Wells Fargo Home Mortgage Consultant Reviews | Glassdoor

Wells Fargo Home Mortgage Consultant Reviews

Updated November 13, 2018
174 reviews

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Home Mortgage Consultant

2.9
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Wells Fargo CEO Timothy J. Sloan
Timothy J. Sloan
19 Ratings

Employee Reviews

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Pros
Cons
  • "Sometimes difficult work life balance" (in 372 reviews)

  • "Can be hard to reach sales goals" (in 1273 reviews)

More Pros and Cons

  1. "Been here for 14 of the last 15 years in the business"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Home Mortgage Consultant in Redlands, CA
    Current Employee - Home Mortgage Consultant in Redlands, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Wells Fargo full-time (More than 10 years)

    Pros

    Well structured and great technology

    Cons

    Just the fact that we used to take forever to close loans and have to deal with that republican even though it’s no longer the case


  2. Helpful (1)

    "Promises unkept"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Home Mortgage Consultant in Peoria, IL
    Former Employee - Home Mortgage Consultant in Peoria, IL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Wells Fargo full-time (More than 3 years)

    Pros

    Flexibility as it is commission only

    Cons

    Inability to keep referral partners, lack of leads, favoritism

  3. "Home Mortgage Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Home Mortgage Consultant
    Current Employee - Home Mortgage Consultant
    Doesn't Recommend
    Negative Outlook

    I have been working at Wells Fargo full-time (More than a year)

    Pros

    Good 401k plan and job flexibility to work from home

    Cons

    Many. Favoritism is the biggest con for Home Mortgage Consultants (HMC's). WF has many leads and access to these leads is only provided to certain HMC's who are on a "fast response team". These HMC's are not required to obtain any outside referrals, or complete the required 10 weekly sales activities, and are given accolades for their production. Also, some HMC's have several banks that they cover that produce many mortgage leads, and others have 1 or 2 slow locations producing no leads.

    In my office, there are 11 loan officers, and the top 3 producers are on this fast response lead pool and have 3 or more busy bank branches that they cover. When management has asked about this difference in leads and branches (at least 4 of us have asked that I am aware of), their answer is that the playing field is level and nothing will be done.

    Another form of favorism is the assignment of processors to the HMC's. Favored HMC's have 1 assigned processor that they work with on every loan. All others are randomly assigned processors, who all have different ways of working. It makes the process awkward and difficult.

    Due to all bad press WF receives, you encounter realtors every day refusing to do business with the company. Also, many realtors refuse to work with WF due to past bad experiences they have encountered. I have worked for 3 other lenders and have never received so much negativity when cold-calling to obtain business referral relationships.

    Advice to Management

    Restructure the branch assignments based on activity, and open up lead pool for everyone. Make all HMC's obtain referral relationships, not just new HMC's that have been with the company for less than 2 years. This is why you always are short HMC's and have such high turnover. Check the job sites, WF is always hiring HMC's because they can't keep them.


  4. "Home Mortgage Consultant Jr."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Junior Home Mortgage Consultant in Atlanta, GA
    Current Employee - Junior Home Mortgage Consultant in Atlanta, GA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Wells Fargo full-time (More than 3 years)

    Pros

    Flexible, good benefits, changing for the better of employees

    Cons

    Customer complaints, not a lot of guidance from local management


  5. Helpful (4)

    "Do you really care about keeping good people?"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Home Mortgage Consultant in Rancho Cordova, CA
    Current Employee - Home Mortgage Consultant in Rancho Cordova, CA

    I have been working at Wells Fargo full-time (More than 3 years)

    Pros

    Benefits, Holidays off, PTO and that's it

    Cons

    Executive team only cares about themselves. Will cut anyone anytime to save a buck to increase the stock price and their pay. Everyone feels like it could be their time every day. They also aren't big fans of hiring from within the company across departments, and if it is your department they probably have someone picked so you're out and won't even get an interview. That's if they even list the job when it opens. They'll probably just add it to someone's plate and not pay them more. Seen it happen too many times.

