Underwriting/Processing/Closing at Amerisave Mortgage Corp.

I always see information about working as a loan officer for Amerisave, but never anything about the Underwriting, Processing, or Closing side. I would really appreciate some of Amerisave's Operations staff to talk a bit about working for Amerisave Mortgage in that capacity. What's the company culture like, how is working from home working, do you have the support you need, do they offer training for your DE and LAPP, etc??

I worked for Amerisave as an Underwriter, while it wasn't a bad experience I would pass if I were you. The processors are very inexperienced for the most part and very overwhelmed. Sometimes taking a month or more to gather conditions for a file, even 2 or 3. Sales are not allowed to have ANY contact whatsoever with underwriting. I found files that need to be really worked on were denied. I had a file that could be approved a little different than submitted but the processor didn't want to get the borrowers tax returns and other info to support investment income to pull the ratios in line. The loan was declined with the option to gather the needed info to support the 4506 results which would have given the file an approval. The processor did not want to go through all the work and just declined the file on the processing end with the sales staff. They hire a bunch of people to get through a work load and then lay them all off after they are caught up. They pay very different than any other company I have worked for in 23 years. The pay is made out to be this crazy amount of money when in fact it was the worst paying job I had since High School working at Burger King. I am not joking, I am serious. All of the underwriters work from home, most of the processors work from home and a lot of sales staff do as well. I did not know much about sale there but their vp of underwriting is awesome, the svp of underwriting is not well liked by anyone and his mangement style is the old 1980 abusive kind. Threatening your job, pay, etc. The best thing I can say is stick with the old saying, If it sounds to good to be true - IT IS! Support is pretty much non-existant, no DE or LAPP training, culture - people are to busy to build relationships, working from home was great - as long as you are available without to much time in between you are good. You can take time off whenever you want without a problem, go to appointments, etc.

Thanks Ginger. Does anyone know what the minimum underwriting requirments to get hired at Amerisave are? Signing authority? etc. Do they have different levels of experience or are most of the underwriters senior?
Can you share more about the work schedule and pay?

All the underwriters are Senior underwriters, being that you work from home and do not really have anyone to go to you need to know what you are doing. They say the requirement is 5 new files a day but most are not able to get to 5 a day. You go through a two week training in Atlanta with the VP of Credit and he or other underwriter's review your files after you have underwritten them. Once you get home, you will have your signing authority. The VP of Credit will set up your paperless queue to accept files that he is comfortable with you having such as purchases, jumbo's, Texas Cast-Out's, etc. The pay is set up so you are paid $20 for every new file you underwrite and $50 when you final decision the file with a clear to close or decline. If the file is withdrawn, you do not get the $50. If you are not available or on vacation and someone else clears your file, you do not get the $50 either. The work schedule is 8 to 5 but if you are not available from time to time during that period it is no big deal. You use your out of office to notify everyone but if you will be away more than an hour or so, you need to let management know.

Do you have a base salary? And, is the $20/$50 bonus/commission?

Do they pay you an additional $50 after they pay you $20 for each new file ? or do they pay you the difference of $30 ?

I know they say they do not want you to work a full time job, but is it possible to work in the evening without them knowing ? or are they open to anyone working in the evening ?

Are they punctuual with paying their underwriters ? Are they paid bi-weekly or bi-monthly ?

Who clears the conditions the undewriters or the processors ?

Any info you can give will be helpful.

Do they pay you an additional $50 after they pay you $20 for each new file?
**Yes, it is actually $55.00. Also, if the file is declined on the initial underwrite you get paid the full $75.

I know they say they do not want you to work a full time job, but is it possible to work in the evening without them knowing?
**It is not possible to work a full time job but you can work evenings and weekends for Amerisave. They want you to be logged in as much as possible during core hours. Right now, you can work as much as you want.

Are they punctuual with paying their underwriters ?
**Yes and they pay twice a month, on the 10th and the 25. The commission earned during the 1st and the 15th is paid on the 25th and the commisions earned during the 16th and the last day of the month is paid on the 10th of the month. They pay on time or early. If a payday falls on the weekend or holiday, you are paid the day before.

