Questions and Answers about First Direct Lending

Here's what people have asked and answered about working for and interviewing at First Direct Lending.

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12 questions

Why you want to work there and your future goals.

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I loved it, told them with pride

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It was more of a conversation. But they did ask about direct mail and what I did for my previous employer.

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No they do not drug test you

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It was great, I knew that this would be a wonderful company to work for after learning our primary goal in this industry.

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First Direct Lending closed on 4/30/18

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The required hours are the normal 8-5 kind but it was heavily frowned upon to end your day anytime before 7pm

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$17 per hour

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As a senior underwriter with 18 yrs mtg experience, I expect to be treated with some trust and allowed to make credit decisions. I know how yo mediate credit risk and insure the loan is salable/insurable. Unfortunately, that is not how FDL operates. This was the most oppressive environment I have ever worked in. Management is not production orientated. There is so much control over every detail. It was sufficating and mind numbing. We were not allowed to underwrite to investors, instead we had to follow FDL's guidelines. And let me tell you, they love overlays. There was a clear tone if mistrust for no apparent reason. Management's favorite word is no. Its no suprise the owners have gone through a few companies and are now laying off in mass and closing offices. To put it mildly, they have a very conservative view of credit risk. Explains the high attrition rate in sales and the struggle to fund enough loans to stay out of the red every month.
Also, the system of the executive processors choosing their exclusive UW's creates a conflict of interest. There are 4 or 5 executive processors? They get the majority of the files, hence so do their UW's. Of course UW's want to be chosen and that creates incentive to cut corners. Its also unfair when exclusive underwriters get 10 new loans each in a day and the rest are begging for new files. Then they are laid off because they aren't the top producers. Very flawed system set up for failure.

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