What's the company culture at AMERISAVE MORTGAGE?

It seems we are in the same boat. I am also trying to make an educated decision regarding Amerisave. As soon as I get my hopes up, then I realized that many other LO s are discontent with this company. If you joint, please keep me inform. I would do the same. GOOD LUCK!!!

ezloan in Houston, Texas said: It seems we are in the same boat. I am also trying to make an educated decision regarding Amerisave. As soon as I get my hopes up, then I realized that many other LO s are discontent with this company. If you joint, please keep me inform. I would do the same. GOOD LUCK!!!

Amerisave is a good company that is experiencing some growing pains. Their pricing engine along with their technology is ahead of the trend. Once the new legislation is passed governing the way in which lenders must operate, all lending institutions will be forced to adopt amerisave's upfront philosophy. Every Mortgage company has its issues. Just depends on which issues you are willing to deal with. The bottom line is everybody that is still left in the industry has to work three times as hard as they have in the past. Everybody remembers the days of 7 day turnarounds and quick easy money. For now those days are gone. So we have to adapt to the new playing field no matter which mortgage company we choose. My recommendation would be to stay positive be willing to work hard, and stay as far away from negative people as possible. Although things will never be as they were in the past and if the truth be told with all the problems greed, and loose lender guidelines do we really want to re-experience the past. The mortgage industry still affords a quaility living for those who want to make a honest living and who are not afraid of working hard. The tough times that we all are having right now will not last forever. "This to shall past" in the future guidelines will loosen not to the extend that they were in the past but certainly better than the 30 day turn around everybody everywhere in the industry is experiencing. Hold on Hang in there. This business is cyclical. Join Amerisave work hard be positive and help them to become the number one lender in this country.

I dont think that anyone is questioning the fact that the industry is in a more difficult time right now that requires more hard work. I dont think that there is a soul that is not willing to put in the work.

However, there are companies still in existence that do not exaggerrate their abilities, that do not mislead their potential employees, and that do not exploit the employees that they do have by making it impossible than closing more than a few loans a month so as to not have to pay out larger commissions.

That is the concern here. I have always been an extremely hard worker in both good times and bad. I never mind putting in the work as long as I am rewarded for that work.

I have had the misfortune now to work for two companies that chose to exploit their employees with no regard for their well being so that they higher ups could continue to make the nice, plush salaries to which they had grown accustomed.

You are most certainly correct in that greed and poor choices were absolutely the cause of this crisis, and it is exactly that greed and corruption that all are trying to avoid now as there are definitely still companies that do not partake in such things and will ultimately be the ones to provide and home and career for their loan officers.

I, personally, refuse to spend another second putting in all of that hard work just so that someone else can get ritch. So rest assure, my concerns should not be mistaken for skepticism, cynicism, or laziness.

It is simply well justified and warrented caution.

And furthermore... I attended the webinar tonight at the request of the gentleman who is trying to recruit me to the company, and I have to admit that I smell fish.

While the technology does appear to be amazing, I have never in my life heard of a company that requested a new employ to put down a deposit on their employment. Amerisave is the one that chose to invest in this technology so as to cut down on overhead and the necessity for office space. This is a brilliant idea, but every other company that I know of that offers the ability to work remotely not only provides the software, but typically provides the laptop as well.

Should I choose the outside sales so that I can work from home, not only do I have to use my own laptop that I purchased with my own hard earned money to add to the wear and tear of it, but I also have to pay for the software as well?

while they claim to give this back as long as you close 3 loans in 3 months, the above mentioned "growing pains" suggest that the process in place may not allow those closing times to happen within 3 months.

If you ask me, it sounds like the new "appraisal fee" of the mortgage industry, only for employees and not borrowers.

Im not saying that they are not legitimate, but there are definitely things that do not add up.

