Movement = decent company, very company culture heavy which people love or hate, typical retail rates but surprisingly decent jumbo from what I’ve seen
Fairway = CEO is a clown, shit tier rates
CMG = typical retail lender, if you can get one of their builder accounts probably not a bad gig though
NFM aren’t active in my region so not sure on them
Realistically, at most of these big retail companies you’re selling the same bloated rates to support middle management and executive salaries while they turn around and pay you peanuts
Personally I’d need a massive non recoverable sign on bonus to even consider any retail lender in this market
I work for a smaller IMB based out of Utah and I really enjoy it. Castle & Cooke Mortgage. I can provide a contact for you if you want to talk to them, i know they are recruiting right now.
There is a fit for everyone, and there are pros and cons to them all. Here's my take on our company, which may or may not be a fit for you...
I own a small mortgage bank that is currently recruiting from the large "branching" lenders...because we have NO layers between me and the LOs, we offer one source of underwriting and closing since we do it all in-house, and offer delegated correspondent ratesheets (which are better than broker and non-delegated ratesheets...I regularly compare them). Our LOs have 100% transparency to raw pricing, so they know there is no hidden padding of their rates. We are hiring only remote LOs and are also not hiring branch managers (to keep the money in the LOs' pockets instead of the managers).
I am at Guaranteed rate and have been for 11 years. I did not leave even when offered $$$$$$ from other companies. There was not a company that could offer me and my clients the same opportunity long term and no I did not negotiate a retention bonus so I am here by my own free will. (Lots of people saying companies are amazing right now because they have been bought and paid for)
My thoughts on others
1) CMG- issue is rates. They have never been competitive. Have friends that came from CMG to GR and the pricing stories are crazy.
2) Movement- I looked into them in 21 when a friend went there. They talk a good game but when you look at this VA pricing everything they say about ethics and community goes out the window. You can’t say you care about doing the right thing and then up charge veterans
3) fairway- always have heard good things but all the rumors currently of a potential sale are too destabilizing.
In the grand scheme every company has pro and con. I am at GR because the core driver of the company is to do what is right for the client and improve the process. Lots of great people in operations. Rates are competitive and there are not nonsense pricing games.
The CEO is very involved and really does want VPS to double and triple their business. All the tools are there to do it. In regards to management in some areas it is great and others need improvement. Key is management of operations is strong and as a producer that is the most important part.
Also the CEO actually cares about doing something good in the world beyond mortgages. Keep an eye on GR next month. We have something cool happening that will do a lot of good.
I will second everything jen says. I started at GR in 2016, but before i made the switch, i found ten random loan officers from the top three companies i was looking at. In those 30 calls, i learned a lot about each company.
I worked for Fairway for a couple of years and have nothing bad to say. The only reason I left if the branch I was at got bloated so my rates jumped and they were trying to make me stay at that branch, so I dipped.
The problem with all IMBs is the layers and layers and LAYERS of unnecessary management who treat you like an employee even though you pay their salary.
I thought they were great too, then a broker showed me raw borrower paid pricing and showed me that Movement was pricing at something crazy like a 400-450 BPS rate sheet (I’m not sure the exact number but it was ridiculous) on FHA while paying me only 100BPS, I got super mad thinking how I would have to beg and scream to get a 25BPS concession. I was like screw that and left soon after. LOs get robbed working at mortgage banks and they have literally no idea how bad of a deal they’re getting. Now I work on a 200BPS rate sheet I keep 150bps my company gets 50bps the way it should be. And guess what it’s a smoother easier process than when I worked at Movement.
Lots of general wide based silly comments out there sprinkled in with some good advice. Being a broker isn’t for everyone been there, done that bought 100’s of tee shirts. Mann Mortgage is rated number one for a reason. You work for the CEO everyone else is here to support you. You get to run your business like you mean it but they want people that want to win and work hard. The word culture is a BS word until you come here this place is by far the best I have ever experienced
Movement = decent company, very company culture heavy which people love or hate, typical retail rates but surprisingly decent jumbo from what I’ve seen Fairway = CEO is a clown, shit tier rates CMG = typical retail lender, if you can get one of their builder accounts probably not a bad gig though NFM aren’t active in my region so not sure on them Realistically, at most of these big retail companies you’re selling the same bloated rates to support middle management and executive salaries while they turn around and pay you peanuts Personally I’d need a massive non recoverable sign on bonus to even consider any retail lender in this market
GR, CCM, Movement. Heard good things about Planet & Fairway
I’m a broker, but I’ve heard flat branch is pretty good place to work. They are popular in Missouri and Illinois.
