Underwriting/Processing/Closing at Amerisave Mortgage Corp.

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Comments (43)

Todd Rainwater in Lakeland, Florida

46 months ago

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??

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Ginger in Savannah, Georgia

37 months ago

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.

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Nina in Charlotte, North Carolina

36 months ago

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?

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Ginger in Savannah, Georgia

36 months ago

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.

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amjd in Fort Lauderdale, Florida

32 months ago

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

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dallas in Chicago, Illinois

30 months ago

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.

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Gingersnap in Savannah, Georgia

30 months ago

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.

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Gingersnap in South Lyon, Michigan

30 months ago

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.

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Gingersnap in South Lyon, Michigan

30 months ago

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

just commission

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Gingersnap in South Lyon, Michigan

30 months ago

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.

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Carrot cake in Fremont, California

30 months ago

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?

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Gingersnap in South Lyon, Michigan

30 months ago

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.

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Gingersnap in South Lyon, Michigan

30 months ago

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

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LilB13 in Phoenix, Arizona

30 months ago

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.

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LilB13 in Phoenix, Arizona

30 months ago

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!

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Carrot cake in Fremont, California

30 months ago

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.

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LilB13 in Saint Paul, Minnesota

30 months ago

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!

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Gingersnap in South Lyon, Michigan

30 months ago

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.

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LilB13 in Phoenix, Arizona

30 months ago

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!

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LilbB13 in Phoenix, Arizona

30 months ago

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!

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drubin in Mansfield, Texas

21 months ago

Does anyone have a contact number or email so I can follow-up on the resume I submitted with Amerisave?

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Zip in Birmingham, Alabama

19 months ago

Thank you for your input. I am wondering about the company also. I got a call today that said I have the choice between $70K or commission only after 90 days. $500.00 sign on bonus. Training 2 weeks in ATL all exspenses paid. Insurance after 90 days 401k after 6 months. Goals is 3-4 files a day at first then 5-6. I think the test sounds intense 13 questions with a 2 1/2 hour limit... not sure if I want to leave my job of 2 years for this, but working from at home sounds tempting especially as a new mom. Thoughts anyone??? Is this really to good to be true???

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LilbB13 in Phoenix, Arizona

19 months ago

Hey Zip in Birmingham....

As a mom of a young one I say GO FOR IT. BUT, remember it is a real job and daycare/babysitters are still in your future. You won't be able to get 6 files done a day with a baby screaming in the background at home any more than you would if you could take him/her with you to your office.
I decided to work from home because my little one gets sick often and I CAN work a day or two here and there with her home without losing money or my PTO.

My honest opinion, just take the salary. Yes, there will be months where you think, well shoot, if I'm doing 6 loans a day I can make way more on commission.... and then a lull hits and you're screwed. Take the salary and just do what you do best without having to worry about volume that you have no control over.

As for the test.... it's actually not that hard as long as you have been underwriting for a few RECENT years and are very familiar with FNMA guidelines. BEWARE: if they have not changed their test in the last year then all the documents for the title, appraisal, sales contract and tax returns are S#!T - you can't read them, they are horrible!

I know I failed their test primarily because of this (I took a test for 3 other companies and was offered 3 other jobs, so I'm thinking it wasn't ME - their loss! lol) So I would only suggest asking your recruiter about the test materials before you take it AND ask them if you should answer as though you have authority to make exceptions as an underwriter or if you must underwrite exactly to guidelines.

Good luck to you!

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jami78 in Chandler, Arizona

18 months ago

Hi LilbB13, the test information is very helpful! Also, you mentioned applying at three other companies and receiving offers. I was wondering if those were also work from home options, and if you would mind sharing what companies are also offering this?

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Ja415 in Richmond, Virginia

17 months ago

Has anyone worked or currently work at Amerisave? I applied as an at home processor just wondering if anyone has a contact in HR or knows how to get my foot in the door. Also, is compensation for salary like you all mentioned it is for a uw? Is it per file, salary, or both?

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dr1500 in Carrollton, Texas

17 months ago

I am taking the test tomorrow. As far as compensation goes, I was told 80k per year OR per file (I opted for the 80k), u/w 60 files per month, if I u/w 80 per month I get a 1k per month bonus AND they will pay me overtime. Benefits after 90 days, 401(k) after 180 days. Seemed like a great package to me.

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Michelle in Roanoke, Texas

16 months ago

Hi,

I am trying to get more information about Amerixave and the test. Also would love some feedback on the pay and the bonuses. I know the training is in Atlanta. How many people go and actually make it through the Atlanta training? Is the software easy to use? I would like to hear from some current Amerisave underwriters if there are any available. I am an underwriter working on a contract job assignment right now. I would be willing to make the switch if the pay at Amerisave is stable and work is stable. The turn over where am currently working is pretty high. People aren't making it out of the "training" period. Thank you so much for your time.