You are correct, Amerisave does have the technology on the front end, but if you do not have a solid background in processing, you are going to have a tough time adapting to the Amerisave business model. The company is currently hard up for loan advisors, all over the US. Unlike other companies that spend money training you and providing you with the equipment (software, phone systems, etc.) to get started, Amerisave makes a minimal investment to get you up and running. The burden is on you to understand how they do business, and unfortunately, you can't just walk across the building to get your questions answered. You are at the mercy of your "team leader" and a weak infrastructure. If you have 5 or more years of high volume experience lending across the nation, you will not have too much of a problem adapting. You will definitely become frustrated, but you will figure things out as a result of trial and error.

Everyday I log onto the transfer queue, there are fewer and fewer names that I recognize. Loan Advisors are dropping faster than Oprah from a Jenny Craig!!

Jose,

That is kind of the impression that I have been getting. Frankly, I do have the experience in a high volume center. I worked for Countrywide Home Loans in one of their FSL inbound call centers. Their processing was just as weak, and they WERE in the room. You could just walk across the room and at least try to get your questions answered. Getting a loan to pass through processing there was like passing an act through Congress. So ultimately what happened was that you kept locking and locking, and the only thing that piled up were a lot of angry borrowers. So ultimately, regardless of how hard you worked, and how well you did, your income was completely out of your hands.

I have done this once, and I want to avoid it happening again. If I lock them, I expect them to close, and I expect to get paid for them. period. It doesnt seem as though Amerisave can offer this.

You hit it right on the nose LookingToLend. Countrywide is a direct lender. Amerisave says (and thinks) they are, but they are still at the mercy of each investors, and if you have to extend a lock, it eats up your revenue. I locked a loan in the middle of Febuary that has yet to close (because of clueless processing) and it has eaten up almost 20% of the initial revenue. In addition, I am calming the concerns of the borrower at least twice a week. Definitely not worth the time and effort. I should be selling, not cleaning up and saving loans.

Haleys Comet in Las Flores, California said: 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.

Who are you with now?

For those of you who are considering this company, do a search on Google and notice the number of (consumer and employee) blogs that speak negatively of this small yet rather new organization. Then, Google Ditech, E-loan, or E-Trade (which are LARGER, PUBLIC, and more established organizations) and compare the number of adverse blogs. That alone should open up your eyes.

For you Amerisave "Sales Directors" trying to recruit new employees you are very misguided and should not have oversight of a grocery list! To recruit someone and let them navigate through the system on their own is just plain shameful. Stay away from the V I C I N O s. I doubt they can balance their own checkbook much less price a loan.

jose jose, It is easy to sit there and make anonyms comments. A better way is to actually try to solve a problem, if you have one. Amerisave in my opinion is one of the best companies one could possibly work for. So man-up and either shoot me an email or look my number up in the directory and give me a call.

dreig@amerisave.com

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.

I think josejose is a angry loan officer , I think I worked with him in the past at another bank and he failed there. I know who you are jose jose . You were fired!!!!!

jose jose, I dont work for amerisave but i am thinking about it. and its a good point that your just an anonomys person saying all this bad stuff. I do have to wonder if you are just bashing because your a hater and may be the type of guy that would fail anywhere you went. It does not sound like you offer any solutions just angry comments. the more I type the more I'm wondering if your just a lousy loan officer

I am looking at amerisave for future employment and the amerisave gave me 7 people that work there and are all doing well, I have talked to them. I only wanted names of people that were doing well , I did not feel a need to talk to loosers. I have been in the business as an lo and a manager and believe me I have delt with my share of jose jose's , lo's like him are always at the bottom of everything they do , even their personal lives.

Prince H in Marietta, Georgia said: 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.

This is the type of lo I am talking about salary????????????? go to the golden arches and get a job.

Haleys Comet in Las Flores, California said: 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.

You never made 12-13k per month. you would have never left that job. wher do you people come up with this bs.

mortgagepro in orange, California said: You never made 12-13k per month. you would have never left that job. wher do you people come up with this bs.

