Considering the switch to Amerisave...

I currently work for one of the nations top lenders where I make a 24k salary plus commission. I am considering making the switch to Amerisave but I've heard that it's comission only. I'm concerned about the first couple months while I build up a client base. Do they offer a sign on bonus or something that I would be able to use to pay my rent, etc while I'm first getting started? Or does someone have some ideas for me? Thanks!

anaya in Detroit, Michigan said: I currently work for one of the nations top lenders where I make a 24k salary plus commission. I am considering making the switch to Amerisave but I've heard that it's comission only. I'm concerned about the first couple months while I build up a client base. Do they offer a sign on bonus or something that I would be able to use to pay my rent, etc while I'm first getting started? Or does someone have some ideas for me? Thanks!

Anaya,

If you qualify for the top position, you will receive a base salary. Qualifications are basically two years worth of W2's supporting at least $70,000 and experience with leads. Do you meet these qualifications?

Schreebs in Littleton, Colorado said: Anaya,

If you qualify for the top position, you will receive a base salary. Qualifications are basically two years worth of W2's supporting at least $70,000 and experience with leads. Do you meet these qualifications?

Schreebs,
What is the base salary if one were to qualify based on the information above? I have done a lot of research on the company and am ready to take the next step, i just like to know what to expect going into negotiations and interviews.
Thanks

Unforunately, I didn't earn 70k in 2007. I wasn't with the company for the entire year and I had some medical issues which prevented me from obtaining my entire earning potential. I really want to make the switch, but I can't afford to wait for a loan to close before I can get paid. :(

Lisa C in detroit, Michigan said: Schreebs,
What is the base salary if one were to qualify based on the information above? I have done a lot of research on the company and am ready to take the next step, i just like to know what to expect going into negotiations and interviews.
Thanks

Base salary is based off of a 40 hour work week and minimum wage. You would see an extra $1200-$1400 per month. E-mail me at nscheribel@amerisave.com if you are interested in applying.

Schreebs, is a rolling wage draw against future commisions the same as a salary. Since when is minimum wage at 40 hours a week $1200 to $1400? I hope you don't calculate income on your 1003's like you do a minimum wage draw. Please feel free to explain to all of us how you came up with the math?

Schreebs wants to recruit you to amerisave as it really is the only way to make "good" money there. You will never make good money based on your personal production.

Sorry to bust your bubble friend, but where you guys are in Colorado, the minimum wage is $7.05 per hour. When you figure it with that rate, you come up with $1216.80 per month. If you are in a state like Mass. at $8.00 per hour you come up with $1386.87 per month. Sounds like maybe you need to brush up on your qualification skills yourself. Maybe then you will be able to write and close more business, and make yourself some "good" money!

Cheap Thrills in St Charles, Illinois said: Sorry to bust your bubble friend, but where you guys are in Colorado, the minimum wage is $7.05 per hour. When you figure it with that rate, you come up with $1216.80 per month. If you are in a state like Mass. at $8.00 per hour you come up with $1386.87 per month. Sounds like maybe you need to brush up on your qualification skills yourself. Maybe then you will be able to write and close more business, and make yourself some "good" money!

The company is set in Georgia and I believe you would be paid by their min wage which is $5.85 X 80 hours =$468.00 every TWO WEEKS which would only be $936.00. Could be wrong but I believe that was the point Closing loans was making.

Not really. If someone works for, lets say, General Motors. The company has to pay at least the minimum wage in the state that the employee is located. Same thing applies in this case.

This is misleading. There is no base salary for the Inbound or Outbound Call Center of Amerisave. I was told that there was a base, and I found out that its just a draw. Do your homework. Its absolutely NOT a base salary!

Cheap Thrills in St Charles, Illinois said: Not really. If someone works for, lets say, General Motors. The company has to pay at least the minimum wage in the state that the employee is located. Same thing applies in this case.

But don't they work at a physical location in their state? I though that since you can talk on a landline AND you have to use business cards with the parent companies address, that you are considered working for the comapny in Atlanta. Again could be wrong however, the point I was really trying to make is this may be why closing made THEIR comment and not necessarily cause they can't count or whatever comment was made. And yes it is a draw against future commissions we know that but in this market very few employers are giving forgivable draws or base salaries, there are some but few and far between.

