Qualified Experienced MLO's Need Not Apply
Loan Officer (Former Employee) – Irvine, CA – November 9, 2018
When I was hired at AAG I was encouraged by the interviewer's positive comments about the company mission, high employee satisfaction and low turn over, number of direct transfer calls we could expect each month (40+) and the compensation an "average" LO could expect to earn with that number of qualified leads, the excellent employee benefits, and management's role in mentoring and supporting an LO's success. I was very confident, based on what I was told and my capabilities, that I could easily not only meet but exceed the required sales goals.
A big part of what sold me was that I was told repeatedly that I was being "hired for your unique personality, integrity, and proven success in the lending industry so don't change a thing". Then, the minute I started, they were on a mission to train that unique personality and integrity out of me! I have over 20 years experience in mortgage and other consumer based businesses and have been very successful in developing genuine rapport with and earning the trust of my clients that resulted in a strong referral base business.
AAG says they offer paid training that will ensure your success in Reverse Mortgages. What they don't tell you is that the "training" will involve attending a minimum of 3 - 5 hours a day of completely disjointed inconsistent conflicting redundant sessions by middle management "sales coaches" or former "team leads" that were a waste of time for anyone with even a little experience or any brains. During the time I was in training (6 weeks TOO long), they changed the process a dozen times, handed out literally scraps of paper with poorly written sales "pitches" (punctuation and grammar not their strong suit) that we were to follow verbatim. This was reinforced by weekly one-on-one call reviews with inexperienced "call coaches" telling you exactly how to talk to senior citizens about their most valuable asset, their home. It was nothing short of ridiculous.
I probably could have stayed at AAG, but what management wanted you to say to the clients if you met the least resistance and what I heard on the floor, literally made me sick to my stomach and I was burned out after 6 months.
Regarding the leads - I never received more than 25 leads a month (some weeks NO new leads) and more than half of those were "non-quals" where they could not be converted no matter what, because the borrowers simply did not qualify.
In all honesty I think the company CEO does have good intentions, but the company has grown so fast that he is completely out of touch with what is happening on the floor. The self serving micromanaging middle management will be the undoing of AAG. The turnover is ridiculously high. Of the 10 other LO's I started with (most with very successful mortgage or sales experience), only 4 are still employed.
And, before you say it, I'm not disgruntled (currently fielding several excellent offers from other companies), just being truthful. And I did enjoy working with some of my co-workers there.
Nice office, covered parking
Extreme Micromanagement, Stressful Environment