Who clears the conditions the undewriters or the processors?
**Underwriters clear their own conditions, the files submitted are not processed very well and the conditions are about the same. I found I processed and underwrote the files. I guess that is typical these days. However, the files are involved. Almost all files have Tax Returns, K-1's with 4 or 5 businesses, 5 to 8 rental properties and at times both on the same loan. Lots of assets, lots of documenting large deposits with multiple statements. I had a 150 page assets statement once and another over 100 pages. High credit score borrowers. Annuity borrowers, self-employed, etc..

Any info you can give will be helpful. Files are typically around 200 pages and some over 300.

amjd in Fort Lauderdale, Florida said: Do you have a base salary? And, is the $20/$50 bonus/commission?

No base, no hourly rate, commission only. they do pay overtime at time and a half at your states minimum wage.

amjd in Fort Lauderdale, Florida said: Do you have a base salary? And, is the $20/$50 bonus/commission?

just commission

Gingersnap in South Lyon, Michigan said: just commission

Sorry, they pay commission and overtime only, no hourly rate or base rate. They pay overtime at your States minimum wage time and a half.

Ginger in Savannah, Georgia said: All the underwriters are Senior underwriters, being that you work from home and do not really have anyone to go to you need to know what you are doing. They say the requirement is 5 new files a day but most are not able to get to 5 a day. You go through a two week training in Atlanta with the VP of Credit and he or other underwriter's review your files after you have underwritten them. Once you get home, you will have your signing authority. The VP of Credit will set up your paperless queue to accept files that he is comfortable with you having such as purchases, jumbo's, Texas Cast-Out's, etc. The pay is set up so you are paid $20 for every new file you underwrite and $50 when you final decision the file with a clear to close or decline. If the file is withdrawn, you do not get the $50. If you are not available or on vacation and someone else clears your file, you do not get the $50 either. The work schedule is 8 to 5 but if you are not available from time to time during that period it is no big deal. You use your out of office to notify everyone but if you will be away more than an hour or so, you need to let management know.

I got a call from Amerisave for an underwriting position and I was asked to go to 1 of their testing facilities and I'm trying to decide if I should go. The I dea of being able to work from home is enticing. What is covered in the testing? How long is the test and what should I prepare for should I decide to go?

Carrot cake in Fremont, California said: I got a call from Amerisave for an underwriting position and I was asked to go to 1 of their testing facilities and I'm trying to decide if I should go. The I dea of being able to work from home is enticing. What is covered in the testing? How long is the test and what should I prepare for should I decide to go?

I would go, why not? The test is about 4 hours and it is just basic underwriting. Doc expiration dates,ratios, review title, review appraisal, tax returns, calculating income, purchase agreement, etc. There are not right or wrong answers, they just want to see you thought process. The more your write the better, it really takes 4 hours though. There are no trick questions and you can miss a lot of info, even going off old guidelines. They really want to see how you think and what you are thinking when you look at stuff in a file. Can you justify why you are or are not doing something with the loan still being sellable.

Gingersnap in South Lyon, Michigan said: I would go, why not? The test is about 4 hours and it is just basic underwriting. Doc expiration dates,ratios, review title, review appraisal, tax returns, calculating income, purchase agreement, etc. There are not right or wrong answers, they just want to see you thought process. The more your write the better, it really takes 4 hours though. There are no trick questions and you can miss a lot of info, even going off old guidelines. They really want to see how you think and what you are thinking when you look at stuff in a file. Can you justify why you are or are not doing something with the loan still being sellable.

