What's the company culture at AMERISAVE MORTGAGE?

Every business has its own style. What is the office environment and culture like at AMERISAVE MORTGAGE?

Are people dressed in business casual, jeans and t-shirts, or full-on suits? Do folks get together for Friday happy hours and friendly get-togethers?

What is a typical day in the life of an employee at AMERISAVE MORTGAGE?

It depends if you're working from the corporate office or out of your home. The most popular is to work from your home. Corporate is very relaxed and friendly. The tools they equip you with greatly surpass any other lender out there. They make it as easy as possible to close loans. Let me know if you would like some more information about the company. I have been with them for 2 mos. now and am making great money in this sorry market.

Yes, more information please? I'm a loan officer for a company in Atlanta. What separates this company from most????

Corry in Atlanta, Georgia said: Yes, more information please? I'm a loan officer for a company in Atlanta. What separates this company from most????

Hey Corry,

Sorry I dind't get back to you earlier. Things have been crazy busy. The thing that separates this company from all other companies are their job opportunities for loan officers and the tools they have set in place to make you successful. I'm making great money with this company. I was with 3 lenders in one year prior to this company an not any of them could compare to Amerisave. The in-bound call center job, which is by far the most popular and lucrative, requires a bit more experience. The other positions only require 6 mos. experience. All jobs also let you hire loan officers nationwide from who you can earn increased commissions from.

There is also a presentation that Amerisave offers from the Vice President of the Company. Let me know if you would like to attend. It give you a look at all of our back-end technology and the systems that we use. Also, I can e-mail you a more detailed description of the jobs available. Unfortunately Indeed does not give me enough room.

Please send me more info about Amerisave, i have been a broker for over 13 years and if they give back end support and leads, great, count me in.
Thanks, raul

ps: Do they do reverse mortgages?

raulh in Miami, Florida said: Please send me more info about Amerisave, i have been a broker for over 13 years and if they give back end support and leads, great, count me in.
Thanks, raul

ps: Do they do reverse mortgages?

Reverse mortgages are on their way. We will have them in a month or two.

As far as the loan officer positions available, if you can provide W-2s for the last two years showing $70,000 or more in income you will qualify for our in-bound call center position. This position includes 8-12 live transfer leads per day and also includes a base salary and benefits. Splits are 20% for revenue less than 20K and 33% for revenue greater than 20K. All referrals and self-generated business is 70% split. This is a very high volume job that requires a true mortgage salesman. You will close more loans than you ever have in your life. Processors do most of the busy work for you as well. Experience with internet leads is a must.

If you do not qualify for the above position, you can come in at a lower level position that provides high-quality discounted leads for $1 - $4 a piece. Plus we match your first $500 in lead purchasing. Splits are 70%. All you have to do is close three loans a month for three months in a row to get promoted to the above position. The technology is amazing, and leads are quality leads from Lower my bill, Nextage, GoApply, etc. I've never been happier working in this industry. Plus you get to work from home.

I forgot to mention that you can recruit loan officers nationwide to work for the company. You are just responsible for recruiting them, but not holding their hand once they are hired. I've been with the company 6 months now, and I'm almost to the point where I'm making as much from my recruits as I am from my own personal production. It's incredibly easy with all the unhappy loan officers out there and everything that Amerisave has to offer.

are the leads you buy considered self generated leads?

thanks, raul

how can i get a package to apply?

thanks, raul

are they local leads? Could someone call me about this company? i like personal connections....

raulh in Miami, Florida said: are they local leads? Could someone call me about this company? i like personal connections....

Leads are not self-generated. They are all high-quality leads such as lower my bill, nextag and GoApply. Yes there are local leads. E-mail me your number at nscheribel@amerisave.com or just shoot me an e-mail and I will e-mail you back my number so you can call. I don't really want to leave my number posted on a public forum.

what is your experience with loans being funded in a timely manner. I have 15 loans in the pipe. 5 should be funding by the 30th which I would meet my $20,0000 revenue for 33%. So far only 2 have funded and I will end up with a 20% commission and the other loans (which have all been solid deals) are no where near funding. It seems there are not enough processors or I am not on a good team. Any advice. I can not afford to close deals and then lose them or not meet my revenue requirements because they are not funding on time. I left a job making between 10,000 to 15,000 a month. I came on board with Amerisave because I believed there was potential and I was told how tight the processing and back end was. I have yet to see it. Any advice or words of encouragement?

