Revolving Door Company, Inept Leadership
MLO (Former Employee) – Wayne, PA – June 9, 2018
to start, the $200,000 yearly pay that they are advertising is grossly exaggerated. other than (maybe) management, no one makes anything close to that number or at least not in this branch.
based on what I've seen everyone in the branch close and the respective compensation plan, most LOs here are earning about $50,000/year. that's just the average, some people are earning much less. Not good money when you have to work 50 hours a week and 2 weekend days per month. that said, the average LO at this branch is inexperienced (less than 3 years in the mortgage industry) and on the younger side, so if you're right out of college, that might be good money for you.
as far as leads go, you will mostly be calling aged internet leads. the 10 "new leads daily" that they tell you about at the interview have already been called by several lenders. so while they are new leads to the company, they've already been called by other companies, so they are neither new nor exclusive.
the company can afford to do this since it's a commission only job. as far as the company is concerned, you can close 3 loans a month and still be a profitable employee. the fact that this is bordering on minimum wage doesn't concern the leadership in the slightest. they have the attitude that, if we bring in 10 people and 9 of them close 3-4 loans before quitting, we still made a profit and we will bring in 10 more.
my advice is, steer clear of this company if you are looking for stable pay and long term employment.