I used to work for this company, they let me go for a "lack of production" one week before 7 loans could fund so I wouldn't get paid for them; robbed of 9k. This is the lowdown of what type of company you will be signing up with...
The hours are 7am - 5pm with a training every day at 6:30 so 630am - 5pm, and sometimes you leave late. There is a mandatory Saturday and Sunday each once a month and it's from 7am-3pm.
The pay is minimum wage plus commission. Commission is for inbound calls 1-10 loans a month, $500. 11-15 $800. 15-20 $1000. 20+ $1200. No the numbers aren't backdated. For outbound calls it's .5% or .6% of the loan amount. Closing outbound calls are rare. To give you an idea of how many loans people close...It's the 16th and of a team of 25, 17 people have under 5 loans for the month. Do the calculations yourself.
If let go the loans that are in process, the commission goes to another loan officer, which are most likely the seasoned ones. The company often hires large amounts of people and then when they terminate them all of their in process loans, another loan officer gets paid for, without doing any work. It makes one think, do they often over hire to increase the company's profits and commissions of seasoned officers? The answer is yes.
I would not recommend this company. It's a revolving door and the fact about the not being paid what you produce is extremely shady and dicey. There response to this was: "you signed a contract." Just that statement, you already know what kind of company it is. Proceed at your own risk.
I have 13 loans in processing, 7 of which are about to be finalized that I'm not going to get paid for. One is worth $6000. The other 6 are $500. That's $9000 in commissions that's going to go to another loan officer for doing nothing. If the company would have kept me on another week those 7 loans would be funded. Tell me that's not shady. Please tell me this was not set up or at the least grossly negligent.
Last week when the sales director told me that I'm on a week to week basis, that's what he said, week to week. What he meant was "let me see where your numbers are by Thursday or else you're going to get cut on that Thursday." Since I had so many in process loans, I would've over worked to get paid out for those loans for that week just to stay. I wasn't given this opportunity because of the blatant miscommunication about it being week to week and not a set date. He gave other loan officers that were about to get cut a set date. He did not with me. I'm thinking it was purposeful to make this happen and me not get paid for any of the loans that were about to be finalized. And this is what the company does. If this is happening to me, I know I'm not the first person. This is scraping the surface of being straight up illegal. It's bad. I wouldn't work here, that's all I'm saying. read more