I worked at Amerisave Mortgage as an inbound call center representative for three months and was extremely disappointed with the results. I never once was able to speak to my manager, after several attempts via email and voicemail. There was zero support from her and very little from my processor. When I quit, I sent an email, and didn't receive any type of response, other then my systems no longer working.

Avoid this company if you need any more support other than system access. Also, be fully aware of the pay plan.

Derrick Nunn in Sherman, Texas said: I worked at Amerisave Mortgage as an inbound call center representative for three months and was extremely disappointed with the results. I never once was able to speak to my manager, after several attempts via email and voicemail. There was zero support from her and very little from my processor. When I quit, I sent an email, and didn't receive any type of response, other then my systems no longer working.

Avoid this company if you need any more support other than system access. Also, be fully aware of the pay plan.

Were you able to close ANY of their leads? And WHAT was the minimum wage payment? I know it comes out of your 1st commission check, but I am curious as to how much it is and what day it is paid.

The 1st lady in Phila, Pennsylvania said: Were you able to close ANY of their leads? And WHAT was the minimum wage payment? I know it comes out of your 1st commission check, but I am curious as to how much it is and what day it is paid.

I closed two leads, had several locks, but with the current housing market, values come in light. Most people just want a rate quote, not an actual loan. Also, if you do not hold any state licenses, you're very limited on the states you can sell. The company does not pay for any training or tests, so everything's on your own dime.

You need your own computer system, plus pay for their software. I made very little money there and now have signed on with a major mortgage company where the pay should be a lot better. The minimum wage is whatever the minimum wage is in you state. It is not a forgivable draw.

It's not a bad company, but just wasn't want I expected.

The 1st lady in Phila, Pennsylvania said: Were you able to close ANY of their leads? And WHAT was the minimum wage payment? I know it comes out of your 1st commission check, but I am curious as to how much it is and what day it is paid.

Derrick Nunn in Sherman, Texas: I closed two leads, had several locks, but with the current housing market, values come in light. Most people just want a rate quote, not an actual loan. Also, if you do not hold any state licenses, you're very limited on the states you can sell. The company does not pay for any training or tests, so everything's on your own dime.

You need your own computer system, plus pay for their software. I made very little money there and now have signed on with a major mortgage company where the pay should be a lot better. The minimum wage is whatever the minimum wage is in you state. It is not a forgivable draw.

It's not a bad company, but just wasn't want I expected.

I've been considering signing up with this company, but I've learned from the past with other companies such as this one. So, I've been trying to research the good and bad coming out of this company. This site, and ripoff.com has been very enlightening, needless to say.

I was looking to sign up as an Outside Sales loan officer, based on your experience how is the closing time, on loans that were being submitted from outside sources. I have been working these past few years as a processor, a loan closer, and I am currently working on my certification as an underwriter. I still have my own contacts with some of the builders, and realtors to submit referrals/loans, from my days as a loan officer, but I don't want to jeopardize my relationship with them. What is the time frame from submission to closing on a full doc loan, if I have collected all the required docs?

I'm also concerned about the reports on ripoff.com about the borrowers’ are being charged, even when rates were not locked.

leave your email address

The 1st lady in Phila, Pennsylvania said: leave your email address

Here you go. natesdesigns@yahoo.com, I've actually started looking into staying with just processing and underwriting files for now. I'm looking into the "At Home" processors placements now to consider my options. I checked on some of those other companies mentioned... Ace, and Apex, and a few around this area... 1st Metropolitian, and I'm starting to really see there has been a big change in the industry since I last originated loans. Or maybe it was just the training I came through in those days... the loan officer/originator actually cared about the borrower(s) and helping to protect their financial future, than their own personal greed. Processing files I would see so many loans coming in from l/o's were app were have completed, pay stubs maybe handwritten, there maybe 2 pages of a 6 page bank statement. And they would say after locking the borrower in an ARM rate loan... "I got them a lower rate a payment now, I don't care where they go after the loan closes, as long as I get paid my fee."

After reading the going back and forth on these forum sites, I'm really starting to wonder is there truly a company out here looking for good loan officers, and not salesmen or recruits to boost profits?

Considered Amerisave on in home processing, but my fee would have to be more than $200 per file. The average processor charges for "At Home" processing is $420 -$495 depending on the file - Gov't or Conventional.

