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wetline
52 Posts |
 Posted - 05/13/2008 : 2:53:31 PM
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I got a job offer from Ace Mortgage Funding. I want to see what people have to say about them.
Any comments would be great.
Thanks, JTA |
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EMScommercial
5141 Posts |
Posted - 05/13/2008 : 2:56:44 PM
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no idea about ace....
good luck jta |
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hoangad
2937 Posts |
Posted - 05/13/2008 : 2:57:03 PM
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| what was your offer? (income/benefits?) |
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KHufford
6515 Posts |
Posted - 05/13/2008 : 3:02:34 PM
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They offer plently of leads, its basically a dial and smile refi shop. They get low splits but leads are provided free and lots of them. I know people there working their asses off 10 hrs a day closing 10 deals a month, making maybe 20k a month or so.
Shirt and tie, 9-7pm+ and maybe weekends
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jresn02
325 Posts |
Posted - 05/13/2008 : 3:04:26 PM
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| not a bad place |
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wetline
52 Posts |
Posted - 05/13/2008 : 4:45:07 PM
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| bump |
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mschwader
99 Posts |
Posted - 05/13/2008 : 4:48:49 PM
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| CRAZY HOUSE FEES!!! There title is really expensive out here. |
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lobb
199 Posts |
Posted - 05/13/2008 : 5:07:23 PM
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If you need leads, it's a good place to work and make money. If you have your own book of business, it will not make sense to go their and work.
They do lending tree, lmb, etc. |
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wcaldrichjr
75 Posts |
Posted - 05/13/2008 : 5:16:59 PM
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| I used to work for ace mortgage and as long as you know the business and are internally motivated they are good. They provide leads, base that is a draw (NON-forgivable, so it adds up FYI)a nice office/work environment and they have deep pockets. You do have set hours and have to dress in a tie everyday so if you cannot deal with that then sorry. Management was a bit weak when I was there but that is coming from a sales manager that has successfully managed shops in that business model. Just don't expect much support, they throw you to the wolves and expect you to know what you are doing when you come through the doors but if you know the business you can make money there. One major issue they had when I left was they were only CFL licensed not DRE so they couldn't use World/Wachovia or other non-CFL lenders. Hope that helps. |
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wetline
52 Posts |
Posted - 08/17/2008 : 4:52:27 PM
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| test |
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1003s.com
3434 Posts |
Posted - 08/17/2008 : 5:07:03 PM
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You might want to do a site search, as there
have been several OP threads regarding them. |
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dealmakerz
191 Posts |
Posted - 08/17/2008 : 5:09:11 PM
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quote:
Originally posted by wetline
test
3 months later. How did it work out at Ace? |
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wcaldrichjr
75 Posts |
Posted - 08/17/2008 : 5:13:38 PM
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| They've shut their doors in all of California so I am guessing not too well! LOL |
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wetline
52 Posts |
Posted - 08/17/2008 : 5:17:53 PM
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They shut their offices in CA but are still hiring in Oregon.
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pressbox2226
34 Posts |
Posted - 08/18/2008 : 1:04:04 PM
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About 3 years ago, they had LO's making 120k+ and it was hard to get an interview with Ace. I recently had an interview with them and they had a lot vacant offices. The splits are low but they provide all of the leads. All of the loans are brokered out so disclose YSP. I maybe off a little bit but this is what I remembered from the interview about compensation: 10k fees = LO get 20%, 15k fees = LO get 25%, 20k fees = LO get 30%, 20k+ fees = LO get 35% and that the magic number of course 20k+ in fees earn about 7k a month. Basically, you need to close about 5 loans (if you want to be competitive)per month generating 4,100 in fees per loan to receive a good payout of 7k plus per month. But my logic is quite different, if I am creating that much revenue for a company, I would like to pocket more of the split. The base salary/draw must be paid back and it works out to be approxiately 1800-2000 per month. Also, the LO's have to work 2 Sat. per month from 9a-1pm. I hope this helps!
Pressbox |
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MisterVA
6767 Posts |
Posted - 08/18/2008 : 1:21:41 PM
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| Is that the place John Madden raves about? No, wait! That's Ace HARDWARE! |
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TimmyZ1
748 Posts |
Posted - 08/18/2008 : 1:27:06 PM
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quote:
Originally posted by pressbox2226
About 3 years ago, they had LO's making 120k+ and it was hard to get an interview with Ace. I recently had an interview with them and they had a lot vacant offices. The splits are low but they provide all of the leads. All of the loans are brokered out so disclose YSP. I maybe off a little bit but this is what I remembered from the interview about compensation: 10k fees = LO get 20%, 15k fees = LO get 25%, 20k fees = LO get 30%, 20k+ fees = LO get 35% and that the magic number of course 20k+ in fees earn about 7k a month. Basically, you need to close about 5 loans (if you want to be competitive)per month generating 4,100 in fees per loan to receive a good payout of 7k plus per month. But my logic is quite different, if I am creating that much revenue for a company, I would like to pocket more of the split. The base salary/draw must be paid back and it works out to be approxiately 1800-2000 per month. Also, the LO's have to work 2 Sat. per month from 9a-1pm. I hope this helps!
Pressbox
That's exactly what I was told when I interviewed with them and what I didn't like(along with a few other things) was I couldn't turn down the draw. |
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