Haleys Comet, Things getting any better with Amerisave? I work for a large Mortgage Company making 10k - 15k mo. I am considering leaving to work at home at Amerisave but I am hearing different things about this company. It's great to put loans in the pipeleine but if they can't close them they are useless.

Yes, I'm sticking it. I think the issue is that they have grown so fast they haven't been able to updrage things as fast as they need. Once all the bugs are worked out I think it will be better. The system rocks when it's up and working. There is great potential.

Haleys Comet in Las Flores, California said: Yes, I'm sticking it. I think the issue is that they have grown so fast they haven't been able to updrage things as fast as they need. Once all the bugs are worked out I think it will be better. The system rocks when it's up and working. There is great potential.

Thanks for the info. Please keep us updated on your experience working for Amerisave.

I have a few questions about Amerisave. I know a few people that have been with them a few months and are yet to earn any money. I've been thinking about joining, but from what I hear they have a ton of fallout because the company is under staffed on the processing side. Why do they keep hiring? If they can't close the loans they have what is the point of getting more? Also, I have heard they keep changing everything from the cost to join, the commission structure, to the lead prices. Why if they are closing so many loans? You would think they would be doing just the opposite. Also, I have heard the Vice President talk on a couple of their presentations. Man, that guy seems like he is coked out of his mind. What I like best about the company is their pricing engine.

Any thoughts from a seasoned person there and the kind of money you are earning.

I have been with Amerisave for over 5 months now, and I don't recommend leaving your current job if you are making $10-$15K/year. There is NO support at Amerisave. Whoever recruits you simply points you to a the company web site where you download all your training sessions. I left a good company in Costa Mesa for this place and it is frustrating to see the lack of infrastructure and consistency. They are trying to replicate a high-volume business model, but it is not going to happen. Their processors are not the resourceful processors you may have encountered in the past. They are really nice and courteous individuals, but they are already overwhelmed with only 50+ loans in their pipleline (of course, this is with the assumption that YOU are not doing yor own processing). Your randomly assigned to a team leader who has no insight on your experience, knowledge, etc. My team leader is courteous, but she often dismisses my 10 years of expertise. If you are in California, join a solid firm that is ready to handle the volume once the mortgage limits increase.

I now have to agree with Jose Jose in Costa Mesa 100%. I left a good company in CA making 10-15K per month. The webinars Amerisave gave were very encouraging and they made it look like a great company to work for especially if you were a top agent. They said they had a tight back end and if you wanted to close loans this was the company for you. I made the move and found out for myself there was a very weak infrastructure. I tried to stay positive as getting loans was not a problem. It was getting them funded that was an issue. Amerisave promotes how much gross revenue their top guys were producing but I never once saw a report that showed how many of those loans actually funded. Everything Jose Jose has detailed is absolutely true. In addition, you are asked to put no more than 40 hours per work on your timesheet however with everything you need to do to get a loan funded there is no way you can accomplish it within 40hours per week. I was personally working 10-12 hours days 6 days a week to get loans handled. I have left Amerisave. Working for them cost me start up costs of a home office not to mention several months income. Please do your research before making a decision to join Amerisave especially if you are accustomed to having knowledgable and available work associates. I wish I had done a better job at researching them. Instead I got caught up in the excitement their webinars produced.

All this is very interesting reading. I have a call with someone at Amerisave tomorrow. I am thinking about working there.

Are there any specific questions that I should ask? i.e. Infrastructure improvements, processing TAT.

Thanks in advance for any help

I have talked with several more LO's with Amerisave and their experiences have not been good. The biggest issue I have heard is they can not close loans on time. They are strictly focused on recruiting. There is very little support and and they are very disorganized. A friend let me listen in on 2 weekly sales meetings. What an embarassment! The VP is a joke and I can't believe the CEO has him representing the company. Both sales meetings were focused on recruiting, recruiting, recruiting. No sales trainning. I would run from this company.

How is it going? I have seen their info and looking to apply.

thanks,

mark

Just had my call/interview it seems decent - let me know if you have any questions that I can answer for you.

I received an email once I applied which showed the commission at 22% in the call center, then 33% after 20K gross. In order to make the $21K in revenue you would have to close and fund 74K gross. I have worked in a call center before the crunch and the numbers seems high.

