Pros
Income was decent during low rate environment. End of Pros.
Cons
Company looks for every avenue in which to exploit a LOs job security as well as commission payouts. Micromanaged every minute of every hour of every day, with the threat of being terminated held over your head daily. Absurd metrics that must be met on a daily basis. Calls are recorded and monitored by a 3rd party company, by people who's only job is to make sure you read every single word on every single page of the company's 10 page sales script. You miss one word and you are hit with a critical fail, which not only places you in the termination pile-but the company then keeps your commission on that loan when it funds. Technology that is spotty at best, taking up to 30 minutes simply to get logged into the system. If you're more than 5 minutes late logging in to your shift, you are written up -all because Pennymacs servers are bogged down and won't let you in. Multiple months in which I would miss hitting 125% payouts on commission by 1 funding unit-only to see that unit literally fund the very next day on the 1st of the next month. This alone costs me tens of thousands of dollars every quarter in commissions. Shady practices and nonpayment of entitled commissions to loan officers should be scrutinized and red flagged by government entities, because clearly this is not legal and unethical. Hmmm....this just gave me an idea.