More than two dozen employees of United Wholesale Mortgage made allegations of bullying and harassment earlier this year. A report alleged drug use, discrimination, and unwanted sexual behavior at the company, which denied the claims.
Duration of employment was not cited as a factor in this case.
Two former UWM employees are suing the company, alleging retaliation, sexual harassment, and other violations. The National Labor Relations Board is handling the case.
“Most are amenable to people transitioning,” Caico says of mortgage companies. “I have not seen any hazing, but there are different levels of morality in people. I think if people stay true to themselves and their values they’re not going to have any issues. Most people are welcoming if they believe your skill set is valuable to the company.”
Learning Is Part Of The Curve
Most of the medium to large companies offer training programs and professional development to employees.
NEXA puts its recruits through an academy program. Those that move forward go on to take three separate onboarding classes. E Mortgage Capital has a mandatory eight-hour session for all of its new LOs. UWM dedicates the first week to training and cultural immersion.
“What we’ve been trying to ensure is that folks know there are so many resources out there for them,” Smith says. “We have folks here who are ready and willing and able to help them join a mortgage brokerage or start their own.”
Jargon and practices vary among each type of lending sector, and the acronyms are extensive in this industry.
“There’s a lot of intricacies to the mortgage business so there are learning curves regarding each individual position,” Caico says. “Depending on the skill set you have, there are some really great training programs out there.”
Going from selling reverse to first mortgages has its trials, while entering the Non-QM space from conventional retail offers its own set of challenges.
“If you did reverse mortgages and then become a mortgage broker who is going to do traditional first mortgages, the reality is you’re still working with consumers, so that ability to converse and build relationships and get referrals is the same,” Smith points out. “It’s just your options are different. Being an independent mortgage broker versus being in a captive retail environment you have so many more options to help that consumer.”
Sometimes one has the choice of which channel to enter, other times it’s where the jobs are.
“The key is to do your own research and then make your own decisions. Don’t go off of what you may believe or what you thought you knew.”