Nate Diamond in Pinebluff, North Carolina said: Here you go. natesdesigns@yahoo.com, I've actually started looking into staying with just processing and underwriting files for now. I'm looking into the "At Home" processors placements now to consider my options. I checked on some of those other companies mentioned... Ace, and Apex, and a few around this area... 1st Metropolitian, and I'm starting to really see there has been a big change in the industry since I last originated loans. Or maybe it was just the training I came through in those days... the loan officer/originator actually cared about the borrower(s) and helping to protect their financial future, than their own personal greed. Processing files I would see so many loans coming in from l/o's were app were have completed, pay stubs maybe handwritten, there maybe 2 pages of a 6 page bank statement. And they would say after locking the borrower in an ARM rate loan... "I got them a lower rate a payment now, I don't care where they go after the loan closes, as long as I get paid my fee."

After reading the going back and forth on these forum sites, I'm really starting to wonder is there truly a company out here looking for good loan officers, and not salesmen or recruits to boost profits?

Considered Amerisave on in home processing, but my fee would have to be more than $200 per file. The average processor charges for "At Home" processing is $420 -$495 depending on the file - Gov't or Conventional.

Sorry, that should have said: "Processing files, I would see so many loans coming in from l/o's where apps were half completed -(no address, no zip code, no correct employers address, no phone numbers)"

Nate your comments and concerns are well said.

It is hard to tell from a distance what the deal is with AmeriSave or any company. Like you I am looking at it from a distance and considering it myself.

Processing files or pushing the paper is certainly a way to make some money, but why go on the low income end? Unless you are just feeling burnt out, I would not give up on the larger money.

Sure selling can be harder with all the competitiveness and liars in the industry. However; you sound like a strait shooter and someone who would come across as honest to someone when they first meet you (from your posts).

I would recommend that if you have not worked on commission or as an independent before, slow down and really think through the requirements on you. Working from home can be great but it ads tons of added responsibilities that you never thought about. Some of those are dealt with if you are a W2 employee.

Hey if you do go work for them let me know. I myself (as I said) am thinking about it, it would be nice to do some training weekends on the Outer Banks in NC. Rent a large cottage and fill it with a team and dig in for a weekend at the oceanfront. I myself live North of you in VA and if I go in this direction would want to train and lead in VA/NC primarily and support some friends in TX with a team out there.

There is certainly money to be made in this field and this business model is appealing I figure I will dig into it for another week or two then speak with someone (or several people) in Atlanta. I would also want to go to their office and check it out myself before signing up, just my own personal preference.

Hi DrWarrick;
I can understand where you are coming from as to the commission basis can be a larger income. The average l/o commission around this area can be between $50,K - $75,K and some even better, if they are working full-time (50-60 hours per week). I have recently decided to just go back to doing the contract processing and underwriting. I began trying to get the home office setup before I took I received my last assignment with a bank near here in Southern Pines, NC. After now working practicily in each area of the mortgage field I've come back around to this side of things and I enjoy it best. The processors' & underwriter must be a lot more involved in getting the loan through processing and into closing, and then over to post-closing. So they are basicially there from beginning to after it ends. It may not be more per loan, but my goal is to build a cliental of brokers and loan officer of at least 5 or more, with each submitting at least 10-12 loans per month each. When working government loans with Bank of America, I had around 8-10 branches, in North Carolina and Virginia. Each branch had around 2-3 loan officers sending their loans through us.

After checking things out with the comments and reviews on Amerisave (and some other companies I was also considering), I decided like most companies, their plan sounds great on the surface (the 10% of the iceberge above the water), but it's the 90% (below the water) that you find out about later on, when loans fall out, and you and the borrowers are going 2-3 months into closing, for a loan that should have closed within 25 days of submission.

I agree that you should continue to check more into this or any career investment you seek, and also if you have the chance to actually inspect the company at their corporate location. Also you may want to talk to some of those who worked with the office and their experiences. I did talk with some who confirmed alot of what has been said on here.

Thank you for your time and comments Nate I am sure it is helping me and others.