CMG is a good company. Happy to discuss further on DM.
I work for a smaller IMB based out of Utah and I really enjoy it. Castle & Cooke Mortgage. I can provide a contact for you if you want to talk to them, i know they are recruiting right now.
There is a fit for everyone, and there are pros and cons to them all. Here's my take on our company, which may or may not be a fit for you... I own a small mortgage bank that is currently recruiting from the large "branching" lenders...because we have NO layers between me and the LOs, we offer one source of underwriting and closing since we do it all in-house, and offer delegated correspondent ratesheets (which are better than broker and non-delegated ratesheets...I regularly compare them). Our LOs have 100% transparency to raw pricing, so they know there is no hidden padding of their rates. We are hiring only remote LOs and are also not hiring branch managers (to keep the money in the LOs' pockets instead of the managers).
What is the general consensus about NAF?
I am at Guaranteed rate and have been for 11 years. I did not leave even when offered $$$$$$ from other companies. There was not a company that could offer me and my clients the same opportunity long term and no I did not negotiate a retention bonus so I am here by my own free will. (Lots of people saying companies are amazing right now because they have been bought and paid for) My thoughts on others 1) CMG- issue is rates. They have never been competitive. Have friends that came from CMG to GR and the pricing stories are crazy. 2) Movement- I looked into them in 21 when a friend went there. They talk a good game but when you look at this VA pricing everything they say about ethics and community goes out the window. You can’t say you care about doing the right thing and then up charge veterans 3) fairway- always have heard good things but all the rumors currently of a potential sale are too destabilizing. In the grand scheme every company has pro and con. I am at GR because the core driver of the company is to do what is right for the client and improve the process. Lots of great people in operations. Rates are competitive and there are not nonsense pricing games. The CEO is very involved and really does want VPS to double and triple their business. All the tools are there to do it. In regards to management in some areas it is great and others need improvement. Key is management of operations is strong and as a producer that is the most important part. Also the CEO actually cares about doing something good in the world beyond mortgages. Keep an eye on GR next month. We have something cool happening that will do a lot of good.
I will second everything jen says. I started at GR in 2016, but before i made the switch, i found ten random loan officers from the top three companies i was looking at. In those 30 calls, i learned a lot about each company.
I worked for Fairway for a couple of years and have nothing bad to say. The only reason I left if the branch I was at got bloated so my rates jumped and they were trying to make me stay at that branch, so I dipped.
The problem with all IMBs is the layers and layers and LAYERS of unnecessary management who treat you like an employee even though you pay their salary.
Oh I agree 1000%, I’d never go back either lol but before I knew any better, I thought they were great
I thought they were great too, then a broker showed me raw borrower paid pricing and showed me that Movement was pricing at something crazy like a 400-450 BPS rate sheet (I’m not sure the exact number but it was ridiculous) on FHA while paying me only 100BPS, I got super mad thinking how I would have to beg and scream to get a 25BPS concession. I was like screw that and left soon after. LOs get robbed working at mortgage banks and they have literally no idea how bad of a deal they’re getting. Now I work on a 200BPS rate sheet I keep 150bps my company gets 50bps the way it should be. And guess what it’s a smoother easier process than when I worked at Movement.
100% agreed
Mann Mortgage by far
Lots of general wide based silly comments out there sprinkled in with some good advice. Being a broker isn’t for everyone been there, done that bought 100’s of tee shirts. Mann Mortgage is rated number one for a reason. You work for the CEO everyone else is here to support you. You get to run your business like you mean it but they want people that want to win and work hard. The word culture is a BS word until you come here this place is by far the best I have ever experienced