American Equity Mortgage

  www.americanequity.com
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American Equity Mortgage Reviews

Updated Apr 13, 2014
American Equity Mortgage – Atlanta – “Office view from the Atlanta branch”

All Employees Current Employees Only

2.2 42 reviews

50% Approve of the CEO

(no image)

Deanna Daughhetee

(8 ratings)

31% of employees recommend this company to a friend
42 Employee Reviews
Relevance Date Rating
in
    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    'ok' for entry level

    Anonymous Employee (Current Employee)

    Prosplenty of overtime available. always busy.

    Consyou never know if your job is safe

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

     

    Worked there for 5 years, realized that we were raping our customers with fees and then I left

    Assistant Manager (Current Employee)

    Prosclose 6 loan and you can make 8k/ month

    ConsYou 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 Senior ManagementLoosen 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....

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Senior Mortgage Consultant/ Assistant Branch Manger

    Senior Mortgage Consultant/Assistant Manager (Current Employee)

    ProsTraining
    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

    ConsEach 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 Senior ManagementThank you

    Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    This place is a JOKE

    Mortgage Consultant (Former Employee)

    ProsHmm..free parking? Oh! And you get your own little office.

    I learned to have extremely high work standards so I will never experience a place such as this again.

    One of my managers who ended up getting fired did have a lot of mortgage knowledge which helped when trying to sell "sticky situations" if you will...

    They have low borrower standards, which a lot of other companies do not.

    ConsManagement- whom lie, make false promises, favor certain people and hand them loans, etc, etc.... They promise you that you will make tons of money in a short amount of time, yet never close anything. I took this offer with high hopes. They didn't even finish sales training in the first month as promised. They were too busy firing new and old employees each week. I have never seen so many threats to be fired or seen so many people so worried about being fired in my life time of working (which is a long time). 2-4 people were fired every couple weeks. Fun times, huh? Literally, it was like working on pins and needles. Everyone hates there lives who work there. I have never experienced such a bad atmosphere. Due to this, it makes for people who are not working as hard as they should be or focused on the right things.

    It is very hard to compete as a loan officer here versus other places because their costs are extremely high. They tack it all on by saying the borrower won't have any closing costs, yet add it all back into the loan making them owe 16,000 more than they should.

    They do not have free tea or coffee... and they make you bring money to pay for your own company Christmas party. WHO does this? They do.

    I could go on and on, but this is wasting my time. Just don't make the same mistake hundreds of us already did.

    Advice to Senior ManagementMake the work environment better. Period. If everyone constantly wonders if and when they will be fired it makes for a TERRIBLE work environment.

    All of the employees give the new employees the scoop. They tell us you listen into our offices because you guys are so paranoid about new employees finding out how things are really run around there. Which I saw and found out in the first two weeks. They told us if you don't act like you are all "rah rah about AEM" you will get fired...so basically fake it so you make it.

    Start telling the truth, stop being oblivious, and start actually closing loans instead of "pipping" and letting the "piped loans" sit in the pipe line slowly dying. Help MC's actually make $$

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

    1 person found this helpful  

    Don't do it....they are ruthless and cutthroat....they only care about money

    Mortgage Consultant (Former Employee)

    Pros1. meet cool people
    2. make friends with customers
    3. learn a lot about different investors and their programs

    ConsThey will try to tell you that you will earn 6 six figures. Not realistic. They do this thing called charge backs where the MC ends up having to pay out of their own pocket and yes pocket because commission months are few and far between. You have to close 3 loans to make any kind of decent commission 900-1300 dollars. The regional manager is a snake and will fire you with no heart or remorse for the blood, sweat, and tears that you have put in. The long nights where you stay to 9pm and come in on Saturdays. The owner doesn't care. She is closing offices and laying off left and right. This company has no soul. I beg you take this warning very seriously.

    Advice to Senior ManagementYou all know that you play dirty and are heartless. The company is a ball of stress, greed, and corruption.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    1 person found this helpful  

    Extreme environment, excessive micromanagement, no loans closed.

    Anonymous Employee (Former Employee)

    ProsColleagues attempt to band together and help one another.

