Lower reviews

3.6

58% would recommend to a friend

(684 total reviews)
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Dan Snyder

73% approve of CEO

60% positive business outlook

Lower has an employee rating of 3.6 out of 5 stars, based on 684 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Lower employee rating is in line with the average (within 1 standard deviation) for employers within the Financial Services industry (3.7 stars).

Reviews by job title

684 reviews
1.0
Feb 12, 2022
Recommend
CEO approval
Business Outlook

Pros

I see other say "the people I worked with" is a pro. So okay, ill go with that.

Cons

I have wanted to leave a review as a current employee but due to how specific I am going to be , I always feared retribution for my words. However, as of today a handful of people in operations were let go due to "the market" and the "over hiring" that took place in 2021 or so that was the explanation given to some. This cycle of hiring and laying off, has been happening every couple of weeks at Lower. Anything that you see online via any social media posts or 3rd party surveys indicating this place is "best place to work" is all façade. Lower portrays having a pool table and shuffle board makes them a great place to work. The upper management at Lower could not be more disconnected with their employees. Let me give you a quick example. About a year ago all employees were advised that there was a BIG company announcement they wanted to share! They brought all employees outside of the building where they had balloons, music and glasses of champagne (at 9am in the morning). The announcement was to inform all employees Lower had secured a record breaking funding round from this fancy silicon valley investor firm. Verbatim, the CEO stood on a stage and told everyone how happy we should be for Lower getting this money and how lucky we are to be apart of this moment. I wish I had a video camera in this moment because everyone (not standing in the front row) stood around confused questioning what was happening. The CEO didnt bring us out here to tell us something like "hey we got this investment and we are going to give back to our employees" etc.. The CEO brought us out there to tell us how lucky we were to work for Lower and how great things were going to be in 2021. By great, what he really meant was lack of planning and execution that would lead to the most over hiring and firing cycle I have ever seen within a company. While other companies here in Columbus are doing great things for their employees and giving back more than ever. Lower would rather all employees know "just how great we have it here." Here was my operations experience and ill also provide some feedback for HR at the end when for when they read this. From the first moment I started in operations with Lower, I could tell there were going to be major issues. All employees in my training class, and i mean ALL of them, were told by a Lower recruiter (i can give you her name if you'd like) that within 3 months in this department we would receive a 10k increase in base salary. I never once received an increase let alone have a discussion about salary OR have any type of constructive conversation about growth. HR sent out a company wide email in Nov of 2021 indicating there would be annual performance review. HR advised the reviews start in NOV however you would need meet with your "manager" about the review until FEB of 2022! As of 2/11/2022 no employee in operations has met with a manager about any type of performance review. Furthermore, HR and "management" terminated employees prior to any type of performance reviews or possible pay increases. IN FACT, HR sent out a company wide email boasting about their new employee benefit programs they were rolling out in 2022. One of their new programs is 8 weeks paid paternity leave for all employees. MULTIPLE EMPOLOYEES that were "let go" in Lowers latest round of lay offs were set to start their new entitled paternity leave in the coming week/months. From personal first hand knowledge, there were employees communicating to managers that they were going to be taking paternity leave, and then days later were "let go." If you are an expecting mother or father i would highly recommend not working here because they will lay you off without notice. This entire situation is by far the most shady and sleezy business practice I have ever seen. Lower should be embarrassed by their actions. Now lets talk about training you will receive or lack there of. From the start of training there was no organization, no leadership and no direction at all on what we should be doing. Showing up Day One, we did not have a manager. After being subjected to by far the worst training process I have ever been apart of, we had to deal with a trainer who would not only go on to bully but would verbally abuse employees while also sending department wide emails slandering and trying to publicly humiliate employees for asking questions during training. During training employees were verbally yelled at on zoom calls by this trainer for things like and I quote "speaking to each other about work outside of work."... you cant make this stuff up.. During my tenure multiple employees were harassed so severely by this trainer that they would experience panic attacks, would cry at their desks or would leave the office for that date entirely. I personally know of two people who quit because of this trainer and multiple others that transferred departments. Over the course of a year multiple employees brought this trainers behavior to "managements" attention. All concerns were either shrugged off or ignored. When I went to manager and asked if i needed to bypass the manager and got to HR with this issue. I was told that "they would look into it further and follow up with me." that was about 4 months ago. No one inside the department ever heard back on this issue and all employees inside the department still experience this hostile working environment daily. Just to clarify for you, I am telling you that Managers know this person treats employees so disrespectfully that they are quitting where they work, and instead of stopping this behavior from taking place, they enable the behavior. There is no type of management structure at Lower and is by far the most confusing work environment you will ever be in. There is one "manager" who over sees maybe 4 if not more different departments. At the conclusion of the training class I attended two individuals with no previous leadership skills and frankly no leadership skills at all, were promoted to what Lower will refer to as a "team lead." I have no idea what this job title means, initially it meant these individuals were going to assist employees with issues they experienced while processing loans. What it turned into was, an odd dynamic of these leads pretending to be your boss when the "real boss" wasn't around. This cycle is still happening as of today 2/11. The real manager who is supposed to be in charge and is supposed to help you build your career and grow within the company is nonexistent. The team leads portray that they are in charge, calling for meetings, speaking negatively and down to you, sending negative emails about errors and issues that are taking place. Never do they assist you. Their titles are a reflection of upper management wanting to pretend to place someone in power, while giving them no power, while "playing" manager when it suits them. If you want any type of growth inside of a company and want to better yourself in the workplace, this is not the place for you. Lastly ill speak about the actual work at Lower and the micromanagement that happens here. I have NEVER experienced the type of micromanagement that you will receive here. You are NOT allowed to send an email without permission. If you type an email on any generic issue and the "team lead" or "manager" doesn't like the verbiage you used, or if a word was misspelled, you would get publicly ridiculed. On a daily basis, our day consisted of getting "in trouble" from an underqualified "team lead". Being summoned to impromptu zoom calls (and i am not exaggerating when i say this) we would get yelled at for "emailing someone without this team leads permission" & "not addressing the person you were emailing." Again these concerns were brought to managers attention and were ignored. They seem to let these underqualified team leads treat employees any way they deem fit. If you want a job where you get yelled out for sending emails and receive no on the job training and have to deal with incompetent & unprofessional team leads. Than this is the job for you!

