Put it this way, I wasted 7 months of my life with Nationstar Mortgage.
If you're looking for a job in mortgage industry, whatever you do, do not even consider working for these hacks. They pray on people with little, to no experience in mortgages and more specifically kids straight out of college. It is a sweat shop in every sense of the word. It's very decieving because they have a great training program (or at least they did when I was there) where they spend 4 to 5 weeks training you and then they unleash you out onto the floor. You get out there believing that you're going to get leads as promised, but what you don't know is that it only holds true for their top LO's. You see they have them all graded out. So while the top 12 LO's in your call center are getting leads, the rest are left to scrape the bottom of the barrel. It's funny because they have division called "Customer Care" which attempts to get back business that might have fallen out of "New Business" and they call them "Dumpster Divers"... But if you're an LO in "New Business" you're practically a dumpster diver as well.
Most new LO's and struggling LO's are only given week old leads (referred to as "B" leads), pre-approved mailers (interestingly enough were only catored to hispanics and other ethnic minorities), and the classic "Resolicit Sheet." This sheet lists names and information on thousands of applicants who fell through the system without a loan. Trust me, if you're not a top performer, you'll be spending all 10 hours of your day calling these sheets nonstop. You become a glorified telemarketer.
Bonuses are only given off of your ability to sell discount points (which buys their rate down), which in today's market - Good luck buddy! Their rates are not competitive whatsoever. It's funny because when you first enter in an application it immiedately assumes the borrower wants 4 discount points. Try telling a guy who has a 350k mortgage that he's going to have to pay 14k in discount points to get his 7.5% interest rate on a 3 year adjustable mortgage that is supposed to "repair his credit."
That's their big selling point, "repairing credit." They market to idiots who really can't afford the homes their in and pray on people's real life problems like credit issues. You get to sit in a cubicle all day long, listen to all the noise in the building, all the distraction of fresh out of college kids who treat work like a frat party... Oh and the best part - VP's, managers, and SVP's breathing down your neck all day long. If you don't hit their "best practices" you get to start emailing all of them why you did not, no matter how many days in a row that is. Adult babysitting at it's finest!
I think the worse part about it is their nonsense about having to "believe in their loans." They literally tell you that. They try and get you psyched up with pansy high school-esque pep rallies and motivating phrases from this guy Dean Minudo. They also go above and beyond to make sure you don't ever learn the truth about their products or the better opportunities that exist when it comes to working in the mortgage industry. They make sure to never "over-educate you." How sad is that?
I picked up on their unscrupulous ways after about 4 weeks, but because of the situation I was in, I tried to stick it out. I spent 5 days a week there banging my head up against the wall, making 250 cold calls... Oh yes, 250, they tell you at orientation that you're only expected 60 per day, but you'll soon learn that there's no way you can hit their "best practices" because you're not getting any real leads.
Basically, it's the turn and burn model of the mortgage industry. They're willing to bring you on and pay you a $2,000/month base salary to make as money phone calls as you can and hopefully capitalize on any streak you get on. Once you're burned out and they're not helping you by providing all that they promised, they start coming down on you making you feel like it's your fault you weren't succeeding... And then you're gone.
I hope people read this because I never want to see anyone go through what I went through.
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