Pros
Good location and some of the perks and benefits overall for its employees, the banking side is fun. They have the best mortgage programs in the industry like no PMI required etc but comes at a cost...
Cons
Compared to other mortgage lenders the compensation is at the lowest when you compare to other lenders, the annual pay of $35K per year with occasional overtime pay. You are given a company phone and have to be on call after hours until 9pm and have to be available from 9am to 9pm on weekends and holidays and there is a base pay of $1400 per year to be available which calculates to $1.63 per hour... There is no compensation for the first 7 loans closed. Once you close between 8 to 10 loans you receive $50. That's right $50 will be added to your check for closing a total of 10 mortgages, not $50 each loan. Its based on a tier chart were the next section up to 13 or so closed loans pay $100 and caps around $1000 at around 20 closed loans... The yearly bonus ranges between 1% to 6% based on company and individual performance. With the good benefits and little perks, the overall revenue the loan officers generate does not justify the compensation. Close 20 loans at any other lender and your making well over 6 figures per year... The loan pipe line is so large that nobody can keep up and the staff is kept purposely understaffed because the management's monthly goal to meet is AVERAGE CLOSED LOANS PER LOAN OFFICER. Meaning the behavior being driven is keep the staff as low as possible and load the employees with an unrealistic workload in which causes burnout and the employee resigns and they hire a fresh new employee and repeat the process. They do not care about you or the members even though they claim too, if they did they would property staff the mortgage department and pay properly. The processors are mostly temps and they hire and fire often, this caused us loan officers to do our own processing at times and closings to be delayed in which means we dealt with mostly upset members all day everyday being screamed at... Not hiring enough people to keep up with the demand because of the company bottom line just shows that this company is not any better than the big commercial banks...
