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I worked at Bay Equity part-time (more than an year)Pros
5 hour days.
You MUST love sales!
Bonuses: if and when you get them.
Coffee shop downstairs (not free) but the ladies are super nice!Cons
The owners will try and "woo" you with the promise of a bonus for each loan that funds, but these bonuses are few and far between. If at any time there's an extra "incentive" offered for getting loans, take advantage of it, because it will most likely be gone within a week! The bonuses used to be cash, but they switched to including them in your paycheck (which will be taxed).
The way they obtain business is by purchasing leads (supposedly people who have inquired online about a mortgage or refinancing). The leads that are purchased are complete crap, and maybe 1 out of 100 will be interested. The leads are never as good or new as you would be led to believe. The owners will play dumb if you question the validity of the leads. You'd have a better chance of calling random people out of the phone book!
The loan officers only want loans that are easy to fund. They do not want to work for the money. They will entice you during the interview and tell you they work hard for you so you can get a bonus. Also, the larger the loan, the more likely they are to accept it (if it's a good loan), because they get paid more. The owners will tell you that if you're funding lots of loans, your bonus amount will increase, which isn't true.
There is absolutely NO training. They give you a script you're supposed to read when you call potential clients, and it's pretty much trial by error when talking to people. If you don't have mortgage experience, don't apply for this job, because you will fail miserably.
If you're not on top of tracking your loans, and paying attention, you won't get paid. The loan officers do NOT want to pay you, and will play dumb if questioned.
There is a constant threat of being fired because your loan volume isn't big enough! The owners constantly change things, and make up rules. They also say they "hate" drama, but they are both notorious at creating it!
I will never work for another mortgage company again. If you're not a "favorite" you will not get far within the company. I would not recommend working for this company.Advice to ManagementAdvice
I would do some research on the franchise owners (ESPECIALLY at this branch). The stuff that goes on within the individual branches would make you shudder.
I would do away with bonuses and just pay people more to work, or reconfigure the bonus system entirely.
Offer better training and ways to move up within the company.Doesn't RecommendNeutral OutlookNo opinion of CEO