Freedom Mortgage "loan officers" Reviews | Glassdoor

Freedom Mortgage Employee Reviews about "loan officers"

Updated Aug 16, 2019

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2.5
30%
Recommend to a Friend
30%
Approve of CEO
Freedom Mortgage CEO Stanley Middleman (no image)
Stanley Middleman
337 Ratings
Pros
  • "Overall, I enjoy the work environment and the progressive attitude that Freedom leaders possess(in 21 reviews)

  • "Great people who are smart, caring and hard working(in 16 reviews)

Cons
  • "always changing salary structure making loan officers earn less for same loans closed(in 28 reviews)

  • "Company is pushing out a lot of great managers and loan officers with their current strategy(in 27 reviews)

More Pros and Cons

Reviews about "loan officers"

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  1. Helpful (3)

    "First Flyer Program"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Loan Officer in Mount Laurel, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Freedom Mortgage full-time for less than a year

    Pros

    The First Flyer Program at Freedom Mortgage gives people an opportunity to find a career. The program sets you up for success in the mortgage industry.

    Cons

    Balancing work and life is difficult while working as a loan officer.

    Freedom Mortgage2016-01-28
  2. Helpful (3)

    "stay away"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Mortgage Consultant in Tempe, AZ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Freedom Mortgage full-time for more than a year

    Pros

    put through SAFE. These are just words to fill the minimum because there are none.

    Cons

    Everything else, no such thing as work like balance, no communication from management, benefits are terrible, commission structure is TERRIBLE. It is clear that upper management is on good-ol-boy system and they are only people who benefit. Company is pushing out a lot of great managers and loan officers with their current strategy. It has been a constant down hill slope for the entire time I have been with Freedom Mortgage. I do no recommend this company to anyone.

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    Freedom Mortgage2019-08-16

    Freedom Mortgage Response

    August 20, 2019VP, Commmunications

    We are sorry to see this review but appreciate your being candid. We would like to learn more about your individual experience. Please contact LetUsHelp@FreedomMortgage.com if your wish to expand on this. Your feedback helps us get better. Thank you.

    Continue reading
  3. "bad salary structure"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Loan Officer 

    I have been working at Freedom Mortgage full-time for less than a year

    Pros

    good learning environment, dont put in more than 6 months to a year

    Cons

    always changing salary structure making loan officers earn less for same loans closed

    Freedom Mortgage2019-05-02

    Freedom Mortgage Response

    May 8, 2019VP, Commmunications

    Freedom Mortgage values your feedback and would like to learn more. Feel free to contact EmployeeRelations@FreedomMortgage.com if you would like to discuss. Thank you.

    Continue reading
  4. Helpful (6)

    "Good job for 3-6 months, not a Career"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Loan Officer in Tempe, AZ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Freedom Mortgage full-time for less than a year

    Pros

    I learned a ton of valuable sales skills that will transfer to any position in the future. Product knowledge, building rapport over the phone, active listening, qualification questioning, objective handling, and closing techniques are some of the major takeaways I have from my six months with Freedom.

