ModCo Loan Modification BAD EXPERIENCE AT JOB INTERVIEW Aliso Viejo California
I had a bogus job interview with ModCo Direct. I was invited to a job interview by Shawna (administrative assistant) and upon inviting me to the interview she was very vague about the position and did nothing to explain the position to me over the phone upon my request. I went to the interview in good faith thinking that the job experience in my resume was the reason for Shawna's invitation for me to come to the interview. Upon arriving at ModCo's corporate offices, a man by the name of Steve came out and greeted me. We went back to his office and I went over my sales background and experience. Only after 5 minutes of the meeting, I was told that they were not interested in me because they needed someone with loan experience. Steve explained to me that he was looking for a salesperson who had experience with originating residential home loans and that the position paid $164,000 per year "at plan". He also told me that he could only pay me $8 per hour (so that he could be in compliance with government regulations). This at plan compensation package does not make sense to me and if most likely unattainable. If this was a serious compensation package, there would be a reasonable base salary instead of a ridiculous $8/hour salary.
This job interview was also bad experience because I spent my valuable time and gas money in order to attend this interview. This company is obviously luring people into their office and looking to hire individuals so that they can pay them minimum wage under the false pretense that they could make $164,000 per year. This company seems to be out for the quick buck and trying to salvage the loan origination business that was once thriving for them. In my opinion, ModCo is nothing but a a boiler room operation trying to take advantage of individuals who have been displaced by the residential loan industry.
Philip
Laguna Niguel, California
U.S.A.
2 Updates & Rebuttals
sean
san diego,California,
United States of America
do your research
#3Consumer Comment
Tue, November 03, 2009
After reading the report and the rather harsh rebuttal, I decided to do some reasearch. What I found is many loan modification companies are unlicensed and charge upfront fees. You should NEVER pay an upfront fee for this service as per the reguilation below:
Effective October 11th, 2009, it is illegal to collect any fees, regardless of the form, for negotiating or attempting to negotiate a loan modification for a residential mortgage. All services must be fully completed before any charges can be imposed. It is also illegal to divide advance fees or services into components for the purpose of avoiding this law.
I also found that California Dept. of Real Estate filed a Cease and Desist Order against Modco. The link is attached and further information is easily found doing search for "Modco" "DRE" and "Unlicensed." I also found a BBB report on "Modco Law Center" with same address, however the web site appears to be not working (never a good sign). A search under the same address and phone, in addition to "Modco Direct" and "Modco Law Center" I also found companies called "Examnet" and "E-Lender Services."
http://secure.dre.ca.gov/publicasp/unlicensedDNR.asp?RowID=737
http://www.la.bbb.org/Business-Report/Modco-Law-Center-100077621
I would suggest when applying for a job or looking for any type of financial/mortgage help, you do research, including license searches, Better Business Bureau checks and make sure the companies are legitimate.
Steve
Aliso Viejo,California,
U.S.A.
Applicant Can't Read
#3UPDATE Employee
Wed, August 13, 2008
I was the individual that Philip interviewed with and also the individual that posted the job oportunity on Craigs list, Posting 756487850. It is true that I met with Philip for only 5 - 10 minutes and then ended the interview abruptly when I discovered that Philip does not pay attention to detail. If he was a detail oriented individual he would have noticed that our position required a California Real Estate License, which he does not have. When I discovered that he did not have the license, I disqualified him immediately and didn't want to waste any of his or my valuable time.
This is a sales postion with a loan modification company, which is one of the most thriving businesses in America right now. A good agent can make a tremendous amount of money. Yes, we do pay minimum wage against commissions, which is very common for companies in the mortgage related industry. I want great agents that understand this concept and aren't slugs working for just a base salary.
As I stated, my time is very valuable and I will not waste anymore of it, replying to anymore of his other rediculous comments. The only rip off here was for the wasted 5-10 minutes of my life that I will never get back.
Steve