What's the company culture at AMERISAVE MORTGAGE?

Well I just read all of these posts as I am considering re entering the biz after 3 yrs of full time investing. I've been a RE broker and Mtg broker for 6yrs. prior in another state. I'm used to working for myself.

I'll have to say I'm going to pass on Amerisave. I think any intelligent person would. I feel sorry for those that say they are so desperate they are going hold their nose and still jump in when they "know" something is not right.

The negatives outweigh the benefits. Pay for software. Pay for leads. 10-20% Fees deducted. Lack of support. Inexperienced, slow low paid processing. Where's all the happy Amerisave LOs? (Probably submitting their resumes.) Thanks to all for their posts both negative and positive.

Just my 2 cents.

Anonymous in Loganville, Georgia....my story mirrors yours. What other companies are you considering?

Anonymous in Loganville, Georgia said: Well I just read all of these posts as I am considering re entering the biz after 3 yrs of full time investing. I've been a RE broker and Mtg broker for 6yrs. prior in another state. I'm used to working for myself.

I'll have to say I'm going to pass on Amerisave. I think any intelligent person would. I feel sorry for those that say they are so desperate they are going hold their nose and still jump in when they "know" something is not right.

The negatives outweigh the benefits. Pay for software. Pay for leads. 10-20% Fees deducted. Lack of support. Inexperienced, slow low paid processing. Where's all the happy Amerisave LOs? (Probably submitting their resumes.) Thanks to all for their posts both negative and positive.

Just my 2 cents.

I admit paying for the software was a bummer but I disagree with the rest.

As a broker, you know that you have to pratically process the loans yourself in order to ensure they are worked correctly, same here.

Slow Processing- Everyone is slow from what I am hearing from friends at Wells Farg (if its a refi ...forget about it thewy really want purchases) Countrywide slow, FHA ANYWHERE slow, same here I guess.

As a former broker, you will know better than anyone how to ensure leads get converted and pushed through.

Paying for leads is only outbound AND if you are a broker YOU are going to paid for leads! Direct Marketing Postage and print-Live transfers $50+ and internet leads $35+ so UNLESS you are going inside a mortgage company that supply leads, you will pay one way or another. Inside leads at CHASE are just as hared to qualify-take 10-15 calls a day-convert 1 or 2 AND get low appraisals back! Thats EVERYWHERE!

Trade off-maybe not a lot of support (don't know if thats true yet, just started) leads are free for inbound calls just have to work 40 hours (your going to work 40 hours+ anywhere if you want them closed) however the $400+ a month 4gas_TRADEOF

10% or 20% deduction, don't think your not getting hit the same way (just different) from all the top company's like this $800,000 in revenue closed say a Chase, NO COMMISSION CHECK must close 1 million and then you get 35bps, 1.5 million 45bps and so forth. Wells must close 1 million in your first 3 months 65bps to get to 1 million you need 5 loans at $200k at least right, to make $6,500+ COmmissions BEFORE taxes guess what 5 loans here (if you can get 5 loans closed at either establishment) at $900$1,300=$4,500-$6,500 k damn near same diffeence EXCEPT the gas it would have cost me to get THERE!

Again in this market with low appraisals and people above 80% LTV in a lot of cases-not a bad tradeoff...FOR RIGHT NOW in todays market!

Again, its not a terrible gig given the mortgage market. However these are the variables that will either make you or break you, period.
1 Team Lead - I was stuck with someone who was non responsive and certainly not a leader by any means, i have a buddy who loves his manager and actually gets his deals submitted the same day - wow! You have no choice on who you get assigned to so beware!
2 Processing/FHA - FHA is great but very very slow, processors are only paid $200 per file and they are at home, so very little sense of urgency, rate lock extensions galore!
3 33% Tier - this is the difference of you making $2500 or $6000, unfortunately problem 1 & 2 above prevented me numerous times from hitting the 20 k level (loan cancellations, lost revenue,loan carryover to next month)

The leads are not the issue, tons of internet leads to sort thru.

The negativity started with Amerisave when they hired folks who misrepresented the company, either internally or as a recruiter. You dont tell someone that you are going to make $18 K a month unless you re pretty damn sure thats possible - and its not !

