Pros
Free lunches for employees some times
Cons
1- The company first hires everyone as UNLICENSED LOAs and they say that they will train you for "a month". After you take the offer, they train you for "a week" and throw you into the workflow with no proper training. Everyone is so busy with 20 files and has no time to properly train you. They let you talk to customers, give out rate quotes, lock the interest rate, knowing that you DO NOT have an NMLS license. Now, they conveniently change their policies to have Loan Officers discuss rate/closing costs with customers; but still, you expect to be the main point of contact throughout the entire process. They hire a bunch of unlicensed LOAs to do the job like explaining Loan Estimate, cold-calling customers, spamming customers for 14 days, sending out Closing Disclosure. If you cant get a hold of a customer or a customer doesn't want to move forward because of the high closing cost, the company will tell you that "your ability to convince customers is bad, why you don't escalate to escalation team". If you can't get a hold of a client, people from the company will leave a note on your file like "This is a courtesy reminder that you have to call customers 3-4 times per COMPANY's POLICY, if you can't talk to the borrower, please escalate to help-desk". Help desk/escalation desk is just another fancy term for the spamming department. 2- Management is bad, they hire people with no high school/college degree with no work experience as Branch Managers. There is no room to grow at this place, except when you are bad at finding jobs elsewhere. 3-For every file submitted to the lender, you use the CEO's credentials to "e-sign" on all loans. The CEO, Thuan Nguyen, has no idea who are his customers because he is busy chasing the title "Top Originator, Top Mortgage Broker, #1 Broker in the Nation, Close billions of loan narratives". He allows unlicensed LOAs and processors to use his NMLS ID to sign on all loans. If something is wrong with the loan, the LOAs will be the one to blame not the Loan Originator Thuan Nguyen, although he is the one originating the loan application. He can't be blamed because he is THE CEO. 4- If something is wrong with the file, regional managers from different states will not try to understand from your perspective and will say things like "It's the processor's, LOA's mistake". I meant why don't you properly train your staff? The CEO, Thuan Nguyen, will tell you "you expect to know this A, B, C, D because you have to be smart, if you don't know, ask your teammates, supervisors". All of us are like but ask who, everyone is drown in 20-30 files and no is there is to help you. Please hire experienced LOAs, Underwriters, Processors if that's the case. 5-Compensation is horrible. On social media, they advertise $45,000-$65,000 but the reality is they only pay you $25,000-$45,000 or less. Health care benefits are a joke, the company only covers 30% and you cover the rest. 6- As for the NMLS course, the company doesn't care if you have financial difficulties. The CEO, Thuan Nguyen, and their recruiting department hire a bunch of inexperienced, unlicensed LOAs and require all of them to pay UPFRONT the course to get licensed. He sent you chains of emails like "If you can't pass the NMLS test, your role at Loan Factory is NOT important. We WILL NOT pay upfront the course, only until you pass then the max reimbursement will be $500". Heaven forbids if you fail, you have to pay $110 out of pocket to re-take the test. In the meantime, they push you to get a license but expect you to work on 20+ loans and work more than 40 hours. They won't offer OT because all of them are Asians and Asians are expected to work hard. 7- Not only are you expected to talk to customers and work on loans, you are required to call Facebook leads imported into their meticulous high-tech portal. They will leave a note in your file like a slap in the face with messages "Why don't you work on this file, everyone is expected to call leads and do so for 3 days straight at least 5 times a day" 8- Please don't push your employees to do illegal things that are against the NMLS' or CFBP's regulations. It will be interesting if they get audited by regulatory authorities. Loan factory and their so-called "managers" love to audit their employees, fully knowing that the unlicensed LOAs should not communicate, explain LE or talk to consumers.