EMPLOYEE- THAT IS ABOUT TO QUIT!!!!!!!!!!DO NOT WORK FOR AMERISAVE!!!! EVERYTHING THEY TELL YOU AT THE NEW HIRE PRESENTATION IS FALSE. IN ORDER TO MAKE MONEY YOU WILL NEED TO WORK 70 HOURS A WEEK, YOU HAVE NO MANAGEMENT SUPPORT, THERE IS NO BASE SALARY, THERE ARE NO SCREENED LEADS AND THE NEW PHONE TECHNOLOGY CALLS OUT FOR YOU AND 9 OF 10 TIMES YOU HAVE REACHED A ANSWERING MACHINE. YOU ARE THE CALL CENTER NOT A LOAN OFFICER. ALSO THERE ARE LOAN OFFICERS THAT GET THEIR PICK OF COMPLETED APPLICATIONS. EVEN THE TOP PRODUCERS ARE NOT MAKING 20K A MONTH LIKE THEY TELL YOU IN THEIR PRESENTATION. THE REASON THEY ARE RECRUITING SO MUCH IN THIS MARKET IS BECAUSE THEY HAVE A EXTREMELY HIGH TURNOVER. ALSO, YOU WILL NOT BE ABLE TO SEE ANY REPORTS OF YOUR PEERS TO SEE WHAT YOUR TEAM IS DOING. THEY LIKE TO KEEP YOU IN THE DARK SO THAT YOU DONT REALIZE THE PRESENTATION TO RECRUIT YOU WAS SO OFF!!! I THOUGHT IT WAS TOO GOOD TO BE TRUE AND THEY REALLY SOLD ME ON IT, BUT IT WAS NOT WORTH THE 2.5 MONTHS THAT I JUST WASTED WITH THEM.

loan queen in Tracy, California said: EMPLOYEE- THAT IS ABOUT TO QUIT!!!!!!!!!!DO NOT WORK FOR AMERISAVE!!!! EVERYTHING THEY TELL YOU AT THE NEW HIRE PRESENTATION IS FALSE. IN ORDER TO MAKE MONEY YOU WILL NEED TO WORK 70 HOURS A WEEK, YOU HAVE NO MANAGEMENT SUPPORT, THERE IS NO BASE SALARY, THERE ARE NO SCREENED LEADS AND THE NEW PHONE TECHNOLOGY CALLS OUT FOR YOU AND 9 OF 10 TIMES YOU HAVE REACHED A ANSWERING MACHINE. YOU ARE THE CALL CENTER NOT A LOAN OFFICER. ALSO THERE ARE LOAN OFFICERS THAT GET THEIR PICK OF COMPLETED APPLICATIONS. EVEN THE TOP PRODUCERS ARE NOT MAKING 20K A MONTH LIKE THEY TELL YOU IN THEIR PRESENTATION. THE REASON THEY ARE RECRUITING SO MUCH IN THIS MARKET IS BECAUSE THEY HAVE A EXTREMELY HIGH TURNOVER. ALSO, YOU WILL NOT BE ABLE TO SEE ANY REPORTS OF YOUR PEERS TO SEE WHAT YOUR TEAM IS DOING. THEY LIKE TO KEEP YOU IN THE DARK SO THAT YOU DONT REALIZE THE PRESENTATION TO RECRUIT YOU WAS SO OFF!!! I THOUGHT IT WAS TOO GOOD TO BE TRUE AND THEY REALLY SOLD ME ON IT, BUT IT WAS NOT WORTH THE 2.5 MONTHS THAT I JUST WASTED WITH THEM.

Please, please post in the other room with over 500 responses so some that are STILL considering can get your point of view, which is soooooooooooooo true!

Hey!

I made a career change from working as a Case Manager to a Broker for Ameriplan.
Can work from home, benefits, and make residual income... And it is nationwide..
Check it out..
www.Patty.ourperfectbusiness.com

Tys Nana in Edmond, Oklahoma said: Hey!

I made a career change from working as a Case Manager to a Broker for Ameriplan.
Can work from home, benefits, and make residual income... And it is nationwide..
Check it out..
www.Patty.ourperfectbusiness.com

1st of all, if you see a claim starting with "people are becoming millionaires" no one takes you seriously! Also, if the 1st think you see is a person that seems blissful AND most importantly no DESCRIPTION of job BUT wants YOUR info in order to disclose ANY information about said job. Come on...your in a forum for people who work with equity and money everyday so why in the world would you think anyone that has been in a professional career such as mortgages would be even remotely able to fall for this type of job advertising?

