*The comp plan looks amazing, close 3-5 loans and it’s a massive paycheck. What they don’t tell you is that the average LO there is closing under 2 loans a month.
*You aren’t getting strong Zillow leads. They sell those to other lenders. You are getting very cold leads, I’d describe them as “window shoppers”. People who want to buy a house...eventually...someday. Although I did hear they might have started investing in better leads.
*If you’re used to being a 100% commissioned employee with a relaxed schedule...this is not the place for you. They give you a small salary which allows them to tell you when you can come and go.
*Since Zillow has taken over, I would say they have lost at least 65% of the experienced, strong loan officers. They didn’t just lose mediocre performers, or low producing LOs. The Loan Officers that were top performing left in droves to places to make money again.
*The operations department is abysmal. The underwriters will not speak to loan officers so you often have to go through at least two managers just to get clarity on stips. There is absolutely no pressure on the operations department to work files in a timely manner. LOs are expected to “manage expectations” with clients but are never given clear expectations of the operations department...so you are just constantly having to explain delays that don’t really make sense. No accountability for the underwriters/processors when they make mistakes that could cause loans to roll past close dates and/or roll into the next month costing the LO...because...
*The commission structure is such that if you close 1 loan, you make very little, 2 loans you might make double on the two and three is a great paycheck...but when that third one rolls, it’s extremely costly to you and NO ONE CARES. And yes, it’s a lot of work there to get 3 through the very bottlenecked system.
