I worked at First Omni Mortgage full-time (More than 3 years)
Before they were acquired by Envoy Mortgage the original leaders of this company did a great job leading the company through the tough times that began in 2007. The owners were always open and honest with us.
When the market turned everyone was stressed out from top to bottom and eventually some of the operational staff was laid off. Sales and management were paid primarily on commission.
I worked at First Omni Mortgage full-time (Less than a year)
If you have a background in sales and are very aggressive, then this company may be right for you (I believe this company is now called Envoy Mortgage). You get as much out as you are willing to put in and the management is very supportive. There is extensive training on the mortgage origination process and assistance earning your NMLS Licence. There are bonuses for good sale people.
After the first few months (where there is some guaranteed income) you are paid strictly on the commission from loans closed during the month which can leave you with some very dry months. Your leads come from lending tree.com so you'll have to "compete" with other lenders and banks to get your customers. The problem with this is that many times the rate you have to offer the customer is way too high. This is because management insists that you make a certain amount of money on the back end of each "deal" so that they can get paid on your hard work as well. When my lending tree leads ran out I was given a list of old leads from years ago of people who had long since decided that they were not interested in inflated rates.
They don't even let you process your own loans. When you've worked to sell someone on a package you then have to pass the package to someone in the next cubicle who does all of the processing for about 12 bankers. They are backed up and have no idea how to smoothly transition your customer into the processing portion of the loan. You can loose a lot of customers because they get contrary information from the processor and start to believe that you are scamming them in some way. Often times I would want to uses some of my back end pay to cover fees and closing costs for my borrowers, but I was told that by doing this I would not get paid enough... meaning my managers would not be paid enough. I really just wanted to help, but instead had to turn so many people away... people desperate to save their homes.
Advice to Management
Set base pay and allow for bonuses. Find alternate sources of leads. If you are going to "compete" have competitive rates. Allow bankers who actually have a heart to help people who need it and get your big dollar commissions out of the sharks... we know there are plenty of them.
Hours are good, very family friendly. Commission structure seems fair.
Management is misleading about actual job duties, pay during training, and overall job duties when they recruit you. Leads are said to be from a top source (Lending Tree), but the majority actually are dead-end leads from second tier websites. Forced to work leads as old as 12-24 months in mortgage refinance business...complete waste of time.
Worked for them through licensing (three weeks), have never received a penny of my training salary.
Advice to Management
Be honest and upfront during the recruiting process, and magically your turn-over will decrease rapidly.
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