Pros
Good entry level to get into home lending without needing previous lending or banking experience. Good for self employed mobile brokers, wouldn't recommend for any other job type. WFH 4 out of 5 days p/w
Cons
Commision structure is horrid: no commision trail, averaging $300-$400 per million settled and with a base salary of $70k you are making much less than the average broker or bank lender. Poor quality leads: when hired I was advised that all my leads were "high quality" and "pre-qualified" by mortgage associates. Problem is, those associates get paid on how many appointments they book. So, majority of appointments are people with little to no deposit or no income to service even a small loan. Micro management style: Managers will pick apart everything you do and tell you that there is "good leads are there" but it's hard to stay motivated and continue to take appointments when only 5%-10% of appointments qualify. Was told that the average home loan specialist earns 100k. This is far from the truth, 2 out of 11 brokers in my team cracked the 100k mark and both these brokers were in the business for 2-3 years. They will tell you there are brokers making $200k-$300k while this is true, those handful of brokers have business for 5-7 years and have a unique pool of special leads that the rest do not have access to.