Chase has a very high attrition rate in the Manhattan mortgage industry. Rest assured, there's a reason for this. Their top producing mortgage bankers left them years ago to work at Wells Fargo, Citibank, etc. Chase has a branch on virtually every corner. Wells has very few branches. Wells outproduces Chase year after year in mortgage originations. I rest my case.
As a mortgage banker, be prepared to do the job of three people with no base salary (only a forgivable draw). Chase does not support mortgage salespeople whatsoever. They absolutely refuse to hire adequate operational support. Their processors do NOT work the loans because they are overwhelmed. The mortgage banker does the entire job of a processor. Chase's senior management prefers to save money by forcing all of the work on their mortgage bankers. By savings money on operational costs, their greedy, self-serving senior management can reap huge, undeserved bonuses while their mortgage bankers have no work/life balance. Also, they refuse to authorize overtime although they are very aware that everyone works more than 40 hours per week. Their mortgage bankers class action sued them for this a few years ago and won. Feel free to look it up online.
In Manhattan, many of their sales managers have never been mortgage loan officers. This is a “right of passage” which many of them lack. It shows in the way they are entirely aloof to the lack of support that their employees' receive from ops. Actually, their sales managers are fully aware of the lack of support but they simply don't care. Their sales managers have no problem with this because they are compensated on many factors that have nothing to do with mortgage closings--i.e., new hires, attrition, etc. If they were paid strictly on mortgage closings, you would see a major difference in how they treat the business at hand. The perception is that certain of their sales managers are "out to lunch" or stuck in one of their "all-day meetings”. Meanwhile, their mortgage bankers are in constant need of their assistance while they twiddle their thumbs in their endless meetings. This is a running joke in Manhattan.
There is absolutely no upward mobility at Chase as a mortgage banker. It is a 100% dead-end job. Unless, of course, you fill a 'race' or 'gender' quota. In which case, you may be promoted despite the fact that you may have little to no experience and, certainly, no skills to speak of. Race, gender and sexuality politics have no place in the workforce. But at Chase, a day doesn't pass without corporate pushing and force feeding their liberal propaganda down their employees' throats via the company’s internal intranet portal. Articles run the gamut from “ethnicity" to "gay pride", etc. etc. I am surprised that they haven't appointed Al Sharpton to their board of directors yet. People don't come to work to be politically indoctrinated by their employers. While these corporate, bleeding-heart executives are wasting money on this nonsensical hogwash, they could be hiring additional mortgage processors. This way, their mortgage bankers don't wind up doing the job of three people. This way, they don’t wind up being subject to another class action lawsuit for violating federal wage laws and illegally refusing to pay their employees' overtime.
Meanwhile, JPMorgan Chase just plead guilty to a felony charge for their part in manipulating the foreign exchange market. While Chase is busy abusing their mortgage bankers in New York, it is also ripping off unassuming customers all over the world. Chase is the epitome of corporate greed and unprofessionalism. They are entirely motivated by profits at the expense of the people who work for them and the unassuming customers who do business with them. Their management needs a major overhaul starting with Jamie Dimon. If this company were split up by the government tomorrow, the world would be a better place for it.
