possible for abuse of taxpayer funding. Cons: culture makes it virtually impossible to voice an opinion or suggest change."
Various Positions (Former Employee) says"The company frequently promotes people to mgmt roles with no people management experience. No matter what your stated goals are, managers are approved to rate your performance based on personal opinion, not factual evidence of goal accomplishments. Minorites are rarely promoted. Company is focused on hiring younger staff from outside than promoting from within. Cons: Management. Minority promotions, Hr, Rampant spending with little accountability, Review process, Pay not consistent with experience, Many meetings, Bureaucracy"
Contracts Manager (Former Employee) says"New management team is ruining the culture. There are a lot of people there collecting paychecks and not doing much work. Seemed to be taking on a government culture. Cons: Management does not care about the people."
Former employee (Former Employee) says"Highly toxic environment with incompetent management and unprofessional behaviors. Promotions are based on relationships instead of domain acumen. Significant amount of bloat in the organization and both middle and upper management use IT buzzwords without having any idea as to what they mean. This company needs tremendous cleanup and officers need to take action and accountability for bad behaviors which have resulted in a horribly toxic environment."
Risk Investigator III (Former Employee) says"Lack diversity, don't want to change environment for better, race discrimination is a constant them, over paid over retirement age employees who lack up to date skill set to advance company growth. Race discrimination not only witg employment but also with housing community and lending. Inappropriate behavior by management is condoned. Overall company is not a place that is for communities it serves, people, or employees. Cons: Lack advancement and discriminatory"
Current Employee - Software Engineer says"I have been working at Fannie Mae full-time for more than 5 years Cons: Executive leadership lack expertise to set a vision and lead the company. The politics, silos, and lack of collaboration are extreme. Constantly changing priorities without any business innovation make it a very difficult company to work in. Some managers are ok but many at the mid and senior management levels are incompetent and get promoted because of relationships. Benefits used to be good but they are taking them away, giving no salary increases (not even cost of living), and 401k matches were just got. Companies do this when they want employees to leave."
Former Employee - Senior Business Analyst says"I worked at Fannie Mae full-time for more than 3 years Cons: You don’t really do anything. So if you hate sitting at your desk for 8 hours faking like you’re doing something then it’s not for you. Also, there’s a toxic corporate culture. Relationships matter more than merit and impact. It’s basically a gov job."
Former Employee - Director says"I worked at Fannie Mae full-time for more than 5 years Cons: Amount of stress - real work hours: 6a.m. to 2a.m. All the Directors here work like this. You will never see your spouse or kids. No human decency. After I decided to quit I knew I would have to pay back some of my bonus but I didn't know how much exactly. Little did I know that the first time I'd be contacted by HR would be with the threat of sending me to the collection agency. There I was in the hazmat suit with gloves in the empty post office in the first days of covid pandemic when nobody would leave their house out of fear sending my bonus with registered mail. And on top of that, many pairs of shoes that I left in the office were stolen or at least I never got them back. There is also a lack of meaning to your work because all you do is write reports for a regulator."
Current Employee - District Manager says"I have been working at Fannie Mae full-time Cons: Make sure to save your boxes. Everything is fake"
Current Employee - Anonymous Employee says"I have been working at Fannie Mae full-time for more than 5 years Cons: Toxic management that doesn't accept input or feedback and overworks employees. Have been forced into consistent 12-16 hour days to meet unnecessary goals imposed by managers on unreasonable deadlines. Compensation also hasn't improved with the workload."
Former Employee - Operations Research Analyst says"I worked at Fannie Mae full-time for more than 5 years Cons: No work life balance. Salaries and yearly raises are rare. The expectation is you just be the top employee to receive any yearly bonus or salary increase. It’s preferred for an individual to take a lateral position in order to grow within the company which equates to $0."
Former Employee - Product Owner says"I worked at Fannie Mae full-time for more than a year Cons: Constant backstabbing at all levels of company"
Current Employee - Anonymous Employee says"I have been working at Fannie Mae full-time for more than 5 years Cons: Culture is toxic, management is all about who you like (high school) and no one cares if you get the job done or spend millions more than you said.. I mean hey We RAKE in the money. NO RAISES for top performers, if you aren't on a percentage bonus - your bonus sucks. Goal setting is pathetic - What does your BOSS want - you don't matter"
Current Employee - Business Analyst says"I have been working at Fannie Mae full-time Cons: Micromanagement by some bad bosses which is encouraged by their immediate bosses in some cases. Some harassing managers are often tolerated instead of having/imposing zero harassment policies in place to safeguard their employees. Only 15 days of paid PTO"
Current Employee - Analyst says"I have been working at Fannie Mae full-time for more than 8 years Cons: I started many years ago and Fannie was a great place to work. I loved my job, pay was great and all FTE's received a bonus. The past 2 years, upper management has made it very clear that they will continue to get a large bonus, while the working class get little to nothing. If you are not a manager or above, a bonus is a thing of the past They are hiring contractors by the truckload as many people are leaving to go to different companies. The brain drain is due to all the items above I noted. Do not expect to get a bonus if you are just a normal FTE. Upper management had protected their bonus structure and for anyone they are protecting. Everyone else will lose thousands. Upper management like to push their product and leave the products that are actually customer with no updates or budget to complete improvements. They only way you will move up in the company is being a yes man to anyone above you. UM states they want to hear different ideas, but if you are not towing the line for their pet project, forget it. Fannie wants to be the google of the mortgage industry. Google pays well, Fannie does not anymore. Thankfully, I will be leaving soon, like so many others."
Chela wants to defund the RPD says"@Patthephotog What class? I had to take the Framework course through Fannie Mae for my grant and it was a bit of fl… https://t.co/6doNKWYRvA"
Atlantic Bay says""As bidding wars raged on and mortgage rates remained around historic lows, housing market confidence grew in Augus… https://t.co/HJkEdJ3Dup"
Mortgage News says"Colliers Mortgage closes $6.4 million Fannie Mae loan for Northridge Villas https://t.co/EeKztd695o"
Mortgage News says"Mortgage lenders Q3 profit outlook continues to improve: Fannie Mae https://t.co/6PrJjZMIh8"
In The News
DSNews.com reports"FHA to Extend Foreclosure & Eviction Ban"
The Real Deal reports"PIMCO warns of danger in Fannie, Freddie privatization"
MarketWatch reports"Fannie Mae, Freddie Mac will delay controversial refinance fee"
Multi-Housing News reports"HUD Lending Provides Certainty in Times of Crisis: Q&A"