They dont pay their bankers. And the leads are increasingly terrible. They already only pay min wage, which for a professional is already insulting enough, but they only pay 70-85bps on volume in a market with low average loan sizes, and the pay is the same whether youre in a market with $400k loans vs ohio with $130k loans, but then comes the worst part: they take, or rob, $1500 out of your commission and call it a "standard deduction"!!! So after paying min wage and 85bps, which is already insulting....they take $1500 away and no one has any explanation on what it is. When you ask about it they shrug their shoulders. If its for the leads, its a poor reason; the leads are garbage from lendingtree that have already been called by 10+ diff companies and most people dont even answer, and the leads are getting fewer and fewer. I love the people and would stay if they valued and paid solid bankers and maybe just had 10 high paid bankers who could easily handle the volume of the office, instead of 25 bankers who are all broke and fighting for the minimal business that the branch produces. But more people = more $1500 standard deductions. Its so sad because i love the managers and believe in the company, but who can live on min wage with what turns out to be 50bps on $150k loans?! Youre already losing great people because youre taking $18,000 a year away from someone that youre paying min wage and calling it a "standard deduction", which with this industry, its becoming standard to not pay your performers. Very sad.
