American Equity Mortgage Reviews

Updated March 2, 2015
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2.1
49 Reviews
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Deanna Daughhetee
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Employee Reviews

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  1. Good place to learn the basics of being a LO & the mortgage business.
    Use job as a stepping stone.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Officer
    Former Employee - Loan Officer

    I worked at American Equity Mortgage full-time (more than a year)

    Pros

    They pay upfront to get your state licence. ( you will have to pay it back)
    They do a good job of getting you ready to pass exams.
    They pay top dollar for good leads & live (hot) transfers.
    You will get a ton of leads
    The owner of the company knows her stuff & is a nice lady she is just out of touch of what is going on in her branches.
    Co-workers are very willing to help you out in any way they can.
    You do get a private office, normally offices are in nicer areas of the city.
    Top producers earn pretty good cash as much as $10-20k a month
    Average LO will make $3-5K a month.
    You get off at 2pm every Friday.

    Cons

    Where do I start....
    Loan fees are some of the highest in the industry.
    Hard to close the internet rate shoppers
    Hours
    Toxic work environment sexual harassment ok, managers pushing their political views down your throat racial jokes garner cool points yelling & verbally abusing employees is encouraged.
    Forced to attend daily sales meetings that are a pure waste of time.
    You have never seen so many daily reports based on # of calls made, # of minutes spent on phone, # of times you called a lead & the times you called them. If you don't like to micro-managed this is not the place for you. It is suffocating.
    Scripts are required so if you want to "be yourself" it is not allowed here.
    Must follow a script written by a VP that hasn't originated a loan since, the good old days when any & everyone was able to get a loan.
    They will promote top sellers into management positions. They rarely make good managers
    This is a glorified sweat shop/call center.
    Men are required to wear a white shirt & tie everyday (seriously) not a blue, green or gray but white only sirs.

    Advice to ManagementAdvice

    Stop making your top LOs managers.
    Let LOs work various hours. You can call leads at 8am or 8pm when they come in.
    Encourage LOs to advise of issues with branch managers without fear of losing their jobs.
    Take complaints from LOs serious to avoid lawsuits.

    Neutral Outlook
    Approves of CEO
  2. Mortgage consultant

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at American Equity Mortgage

    Pros

    great place to learn the basics

    Cons

    hours suck and so do benefits the processing department needs improvement.

    Advice to ManagementAdvice

    compensation needs to higher

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  3. There marketing is good, the environment is fine, the rates of their products is about as high as I have ever seen.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Loan Officer in Bellevue, WA
    Current Employee - Mortgage Loan Officer in Bellevue, WA

    I have been working at American Equity Mortgage full-time (less than a year)

    Pros

    base pay provided, reasonable quality leads provided, set hours

    Cons

    I don't feel ethical offering my clients rates that are this clearly uncompetative

    Advice to ManagementAdvice

    readjust your business model so that you can offer rates in line with everyone else

    Doesn't Recommend
    Negative Outlook
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  5. Best place I have worked

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Planner in Tampa, FL
    Current Employee - Mortgage Planner in Tampa, FL

    I have been working at American Equity Mortgage full-time (more than 5 years)

    Pros

    Training, Closing loans on time, great culture, and leadership. Great Rates! Customer Service.

    Cons

    Not enough contests being run

    Advice to ManagementAdvice

    More Contests.

    Recommends
    Positive Outlook
    Approves of CEO
  6. Not much to say

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at American Equity Mortgage

    Pros

    had good training, helpful staff.

    Cons

    work life balance, time off policies.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7. Started off great, went down hill from there

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous
    Former Employee - Anonymous

    I worked at American Equity Mortgage

    Pros

    Great people to work with when I started. I really had a great boss and team

    Cons

    Terrible sales strategies, horrible operations team, glorified telemarketing in suit and ties. Higher costs and slower process than competitors. An embarrassment to the banking industry.

    Advice to ManagementAdvice

    Try putting clients before leads and make sure your company can actually help clients get their loan closed. Leads are gold clients are crap right?

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. Not a good place anymore

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at American Equity Mortgage full-time

    Pros

    It might pay the bills for a time

    Cons

    Everything written in other reviews is true.

    Advice to ManagementAdvice

    None, because they are not open to any advice.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9. Worked there for 5 years, realized that we were raping our customers with fees and then I left

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Assistant Manager
    Current Employee - Assistant Manager

    I have been working at American Equity Mortgage full-time (more than 5 years)

    Pros

    close 6 loan and you can make 8k/ month

    Cons

    You have to be a stud to close 6 loans/ average person is closing 2
    people are in suits and ties, but they really only make 2k per month
    They micro manage there employees. (credit apps, phone calls made, etc...)

    Advice to ManagementAdvice

    Loosen up the micro management
    Decrease what you charge on your loans and the LO will be able to be competitive
    Bringing people in the office to charge them more fees is not an effective strategy moving forward.. It is almost impossible to sell the fees by phone..., this is why only your top producers are making money
    6 step and closing on the first call makes sense, but it puts additional pressure on the MC and the customer which makes it stressful.
    Ask your self? Would you give somebody a credit card number on the first call without going over numbers? Hell no.. then why are you expecting your LO's? This is a Moral question....

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  10. 'ok' for entry level

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at American Equity Mortgage

    Pros

    plenty of overtime available. always busy.

    Cons

    you never know if your job is safe

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  11. Senior Mortgage Consultant/ Assistant Branch Manger

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Mortgage Consultant/Assistant Manager
    Current Employee - Senior Mortgage Consultant/Assistant Manager

    I have been working at American Equity Mortgage full-time (more than 3 years)

    Pros

    Training
    Base Pay not a draw
    Excellent Comp plan
    Plenty of company provided warm- hot leads
    Expanded products down to 580 scores to help more prospects with financing
    VA programs 100% Cash out

    Cons

    Each branch could have an LOA/ Loan Officer Assistant that could carry some of the stip gathering for UW and Processing to allow the Loan Officers to focus more time on originations

    Advice to ManagementAdvice

    Thank you

    Recommends
    Positive Outlook
    Approves of CEO

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Office view from the Atlanta branch

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