I have been working at American Equity Mortgage full-time (More than a year)
I started my first Mortgage position in the industry with American Equity. I'm going to make more then 6 figures for the second year in a row! I am going to respond to a couple of these reviews and NO my company didn't ask me to write anything. I'm not in management either, but felt the truth needed to be said. #1) If you work for a company and don't know how you are going to get paid...I have to question you! Not the company! To bring clarity around that...I make a base pay that I don't have to pay back based on production. The rest of the money I make is commission based on what I produce. All of this was very clearly stated when I started. Your base pay is your base pay you get every month regardless. Just like any other hourly job on earth! #2) I literally have more leads then I can call. The lead system was the main reason that I joined the company. I can go to work at one place everyday and have a turn key system to make money! No networking events. No open houses. No referral pressure. Just call people, make friends for life, and change lives for the better! The whole reason I joined this business. To improve people's lives financially! #3) People leaving and the company going down hill.....I've seen people come and people go in my time here. The one's that aren't here didn't do what they were taught, didn't put in the effort, or had other extenuating circumstances that had nothing to do with the company. Some people aren't cut out for this business. You have to put in the effort like anything else and absorb what you are taught. We have an amazing onboarding program that teaches how you can be an amazing Mortgage Consultant. Be coachable and quit making excuses because all the tools are there. I'm proof of that making 6 figures my first year in the business!!!
I'm going to address some of the cons about 30 days close and No closing costs. Whoever came up with this is diluted! Most of my loans close in 30 days. The ones that don't close in 30 days is because an appraisal took 3-4 weeks and/or they are a lot more complicated file. 99% of the things that cause a file to past 30 days has nothing to do with American Equity. They even have a 30 day guarantee! Secondly, No Closing Costs!...If you ever hear anyone say this, they are lying! Never ever have I ever heard any management of other person tell any consultant to ever say that you have no closing costs! This is just a plain lie! Every loan across the entire country has closing costs!! Most of these costs are mandatory 3rd party fees that blanket the industry. Things such as Title/Title, Origination, Government Recording, etc. We are required before doing anything to go through disclosures with our clients and it states, literally, every cent in the transaction. I explain everything square inch! The client has to sign it at the time of application. That is required! We can't even order an appraisal without those signed disclosure. It's impossible by design with American Equity to bait and switch customers. Our pricing is set when we put the application together. We don't have a way to manipulate anything!! That's how our system works by design. Totally false!
Advice to Management
We are moving in the right direction. We are already better then 99% out there and we are only getting better. Everyone is motivated to help people to the best of our ability. I really don't have any advice to give!
I applied online. The process took 1+ week. I interviewed at American Equity Mortgage (Minneapolis, MN) in May 2017.
3 phones screens, preceded by an 59 minute test that asked questions like: Would you rather be liked or be a friend? Would you rather be a good worker or a friend? If you had a friend would you have him apply? totally ridicoulous. Then the first interview was 15 minutes late, lasted an hour and spent the last 10 minutes rattling off your compensation plan. 30K and you have to pay them back for licensing which is $1400. although after confirming the testing center saw that it was $1200.hmmmm Then one more 15 minute screening then an in person.
Met with branch head...sounded like a lot of "get er done" deals with people livin on the edge.
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