Was your call/interview with the daily conference call with the Bobby the VP? Have you made a decision to join Amerisave and what inspired you?

jose jose in Costa Mesa, California said: I have been with Amerisave for over 5 months now, and I don't recommend leaving your current job if you are making $10-$15K/year. There is NO support at Amerisave. Whoever recruits you simply points you to a the company web site where you download all your training sessions. I left a good company in Costa Mesa for this place and it is frustrating to see the lack of infrastructure and consistency. They are trying to replicate a high-volume business model, but it is not going to happen. Their processors are not the resourceful processors you may have encountered in the past. They are really nice and courteous individuals, but they are already overwhelmed with only 50+ loans in their pipleline (of course, this is with the assumption that YOU are not doing yor own processing). Your randomly assigned to a team leader who has no insight on your experience, knowledge, etc. My team leader is courteous, but she often dismisses my 10 years of expertise. If you are in California, join a solid firm that is ready to handle the volume once the mortgage limits increase.

While processing has been a issue for the company in recent months there has been major improvments recently. 30 new processors have been hired in the last month to help lower the number of files each processor has and allow LOs to push more files through. The majority of these processors should be very good since they were refered by loan officers that currently work at Amerisave. It seems Amerisave adapts quickly to market conditions and is working hard to fix any backend issues that were once there.

Hi, I am new to the forum. I am also talking to a recruter regarding Amerisave. I am scare, to tell you the truth. I had made at my mind and after reding some of the post here and brokeroutpost, I am reconsidering.

Make that 38 new processors in the last month. People are closing a lot in revenue on a monthly basis. I wouldn't say 70k in revenue is an average month for a loan officer at the company but you should average 30k or higher in revenue each month. That comes out to 9k for you or more. Add to that income overides from people you have recruited and it adds up quick especially if they come into the call center as well. For every person you bring on to the call center you should get a monthly overide around $1,500. This is assumes they close at least 30k in revenue. Get six people and you have doubled what you make each month if they close what you close each month. Then the 9k is at 18k. Get 12 people and you should be at 27k. You get the point.

TKL in Kansas City, Missouri said: Was your call/interview with the daily conference call with the Bobby the VP? Have you made a decision to join Amerisave and what inspired you?

My call was with Derrick - What are people hearing about set up fees? I have heard different amounts.

I am still doing my research about Amerisave before I make up my mind.

Amerisave has potential however, I would not under ANY circumstance leave a good paying position to pay $475 and be assigned a "team leader" who has never originated a mortgage. the 70% split advertised is actually 50% when you factor in the admin fee (10%) and bad loan provision (10%)deducted per loan. The "kinks" are too big to join the company right now. The biggest issue right now is locking a loan. I would advise anyone considering Amerisave to wait until the "kinks" are worked out.

Truthhurts in Los Angeles, California said: Amerisave has potential however, I would not under ANY circumstance leave a good paying position to pay $475 and be assigned a "team leader" who has never originated a mortgage. the 70% split advertised is actually 50% when you factor in the admin fee (10%) and bad loan provision (10%)deducted per loan. The "kinks" are too big to join the company right now. The biggest issue right now is locking a loan. I would advise anyone considering Amerisave to wait until the "kinks" are worked out.

Wow, I haven't been on this forum for a while and am quite suprised to see a few negative comments. I have been with the company for quite some time now and can honestly say I have never been happier. I have built myself a solid team, and am making more money than I ever have in this industry. And this is only the beginning. Give me 2 years with this company and I'll be making 4 times as much.

The only reason you may not see more positive comments on this forum is because we're too busy closing loans and making money. Processing is not an issue (we just hired many processors), and it's never been easier to close a loan. From many of the comments on this forum I can see that a lot of people do not properly understand all the details about the company. If you are thinking about joining the company, e-mail me at nscheribel@amerisave.com to make sure that you have all the details correct. Don't take anybody's word here. If you can convert leads, there is not a better opportunity in this industry. . .

In response to killgja:

The new processors are still backed up, and if they are remote (i.e. scattered all over the country) you will be seeing high attrition with them as well since I doubt they are getting any support from their "team leader." I wouldn't be pulling my hair for $200/file, would you? Truly high volume lenders are paying their processors $450+ per file, with a more solid infrastructure. Check with any of them who work at Countrywide, Bank of America, or Ditech. My ex-wife worked at E*Trade 7 years ago and she was earning $400/file (during a refinance boom)! Furthermore, I doubt the processors they hired have the experience to work in a high-volume environment. If they are anything like the current regime, good luck getting them to respond to a borrower's question in a timely manner. It will become your responsibility, and by that time, they are fuming!

correct, and that is assuming they close on time without any hicups. Otherwise, you will be spending at least 40% of your timing salvaging, chasing income docs/disclosures, scheduling signings, etc.