Unless you are okay with making $2-3 K month, you need to fund at least 5-6 loans and make sure you hit 20 k in revenue - bottomline. If you fund 10 loans a month (which maybe 1 or 2 are doing) then you can reach around 10 k.

WingMan in Corona, California said: Again, its not a terrible gig given the mortgage market. However these are the variables that will either make you or break you, period.
1 Team Lead - I was stuck with someone who was non responsive and certainly not a leader by any means, i have a buddy who loves his manager and actually gets his deals submitted the same day - wow! You have no choice on who you get assigned to so beware!
2 Processing/FHA - FHA is great but very very slow, processors are only paid $200 per file and they are at home, so very little sense of urgency, rate lock extensions galore!
3 33% Tier - this is the difference of you making $2500 or $6000, unfortunately problem 1 & 2 above prevented me numerous times from hitting the 20 k level (loan cancellations, lost revenue,loan carryover to next month)

The leads are not the issue, tons of internet leads to sort thru.

The negativity started with Amerisave when they hired folks who misrepresented the company, either internally or as a recruiter. You dont tell someone that you are going to make $18 K a month unless you re pretty damn sure thats possible - and its not !

Unless you are okay with making $2-3 K month, you need to fund at least 5-6 loans and make sure you hit 20 k in revenue - bottomline. If you fund 10 loans a month (which maybe 1 or 2 are doing) then you can reach around 10 k.

I agree! From what i hear a lot rides on your team lead...hoping mines is a good one. FHA I am prepared (well as prepared as I can be lol...) have a friend at Wells- PURCHASE rules nd refis take 45 AT LEAST to close and FHA's 30-45 days sooooooo. Have two friends at CHASE same up to 45 days on FHA so they have me ready to expect that. Also friends at CHASE say 10-15 calls they get a day and lucky if 2 qualify be it LTV/ Stated or DTI issues and of the 2 qualified at least 1 LOW appraisal...lucky to close 2-4 loans for the month. Friend at Wilmington Fianance same deal.

I agree with Wing it all comes down to the luck of the draw on how hard your team lead works to assist in getting loans through. By the way doesn't their check ride on you getting them through? Wouldn't it be in their BEST interest to get it through? Or do they not get paid off their teams funding? Just wondering about that. Also the amount sold to us all that we would or even could see each month was definitely a pipe dream but for a select few, I totally agree that it has got to be extremely hard to see the revenue we were shown UNLESS of course your recruiting 30 people as shown in the example, then maybe you would see 10k. Right now shooting for 3-5k again...industry norm at this point unless your top-producer.

I was wondering I just want to know is there any shortage of leads? I'm thinking of signing up and my only question is the amount of leads I should expect. please don't get into the rest of it just a simple answer would be appreciated.

I Have been wanting to join. But, if boils down to luck in regards to team leader, I would like to ask if someone has worked under Alfred Wiggins. I think he would be my team leader. Thanks!!!

Howie Lichterclam in Michigan said: I was wondering I just want to know is there any shortage of leads? I'm thinking of signing up and my only question is the amount of leads I should expect. please don't get into the rest of it just a simple answer would be appreciated.

Howie, Yesterday I took 16 calls of which 7 was CA and I didn't have license yet so I seriously suggest getting that asap and it seems really easy to do from the home page! I built a really good rapor with two the customers only to realize I didn't get the license...so needless to say I will be doing tonight! From what I can see the AMOUNT of leads will not be a problem, they are different type of lead since they are internet therefore shoppers and no sense of urgency but I just take that as a challenge to work harder. Hope this wasn't to long and somewhat helpful.

Excuse the grammer typing quickly and don't have time for spellcheck but rest assured I see my errors AFTER I hit reply...lol

WOW! 16!?! thats MUCH MORE than they told me I would get. I can convert Internet leads so thats not a problem. I appreciate you taking the time to give me the facts. Don't worry about the grammer I saw some guy on here earlier going around and correting everyone, maybe he will have some advice for you as well (lol)

I am going to sing up now, the amount of leads was my only concern. Thank again

-Howie Lichterclam

Howie, or anyone else looking to sign up with Amerisave, e-mail me at nscheribel@amerisave.com. You definitely want someone who knows what they're doing to get your COMPLETE employee application through in a timely manner.