    Advice to Management

    Instead of saying that you care about your employees and the Wells Fargo family show it. If the stock has to go down a little bit to let your valued staff keep their jobs then let it. Stop trying to prop it up by cutting staff to make the balance sheet look better. You're losing good people because there is no stability and no faith and you've brought in executives with the sole mission of cutting everything and it will have long term negative consequences.


  6. "Home Mortgage Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Home Mortgage Consultant in Des Moines, IA
    Current Employee - Home Mortgage Consultant in Des Moines, IA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at Wells Fargo full-time (More than a year)

    Pros

    lots of oppurtunity to make a lot of money

    Cons

    none that i can think of


  7. "Home mortgage consultant perspective"

    StarStarStarStarStar
    Current Employee - Home Mortgage Consultant
    Current Employee - Home Mortgage Consultant

    I have been working at Wells Fargo full-time (More than a year)

    Pros

    Have access to our fulfillment partners. Our processors and underwriters are in the same building, and in my case just a cubicle row over. We are paid on units with a tier system per month. Not bpps. Obviously the more loans your close, the more you make. With added bonuses for loyal surveys, and audits, you can add another 40% to your base amounts from your loans as well as getting an hourly pay .

    Cons

    The compliance issues of what you say, and how you say it are crazy. It seems that sometimes if you breathe wrong, you may be out of compliance and be in the office for counseling. Very strict underwriting guidelines. It seems underwriters are looking for reasons to decline loans instead of finding workarounds to help borrowers get into homes.

  8. Helpful (5)

    "Complete Downward Spiral"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Home Mortgage Consultant in Des Moines, IA
    Current Employee - Home Mortgage Consultant in Des Moines, IA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Wells Fargo full-time (More than a year)

    Pros

    401k is 6% match, tuition reimbursement, and other typical perks of the big corporate environment.

    Cons

    WF execs and upper management are clueless about the environment below them. Ever since all the scandals, they have shifted focus to customers and have completely given up caring about their employees. Employees are suffering big pay cuts, essentially paying for all the fines that WF is being hit with. Morale has hit an all-time low but nothing is being done to reverse it.

    Pay is structured now around a lot of factors that are out actually of your control. Anytime you can't control your paycheck, you are going to feel totally helpless.

    Typical corporate feedback system - "Your Opinion Counts" is just jargon for "We have to find a way to make it look like we care". Until they actually do something to reverse the downfall, nobody's opinion counts.

    Advice to Management

    Get a clue. Your employees in the front lines are the ones doing the REAL work. Imagine trying to do the work that those of us are doing, while also struggling to keep food on the table!

    An average mortgage consultant is supposed to make 70k and most of your current consultants are lucky to make 50k after this scandal. Put the emphasis back on your employees because they DO NOT care about customer service when you don't pay them well.


  9. "Home Mortgage Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Home Mortgage Consultant in Chesterfield, MO
    Former Employee - Home Mortgage Consultant in Chesterfield, MO
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Wells Fargo full-time (More than a year)

    Pros

    Wells Fargo provided excellent training for the Home Mortgage Consultant position. I learned a lot within the one year time that I was at the company. The management team was interested into me succeeding.

    Cons

    Wells Fargo Mortgage company in Missouri did not have any down payment assistant programs for people with lower income and people who had credit issues. This limited opportunity to expand into those markets forcing employees to target people in a higher income bracket. The simply didn't care about the little people who's household income was between $50,000 and $100,000 thousand.

    Advice to Management

    Develop programs that can truly help people with lower income. Focus more on being in the lower income market. They need to diversify into all income area's you never know what that market can bring.


  10. Helpful (1)

    "Overall great bank to work for but also has it’s short comings like all companies"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Home Mortgage Consultant in Charlotte, NC
    Current Employee - Home Mortgage Consultant in Charlotte, NC
    Recommends
    Positive Outlook

    I have been working at Wells Fargo full-time (More than 5 years)

    Pros

    Flexible schedule for top producers . Matches up to 6% of 401k contributions. Volunteer opportunities that really help others less fortunate .

    Cons

    No opportinity to move up (no matter how good you are at your job) unless you know someone and are in the “in crowd”.

    Advice to Management

    Hire and promote based off of ability not who you know. Promoting people that are not qualified only hurts the business line they are promoted in and their subordinates .