Agreed, if your making 150K per year your not out looking for another job, let alone spend that long on a webinar. If you are going to tell stories at least making them semi believable, I'm going to sign up tonight. I will find out for myself and keep posting.

but please no more of these ridiculous stories about your income

ezloan in Houston, Texas said: It seems we are in the same boat. I am also trying to make an educated decision regarding Amerisave. As soon as I get my hopes up, then I realized that many other LO s are discontent with this company. If you joint, please keep me inform. I would do the same. GOOD LUCK!!!

Hi , I finished my 24th day at amerisave, I am in the outside sales group. I was a little leary at first because of me not being in the corporate office . The first few days were training after that I put in 2 loans on my 6th day one closed friday and the other is scheduled for this thursday. These were loans that I brought with me . I have been ordering 3 leads and they are costing me $5.00 after the lead match. I have been doing good not great on these . I put 5 loans in off the leads and one fell out due to a lo appraisal. The other 4 look to be strong loans . I would kike to see a bit better on the pricing but over all it is not bad. My plan is to continue purchasing the leads and keep putting loans in, my goal is to fund 7 loans per month. I hope i get there and I think I can base on the 25 leads per week I am purchasing. I am still adjusting to not being in an office every day but I don't miss the micro managening. I will up date you on my 30th day.

I fully encourage you to go with Amerisave. Obviously you have never worked for a real mortgage company and made real money. How dare you insult me and assume you know me or my work history or reasons for going to Amerisave. Your right I shouldn't of left the company I was at however the idea of working from home and being able to move out of California got the better of me. Listen I worked for Ditech.com for over 7 years and was always one of the top 10 agents out of 300 don't try and be little me pr my experience. My comments are real and truthful. It seems this forum is now becoming a joke to some and a unrealistic dream for others. For those of you looking to work for Amerisave believe you what want. I got on this site because I didn't want others to be mislead as I was and felt if I could help someone from making a mistake it would be the right thing to do.

Thanks for being honest about this opportunity.

I too have looked into this company and feel leary about it. First they want to charge you 350.00 for software (which should be free) since the company is taking a good portion of the comission. Secondly they want you to buy leads that are exclusive to Amerisave. I'm not so sure they are exclusive. You can buy the same leads direct from LowerMyBills for the same commitment of 500.00, just like Amerisave charges you. The pitch is that Amerisave will mathch your purchase. Not bad. However, the leads are like any leads. They are sold over and over again. Then, when you close a deal, Amerisave not only gets 30%-35% off the top, but another 20% for other fees? This dosen't add up. As a broker, you are probably better off buying the leads and keeping 100% for yourself.

I think the recruiting aspect of the organization is a great idea. Howerver, I still question the profatablity that might be generated from this company.

Mayby someone can help clear this cloud of doubt.

Haleys Comet in Las Flores, California said: I fully encourage you to go with Amerisave. Obviously you have never worked for a real mortgage company and made real money. How dare you insult me and assume you know me or my work history or reasons for going to Amerisave. Your right I shouldn't of left the company I was at however the idea of working from home and being able to move out of California got the better of me. Listen I worked for Ditech.com for over 7 years and was always one of the top 10 agents out of 300 don't try and be little me pr my experience. My comments are real and truthful. It seems this forum is now becoming a joke to some and a unrealistic dream for others. For those of you looking to work for Amerisave believe you what want. I got on this site because I didn't want others to be mislead as I was and felt if I could help someone from making a mistake it would be the right thing to do.

You never made that kind of money , 2 or 3 years ago maybe. You did not leave a 15k a month job. what do you think we are all stupid? I bet if you could fund 2 loans a month you would be lucky!!!! anyway how was it working for Ditech baiting and switching hard working people. Were you able to sleep at nite ?

lovemortgage in miami, Florida said: You never made that kind of money , 2 or 3 years ago maybe. You did not leave a 15k a month job. what do you think we are all stupid? I bet if you could fund 2 loans a month you would be lucky!!!! anyway how was it working for Ditech baiting and switching hard working people. Were you able to sleep at nite ?