I have been talking to someone already should I still email you as well

-Howie Lichterclam

No, only if you are not already working with someone. I have been doing this for quite some time and it's important to work with someone who will get your application through in a timely manner. I'm sure the person you are working with will take care of you.

ezloan in Houston, Texas said: I Have been wanting to join. But, if boils down to luck in regards to team leader, I would like to ask if someone has worked under Alfred Wiggins. I think he would be my team leader. Thanks!!!

Alfred Wiggins was one of the TOP TOP Ditech employees.. he also made killings at Quicken.. Everyone was always shocked because we never knew how he closed so many loans.. if he is working for Amerisave, he must be making some good money.. definetily worth working under!

funny I worked at both those places and never heard the name before

Ron Villero in California said: Alfred Wiggins was one of the TOP TOP Ditech employees.. he also made killings at Quicken.. Everyone was always shocked because we never knew how he closed so many loans.. if he is working for Amerisave, he must be making some good money.. definetily worth working under!

Nice try ,now we know that ron is AL Wiggins. Al you never worked at ditech or quicken I worked with you at wamu and you stunk there and my guess is you are stinking it up at amerisave.

xalliedguy in LA, California said: Nice try ,now we know that ron is AL Wiggins. Al you never worked at ditech or quicken I worked with you at wamu and you stunk there and my guess is you are stinking it up at amerisave.

Oh yeah? Which branch? What is YOUR name Xalliedguy?

Hi All.. Im interested in possibly joining the at home inbound call center. I can show income of 66k for 2007 on my W2, however I can show $106k for 06. Will Amerisave still consider me? I have been in the business for the last 7 years, and am ready to work real hard, especially if i can work at home.

Please email me if you can help me get on board.

Thanks in advance,

Andres

My email is matrix1.mortgage@gmail.com

Ron Villero in California said: Oh yeah? Which branch? What is YOUR name Xalliedguy?

That is not the point, AL WIGGINS / Ron vilero / Tao Long. the point is you LIED about being a top producer, you lied about working for Ditech and Quicken AND MOST OF ALL YOU LIED ABOUT BEING IN THE CALL CENTER!! How can you trash Amerisave ICC if you could not even qualify for the program?? oohh maybe that is why you are so upset? rejection for being a failure!

AL go ahead and correct my english now, I may have poor grammer, at least I am not a fraud and a lier like you!

"Alfred Wiggins was one of the TOP TOP Ditech employees.. he also made killings at Quicken"
this is the funniest thing ever, you really are a clown!

Jax, why are you so angry? It really shines a negative light on Amerisave?

I will say one thing about Amerisave, It sure does take forever to get set up here, my husband works for the D.O.D. (department of Defense) and it did not take him as long to start working! Word of advice, if you want to work at Amerisave plan on at least 1 month from the day you apply to the day you can actually put in a loan. Thats if you get your paperwork in right away. Great company otherwise. I am in the outside sales and doing very well.

I disagree with that...It took me exactly one week to go live with Amerisave outbound division. Sent in app with all docs on Friday and took final training class on the following Friday, started originating Monday. This was two weeks ago. I think doc's have alot to do with it. Incomplete packages will delay the process.

I am Al Wiggins and I never worked at Ditech. Never claimed to be a Top producer or anything else for that matter. I never stunk at WAMU. Ron I don't know you. Please don't use my name in your war of words with the Jax person. You two can cyber-attack each other till cows fly. Don't drag me into your garbage. xalliedguy... Based on your comments, I have an idea of who YOU are. You are WAY off base here. Most people that have met me / know me are aware, I don't make outrageous claims or lie about where I worked in the past or what I make. In addition xalliedguy, If you really do know me then you would know what my reaction would be to someone lying about me or slandering me.