ACE 22 in Baltimore, Maryland said: 1st of all, if you see a claim starting with "people are becoming millionaires" no one takes you seriously! Also, if the 1st think you see is a person that seems blissful AND most importantly no DESCRIPTION of job BUT wants YOUR info in order to disclose ANY information about said job. Come on...your in a forum for people who work with equity and money everyday so why in the world would you think anyone that has been in a professional career such as mortgages would be even remotely able to fall for this type of job advertising?

I would propose that anyone working in the mortgage business is not that high on the totem pole. As a matter of fact, you have no USP. So, imho, you are not any better than she/he is. Maybe worse, because of the total collapse of your industry.

Derrick Nunn in Sherman, Texas said: I closed two leads, had several locks, but with the current housing market, values come in light. Most people just want a rate quote, not an actual loan. Also, if you do not hold any state licenses, you're very limited on the states you can sell. The company does not pay for any training or tests, so everything's on your own dime.

You need your own computer system, plus pay for their software. I made very little money there and now have signed on with a major mortgage company where the pay should be a lot better. The minimum wage is whatever the minimum wage is in you state. It is not a forgivable draw.

It's not a bad company, but just wasn't want I expected.

"but with the current housing market, values come in light."

That's the big problem isn't it? Values are DROPPING most places. Below amount owed! The appraisers are not being pressured by los due to the amount of fraud prosecutions occurring. They would rather stay out of jail and give an accurate figure.

What an A** Hole! So what are you a car salesman or a lawyer.

Hey Derrick,

Welcome to the mortgage biz. I've been doing this since 1988. I bought my first computer when I was with Commonwealth United Mortgage in 1992 when not even processors were using the damn things. The reason that everything is on your dime is because if you have an investment in something you will probably take it more seriously as opposed to just having it handed to you like a welfare check. The secret to being a successful LO is being able to turn those rate calls into a sale. If you take a little time with people and find out what it truely is that they want to accomplish you will be a success. If you are getting refi leads in this market you are just asking for trouble and waisting money. Take the buyers leads and work them intelligently. Use them to build relationships with local realtors. You don't need to go out of state to make a living. If you work it right you will stand head and shoulders above the rest.

Anonymous in Loganville, Georgia said: I would propose that anyone working in the mortgage business is not that high on the totem pole. As a matter of fact, you have no USP. So, imho, you are not any better than she/he is. Maybe worse, because of the total collapse of your industry.

How dare you comnpare the industry that I and others are in to some bogus job offer THAT WON"T EVEN EXPLAIN WHAT THE JOB IS without personal info.

Listen, just because the industry and market has been volitile DOES NOT mean that ALL the workers within the industry were crooked or underhanded! Just because you make all these stupid azz comments doesn't make it so. There were and are PLENTY of people in this industry who did things the right way!

I AM HIGH on the totem pole as well as the VAST majority of my fellow workers within this industry as with ANY OTHER PROFESSION there were/are some bad apples BUT just because the market is suffering doesn't give anyone the right to ASSUME that it is the fault of the workers! ANd newsflash, LO's can't pressure HONEST appraisers to do anything so I have no idea why you made that comment as if we (Lo's) are now losing out on something. I am sure you may have heard of this practice being done BUT contrary to popular belief it was done rarely NOT as the norm....appraisers can inflate or not inflate values on their own! The news media will continue to post the horror stories but for each one there are hundrends of new homeowners who are happy AND STABLE in their homes. Were you maybe in this industry AND GUILTY of some of these practices you keep bringing up and now feel bad about it? Again, where I and my friends and family worked, these underhanded methods weren't a practice!

ACE 22 in Baltimore, Maryland said: How dare you comnpare the industry that I and others are in to some bogus job offer THAT WON"T EVEN EXPLAIN WHAT THE JOB IS without personal info.

Listen, just because the industry and market has been volitile DOES NOT mean that ALL the workers within the industry were crooked or underhanded! Just because you make all these stupid azz comments doesn't make it so. There were and are PLENTY of people in this industry who did things the right way!