Love mortgage, I was thinking the same thing while I was reading this. 3 4 years ago you could make that kind of money by accident. but an LO working at ditech don't make that kind of money. you would have to close 60 loans per month @ lietech to make 15k

loosers

holdem in Jax, Florida said: loosers

Lietech.com thats a good one !!!!!!!!!!

Don't take this personally bud, but pretty much everyone who was working at Ditech 3+ years ago was earning in the lower to mid-teens. My ex-wife started there as a processor and then became a loan officer. A lot of people who were communting to Ditech from the inland empire were lured to Amerisave because of the lenghty commute and increase in gas prices. They were willing to take a pay cut to have a better quality of life. Unfortunately, they were mislead by the "solid processing" Amerisave had to offer. I mean really, 4 weeks to close an A-paper loan, with a VP earning $150K and an LTV of 63% on a conventional rate and term.

I don't believe there are any high-volume call centers in FL, so I doubt I would have been fired from there (I am not to keen humidity either), and as for fixing the problems (Dana Reig) I proposed a few solutions, and they were filed away.

I am more vocal than "angry." Too much wasted energy being angry.

Again, as I have previously stated, if you have worked in a true high-volume environment (most of which are located in the west coast, OC in particular) you will be very disappointed. You will have to have chase the borrower for a missing document (a day or two before closing) or respond to an appraiser's call to deal with a VALUE issue. However, if you come from a broker environment where you have to be involved in every detail from start to finish, you should adapt rather quickly. Of course, you can just join the company and find out for yourself. So, that is why you see such "biploar extremes" regarding this company. They do not have the infrastructure to replicate the high-volume business models of E-Loan, E*Trade, Ditech, LendingTree, etc. NONE of these use off-the shelf software like Encompass. They have their own propietary software (geared for high volume lenders).

Peace.

You currently can make around $12K closing 30 loans at Ditech (because it is high volume). I have ex-coworkers that work there. Again, this is California, different from what you might expect on the east coast (e.g., Florida).

Thanks for the reply. Hope you continue to do well.

So if you are shopping for a new car, schools for your kid(s), you would not get an opposing opinion...? Hence, until you have worked on the west coast for a TRUE high-volume lender, your insight is void of any credibility.

jose jose in Costa Mesa, California said: So if you are shopping for a new car, schools for your kid(s), you would not get an opposing opinion...? Hence, until you have worked on the west coast for a TRUE high-volume lender, your insight is void of any credibility.

I did work in orange county jose jose , and I believe I worked with you . I know you and you were fired from that job . If your x co workers were that good and making that kind of money working for lietech.com they would have been offered to work from home. I know a few people working at the lietech.com sweat shop, 30 loans get's you $8000.00 and you get to keep your job.

Haleys Comet in Las Flores, California said: I fully encourage you to go with Amerisave. Obviously you have never worked for a real mortgage company and made real money. How dare you insult me and assume you know me or my work history or reasons for going to Amerisave. Your right I shouldn't of left the company I was at however the idea of working from home and being able to move out of California got the better of me. Listen I worked for Ditech.com for over 7 years and was always one of the top 10 agents out of 300 don't try and be little me pr my experience. My comments are real and truthful. It seems this forum is now becoming a joke to some and a unrealistic dream for others. For those of you looking to work for Amerisave believe you what want. I got on this site because I didn't want others to be mislead as I was and felt if I could help someone from making a mistake it would be the right thing to do.

Earlier Haley, you said "was personally working 10-12 hours days 6 days a week to get loans handled. I have left Amerisave"...I am consued that you said you "left" , then said "I fully encourage you to go with Amerisave"??? Did you change your mind? I am looking into this opportunity very closely. I too have won many volume (1st place 02,03,2nd '04) and incentive awards(#2 place 1st Qtr '08) w/ Chase Home Equity, since joining the department May 2001. We are a high-paced, high unit inbound call center, (and yes as from 2002 to 2006 most of us LOs were over 100k, year after year, for no-doc, no-fee, do draw required HELOCs).