Truthhurts in Los Angeles, California said: I am Al Wiggins and I never worked at Ditech. Never claimed to be a Top producer or anything else for that matter. I never stunk at WAMU. Ron I don't know you. Please don't use my name in your war of words with the Jax person. You two can cyber-attack each other till cows fly. Don't drag me into your garbage. xalliedguy... Based on your comments, I have an idea of who YOU are. You are WAY off base here. Most people that have met me / know me are aware, I don't make outrageous claims or lie about where I worked in the past or what I make. In addition xalliedguy, If you really do know me then you would know what my reaction would be to someone lying about me or slandering me.

If you are al wigging who was the blond that sat near you at wamu???? first name only

xalliedguy in LA, California said: If you are al wigging who was the blond that sat near you at wamu???? first name only

Yvette I sat near HER when I was training.

So wiggins, just to make sure I am clear - so now you are truthhurts, josejose, ron vilerro, tao long, and rwilkes. Is there any other screen names we should know about for you. Maybe next you can use Frank Abignale.

Either way you are giving people advice on the call center, of which you are not even a part of - hhmmm strange!

again, I am not any other screen name nor am I getting involved in your cyber-garbage. Keep my name out of your crap.

I have been invited to join the ICC at amerisave, but I'm passing because I feel the real way to make money here is to recruit as many LO's as you can. The only problem with that is that people are going to stick around making 3-6K per month. Why would anyone stay in this business for that kind of money? I was looking around because my company does provide the internet leads, we just have to call them instead of the transfer. It takes a little bit of time, but the pay tiers are a lot better than amerisave. I personally put up 43K in revenue that pays 50% of that out to the LO. I would challenge anyone at amerisave to show me what the top 20 producers made last month at amerisave on thier own production. I asked for it and was given numbers from 2005 and 2006. The joke of it was, that those numbers really didn't match up all that well. I have to take the file from start to finish with my company, but it actually works as I'm able to close FHA files in 3 days and conforming in 5 days, that is no crap, I will be happy show submission cofirmations and HUDs to back it up. Our tiers are very easy to understand, You make 30% of your revenue(fees and YSP) from 0-9,999, 35% 10K-19,999, 40% 20K-29,999, 45% 30K-39,999 and 50% at 40K and up. I was 4th in the company last month at 43K in fees, the top producer, also in my office did 68K in revenue(no joke, he just took home a 34K check). We have branches across the country. Let me know if you want to join an industry leader instead of becoming a professional recruiter. If you want to do that, the medical field pays a lot more than the mortgage recruiting world

Interesting...let me know how I can find out more at: Jay.M.Shannon@Chase.com

Closing Loans in Colorado in Parker, Colorado said: I have been invited to join the ICC at amerisave, but I'm passing because I feel the real way to make money here is to recruit as many LO's as you can. The only problem with that is that people are going to stick around making 3-6K per month. Why would anyone stay in this business for that kind of money? I was looking around because my company does provide the internet leads, we just have to call them instead of the transfer. It takes a little bit of time, but the pay tiers are a lot better than amerisave. I personally put up 43K in revenue that pays 50% of that out to the LO. I would challenge anyone at amerisave to show me what the top 20 producers made last month at amerisave on thier own production. I asked for it and was given numbers from 2005 and 2006. The joke of it was, that those numbers really didn't match up all that well. I have to take the file from start to finish with my company, but it actually works as I'm able to close FHA files in 3 days and conforming in 5 days, that is no crap, I will be happy show submission cofirmations and HUDs to back it up. Our tiers are very easy to understand, You make 30% of your revenue(fees and YSP) from 0-9,999, 35% 10K-19,999, 40% 20K-29,999, 45% 30K-39,999 and 50% at 40K and up. I was 4th in the company last month at 43K in fees, the top producer, also in my office did 68K in revenue(no joke, he just took home a 34K check). We have branches across the country. Let me know if you want to join an industry leader instead of becoming a professional recruiter. If you want to do that, the medical field pays a lot more than the mortgage recruiting world

Can you say....HIGHJACKER!?!

I wasn't aware Amerisave "OWNED" this site??

JAYS in INDY, Indiana said: I wasn't aware Amerisave "OWNED" this site??

Stop! that is a ridiculous thing to say. People should start thier own seperate thread if they want to introduce another company. It would be no different that al wiggins/ron villero/tao long/josejose trying to sell his hotdog cart franchise on this thread

Closing Loans in Colorado ----I am interested in learning more..you may email me at mybroker4life@gmail.com.