2.0
Feb 1, 2022
Recommend
CEO approval
Business Outlook

Pros

-The people you work with become your friends inside and outside of work. -You get a good processor assigned to your file maybe 50% of the time. -Nice office and fun environment sometimes

Cons

-Massive turnover. If you’re on your team for over a year, you are looked as a tenured employee. Most are college grads that will quit within their first year. -401k match is a joke and benefits are horrible. - There is no consistency. I understand it is a newer company but when a major system or process is changed every few months it causes problems. -Here are a few examples from my last point: -Salesforce: implementation was a disaster. I’ve used it at a previous job. Was Lower’s created by a toddler? -Weekly email about a new process for communicating with Ops because no one can seem to get it together. -The main one for me is pay. When I started, you would get 72bps on a closed loan(big selling point when they recruited). They then made some states 40bps and the rest stayed at 72bps. That’s fine, but then they bumped them all down to 42bps. This is the absolute lowest in the industry. Just expect to only get base pay for your first 3-6 months. -“Throw it at the wall and hope it sticks” is the sales mentality that management has. Sometimes it works. However, if a file is questionable and ends up not working, the borrower can end up getting hurt financially and emotionally. They don’t care. “Make the call and move on, can’t do anything about it now.” I saw this frequently with brand new employees who do something without knowing any better. Not their fault, they were told to sell it and figure it out on the backend.

1.0
Nov 9, 2022

The Grass Is So Much Greener

Recommend
CEO approval
Business Outlook

Pros

Before COVID hit, before people knew who we were, before Lower.com field, before the big series A funding, Lower was absolutely the best place to work. I thought I was going to retire from this place. Boy was I wrong.

Cons

Strap in. I really didn’t think I was ever going to write one of these. I remember when all of our 5 star reviews were authentic and genuine. Now that I’ve had some time to process the events of 2022, it’s time I get this off my chest. Delusion. The top executives at Lower are completely delusional. Their egos have gravitational pull. They are solely responsible for Lower’s downfall and what is even more mind-boggling is THEY DON’T EVEN REALIZE IT. Greed. Is the market crap? Yes. But guess what? So many mortgage companies are thriving or at the very least SURVIVING in this market. Why? Because they didn’t make stupid decisions 2020-2021. They didn’t get greedy and hire absurd amounts of people during the refi boom (50-100 ppl/month for awhile). They took advantage of the market but didn’t saturate themselves. They didn’t put their names on stadiums or move into lavish offices. They retained their stars, hired a few to help with turn times, and stayed humble. Incompetence. Lower seriously overcomplicates the foundation of a mortgage company. LOANS NEED TO MOVE EFFICIENTLY. If your sole focus is new business, but you over work and under pay your operations department (folks whose job takes a TON of training), guess what? …yep. They’re going to QUIT. Consequently loans don’t close on time and the borrower is stuck paying additional fees for extending their locked interest rates. It’s truly hilarious that they screw this up. Panic. Lower didn’t have a CFO until this year. THIS YEAR. It was too late. When they realized they were bleeding, they started mass layoffs. The worst part about this is they started the layoffs based on production, so they slowly started letting people go, paying some severance, letting a month go by, reassessing, realizing they’re still screwed, and repeat… UNTIL the last round of layoffs. They were down to their best people, only this time, they couldn’t afford to pay severance and they didn’t want to pay unemployment so guess what they did? They sold their soles. They brought almost everyone that was left (some of the best people in the company) in for department meetings. The ops group was fired (unemployment eligible) and the sales people were moved to commission only- meaning they stripped 100% of their base salaries. So now, the people in that meeting weren’t being fired so they couldn’t quit and get unemployment or severance. They were going to get paid more in commission but you have to understand, rates are at 7+%. Pretty hard to completely change the way you do business and make money in the worst market since before the internet was invented. This happened to Lower’s best and most loyal people!!! Oh, in the midst of all of this, they sent everyone a new, pretty shady employment agreement :’) The events that have brought the downfall of Lower would truly make a good Netflix documentary. Hopefully they get wind. To all of my former Lower colleagues that have been impacted by this place, just know you haven’t fallen. You’ve likely realized already that there are a plethora of other companies out there that are being run by competent, experienced people who treat their employees right and pay better, have better benefits, match 401K, etc. The grass truly is greener. Shoot, there’s actually grass. One last thing. A hunch, really. I smell a name change coming (again). There’s no way Lower can patch themselves up after this. People read these reviews. They really do. They’re going to have to paint over everything to try and make themselves look fresh and shiny again.

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