JAYS in INDY, Indiana said: Earlier Haley, you said "was personally working 10-12 hours days 6 days a week to get loans handled. I have left Amerisave"...I am consued that you said you "left" , then said "I fully encourage you to go with Amerisave"??? Did you change your mind? I am looking into this opportunity very closely. I too have won many volume (1st place 02,03,2nd '04) and incentive awards(#2 place 1st Qtr '08) w/ Chase Home Equity, since joining the department May 2001. We are a high-paced, high unit inbound call center, (and yes as from 2002 to 2006 most of us LOs were over 100k, year after year, for no-doc, no-fee, do draw required HELOCs).

Read all of haleys blog it looks like she was only at amerisave for 3 weeks , I don't think she worked there at all. She tends to strech the truth a lot!!!!!! see page one and read all of haleys post. Looks like this comet is chrashing and burning!!!!!!!

Thats funny because I actually heard some of amerisaves competitors where coming on here and bashing them, and no I did not hear this from an amerisave employee either. They must be doing something right if they are making these kind of waves!

thats a good point !!!! let us know how it goes there, I need to make a move in the next 30 days.

So which leads would you guys suggest to purchase from Amerisave within your first month?

Two children of the same age were put into seperate room. both rooms were filled half way with manure. after a few hours later when the first child was checked on and he was very upset with tears in his eyes crying out loud to get him out of there. surprisingly expecting the other child to have a similar reaction when checked on he was found with a big smile on his face and digging around through the manure when asked why he said " with all this manure, there has got to be a pony around here somewhere"

Point of this story is to show there are two types of people. I have to ask myself what types of people these bashers are?

People with opinions and factual experiences to convey. Is that not the purpose of this blog...?

JoseJose, you seem very unhappy with Amerisave. Why are you still with them?

I'm trying to salvage what I have in the system darlin', especially when money is tight, but I am definitely looking. Unfortunately, at Amerisave, you are at the mercy of your "team leader" if you want to get anything done:

During the coming week, Chat hours will be modified. The hours from today through the remainder of the week will be 10am est. until 7pm est. Also note that during this week, there will only be one Chat operator available, so your patience is greatly appreciated. So team leaders, same rules apply, please assist your team with issues that you can resolve. Sales team, please come to chat ONLY if you can not find the answer to your question on your CRM homepage documents. Thank you in advanced for your cooperation over the coming days. :O)

People with opinions and factual experiences to convey. Is that not the purpose of this blog...?

jose jose, you are a clown and a coward and would fail anywhere you went. if you are so factual why wouldn't you use you real name on here. you are a joke! bottom line is YOU DONT EVEN WORK FOR AMERISAVE

Is ANYONE actually making money there? Whats the deal with no funding? KV

raulh in Miami, Florida said: how can i get a package to apply?

thanks, raul

Raul, did you ever get with Amerisave? How is it?

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.

Hi, are things better w/ Amerisave? I'm considering applying but this site freaked me out- hows the processing and funding timelines? KV

I talked with an Amerisave rep, asking to meet someone, anyone, in the Indiana/Ohio/IL area, so that I could meet someone and see this thing work. # weeks have gone by, no answer or call-back..Bueller??....Bueller??

IF you want to kick tires go to a car lot!!!! it's a web based company .... did you mean you don't own a computer.

lovemortgage in miami, Florida said: IF you want to kick tires go to a car lot!!!! it's a web based company .... did you mean you don't own a computer.

just trying to "see" it work, instead of the webinar excitement and conflicting comments on this sad site.

let me guess jay you are ndl never do a loan, not a lo loan officer....

clever.....guess that's all we have time to do, since no one has any accurate info here :)

Haleys Comet in Las Flores, California said: I fully encourage you to go with Amerisave. Obviously you have never worked for a real mortgage company and made real money. How dare you insult me and assume you know me or my work history or reasons for going to Amerisave. Your right I shouldn't of left the company I was at however the idea of working from home and being able to move out of California got the better of me. Listen I worked for Ditech.com for over 7 years and was always one of the top 10 agents out of 300 don't try and be little me pr my experience. My co