Comments on: Countrywide’s New Loan Officer Compensation Plan – McDonald’s is Looking Better Every Day

By: David

David — Tue, 19 May 2009 23:08:28 +0000

What is the new B of A pay plan. I am trying to recruit there LO’s.

thanks

By: Jackie Carter

Jackie Carter — Wed, 25 Feb 2009 04:23:22 +0000

Since B of A purchased CW, the comp plan at B of A is now same as the new CW comp plan. What a Joke!! And they are trying to recruit lic RE agents to wk there..

By: Lisa Roberts

Lisa Roberts — Mon, 24 Mar 2008 20:02:49 +0000

Jeannie,

What hearing? What the heck is going on? CALL ME.

Lisa

By: mark_mark

mark_mark — Mon, 10 Mar 2008 02:17:49 +0000

I work for cw. I work outbound (call cw borrowers in a call center with a telemarketer sends over warm leads) our pay is as
10 refis or more =35 bps
6-9 refis funded =32 bps

fha pays 5 extra bps
3,000,000 is the mark for 10k a month. it id being done quite a bit here

By: Chris

Chris — Tue, 26 Feb 2008 06:25:27 +0000

By the way there are two types of LO’s at CW. This comp plan is for the inbound call centers! I did 440 units for almost $50 million in 2006. I made right at 6 figures. Its about $250 per unit. Most of those were HELOCS, very profitable product. Refinancing those kept us alive this year….

By: Chris

Chris — Tue, 26 Feb 2008 06:19:25 +0000

http://www.amerisave.com/partner/cbarnes

By: Chris

Chris — Tue, 26 Feb 2008 06:19:00 +0000

I will hire you all to work from home! See my website. Inbound leads to you home….

By: Suzanne

Suzanne — Wed, 16 Jan 2008 20:42:50 +0000

There are good and bad comp plans everywhere. Each person must choose to accept or not the way they are compensated for there work. If there are any loan officers that would like a 60/40 split on conv conf, conv non-conf and brokered loans and a 70/30 split on FHA and VA and full benefits feel free to email me at suzajones@aol.com

By: dbian

dbian — Thu, 10 Jan 2008 01:10:00 +0000

it sounds to me as if you have never been a top producer. this model will make money if foccus more on your origination and less on the basis points

i work for a big name lender with a simular model. it just means you actually have to work for the money you think you deserve. the business is there and if you whip the tears away mabye you can see it

do you really think the service you provide is worth more than that. what do you actually do to justify so much income

i closed 54 million last year in nine month at wamu. check the numbers. with out an assistant. the compensation i recieved is more than suficent
i would never hirer you on my team with that type of negitive attitude. you will never expirence success with an attitude like that

By: Cookie

Cookie — Fri, 04 Jan 2008 13:05:05 +0000

Say something nice… okay. They have had some great programs and talk a good talk. The commercials are very good in most cases. But sometimes , as I look through the levels of management and how they are paid, it looks almost like a Ponzi scheme. I know for a fact that our regional management here are ambitious to a fault. But, this can be true with any company. There are some good leaders and some questionable leaders. I remember that at Countrywide , it used to be that we only needed to use 1 credit score. So some of our group would FICA fish. Some managers encouraged it, some turned their backs and others followed company policy of taking only one pull of credit and using what ever you got. We soon learned that in most cases, one particular reporting agency was consistantly higher and did not show many of the collections and student loans. We all know that the local acceptable CRA usually had it all so we avoided it like the plague. Then, we had to use at least 2. Still worked in our favor. Countrywide stood firm on the CR issue and blamed any repercussions on the FICA fishing LC’s. However, an idiot can see that that system would be abused so it is the developer trying to get a greater market share that is the one responsible for any losses or fraud attached to it.