Closing Loans in Colorado in Parker, Colorado said: I have been invited to join the ICC at amerisave, but I'm passing because I feel the real way to make money here is to recruit as many LO's as you can. The only problem with that is that people are going to stick around making 3-6K per month. Why would anyone stay in this business for that kind of money? I was looking around because my company does provide the internet leads, we just have to call them instead of the transfer. It takes a little bit of time, but the pay tiers are a lot better than amerisave. I personally put up 43K in revenue that pays 50% of that out to the LO. I would challenge anyone at amerisave to show me what the top 20 producers made last month at amerisave on thier own production. I asked for it and was given numbers from 2005 and 2006. The joke of it was, that those numbers really didn't match up all that well. I have to take the file from start to finish with my company, but it actually works as I'm able to close FHA files in 3 days and conforming in 5 days, that is no crap, I will be happy show submission cofirmations and HUDs to back it up. Our tiers are very easy to understand, You make 30% of your revenue(fees and YSP) from 0-9,999, 35% 10K-19,999, 40% 20K-29,999, 45% 30K-39,999 and 50% at 40K and up. I was 4th in the company last month at 43K in fees, the top producer, also in my office did 68K in revenue(no joke, he just took home a 34K check). We have branches across the country. Let me know if you want to join an industry leader instead of becoming a professional recruiter. If you want to do that, the medical field pays a lot more than the mortgage recruiting world

If you were doing 40 k in revenue (and I am not syaing you didn't, I'm sure top producers with the right support can accomplish these no#'s) Why would you be looking around? Even if you do have to make the internet calls yourself, making that kind of money who would explore some new company?

Great question 1st lady!

and risk starting over with no pipeline with a new company? Not quite understing the whole "I was looking around" concept with that much money on the line, sounds more like a little recruiting going on here too! And are you working from an office location or at home? That would seem to make a difference if you are offering this opportunity to others who may not be in the same state as you. If so, whats the name of the company, if you don't mind sharing that with us.

holdem in Jax, Florida said: Stop! that is a ridiculous thing to say. People should start thier own seperate thread if they want to introduce another company. It would be no different that al wiggins/ron villero/tao long/josejose trying to sell his hotdog cart franchise on this thread

Holdem..Again I get a call from a friend that you are using my name in your bull#@$! I have never tresspassed against you yet you insist on bringing my name up in your posts. I have made a very every effort not to become angry because I understood HOW my name got brought up. review the previous posts. ezloan is someone I am recruiting. She asked if I was a teamleader (I'm not) and if anyone knew me. I know the Ron person then spewed some garbage which I corrected yesterday If you work for amerisave then look me up and email me or call me so you can explain why you keep lumping my name in your crap. Your actions are quite punkish

The 1st lady in Phila, Pennsylvania said: If you were doing 40 k in revenue (and I am not syaing you didn't, I'm sure top producers with the right support can accomplish these no#'s) Why would you be looking around? Even if you do have to make the internet calls yourself, making that kind of money who would explore some new company?

The reason I was looking at Amerisave is the same reason all of you came to this thread. I was presented with an offer that seemed to good to be true. I was pitched that I would be transfered warm internet leads that had been prescreened by a call center and that I could concentrate on selling and selling alone. However, after further investigation, it appears that very few are making the big numbers that are marketed to those looking based on ones' own production. I was curious because I do spend more time than I would like listening to dial tones and the such, but I now realize that my company compensates us for it with higher paying tiers. I was debating whether or not it would be possible to make 20K a month per home if given the opportunity to do more volume(more loans at the 1.38% profit that is in most Amerisave loans). However, it appears that the business model sounds good in theory, but is poor in practice. I do go into an office everyday,it's not a working from home postition, but I'm not micromanaged and free to do things my way as long as I hit the numbers. In the end, a broker will always have to be more responsible for getting loans closed as the individual LO's paycheck is more on the line than any support staffs' With Jax from FL and Schreebs in CO, they are on here doing what Amerisave most pays to do, recruit. The only problem with the business model is that the top of the mountain is only as good as the base, and if you have LO's only making 3-4K per month or less, the bottom will crumble on those who are at the top, therefore I pass.