Frankly, there are better opportunities in the industry. You are an anomoly, not the norm. I had a couple of friends from Bank of America quit on the first day. Why? Because Amerisave is not set up as a call center. Once you lock a loan, it idles until the borrower forwards you his stips. Other call centers submit the loan to processing, and order title and appraisal. It will be your responsiblity to make sure the customer gets ALL his documentation (down to the mortage statement), and if it does not close on time, it is your problem to resolve. This is not a solid process if you want to work for a high volume lender (especially once the new conventional limtits go into effect). If you are working out of their office in Atlanta, it is not going to be an issue because you can walk over to another department to get updates or become better informed on how the company does things, but if you live in Washington state, good luck!

Don't quit your job for this place because you have to wait 90 days for benefits, and even that becomes a full time job.

My revenue for February was $38K ($12k of which were deals that I brought in). Are they closing on time...? Nope. Again, "loans submitted" is not a reliable metric on earnings since we get paid on FUNDED loans. Furthermore, you can "get" 100 people, but that doesn't mean they are going to stay.

This is not a sustainable business model. At least not on a national level. If it were, BofA, Countrywide, etc., wouldn't have call centers in different regions. If you work in the Atlanta office, it may not be such a bad deal (or even in the same time zone). Otherwise, keep looking. We may be entering another refinance boom so you want to work for a solid national or regional lender.

I would consider the outside sales position, but you will have to come up with about $400 in start up costs. Again, the leads are decent for the call center position, but the burden will be on you to understand ever function of the company and monitor your loans. If you come from a broker, you may know what to do, but if you work at a call center, you are going to have to wear a few more hats than usual.

jose jose in Costa Mesa, California said: My revenue for February was $38K ($12k of which were deals that I brought in). Are they closing on time...? Nope. Again, "loans submitted" is not a reliable metric on earnings since we get paid on FUNDED loans.

Honestly, Amerisave did get caught in January and February when rates dropped a full percentage point and business doubled practically overnight. We had to quickly adapt and staff up our operations side, which we did. This process is now complete and our new processors and underwriters are in place. We don't expect to have the same challenges going forward.

jose jose in Costa Mesa, California said: Furthermore, you can "get" 100 people, but that doesn't mean they are going to stay.

This is not a sustainable business model. At least not on a national level. If it were, BofA, Countrywide, etc., wouldn't have call centers in different regions. If you work in the Atlanta office, it may not be such a bad deal (or even in the same time zone). Otherwise, keep looking. We may be entering another refinance boom so you want to work for a solid national or regional lender.

As a business partner with Amerisave, we do expect you to actively mentor those who you recruit to ensure their, and consequently your success. The business model is sustainable insofar as the business partner is motivated to ensure his or her success.

No other company has the technology Amerisave has or provides such an easy way to gain and grow your business. For those loan officers on our call center team, our call center is open and dailing from 8:30am to 9pm for every time zone. Our call center loan officers can also login and take inbound calls 24/7. We strive to make every part of our business easy for our partners to succeed.

With all do respect, you could triple the number of processors you currently have in place, it will still not improve or streamline the loan process from start to finish. The senior processors you have in place, although they work hard and long hours (bless their hearts), they are not resourceful enough and can't seem to think out-of-the-box. Many times I have had to point them in the right direction to get the loan approved. They simply do not have the experience working in a high-volume environment to think fast on their toes. Again, they are good people, they just do not have the depth and breadth of experience to process loans from 35+ states.

The mentor who recruited me has not spent one hour conveying his insight on how to ensure my success at Amerisave (and he works out of the Atlanta office). The way the compensation plan is set up, he is bonused on "recruiting" new partners. PERIOD. I have not recruited anybody because I don't have the time to "actively mentor" anyone, and I am not going to just sign them up and let them figure it out themselves.

Yes, the technology is great, on the front end. It is after you submit the loan that the overall system is weak. It is like running a PC on a dial-up connection. What good is a fast processor on a PC if you do not have the broadband to maximize its peformance? The same goes for seasond loan officers who are becoming frustrated with the weak processing (which incidentally you are EXPECTED to support when it becomes busy). If there is an item missing in the file, you will have to drop what you are doing to get that item from the customer.