I AM HIGH on the totem pole as well as the VAST majority of my fellow workers within this industry as with ANY OTHER PROFESSION there were/are some bad apples BUT just because the market is suffering doesn't give anyone the right to ASSUME that it is the fault of the workers! ANd newsflash, LO's can't pressure HONEST appraisers to do anything so I have no idea why you made that comment as if we (Lo's) are now losing out on something. I am sure you may have heard of this practice being done BUT contrary to popular belief it was done rarely NOT as the norm....appraisers can inflate or not inflate values on their own! The news media will continue to post the horror stories but for each one there are hundrends of new homeowners who are happy AND STABLE in their homes. Were you maybe in this industry AND GUILTY of some of these practices you keep bringing up and now feel bad about it? Again, where I and my friends and family worked, these underhanded methods weren't a practice!

Save your longwinded replies. What I say to you, I'll say to every other out of work money telemarketer. Just hope the liar loans you originated don't come back to bite you in the arse. The FBI is investigating. People are going to jail. Go out and a get yourself a telemarketing job, b/c that's what you know, and call it a day. You'll make the same money, maybe more than you will here.

ACE 22 in Baltimore, Maryland said: You show your ignorance everytime you post. When you make assumptions and statements that I orginated liar loans, name one client that you know of? I thought so shut the f up! You MUST be the glorified telemarketer, I dispense financial advise and get PAID to do so. By the way there will ALWAYS be a real estate market, cause people have to purchase or rent SOMEWHERE. So worry about your own career, as a telemarketer.

Don't bother to respond, don't waste your time, you are on ignore and I will never read it! Your non-existent to me; a mere FLEA on my CATS collar that I just knocked off and killed!

I will respond! You know you did 'em (liar loans) and you luved it didn't ya? Where can I get your financial advice? I wanna pay ya! You moron!

WOW!!
And you people call yourselves professionals!!!
It certainly doesn't speak very highly of your profession to speak and write what you have...

Tys Nana in Edmond, Oklahoma said: WOW!!
And you people call yourselves professionals!!!
It certainly doesn't speak very highly of your profession to speak and write what you have...

OKLAHOMA according to tulip.com is in very good shape. But the rest of us aren't. You're absolutely right. I'm not in this "profession". If you go back and read my comments you'll see that. This is NOT a profession. This is a telemarketing business to sell money. You don't meet face to face and you are offering the same thing everyone else is. You're a dime a dozen.

You have no USP/ Unique selling proposition. You talk on the phone thru your headset and bother people when they are trying to eat and catch up on the days activities! That sounds like a great job doesn't it? I guess if you are a gimp it does. I never did that! Never will.

Now we have additional problems with FNMAE and Freddie. This business is crashing as we speak! That's what I said last week. Good Luck to us all! We'll need it.

Actually, I won't. B/c I'm a super salesperson and can sell ice cubes to eskimos. These jokers that are used to ez money telemarketing money are going to be in for a very rude surprise. Mtg cos are dropping like flies b/c their wholesalers are gone.

RE prices are dropping like a rock and will continue to drop not just b/c of financials/ now its due to unemployment which is following. How are you going to get an appraisal? Most are upside down. Good luck.

Think about that. Get out now and do something else.
Any good real salespeople contact me.

You are a liar too! Under the other Amerisave FORUM with over 500+ comments, on page 5 of you are the 201 comment and you clearly state you were a real estate broker AND a mortgage broker and you were actually thinking about re-entering the biz but choose NOT to do so with AMERISAVE (by the way the only really smart thing you say on this site, wise choice)....but all of sudden you are not in "this profession" and didn't do liar loans or inflate real estate values (but you are accusiing everyone else of doing it while you were on both sides of the ball? Then you go on to state that mortgage professionals are mere telemarkerters that bother peopke during dinner, thats sounds like you speak from experience! By the way LOTS of mortgage professional DO MEET face to face, guess you never experienced that when you were/weren't in the mortgage business. Finally, you state your such an excellent salesperson, yet you consider other "salespeople mere telemarkerters, talk about ego and arrogance, or is it really self esteem issues when you have to type anonymously (pun intended) and belittle others professions when you are actually in the same exact profession! Classic

In case you didn't know let me educate you, if you sale mortgage or if you sale cars or even if you sale air conditioner units...IT"S ALL SALES!

PPS- you tell "real salespeople" to contact you for what type of job? Let me guess, SALES! And how can they? You are commenting undercover to scared to even use a name let alone have any contact information such as email listed!