As a former employee with Beneficial in Salisbury Md I must say this is a check your morals at the door company to work for. We were required to get 2-3 realestate loan applications per day before we could go home each day. We were required to sell high cost mortgages at all costs.
The hook was start with a 24% unsecured loan, 19.98% no appraisal 2nd mtg then a 8-10% 1st mortgage did I mention the 5.13% in origination fee's? Ouch, they used to be 7.25% We were told to do what ever it took to get deals to close by branch, district and regional managers. This meant over value realestate value when no appraisal was required manipulate income and debt. A common practice was also to not quite payoff creditors by changing balances in the computer system. This left the customer with balances of as much as $10,000 left on a car we "told" them we were paying off. When the no income loans were bieng done and the customers ratio's were out of line you simply gave them a raise.
Insurance and ancillary products are a huge profit for the company as well as worth up to several thousand dollars in comission to the managers per month. We were forced to pack the insurance - this is not the company motto but "do what you have to do" to increase numbers. Does a 60 year old couple really need a 10 yr prepaid legal plan for $1,799 financed at 24%?
Don't even get me started on how employee's were treated as our company turnover annually was 37%
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