WestStar Mortgage

  www.weststarmortgage.com
  www.weststarmortgage.com

WestStar Mortgage Reviews

Updated November 13, 2014
Updated November 13, 2014
5 Reviews
4.2
5 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Walter F. Jones
2 Ratings

Employee Reviews

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  1.  

    Awesome company to work for if you can close lending tree leads

    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Officer in Plano, TX
    Former Employee - Loan Officer in Plano, TX

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

    Pros

    I worked as a mortgage loan officer . Unlimited leads via leads 360 lead system. (leads are recycled if the fresh ones run out). Management is very laid back, they let you set your own schedule, absolutely zero micro management. Mgt doesn't mess with you at all. Pretty much up to you to do your thing and produce. It was hands down the best company I've ever worked at. Also, the Branch manager was without a doubt the best manager I've ever worked for , cool as hell, very encouraging and positive, never became impatient no matter how many questions you asked or even if he was in the middle of something. He never used veiled threats or beat down sessions as a form of motivation (which doesn't work anyways). He made coming to work something to look forward to. Mgt is always happy to help you with anything and everything. Pay is 100% commission starting at .38bps (.38% of loan size), that may seem a bit low but given that the avg loan size is $350,000 ,it's actually quite generous assuming you are good at mortgage sales, you should do quite well. Bps payout can go up to .55bps - .60 bps in higher volume closed brackets or self gen loans. To the best of my memory , the top 25% of loan officers were averaging $100k min, top 10-15% avg $200-$250k. I'd guess that the middle 30% avg about $30-50k. The bottom 30% don't last.

    Cons

    95% of the leads are lending tree. The other 5% were costco leads. In my job interview I was led to believe that the costco leads were a significant percentage of the lead source (which is what hooked me in, the lure of exclusive leads). But unfortunately that didn't turn out to be the case. For all intensive purposes, this is a lending tree operation with the rare occasional costco lead thrown in. The costco leads are exclusive though (whenever you're lucky enough to get one) so your chances of closing one when you make contact with the client are pretty decent. The average lending tree lead typically has about 6 to 8 other competing lenders calling on them so you have to be dam good at your game to survive at any mortgage company that works off lending tree leads. Though, it does help a little that the rates and fees they offer are extremely competitive. I never recall a time I lost a deal over rate and fees, so this company does have an advantage in that regard. There is very high turnover (at least at the Plano, TX branch, can't speak for the other 6-8 branches they have across the country). When I started there were about 12 loan officers. By the time I left 7 months later it was down to about four. The turnover had nothing to do with management. From what I saw, everyone loved working here. From what I observed , the turnover (including myself) is due to the fact that only top performers will make it here. I've been able to make a living for the last 12 years in the mortgage biz but I've never had to try to survive off of lending tree leads alone. In my opinion, you have to be the best of the best to survive on lending tree leads as most lending tree leads have about 6 other lenders calling on them. It's extremely competitive . In my opinion, if you are just average at mortgage sales, you won't survive here. If you are above average might be able to hang on if your loan fall out isn't too high. But with the large loan sizes, a person who is a top industry closer can bank serious cash here. If you are average or have only slightly above average sales and closing skills, don't waste your time here or at any lender that works primarily off of lending tree leads. However, if you are very good at sales and closing, this is probably the best place to work at. I loved working here, very laid back and no micro management . It was probably the best company and best management I've ever worked for. Too bad I couldn't close lending tree deals, would have loved to stay here.

    Advice to ManagementAdvice

    None. Management made this company a pleasure to work at

    Recommends
    Neutral Outlook
    Approves of CEO
  2.  

    Amazing Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Officer in Boca Raton, FL
    Former Employee - Loan Officer in Boca Raton, FL

    I worked at WestStar Mortgage full-time

    Pros

    Great leads and great management. No micro-managing.

    Cons

    I did not find any cons working for this company.

    Recommends
    Positive Outlook
    Approves of CEO
  3. 1 person found this helpful  

    AWESOME

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Branch Manager in Daphne, AL
    Current Employee - Branch Manager in Daphne, AL

    I have been working at WestStar Mortgage

    Pros

    We enjoy the best , fastest underwriting and processing on the planet. JOB #1 is CLOSING your deals

    Cons

    quirky internal accounting gliches could be improved

    Advice to ManagementAdvice

    allow less stringent rules for accounting and bill pay

    Recommends
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  5. 1 person found this helpful  

    Eventful

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at WestStar Mortgage

    Pros

    Being able to assist people with the purchase of the homes

    Cons

    the company is full of liars

    Advice to ManagementAdvice

    stop lying

  6.  

    Good short term job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Clerical Work in Woodbridge, VA
    Former Employee - Clerical Work in Woodbridge, VA

    I worked at WestStar Mortgage part-time (more than 3 years)

    Pros

    They will give the opportunity to learn multiple skills if you are willing to take the responsibility.

    Cons

    company is family owned and does not allow for growth best on merit. Very unfair rating system, and management seems to be sexist against women.

    Advice to ManagementAdvice

    Learn to manage the firm better. You will keep loosing great employees due to your unfair judgement, and preference on unfair family based decisions instead of the common good.

    Recommends
    Neutral Outlook

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