Low pay and no advancement, poor upper mananment support, endless work.
Mortgage Consultant- NMLS ID (Former Employee) – Houston, TX – March 15, 2018
Its a great place to learn the ropes of the mortgage field (and leave in a yr or less) as its an elementary version of the forward mortgage field. The retention rate is below 25% within the first year for a reason.. Its impossible to get ahead of the curve since you are a loan PROCESSOR and a MLO second. You spend most of your days talking to people, processing paperwork (as a processor) and fighting silly underwriting criteria.. Underwriting works against you and every turn for a simple loan qualification. By the way, it takes 1 week just for UW to look at a file, if they see something they dont like, add another week to hear back. Its the worst UW turn around time Ive experienced.
The average loans closed for the Houston office is 2- MAYBE 3 closed loans a month for the BEST MLO (on avg. since some months will be 0 closed loans), don't be lied to. You wont make over $3-4k per month (only due to working 50-60+ hrs per week and Saturdays) unless something changes. Good luck.
Flexible schedule that you can alter somewhat
Laughable pay, poor management, out of date company software, system is updated without warning and many glitches, and negative team meetings.