360 Mortgage Group - Good Employer, Limited Career Potential | Glassdoor
There are newer employer reviews for 360 Mortgage Group
There are newer employer reviews for 360 Mortgage Group

See Most Recent

"Good Employer, Limited Career Potential"

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

Pros

Fair pay, good hours, an ok place to work

Cons

Arbitrary promotions, Limited career advancement

360 Mortgage Group Response

Jun 30, 2015 – Content Writer / Social Media Specialist

Thank you for your review and your feedback. If you could give us more information on the issues we need to correct, that would be greatly appreciated! Our e-mail address is hr@360mtg.com.

To... More

Other Employee Reviews for 360 Mortgage Group

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

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend

    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 Management

    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.

    360 Mortgage Group Response

    Jul 1, 2015 – Content Writer / Social Media Specialist

    Hello and thank you for rating and reviewing our company.

    While it is true that we used to have overlays, we are pleased to report that we no longer have any. The overlays were necessary early on... More


  2. Helpful (1)

    "Not your typical mortgage company!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Analyst in Austin, TX
    Former Employee - Analyst in Austin, TX
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    It must be said that this is not your typical stale, old school mortgage company. I have been in the mortgage industry for about 12 years, so I've been a few places. None feel as laid back and casual and inviting as 360. From the get-go it felt almost like a tech start-up company rather than a mortgage company. Great company events and friendly people across the board. Because it's so small, changes and suggestions don't have to be vetted up the ladder to two or three different levels of management-you can hold meetings almost immediately and tackle the issue at hand. Additionally, most everyone is cheery and upbeat while working hard at the same time. People who love potlucks will love it hear, too. Also, there is a snack time everyday at 3PM where the company provides healthy brain-food snacks to pick you up right in that dead spot of the afternoon where all you want to do is take a nap. The value of this and what it does to productivity cannot be underestimated!
    There also is a reward/recognition program where once a month an employee is awarded $1,000 for a good deed. The catch is that you have to write in good deeds about your coworkers as well in order to be eligible to be put in the running (along with someone nominating you of course). It's really unique and definitely fosters teamwork and in a round about way makes you appreciate your co-workers more, and also conversely highlights how they may appreciate your efforts more than one would realize. Industry-specificity aside, this is a unique company overall.

    Cons

    The location is right in a traffic-prone area with only two "escape routes", so it's best to plan your commutes (either come in early or stay later). If there is an accident (or rain, because it's Austin), you're stuck on that side of town until traffic unwinds. Also, some of the work is very manual, but then that can be a good thing-if you know how to perform a task manually, then you know the in's and out's of that task, so you are an immediate expert on that process once it is automated. THAT'S IT.

    Advice to Management

    Although my time here was relatively short due to me taking an opportunity outside of Austin, for the most part the management staff that I dealt with were knowledgeable and VERY approachable. My only advice would be to keep that open-door environment as the company continues to grow and expand, and to continue to hire like-minded people that will only enhance the current culture.

    360 Mortgage Group Response

    Sep 30, 2016 – Content Writer / Social Media Specialist

    Thank you for the amazing review! We're so happy you enjoyed working with us.
    Thanks again,
    360 Mortgage Group, LLC

There are newer employer reviews for 360 Mortgage Group
There are newer employer reviews for 360 Mortgage Group

See Most Recent

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