I was not told what the salary was, or the bonus structure until the 1st day of training. They make it seem like it is easy for you to hit bonuses, however it is not. Processing literally will not work a file. They have all of 7 processors assigned to 25 Mortgage Consultants, and the processors are heavily over worked. Processing works from 5am-2pm, and mortgage bankers are not scheduled until 8 so the whole afternoon when bankers are working files, processors have left for the day.
The company does not allow you to do Jumbo loans, or employee loans. You basically have to become best friends with management in order to be granted access to the "Home Team" they call it. Aside from that, you are only going to fund a max of 5 loans per month. Which they only pay you $300/loan. If you have a call monitor and you miss 1 piece on the 2 random calls per month, your bonus for call quality goes out the window.
They have it set up to where if you fund 1 -2 loans they pay you $200. 3-6 loans they pay you $300 on purchase transactions. If you have 100% application quality, and 100% call quality, they multiply your bonus by 40% for each piece. (40% for calls, 40% for app quality) so you could potentially make $540/loan. however they mark you off for absolutely everything and it is near impossible to hit. Just a heads up, base your expected income off making $300/loan.
They also have a rotating saturday and sunday shift. So there is a potential you could be scheduled to work 12 days in a row. I busted my butt working there, working 50hr weeks, taking 30min lunches and did everything management wanted and never got placed on the home team, or had the ability to do jumbo loans. I worked there a year and a half, and my highest bonus was only $2,200. Please do not fall into their trap. I hope i can help someone else make a better choice in company, especially if they have offers on the table from Chase or Loan Depot.