I don't wish any bad will to those who are with Amerisave or considering joining them. It is a good opportunity to work from home without paying for leads(out of pocket, you defenitely are paying for them through lower payouts). I simply want to close loans. I don't want to recruit to make money. I was looking because the only thing I really don't like about my company is the going to an office everyday, but it actually helps to be there when questions pop up or you need immediate help in resolving an underwriting issue,etc. It appears that team leader support is a crap shoot at best with Amerisave. Again I would love to be proven wrong that people at Amerisave are making 20 or 30K a month based on thier own production(2007 numbers please,not 2005 or 2006) but I haven't seen anything.

I'm not a recruiter, my company offers I believe a $750 refferal bonus to an LO that refers someone to the company. That would be a one time fee, nothing huge, but a way to say thanks for bringing someone to the company. Jax and others see everyone on this site as a potential overide (even if it is less than 10%). I'm not going to post the name of my company on here as Jax is correct in saying that I didn't start the thread, but if someone would like more info, we currently have branches in Phoenix, Tempe, L.A., Devner, Ft. Lauderdale, Jacksonville, Orlando, Tampa, Atlanta, Chicago, Evansville, Indiannapolis, Kansas City, Louisville, Minneapolis, St. Louis, Las Vegas, Charlotte, Raleigh, Cinci, Portland, Philly, Seattle and Milwaukee. You would have to go to an office everyday, you will take the loan from the inital phone call to submission, to clearing conditions, and setting up the closing, but you have more control over your files and have the opportunity to be paid for it. Again, I think I would get like a $750 bonus if you are hired and stay on for 90 days and average at least 5k a month take home pay so to say I'm putting this on the thread for the money would be a big misconception. I just feel that my company may be a better opportunity than Amerisave. If you would like to know more, please reply, I will check the thread from time to time.

If you are in the Boston area and would like to know more about my company, please respond. I would like to see what kind of interest is out there for us in Boston as it is on the schedule of offices to be opened. I'm thinking about moving from Denver to Boston to take part in it and would like to know how LO's are doing there. I'm not worried about not making money as the system and offices are set up the same accross the country. I'm confident in my abilities to be a top producer in any market.

Closing Loans in Colorado in Parker, Colorado said: If you are in the Boston area and would like to know more about my company, please respond. I would like to see what kind of interest is out there for us in Boston as it is on the schedule of offices to be opened. I'm thinking about moving from Denver to Boston to take part in it and would like to know how LO's are doing there. I'm not worried about not making money as the system and offices are set up the same accross the country. I'm confident in my abilities to be a top producer in any market.

Well you explained a lot there and it seems like you are in a great position within your company, your pay tiers sound good too. Going into an office has its perks like you said more interaction with the people touching your files conversely working from home, although advantegeous, can have its faults like NOT being able to look at people controlling your files.

Having control from beginning to end from start to close is the best in my honest opinion because like you said your paycheck is determined by how hard you are willing to get your OWN loan processed and stips cleared. That is definately an aspect that is missed.

Closing Loans in Colorado in Parker, Colorado said: If you are in the Boston area and would like to know more about my company, please respond. I would like to see what kind of interest is out there for us in Boston as it is on the schedule of offices to be opened. I'm thinking about moving from Denver to Boston to take part in it and would like to know how LO's are doing there. I'm not worried about not making money as the system and offices are set up the same accross the country. I'm confident in my abilities to be a top producer in any market.

Closing loans sound like a recruiter....I will make a deal with you big shot , show us you numbers and I will show you mine. Also why won't you mention the name of the company you work for Mr. Recruiter ... Or is your company just a dog with fleas... So let's see the 40k per month you make . So who do you work for Mr. recruiter?
Prove me wrong show me the money and tell us all the name of this great company you work for.

I think the name is "the grass is greener mortgage shack"

Closing Loans in Colorado in Parker, Colorado said: I'm not a recruiter, my company offers I believe a $750 refferal bonus to an LO that refers someone to the company. That would be a one time fee, nothing huge, but a way to say thanks for bringing someone to the company. Jax and others see everyone on