Just keep in mind, the pay in nothing like they say. They will tell you people average 5 new files a day and final approve something like 3 to 5 and that is not true. You will be lucky to get to 3 because the processing is horrific! They put anything and everything in the file and you process the file, the processors are basically just a go between with the customer. You can delete 100+ pages of crap from a file that is not needed or from 2006 or something. Then your conditions are supposed to come back only once, it take three to four times before a file is clear to close. Somedays you review 15 conditions files and none of them get cleared to close. Every place has it's issues and this place is no different. You just have to pick what you are willing to working with. I think I am just getting old and cranky, lol or maybe just burned out after so many years. I would just like someone to make an effort in processing a file instead of turning in crap while I clean it up and get paid less than they do. See, old and cranky. lol

Thanks for answering about the test - I'm doing that next week!
I'm a little nervous now about the pay... I was offered my choice of base pay vs. a per file commission. I never take commission if I can help it - there is no way to guarantee how many files will close and you could spend hours working a deal that gets declined/withdrawn and then someone else gets it a few months later. No thanks to commission LOL.

Ginger, you were here as recently as 5 days ago... do you still work for Amerisave? The gentleman I spoke to made it sound like the option of base salary is new.

Carrot - you just spoke with someone about the underwriting job? What were you offered for pay? I hope this isn't a "too good to be true" situation where I was offered base pay but then all that's available is commission!

LilB13 in Phoenix, Arizona said: Carrot - you just spoke with someone about the underwriting job? What were you offered for pay? I hope this isn't a "too good to be true" situation where I was offered base pay but then all that's available is commission!

I was told I have an option to take salary or commission, in fact they suggested that I take salary 1st then switch to commission once I get familiar with the system and can do more than 3 files a day. I was told salary is between 50k-65k depending on experience.

Carrot cake in Fremont, California said: I was told I have an option to take salary or commission, in fact they suggested that I take salary 1st then switch to commission once I get familiar with the system and can do more than 3 files a day. I was told salary is between 50k-65k depending on experience.

I was told the same thing so at least its consistent currently. Maybe it is just new and that's why previous employees didn't have the option. I was also told I should take the salary and if I see I'm "leaving money on the table" by not taking the commission, I will have the opportunity to switch.

I look forward to the test and hopefully the offer to follow!

LilB13 in Saint Paul, Minnesota said: I was told the same thing so at least its consistent currently. Maybe it is just new and that's why previous employees didn't have the option. I was also told I should take the salary and if I see I'm "leaving money on the table" by not taking the commission, I will have the opportunity to switch.

I look forward to the test and hopefully the offer to follow!

That's new.

For anyone still looking for what the test is like - be very familiar with the FNMA guidelines - since a lot of investors are different, I have to assume these were the guidelines they went off.
I hope they are looking for thought process and not just perfect answers because in my opinion a few of the answers are different depending on what exactly my authority is, what exactly the guideline says, and when/where I am allowed to make exceptions.
Be prepared for questions about vesting (mine specifically was a man on the mortgage loan, not on title and his domestic partner on title but not on the mortgage loan - can the man on the mortgage loan but not on title refinance). There were some very easy ones, ie., having to do with rental income, low credit or too few tradelines, knowing the basic guidelines of using an appraisal.
The only thing that I felt was a little unfair is the documents given for the last few questions on sales contract, title, appraisal and self-employed borrower. First of all, I haven't seen a self employed borrower in awhile, let alone one as complex as this. I know they exist of course but this is not the type of borrower even the busiest of underwriters sees frequently. But aside from that - you can't read the documents! Seriously, if I got these docs I'd reject them! There's "fuzy" and then there is so unclear that you cannot read - can't read, can't use!
Well, I guess I will find out next week what they were truly looking for in the test answers!

Follow up - they are looking for perfection, not thought process.
I didn't even get the "thanks but no thanks" Email, just never heard back. More than half of the 13 questions are very easy but absolutely depend on their guidelines and what your authority will be... so if you don't already know their guidelines and what your authority will be this test is hard since you're basically guessing... which is why you'd think thought process was taken into account.
And I guess that even though the documents are not legible, you should still be able to read them and answer the questions. Did I mention they aren't legible?
Oh well, I guess it just wasn't meant to be.
Best of luck to anyone taking these tests - if someone calls you to take the test ask them what your authority to make exceptions would be and if you should brush up on Freddie, Fannie or basic Conventional guidelines... then you could at least answer each question up to 4 ways and get it right!