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Amerisave Mortgage / Compensation to loan officer employees

1 Atlanta, GA, United States Review updated:
Contact information:

Twice now this company has maneuvered to remove legitimate posts to other forums about the deceitful employment practices. I am reposting here to alert the public and future employees of their lies.

Want to know what Amerisave truly pays it's loan officers? Refer to this sales speech below with my note with a * next to each section

AS Mgt: We are lowering the loan loss reserve from 30 basis points down to 20 basis points.
* 20% off of LOAN VALUE, not markup+YSP. Previously it was 30%.

AS Mgt: We are also increasing the pay for outside sales to a true 70% or 80% (no longer taking 20% off the top and paying 74% of 80% but rather paying a true 70% or 80% as long as you do $5, 000 for 70% and 10k for 80% in revenue which is only approximately 2 to 4 loans a month.

* You will be fired if you only do 2 to 4 loans a month. I was terminated for low production and had closed consistently anywhere from 5 - 8 loans per month with my last month closing four. The real reason was my "revenue" was almost zero due to Amerisave Underwriting jerking around my perfect clients for months to the point that I could not consciously charge them sometimes up to three lock extension fee's because they had provided everything needed up front. So I paid for the lock extensions by reducing revenue.

AS Mgt: We couldn’t pay enough under the old system for production because we had obligated out so much in the generational overrides.

*They pay out overrides to upper management. That is why they take such a HUGE cut right off the top based on loan amount and not revenue.

Example:

Your Commission Rate 22.00% *Inside sales commission structure
Loan Amount $500, 000.00
Revenue (Markup) $2625.00 * 0.725% markup = $3625, but they take $1000 off your revenue for "processing" and they list the rest as revenue for you on your pipeline report.

Commissions
Gross Loan Markup $2624.00
- Loan Loss Reserve (30 basis points) 1, 500.00
Field Commissions $1124.00
x Commission Rate 22%
Paid to Originator $247.28Commission Statement Details
Revenue Listed * $1124.00
Commission Listed $247.28

Your actual commission is: 6.8% NOT 22% (3624.00/500, 000 = 6.8%)

It gets worse: This loan was hedged... when Amerisave sold it, it was sold to a different investor who paid higher than original pre-lock investor, and the actual revenue was 2.534250% which works out to $12, 671 in ACTUAL REVENUE that Amerisave made on this loan, but only paid me on the pre-locked pricing.When questioned on this, they said they pay employee's on pre-locked pricing... not ACTUAL revenue received on the loan. So my actual pay on this was: 1.952% (247.28 / 12, 671 = 1.952%)!!!

They are all about PROFITS FOR UPPER MANAGEMENT, push the sales people HARD constantly for sales, sales, sales and pay them squat! You don't even get any benefits other than they pay your w2 FICA tax. Forget about insurance or anything else if you are not in their corporate office in Atlanta.

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Comments

  • Ma
      29th of Jul, 2010
    0 Votes

    They are geting kickbacks from the appraisers

  • An
      16th of Nov, 2010
    0 Votes

    thanks for this info! we are hitting our 60 days and of course rates are up. they have been screwing around with us (on a refi) for 60 days. we've been compliant and they keep coming back with more and more paperwork. We should have been a dream client for any lender with perfect credit and all our paperwork ready to go but instead we got an appraisal with mistakes in it, an unresponsive underwriter and general incompetence. We're out the $400 and now won't be able to refi since rates are back to where we already are. What a horrible and disappointing (and EXPENSIVE) experience. I wish we would have read this site before dealing with them.

  • Ju
      3rd of Feb, 2011
    0 Votes

    I hear all the complaints but nobody ever says they were able to get a loan from anywhere else. do any of you have a company you can suggest that closed your loan?

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