    ConsPoor management, only the managers and select employees close loans or make money at this company. Newbies are used to 'farm' for business and eventually they disappear, leaving all their (loans) pipeline for the managers to split up.

    Advice to Senior ManagementJust hire $11 an hour personnel to complete applications only and call it what it actually is; stop hiring unsuspecting licensed Mortgage Consultants who will never make any commission.

    No, I would not recommend this company to a friend

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    What a Joke

    Anonymous Employee (Former Employee)

    ProsThere is nothing positive about this place. There are some pretty amazing people who work there and bust their asses for the company and get nothing for it.

    ConsEveryone is underpaid, if you're good at your job, they hand you someone else's work to complete, management never stands behind you so you constantly have to CYA, there is absolutely no consistency and there are constant changes in the process flow. Bonus structures are untouchable and there are long hours put into every work day with no pay to show for it. Another issue is you only get paid overtime IF the 40 hours is actually worked in the office. If any of the 40 hours is PTO or Holiday, forget getting any overtime on that check. Salary workers could work all night and weekend and not get anything for it. It's a sweat shop and you don't get recognition for anything you do unless you're a top performer for the company.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

     

    There were some good times..

    Licensed Loan Officer (Former Employee)

    ProsWhen I started, the team was incredible.

    ConsThe turnover at AEM is probably most comparable to that of the fast food industry. Any red flags going up?

    Advice to Senior Management"Numbers" is an important part of sales, understandably; however, when everything else is sacrificed (I.E. - Customer Service), it's time to put the quotas aside for enough time to re-evaluate.

    No, I would not recommend this company to a friend

     

    Very sales driven.

    Mortgage Consultant (Current Employee) Atlanta, GA

    ProsPay basis points if you close at least 3 loans a month.

    ConsManagers feed you lots of hype.

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

    1 person found this helpful  

    Smokes and Mirrors for both employees and clients.

    Mortgage Consultant (Current Employee) Atlanta, GA

    Pros-Monthly contests and incentives
    -Women are business casual
    -#1 Consultant in the Company makes 100K/yr

    Cons-Micro management at it's finest
    -Low base pay. Impossible to survive on unless you have additional income (Spouse or room mate) Have kids and a family to support? and plan on being the bread winner by working here? Think again.
    -Closing loans is nearly impossible to make commission
    -If you close your first loan there is no commission, if you close 4 you'll average $900 after taxes.
    -You'll have to pay for your own licensing and yearly renewals
    -You're also responsible for any and all charge backs you accrue. Ex. Customer skips out on appraisal, error you made on loan such as incorrect disclosures on rate quotes or missing signatures could penalize you up to thousands of dollars
    -Revolving door, no job stability outlook or growth
    -Business is sensitive to the economy outlook and holidays. Summer and Fall holidays are slow. With rates on the rise, not much demand for refinances. With stricter requirements for home buying, purchases have also slowed down.Google "Mortgage applications decline."
    -Men have to were ties and suits everyday
    -Fees to customers are higher than most companies, which makes it difficult to complete and sell
    -With low appraisals, customers eventually find out that they have to bring money to the table, walk away and eat the $400 appraisal or have monthly mortgage insurance included in their payment
    -Owner of company make a killing for every loan we close, yet the payoff for closing a loan on the consultant side is so low.
    -In order to be successful, plan working unpaid extended hours. Having real estate connections and soliciting business outside of the workplace seems to benefit #1 consultant in the company
    -If you quit or get fired, you will probably not get your last check, and nobody including your former manager will return your call

    Advice to Senior ManagementWhere do I start? How about not threatening or belittling your associates to motivate them? If you perform one day you're a hero, If you have a bad next day they'll make you feel worthless.

    Advice to upper VP Central Management: Practice what you preach. For a so called "hands-on more involved managerial approach" is difficult when you only make end of the month visits to Atlanta only to take the managers to lunch to decide which employees to chop. Instead of training and effort to mold consultants to be more successful, they rather fire and rehire.

    Area Manager is awesome and passionate about company. We need 100 more of him. Motivates and helps out way more than required. Message is lost, when branch managers do the bare minimum to keep their job and are out the door almost as fast as the consultants themselves.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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