    Cons

    Cold call 150-200 people a day. These aren't "leads," they're folks who are oblivious that Freedom has purchased their mortgage from another company and now they pay us every month. They have $34,000 in equity, but closing costs surpass that number in some cases, so often you don't have a deal after hours of building a loan for that prospect. They say the leads will get better once you "hit the sales floor" but that takes a year of working in the First Flyer program (training program) to be released to a sales team and new manager. Not to mention during that 12 months you are not allowed to take part in work lunches, where corporate provides enough funding to feed 70/90 people in the office but those 20 who are in the training program have to look on as everyone files into the kitchen to get their Chipotle. This happened about once or twice a month, not good for morale. Also, employees efficiency at work is tracked daily. Your computer has a software that tracks how long you've been at your desk and working, and how many times you've gotten up to get coffee, go to the bathroom, etc.. Your managers would quickly IM you or ask across the hall how come you've been slacking off or haven't hit 100 dials by lunch. This sort of micromanagement can be frustrating and make you feel like a child. You were required to report to your manager about leaving for lunch, going on break or stepping outside to make a phone call. It felt like we were high school kids who had to have a baby sitter watch over us. Turnover was extremely high. Something that is on par with other telemarketing jobs, but combined with mortgages and people were leaving left and right. Many times the talk at the water fountain or coffee machine was, "How much longer you think you'll stick around?" This was because we were calling 150-200 people a day; 20-30 actually answer and pick up the phone. On 5-10 people you may make some progress and have a lead. The only issue is we're calling folks with a 3.25% (often lower) interest rate and $30,000-$40,000 in equity tops, so the likelihood of you actually closing a deal is extremely slim. Now, Freedom Mortgage specializes in cash-out refinancing and debt consolidation. Any person with minute financial education knows how stupid it is to consolidate 3-4 credit cards into a 30-year mortgage. The debts aren't gone, they're just rolled into a 30-year mortgage and paid over that time span with interest of course. So if debt consolidation wasn't an option, our only backup was taking cash out from the equity they have paid into their homes. The problem here is that interest rates are the highest they've ever been right now than in the past 5-10 years. The product we pitch is we can get the customer $10,000-$20,000 to remodel their bathrooms, but we'll charge you close to $30,000 in closing costs for you to access that money, double your 2.75% interest rate to a 5.625% and not to mention start all over on your mortgage that you've worked hard to decrease in size over the years. In addition, all of this is done over the phone with a stranger, most likely someone who is calling during the customer's dinner time. Can you see how frustrating this can be on a daily basis? The constant rejection and poor "leads" we had to choose from instilled an overarching feeling of hopelessness, especially with the managers in your ear about metrics and sending update emails every 2 hours. It's a high-pressure environment which isn't for everyone. You're expected to make big sales for the company but what they've provided you, the employee with is very little to be successful. No one in their right mind will refinance over the phone with a telemarketer they've never seen face to face. This is their largest asset we're calling customers about and they've never even heard of our company. Most folks will elect to visit their local bank and conduct this business face to face with someone they feel they can trust. In addition, no commission from the sales you make in the first 12 months is earned. You are paid a base salary for the first 12 months, and if you've proven to be loyal after that time, the company will start paying you a fraction of the business you have provided them through a commission. This policy differs across the board but most commission jobs allow you to start earning that little bonus much sooner than 12 months of employment. I believe this is their way of weeding-out the folks who aren't any good or who aren't in it for the long haul. With such high turnover, maybe they don't want to pay those folks who will most likely leave. Or on the other hand, its simply cheap labor and more money in the CEO's pocket. They can hire a bunch of clueless college grads who are simply happy with a job offer and not have to pay them very much at all, they'll earn us some business and leave after 6 months. The cost of training and hiring for this company has got to be astronomical considering their turnover. Hours were quite odd, we worked 9-6pm and 10-7pm once a week. Getting off at 7pm is a drag, the day is already over it feels like and you've missed dinner. After about 5-6 months you will be asked to start working Saturday's once a month. Once a month isn't horrible, but there's a lot of jobs out there that don't require you to work on weekends, again this is for no commission. After about 4-5pm west coast time, all of the help in New Jersey (corporate) has gone home so if you work on the west coast, you're screwed. Many times after 4pm we were forced to tell customers to try and call again the next day but earlier so we'd have someone who could speak with them - not everyone calling needed to speak to a loan officer like myself. Lastly, the environment was as bad as it could get. Nobody says "Hi" or "Good morning" in the hallway. It was normal for me to walk past a manger, shoot them a kind smile and receive nothing in return or they'd quickly glance the other way to avoid conversation with a training employee. Little things like this pile up over time, and it seemed that truly no one was happy to be there in the office. I stayed for 6 months precisely and got the heck out of there. If you're a recent graduate or just looking for a sales job, STEER CLEAR this is not what you want. If anything, this is a good job to have for 3-6 months while you search for a better job. This is by no means a career position.

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    Freedom Mortgage2019-03-03

    Freedom Mortgage Response

    March 15, 2019Communications Director

    Freedom Mortgage values your feedback and would like to learn more about your experience. If you would like to discuss further, please contact EmployeeRelations@FreedomMortgage.com. Thank you.

    Continue reading
  5. Helpful (3)

    "Terrible Company Run for your Life"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Senior Loan Officer in San Dimas, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Freedom Mortgage full-time for less than a year

    Pros

    None Zero Never Ever Never

    Cons

    They will use you . Get all your clients in their system and will tell there call room to call them and offer them a cheaper rate that you as the loan officer can't compete with so there goes your repeat client. They actually steal them and pay the call center minimum wage. Then when you stop top producing they fire. How can I keep producing for you to steal my customers. Not in this lifetime. I quit.