The company uses a software program to ensure every T and I is dotted at least 3 times on every aspect of the loan application. This is to prevent any underwriting errors that would force Amerisave to buy back the loan. So, for example, if this program can not identify a social security number in its database, it raises a red flag that you as the loan officer are forced to address (even if no flags appear on the credit report and the borrower has a copy of his/her social security card).

Again, I can not emphasize how this company is not set up to be a high volume lender. If you have worked for a broker, you should adapt easily. However, the company does not have the specialized roles of an HLC, E-Loan, or Ditech. Stay where you are or find a company that can handle the volume that will be taking place in the next few months.

Oh, and in response to the phone system. A colleague bought a new PC with 2 Gigs of RAM and she is still having problems.

i have been with Amerisave for 3 months. I was super impressed with the technology. I submitted a full package in January, 809 credit scores, etc. The client we all dream about! The loan was supposed to close March 14th. The processor ordered condo questioniare on 3/12. My purchase has not closed. I've my "team leader" to call me, but he says he's too busy - oh and I've asked him 3 times! I'm so pissed off!! All talk, no action!

Refimenow in Perkiomenville, Pennsylvania said: Haleys Comet, Things getting any better with Amerisave? I work for a large Mortgage Company making 10k - 15k mo. I am considering leaving to work at home at Amerisave but I am hearing different things about this company. It's great to put loans in the pipeleine but if they can't close them they are useless.

Stay where you are! I turned in a file in January, locked it, 809 credit - perfect client. It was supposed to close last week. I emailed team leader to call me - he said he's too busy. I've asked 3 times - he's busy!

Mark Wesson in Dallas, Texas said: How is it going? I have seen their info and looking to apply.

thanks,

mark

Don't bother! My experience has been horrible! My name is mud in Nashville!

Stay where you are if you are making $8K or greater per month! We are going to go into a mini refi boom in the next few months. Yes, the technology upfront is great, but Amerisave uses Encompass for the back end. A TRUE high volume lender has a) their own proprietary technology for front and back, or b) a customized off-the-shelf enterprise program (for front and back).

Read the blog. Good luck!

ChrisOakley in Nashville, Tennessee said: Stay where you are! I turned in a file in January, locked it, 809 credit - perfect client. It was supposed to close last week. I emailed team leader to call me - he said he's too busy. I've asked 3 times - he's busy!

Chris, Do you still work there?

Darren916 in Sacramento, California said: Chris, Do you still work there?

It's funny, you have never been in the company directory, are you sure that you work for the same Amerisave???

This is the kind of last-minute and after-the-fact insight which detracts us from our core talent....selling.

From: Carol
Sent: Thursday, March 20, 2008 12:57 PM
To:
Cc: Amerisave - Sales Team Leaders
Subject: RE: Credit Card Deposits

FYI – Not sure if you are all aware the credit authorizations expire after 3 days.

--------------------------------------------------------------------------------

- Amerisave
Sent: Thursday, March 20, 2008 11:41 AM
To: Carol
Subject: Credit Card Deposits

Hi Carol,

We seem to have a problem with credit cards attempting to be charged after the authorization has already expired. I wasn’t sure how the process works on the sales end to know if they are aware that the cards are often not actually being charged when signed into processing due to the expired authorizations. My rep at Paypal has told me before that they expire after 3 days so we need to make sure the sales team is aware of this. Can you please send them an email so we can insure the deposits are being properly charged?

Do not work at this company unless you are desperate. This is a sweat shop. The salaried employees are underpaid, the worst I have ever seen in the industry. Loan officers were paid a poor base with commission then the commission was cut thereafter the commission became 100%, to save the owner money. Alot of the employees were straight out of college and others could not seek employment anywhere else which is the reason they are there. A lot of the employees are not happy there. A lot of the people there are not very friendly.
Managers are always sweating you to get more business and putting workers in competition with each other. Run Forest Run!!!! This is the absolute truth.

I would also be careful with the Inbound Call Center position. The support staff is not there and although they have indicated they will increase support staff, it is not necessarily with experienced people. Although they are hard-working, they are inexperienced, underpaid, and clueless. Yes, RUN, and don't look back!!

I wouldn't work for AmeriSave period...I interviewed with them and the 'president' of the Atlanta office somehow deduced from talking to me that I was not cut out for the position. He managed to not actually ask me anything having to do with the position or anything having to do with my work experience. Just stupid questions about why I went to college, what I did in high school, etc. Yet, from that, he determined I wasn't 'loan officer material' and he suggested I work as a 'processor.'