Complaint Review: Michigan Mutual INC - First Preferred Mortgage

 "do really think they sat around and said " lets create an unachievable mark so we don't have to pay?  what type of since would that make?"

In response to the "lo" rebuttal: Pleasde rade abova..Spoken Like a true Lo..Hmmm I can see someone in managemnet thinking how can I write a report and sound like one of our lowly Lo's (there opinion not mine)? Lets miszpell evrnthing adn have horrible puncturashion...Shoud hav just said frum Buckweat...Bukweat says Edga and Jims is OHHHtahhh!! theys daaa bestes..  And No of course they wouldnt want the extra 2000$ difference between 19,999 and the 20k ($6k and $3999) if you just missed it again darn it!! Now we have to get the difference hey better luck next time that 18,500 you closed was a good effort..

Uhhh doesnt seem like reality its kind of like Congress voting on there pay raises and when was the last time they didnt get one anyway? If there intent is so pure why have such a huge disparity anyway? Doesnt it make room for this type of speculation? And as are grammar challenged "Lo" said lets call him Uncle Buckwheat: "and the more we earn as loan officers, the happier we are which creates a better environment for everyone including the owners" If most of the Lo's arent getting to 20k (which I know is true) what kind of environment does that create?  And what about the Lo's who are hand picked and get fired bankers loans to get to the 20 mark? That sure is a morale booster to say the least..Maybe Uncle B doesnt know that's happening but lets get real Uncle B is someone in management and day is Otayyy wit me..

As far as the bonus if your missing your goals the only one you will get is the lowest one ($1500) that was put in place to compensate for you never getting to 20k LOL pretty slick but these guys arent amuetuers there proffesionals, manipulators that is..45k a year okay not that bad but do the math its like 14$ an hour if your working 50 to 55 hours a week and getting overtime which we dont..Anyway make your own decision maybe everbodys just out to hurt First Preffered's feelings and if so tell Uncle B everting dis OOOOtahhh!!! 

I work for the company for 8 months as well. Yes just like every company it had its ups and downs. But on another note I recall several things that this company does wrong.


1) Clients documents being lost in processing holding up the closing of you loans.

2) This is a broker if you read your closing packet it will tell you who is holding your loan.

3) The main underwritier "Big K" she can find all reasons to kill a loan.

4) This company just doesn't want to make a lunch off you they want a four course meal, a few drinks and a car to pick them up. Meaning they like to charge you a lot.

5)This company tries hard to be Quicken Loans that they even steal there employees.

6) They also want a deposit (500-750) to lock you in to the loan that way they feel you wont walk away from the money and just do the loan.

7) The "beatdown room" man is that a joke the whole management team tries to be-little you and break you down and put you on different teams. How would you feel about moving your desk so many different times?

8) The management also gives special treatment  to some loan officers by giving them loans from people they fired and paying them on it. Also by the main underwriter working on her friends loans overnight pushing them to close.

This list can go on and on but why would anyone want to work here. I am glad i have moved on for there. But as you read everyone's comments notice the employees or who i think are the manages trying to keep there name out of the spotlight. They should grow a pair and "Do the right thing".  I hope customers look at these reports and read them. Go with chase, quicken, Bank of America, country wide, before you choose this company for your Refi, or your employment.

I
am a current employee of First Preferred Mortgage and i just want to
let it be known to all who may read this story that this is not the
view or opinion of all who works for First Preferred Mortgage.  i do
understand the frustration and understand why these opinions have been
posted.  none of us are getting back what we put in, none of us, not
the loan officers, not the processing team and not the owners!  the
problem is that the blame is unfairly being put on the backs of the
owners not on the backs of the true guilty party, and that would be the
economy, especially the housing market. if were to get back every loan
that has been written and denied due to low home values or tighter
guidelines, none of us would be complaining in fact we would be
praising the company.  there is no question that the compensation
becomes very rewarding at $20,000 in monthly revenue. Reaching that
number has been a very challenging task but not an impossible one.  but
do you really believe that was intentional?  do really think they sat
around and said " lets create an unachievable mark so we don't have to
pay?  what type of since would that make?  the more we sell the more
they earn as a company.  and the more we earn as loan officers, the
happier we are which creates a better environment for everyone
including the owners, who shows up to work everyday like the rest of
us, and work on the same floor as we do, how many owners of other mortgage
can make the same claim?  how much money have they lost over the last 4
years?  i can only imagine, but they are still here, fighting the
fight!  one thing that was distinctively left out of this complaint is
the bonus that is in place.  its the quarterly bonus and it is design
to reward
your efforts, even if you come up short on your monthly goals, and it
is a high as $4500 per quarter, which i feel is very generous. payroll
is never missed, and there are no signs that they ever would be missed!
so at worst case scenario, you make no less than 45,000 per year, with
many of us set to make MUCH more in a struggling economy.  anyone need
a job????   So, without going into a play by play confrontation, let me
just share my opinion.  first, i feel very fortunate to be employed by
First Preferred Mortgage.  Edge and Jim is doing everything it takes to
survive in a industry that has seen some of the biggest names in the
industry disappear.  they are doing so without taking shortcuts around
the laws and guidelines that are coming into play it seems like
everyday.  they are spending a substantial amount of money to make sure
that everyone in the company can become licensed in each and every
state we are doing business in.  which cost literally thousands of
dollars per employee to do, and they do this without  no guarantee that
you will remain with them in the future.  furthermore, i would have to
believe that anyone who is posting to this site, failed to go to anyone
of the owners and express there concerns or needs directly to them
because if they had i am certain that it would have been taken into
account and addressed  , i know because they have on many occasions for
me.  the leads are not old and or scarce i get more than enough
opportunities to make my sales everyday! and if someone is not getting
enough they only have to ask for more, Jim is more than willing to give
you as many opportunities to sell as you desire, and why wont he?  they
not only provide jobs to those who may not otherwise have one, but they
offer health

I have been here 8 months, and I have not seen any of the things that you are talking about happen. I have hit the 20k mark multiple times, while even hitting a $3000 quarterly bonus.

I have never been asked to work 12 hours a day. As a matter of fact we leave at 4pm on Fridays, and ae scheduled 9-7 Monday thru Thursday.

I receive a good amount of leads, however, you can always use more. (which sales person wouldnt?)

Maybe I am just lucky, or maybe the peeps making the complaints on here couldn't sell a loan while they worked here.

Not sure

I worked there too for not that long..I did my best and worked 10 -12 hour days to try and get to that 2nd tier and had a lot of appraisals come in low..I was taken into the "beatdown room" where there were 3 to 5 people there and it had the feel of a funeral, unfortunately it was mine..I was told I wasnt living up to the "high standards" that they had, even though maybe 1 or 2 people actually got the higher pay out of 30 people and even though I had 5 or 6 loans in my pipeline that ended up closing I was told later I was let go. Looking back I feel like a big wimp because I actually thought if I pled with them it would save my job but they said I wasnt writing enough loans even though I had 5 or 6 that could close..I found out that those loans did close and the money was given to there favorite bankers I guess who made it to the next tier of pay even though they didnt earn it the right way and rarely ever got over 15k on there own. I thought that even if you werent at the company if your loans that you wrote closed you were supposed to get at least something for them and I have heard that this has happened to a lot of people that were unceremoniously let go there..I have moved on but why would someone be fired for not writing loans and then have 5 or 6 loans close? Doesnt seem to be right watch yourself there.