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Anonymous in Mansfield, Texas

16 months ago

I am currently working as an underwriter for Amerisave. Once you pass the test the training is a breeze. The system is the best I have ever used and I have been underwriting sine 1998. The ppay is great but make no mistakes about it, you will work and it is a job. I do love being at home and you wont get better pay on a contract. You should be able to hit six figures between the base pay , bonus and OT. The stability is great and there isnt a shortage of work. The mgmt understands that you have the most important job at the company and you are treated as such. I would definitely recommend the job to anyone.

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Michelle in Roanoke, Texas

16 months ago

Hi,

Thank you so much for replying. I was wondering if the test was hard? How long did you have to stay for the training? Are you given equipment or do you have to buy your own? How many people went to the training and actually got through it?

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Anonymous in Mansfield, Texas

16 months ago

You use your own equipment and everyone gets through training. But when you get home your files will continue to get reviewed. I am still in that phase. I wouldnt worry about it. If you are a good underwriter you will be good. BUT if you have only done loss mit then dont waste your time.

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Michelle in Roanoke, Texas

16 months ago

Is it two full weeks? Do they pay for your trip there and the hotel? What about meals? I am very interested in applying for the position. I am currently working a temp job and really want to be somewhere permanent. Thank you for answering all my questions. Do you get overtime if you work more than 40 hours a week? How do you track your time?

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Anonymous in Mansfield, Texas

16 months ago

You should apply for the job and talk to the recruiter. They will pay for transportation hotel and give you per diem. You clock in and out online....where are you working now? I see you live in Roanoke.

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Michelle

16 months ago

I am working in Irving at a large mortgage company. I am not permanent though so that is why I am looking to move somewhere. You have been so much help. Thank you. Can I ask you how long you have to stay in Atlanta and is the hotel nice and safe? How many people were at the training? Do you get to go home on the weekends?
Thanks again.

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Anonymous in Mansfield, Texas

16 months ago

The hotel is in Buckhead a very exclusive area of Atlanta.You will stay two weeks, only one weekend....You probably are working at Frankil American. I was there in 2010. Look working from home is the business if you can you need to jump on it. There will only be one more class and that will be held in January.

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Anonymous in Mansfield, Texas

16 months ago

Don't be nervous about thee travel or stay in Atlanta. It's plenty safe, the company is great and so is the pay. If you pass the test you're golden. But first you have to pass the test.

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Michelle

16 months ago

Did you stay the full two weeks? Did you go home at all? Where did you take the test?
Thanks!

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Michelle

16 months ago

I am at Franklin. :) I am looking forward to giving this a shot. Is it true that the files you receive are lacking and you need to process the files? Are you doing 3 and 4 files a day?

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Anonymous in Mansfield, Texas

16 months ago

The files are processed very well. If they arent you will send it back to processing. I stayed two weeks and my wife came to Atlanata for a weekend. I'm doing 3 files per day. But once I get released I will be doing 4-5 per day with the overtime. I took the test at a library in Plano. There is a guy they have here that adminsters it. I used the MGIC SAM form for the s/e income and rental income. You can also bring a calculator. The guy isnt standing over you he leaves you in a room by yourself and it takes about 2.5 hours.

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Anonymous in Mansfield, Texas

16 months ago

Once you get to training you will learn all of this. Anyone who has told you the files arent processed well must not work for Amerisave. Management fully respects you and will tell you they realize you have the most important job at the company.

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Anonymous in Mansfield, Texas

16 months ago

You can be confident you are making a great decision by joining Amerisave. But you have to pass the test first. After that worry about the other stuff.

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amjd in Fort Lauderdale, Florida

16 months ago

Does anyone knows a recruiter or hiring manager for Amerisave?

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amjd in Fort Lauderdale, Florida

16 months ago

Anonymous in Mansfield, Texas said: You should apply for the job and talk to the recruiter. They will pay for transportation hotel and give you per diem. You clock in and out online....where are you working now? I see you live in Roanoke.

Can you please provide me the recruiter information? Thanks.

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Chloe in Athens, Georgia

11 months ago

Can someone give me more information about the job details of a Mortgage Loan Originator for Amerisave? I was reading that because they pay a salary plus commission that there is a risk of losing the job if you don't close a certain number of loans. Is this true? There is one month training. Is it hard and does it have to be in Atlanta and can I work from home? Just wondering if I will be able to keep my current job if there is a possibility that I lose the job from Amerisave?
Wondering if I will be a good fit for the job.

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