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    Freedom Mortgage2019-02-28
  6. Helpful (14)

    "Issa Lie, Issa Scam LOL Please read below!!! (I'm not just a disgruntled, ex employee who got fired)"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - First Flyer- Sales in Mount Laurel, NJ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Freedom Mortgage full-time for less than a year

    Pros

    They offered us OT because they laid off entire departments and needed us to fill in and do their jobs. The pay is decent for a kid straight out of college. A couple months in I was at about $19.82 /hr. That's the only reason it gets 2 stars lol..

    Cons

    Lay offs Pay They try to force you to participate in events that people with lives don't have time for They lie about how good of a company it is. (Wait till you get to operations LOL) You have to watch ppl get laid off then watch the manager walk up and say "we're done layoffs for a while, the market is bad" then watch him come back two days later after another round of layoffs LOL (I mean yea thats the mortgage business, I get it, but false hope? Not cool) Everyone in operations hates you because you're most likely there to replace them LOL They made us customer service reps instead of loan officers (yes I passed the test on the first try)

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    Freedom Mortgage2018-10-10

    Freedom Mortgage Response

    October 18, 2018Communications Director

    We are always looking for ways to improve our employee experience and welcome your feedback. Thank you.

    Continue reading
  7. Helpful (7)

    "Constant Layoffs with NO NOTICE"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Mount Laurel, NJ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Freedom Mortgage full-time for more than 3 years

    Pros

    The Coworkers are great and the casual attire Friday’s are nice.

    Cons

    Some of the management are employees are very unprofessional. A few of the Loan officers constantly use the four letter word and nothing is done about it. Also, the constant layoffs are stressful as you never know when your department or job will be eliminated.

    Freedom Mortgage2018-05-26

    Freedom Mortgage Response

    May 28, 2018Communications Director

    We are glad you have great co-workers and are enjoying casual dress. A professional workplace is part of our culture. Freedom Mortgage values your feedback and would like to learn more about your "cons." Please contact EmployeeRelations@FreedomMortgage.com.

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  8. Helpful (7)

    "Constant layoffs"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Freedom Mortgage full-time

    Pros

    Good pay and great team

    Cons

    They hired way too many people, not just as loan officers but in every department. They have layoffs as soon as the interest rates go down which happens every few months. There is no severance pay nor do they pay out for unused PTO. They just schedule a meeting with you a on a Friday morning and walk you and your stuff out the door. It's an extremely depressing atmosphere to be a part of.

    Freedom Mortgage2018-05-14
  9. Helpful (5)

    "Dissatisfied and disillusioned"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Loan Processor in Marlton, NJ
    Recommends
    Positive Outlook
    Disapproves of CEO

    I worked at Freedom Mortgage full-time for more than a year

    Pros

    Good benefits. Nice building and lunchroom. Opportunity to hit bonus if you close 10 loans. Close to home. Servicing is always hiring. They offered great in class training. Permanent employment. Good decent competitive pay.

    Cons

    Layoffs and more layoffs. processing there is constant change and change that doesn’t help the process. Employees do not have a voice. Managers micromanage and overlook hard work and dedication. Unrealistic time frames. The processors are expected to complete tasks when it’s all outsourced to other departments (title, employment verification, transcripts, credit supplements, etc) but it all falls back on the processor if it’s not done. Redundant process is put into place ie. the processor cannot contact the loan officer he/she must go through a middleman called customer advocate for questions or information.

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    Freedom Mortgage2018-05-14
  10. Helpful (5)

    "loan officer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Mortgage Loan Officer in Phila, PA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Freedom Mortgage full-time for less than a year

    Pros

    40k salary for loan officers

    Cons

    no longer opp for advancement...... pressure for numbers....no work life balance.....push for front end numbers that pay managers, but not the loan officer.

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    Freedom Mortgage2018-05-01

    Freedom Mortgage Response

    May 2, 2018Communications Director

    Thank you for your review. We can reflect on it and find ways to improve the employee experience for others.

    Continue reading
Found 27 reviews