Just got news they’re changing our incentive. Have to hit 11 instead of 7 to meet our incentive and decreasing from $135 per loan to $90 …. And they added more to our workload, the closing disclosure communication. AND changing our work hours / next year we start one week in the office one week at home. Not feeling appreciated. Definitely looking elsewhere for better opportunities!! Rant over .
19 replies (most recent on top)
@1xav+1oVGguNL It’s not 11 a quarter . It’s 11 a month
Two the 5 Jack wagons downvoting these - please explain? Have you ever worked a mortgage before? If so you just not have worked multiple and seen the difference between a good and bad processor in front of your very eyes
Wells Fargo is glad to get rid of a deadwood like you.
Don't worry, your job will be outsourced to India soon.
Wrong. A good processor has communication and critical thinking skills tk push a complex forward that AI will never be able to touch.
Y'all calm down. One of these days, mortgage processing work will be done by AI, you don't have to worry about your job anymore.
Stop whining. You have a job. I was axed after 30 years because I don’t live near a hub. I will take your job! Get real!
how shocking that someone here is misrepresenting a situation 😑
Like everything else WF does under chainsaw, the purpose is to encourage people to voluntarily leave the company.
11 loans a month - now that makes a lot more sense! Given that a lot of this is just email work and waiting on other people to respond to stuff (underwriters, the bankers, the customers) I think this is super reasonable.
The best skill a processor can have is speed and communication. Why do I encounter some that are terrible at both?
Interesting. What happens if you do 10 normal loans and 6 fha/va loans in one period. Do you not get any money since you missed both goals?
Senior Mortgage Processor here...OP is misrepresenting,
I use to be a "Specialty" processor meaning I only worked FHA loans. Correct, the incentive is $135 per loan and you must fund 7 loans in a month to receive the payout. For a "Standard" processor, one that processes Conventional mortgages, the minimum is 11 loans funded per month with payout of $90 per loan. This has not changed for several years. What has happened is that there are less FHA loans and VA loans so they have us working multiple loan types in our pipeline. We use to work only one type of loan program to be exceedingly efficient at it. My pipeline is predominately conventional mortgages with few VA IRRRLs and no FHA loans currently.
With lower mortgage application volume, we now work multiple loan types. Conventional mortgages are easier and faster to process than FHA mortgages anyway.
It seems like funding 11 loans in a quarter isn’t very much? That’s less than 4 per month. What do you guys do all day if that’s all that’s expected? Just curious. I’ve worked with some incredible processors, and also others that take full advantage of a 2 day SLA.
57% more loans for 30% less money.
Obvious what the message is.
@ugk+1oVGguNL Currently we need to fund 7 loans to get our incentive. They’re changing it to 11 loans in November. We currently get them paid at 135$ each and they’re lowering the amount to 90$
OP what do you mean by having to meet a higher incentive, from 7 to 11?
And sorry to hear they are putting the squeeze on you. We can only hope that the Regulators are putting the squeeze on Charlie too.
You have options. Update your résumé.
Shouldn’t we all be grateful we have jobs? And yet here we are, many of us waiting for the axe to fall and most looking forward to it.
They’re venting, it’s fine, let it go.
Rather than whining about bonus, you should be grateful you still have a job. Thousands of mortgage staff have been displaced.