American Equity Mortgage

  www.americanequity.com
  www.americanequity.com

American Equity Mortgage Reviews

Updated December 15, 2014
Updated December 15, 2014
47 Reviews
2.2
47 Reviews
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Recommend to a friend
Approve of CEO
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Deanna Daughhetee
11 Ratings

Employee Reviews

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  1.  

    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
  2.  

    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 an 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
  3.  

    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
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  5.  

    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
  6.  

    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
  7.  

    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
  8.  

    '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
  9.  

    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
  10.  

    This place is a JOKE

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

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

    Pros

    Hmm..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.

    Cons

    Management- 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 ManagementAdvice

    Make 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 $$

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  11. 1 person found this helpful  

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

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

    I worked at American Equity Mortgage full-time (less than an year)

    Pros

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

    Cons

    They 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 ManagementAdvice

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

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

American Equity Mortgage Photos

Office view from the Atlanta branch

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