Freedom Mortgage Employee Reviews about "loans"

Pros

Salary is good, great people to work with, often fun competitions for prizes or cash for doing your job, and casual work environment (Tempe)

Cons

Constant change of commission structure, paid by how many closing (not by size of loans), need a min of 6 closings to make any money on commission(kept increasing). Micro managed, junk leads if you're not top tier or just starting

Advice to Management

Fight for your employee's commission, don't give false promises on better/more leads.

Pros

Team focus helps pull everyone together

Cons

Rigid focus on meeting targets, feels like you are manufacturing loans more than anything else given the "assembly line" feel. But perhaps things have changed since

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

Pros

None I can think of

Cons

empty promises, no follow-through by management, LOs don't know what they're going to be paid on their commish checks. No work-life balance. You can do everything in your power to make sure your loans fund but in the end they will pull the rug out from under you end of the month, whether it be by laying off a bunch of processors/underwriters, or not pushing your file along

Advice to Management

Stop asking people to put in extra hours with no incentive on your end. You expect people to be fine working 50-55 hour weeks yet always drop the ball on closing their loans

Pros

Work from home. Is about it

Cons

Managers are not professional, nor do they know what there doing, worked here for 3 years really no raise in 2 years, only look in bottom dollar for company. Was laid off with no notice, no severance pay, had over 40hrs of vacation and not paid. Went thru 5 layoffs, there still laying off, so I would stay away from this company at all cost. They will transfer you to numerous managers, was transferred 7 times in 3... years. The can't do VA loans anymore since they have been black balled by Gennie Mae.

Advice to Management

Get manager that know how to manage, that are professional since the once you have is the reason the company is going down....

Pros

Decent coworkers, young environment

Cons

Freedom is really good at selling themselves to both employees and customers, and then failing to deliver in a big way. The upper management are sold as being cool and approachable, but are greedy and have zero concern for anyone but their own bottom line. They'll promote younger more impressionable people into positions of power that they know they can control because they know they can get them to do whatever the... higher ups want simply by inflating their ego. The facilities are atrocious. Office space is cramped, loud, and critical items constantly broke, and were not fixed for days. The cafeteria is laughable, tiny, and shoved into a freight loading deck. Processing is outsourced to a vendor who have no idea how to process loans, so nothing you write will close, at least not in a timely manner. Freedom is a refi shop, which is fine but their compensation plan incetivizes the LO to push would be borrowers into highly profitable cash out loans with rates well above the APOR due to discount points, and effectively punishes them (by paying less) if they do otherwise and attempt to act in the customer's best interest. It's a blatant violation of the LO compensation rule. Before accepting an offer from freedom ask yourself these questions: 1. Do you mind not closing loans despite putting in a substantial amount of effort to do so? 2. Do you mind not having any job security despite the industry doing relatively Well? 3. Do you mind not having any space to focus and work efficiently? 4. Do you mind being mistreated and micromanaged on a daily basis? 5. Do you mind your licensing being under threat do to this company's greed and inability to comply with basic laws? If you answered yes to any of the above questions, then this company is not for you, and you should avoid it like the plague

Advice to Management

Get out while you still can and leave your unethical behaviour in the building.

Pros

When i was hired they helped me get my state and federal licenses. The cafe has my favorite flavor monster energy drink

Cons

I must’ve wasted 6 weeks sitting at a desk doing nothing but waiting for management to find me a spot in a training class. Once a spot was found they cut my training short after 2 weeks. I was put in a brand new department that wasn’t closing loans shortly after i was laid off. Frequent and mass lay offs, from what I understand this is Freedoms business model, mass hire when the rates are down then the mass fire... when the rates go up If you’re not on the favorites list good luck making a living

Pros

Good pay, peers are great to work with.

Cons

Management sucks, and doesn’t look out for the best interest of their employees. They are doing layoffs every month, and wiping out full departments. Company is going down hill. Upper management pressures us to close loans, but the loans are messed up from the beginning. Your over worked, and under paid. If your not popular you will be chosen when it’s time to be laid off. Company sucks, and also try’s to not pay... for overtime.

Advice to Management

Just quit, you all don’t know how to do your job, or run a successful team.