RUN NOT WALK FROM AMERISAVE!!!!!

Amerisave is a joke. They have zero support for their outside sales people. They say you can build teams but thats a lie also. Their commision split is a lie. They take the 1st $1000 then they take loan loss reserves of over 30%. Then they take their cut and pay you 80% of whats left. its actually about 40-50%.. Inside sales is no better. They careless about people... I watched as top producer after top producer came and went. Upper management is making all the money.. They have little support to support top producers. I had weeks that I submitted over 10 lock requests and would only get 5 or less actually locked. They dock your pay for any and every reason they can. Managers care less about your loans because they have 50 or more people on their teams so as long as everyone is doing a few loans they make big bucks.. RUN RUN RUN from Amerisave as fast as you can!!!!!!!! By the way their CRM lead system is so out of compliance that I pray one day I get a call from an investigator so they can be shut down once and for all. They are the scum of the business and give the rest of us a bad name....

As for their mortgage compliance, they are spot on. There isn't anything in my history of working for them that they have not done 100% correct from a compliance standpoint.
Amerisave does practices deceptive employment advertising. They advertise 22% commission on your revenue. As you state they take $1000 off the top for their underwriting/processing, then a 30% off for "loan loss reserve" which is calculated NOT on the revenue but off the base loan amount (which cuts your revenue down my more than 1/2) then the 10% for admin/payroll and then you pay taxes. So the net, net revenue that they pay you 22% is so small that your net earnings is really at 4% if you calculated it on your total revenue.

And they don't even pay you for loans that sell higher after close than at lock pricing. So they get to keep even more revenue for themselves. In the end they don't tell you this for months, blatantly avoid answering your questions, can't get a clear answer from your manager, their managers. It's a very frustrating process and now I am sure I don't want to continue working for them because I feel like they just rip you off (not the consumer, their employees.) Amerisave is a GREAT DEAL if you are a consumer. Just don't work for them... they are slave drivers and are allowed to get away with it!

Oh yeah and forget about benefits... if you don't work in Atlanta you are "out of state" and you don't qualify for health, etc. So basically, they don't offer benefits to any employees outside of GA and who can afford to do their 401k when you are receiving 4% commission! I am thinking of having an attorney look at this. It just seem very deceptive, unfair labor practice and illegal the way they word their employment contracts to what they actually pay you.

As for the pay part you are right on but I have to tell you that Amerisave is way off when it come to compliance. Their whole system of "pass through loans" is a major violation. They require that the managers be licensed in most or all states. When the inside sales person gets a loan in a state he or she is not licensed in the loan goes in the name of the manager same with FHA. Lead systems are not ever suppose to give leads to an LO that does not hold the required licenses for that state. Look it up. I wish someone would call them on it. I also saw a lot of other consumer deceptions going on. They get really low rates due to their large volumes. Trust me they are ripping off not only you and I but consumers also.. I hope you do decide to persue an attorny. If you find one maybe we could turn it into a class action suit.. Their "time clock" is very questionable practice also with forced over time.. I hope you find a better path soon. I am with a bank now that offers all the benifits of a broker. If you want more info let me know.. Best of luck! DOWN WITH AMAERISAVE!!!!

Thanks for the update SLK. The compliance part is not my issue... they have their lawyers for that, probably that is where the majority of the revenue that they should pay their loan officers goes besides advertising.

At any rate, list your bank w/ broker benefits. I'll check them out. I still really like being able to do loans in multiple states... have developed some great client relationships that I would like to keep. I know that FSL used to transfer the loans to licensed officers in the state and give you a little compensation for the referral. Somewhat like Amerisave but in reverse order.

AMERISAVE is a SCAM.

Read ripoffreports.com & check with the Better Bussiness Bureal bbb.com if you think I'm crazy!

I'm might be crazy, but I'm not stupid!

www.ripoffreport.com

www.bbb.org

WOW!! I have posted several times to this and other forums about Amerisave and their deceptive compensation practices so that potential employees can be aware of the deception. Amazingly all posts have been "removed" probably by some Amerisave employee who complained. Well, alas.. there are many other blogs out there where this can be posted.

So since I can't post a real example without it being removed, I'll recap their general policies:

1. markup is what you are supposed to be paid commission off of
2. the markup is reduced automatically by $2k right off the top for the "house" or what I was told was their processing/underwriting fee
3. then reduce what's left by 30bps off the loan amount... notice loan amount, not revenue... so that wipes out most of what is left
4. then they pay you what they claim they are supposed to pay you.

All in all, you generally earn anywhere from 3 - 5% commission in total if you are used to earning commission like a real broker, from a real ethical lender or if you even just have a basic understanding of math and command of the english language (try to find any of these deductions in your employment contract or anything else that Amerisave prints on commission/salary structure... good luck!)

5. forgot to mention, if your loan was hedged and they actually earned a ton more in revenue because they sold the loan higher than they "expected"... don't expect to receive any of that... that is reserved for the "hosue" to compensate for all the loans that were not profitable.. which I was told, "I don't know of any". So you get the idea... this company is about themselves, upper management and slave driving the honey bees to death!