There are newer employer reviews for 360 Mortgage Group

 

Good Employer, Limited Career Potential

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

I have been working at 360 Mortgage Group

Pros

Fair pay, good hours, an ok place to work

Cons

Arbitrary promotions, Limited career advancement

Approves of CEO

9 Other Employee Reviews for 360 Mortgage Group (View Most Recent)

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  1.  

    New Wholesale Lender with Excellent Technology and people but LOTS of overlays

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

    I worked at 360 Mortgage Group

    Pros

    -phenomenal, cutting edge technology. takes 5 minutes to upload a loan and they have an IM chat feature with underwriters. FHA connection integrated into the system. Email notifications on every step of the way.
    -Some of the underwriters are the best i've worked with in my career and they have a lot of people on the inside who truly care and actually try to get things done. The branch manager in Austin is a saint and if everyone worked like her, they would have clients for life because of her excellent service and dedication.
    -they order wires on loans the night before and have all day to fund that loan - easiest funding process i've ever encountered.
    -100% paperless system

    Cons

    They have LOTS of underwriting overlays - something like a 30 page document of all of them. They are VERY conservative because they are protecting 1) their investor and 2) their funding ratio with their Lines.
    -they use an internal appraisal panel rather than local AMC's. This has been a hotly contested item but they want control of the panel.
    -they are conservative with the programs and properties they will lend on, sometimes too much which means turning away lots of business.
    -They dont have market-specific rate sheets so they cannot incentivize certain markets that are slower. And Texas is NOT the same market as San Diego - both in pricing and product mix.
    -the AE comp plan is low for the industry - 10 bps for conventional, 12 bps for FHA and 15 for portfolio.
    broker approval for new broker setup was slow because the primary person handles other departments

    Advice to ManagementAdvice

    if you want to succeed in CA, you need to have better pricing and product mix available. Remove underwriting overlays on DU approved loans. Remove your overlays on temp high balance loans to be more in line with other lenders in the market. Get Freddie programs and make them competitive. Incentivize your preferred brokers and treat them like gold because not a lot of brokers are using lenders who dont have a niche. The portfolio program is not a niche if it's priced out of the market. Going only after the 'cream of the crop loans' is not a good strategy for an up and coming lender if all the best brokers are still approved with Wells, Citi, GMAC etc. To be competitive with the big boys, you need to be priced AND PERFORM at least the same, if not better, than they are currently servicing their best clients.

    Doesn't Recommend
  2. 1 person found this helpful  

    Great atmosphere!!

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

    I worked at 360 Mortgage Group full-time (more than an year)

    Pros

    The understanding that management has of personal needs not to mention there is a great balance of work/life.

    Cons

    They do tend to underpay you for your position

    Advice to ManagementAdvice

    Allow more room for advancement

    Recommends
    Neutral Outlook
    Approves of CEO
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