Some pros, some cons... - Mortgage Loan Officer Veterans First Mortgage Employee Review

This is a call center and you can make good money. The hourly is $20.20 plus commissions. You will not make commission until you close three loans for that month, and then the commission is not good... You will not make good commission unless you close at least 5 loans, ideally 7 or more to make over $2000-3000 in commission. You'll go through 3 weeks of training, being paid your base hourly pay. You will most likely not commission until probably your 4th month, possibly your 3rd month if you get lucky. This is something you aren't told up front, so make sure you can live off the salary for a few months. This job is stressful as you are dealing with peoples lives and what is likely the biggest purchase of their lives. The company does NOT PAY for OVERTIME, however, you'll likely work 5-10 hours of overtime each week and if you bring it to your manager they will tell you "you're not here for the salary, you're here for the commission". Which is total BS, you should be paid for the hours you work, but don't worry, they have you sign something saying you know you cannot get overtime. If you are working late and forget to clock out, your manager will have you send them an email saying you forgot to clock out... When really you didn't forget, you were working, they just tell you to send them an email so that they can legally cover themselves. Additionally, you'll likely be giving your cell phone number out and expected to, again, work for free on weekends and after hours and then be told that this is what it takes to be successful. How the pay breaks down: $20.20 per hour. Close 1-2 loans--thanks, but you're not getting commission... Close 3 loans you get paid .001% of the the total volume ($600,000 total would get you $600 commission... embarrassing and a lot of work for peanuts) Close 4 loans and commission goes to .0015 5 loans--.002 6 loans--.0025 7 loans--.003 8 loans--.0035 9 loans--.004 10 loans--.0045 And thats all you get... loans will amount from 50K to 300k usually... but they will tell you the average loan amount is $200K, which is not true in my experience, it is much lower. They hire and train many people that are brand new to the industry because people in the industry would never work for that low of a payout. Additionally, hope to God that your client does not shop around for rates, Veterans First does not offer good rates... I've lost several deals to other companies because we are at 4.25 or higher, the competition is at 3.75% or 4% max... Your manager will tell you to sell the service you provide... but to most, a little better service isn't worth the extra $20k in interest over the life of a loan... A typical day when you first start is to come in and start making cold calls. Once you get licensed in enough states you'll start received between 1-5 leads a day, which is nice. They target Veterans who have mediocre credit and just want to get into a house. They do not target those with good credit, as those with good credit will likely shop around and realize that the Veterans First Mortgage rates suck. You'll then lose that deal and more stress and pressure will mount, as that might have been your third deal for the month and now you aren't getting any commission. The stressful part is your manager will watch everything you do and basically try to underwrite your file before it gets pre-qualified... My manager will tell me that this or that is not possible, i'll email the underwriter and my manager was wrong, thus I have an extra deal... The manager tries to think he/she knows everything we can or cannot do, but they do not know. Guessing to try to appear smart is not good. The people that work there are good people for the most part. A bad thing is that if your manager is out, other managers do not really want to help you because the teams are pitted against each other and each manager wants to have the best team numbers. So you'll likely be blown off and told to talk to another rep on your own team. You'll also pay $150 to park in the parking lot that sits in front of the building. The company changed its branding from iFreedom Direct to Veterans First Mortgage just over a year ago... Certain inferences can be made when you change your operating name, but they will tell you it is because it sounds better and gives a better picture of the type of business they are... Look at the reviews for iFreedom direct... All-in-all, its not a horrible job if you want to make $50-60K a year, not get paid any overtime you work, work on weekends and on your off time, and be very stressed out. The best thing about the company is the man who basically oversees the company, Dave... Genuine dude and a great guy.