Pros
To start, a general business model of "zero closing costs" to undercut giant, well-established, lenders is a recipe to create a working environment to the likes of a "sweat shop". An enormous amount of volume is required to be moved to account for the razor thin margins the company operates off of. Also, utilizing a market wide, COVID-related, rate drop to over-leverage yourself into rapidly financing expansion markets after being a VA only lender, is another formula that results in high potential for default or acquisition. I only say this as a response to their unanticipated meager start to the newly established purchase side of the operation. Hopefully rates don't hike and the Refi "layups" dry up, as there wont be much to catch the fall... I began my time at CapCenter as an eager post-grad looking to get a foot in the door into finance. I saw many over qualified individuals in the same or similar position and it only further verified the slouch in the post-COVID job market. It was exciting to start training and earn my MLO license, but all of the eager beavers that I started with soon realized that the training program you are in is likely one of their first groups, as any coworkers that had been with the company for over 10 months did not receive any training at all. It was an empty shell and the week you spend in RVA is predominantly a quiet study hall to review material for your MLO exam. Once the predominantly remote training concludes, you are ramped up much faster than you anticipate. Quite frankly, much more quickly than your managers anticipate as well, as I'd assume they did not expect the astronomical turnover rate that was seen in all of the expansion markets within the last 12 months. Here is the exact experience I have seen from the last 2-3 groups of Loan Analysts coming through expansion markets: Analyst's pipelines are quickly ramped up following training, other loan analysts (in the same office or your neighbor's) will realize they can't take it anymore and leave (many times with out any notice. Literally same day. Will not show up and text their manager at EOD), and the remaining LAs are left to absorb these pipelines to complete on top of their own, which were already bulging. Overtime is heavily restricted. Even if you push to work long hours, the overtime incentive is only there to be used as a marketing ploy to make fruitless attempts to replace the LAs who drop like flies (majority between 2-6 months). There are a many expansion offices that have not held a loan analyst for more than 8 months and most are much less than that. Pressure from upper management is squeezing regional and branch managers to the point where the lowly Loan Analysts and Consultants are thrown further into the pressure cooker. I have seen many over qualified, extremely hardworking individuals scramble to find new opportunities and take the hit of being labeled a potential "job hopper", just to get out. Saying morale is low office-wide is an understatement, as coworkers and I have had serious talks about deterioration of mental health. Management is no support net either, as they are constantly looking to cover their tails, likely because the vast majority have been there for under a year.
Cons
Hopefully this review isn't coming off as sour or resentful, as that is not my intention. There are a few pros that I must include as well. There are some great people that will be dredging through the mud right with you. You will likely develop friendships with coworkers, that extend outside of the office, as the vast majority will be your age. Getting to meet these people is one of the few bright points of this role. Another is that you will be forced to learn very quickly without much support. You will learn to utilize many outside resources to support your growth and "CYA" is a motto you will live by... but hey, you will get your MLO license for free (if you don't fail and they politely ask you to leave). This is my first, and potentially last review, and the main reason I am writing it is because I share the same view as the vast majority of my coworkers and I really wish I would have had more insight regarding the company as a whole before onboarding. But if you need the job, good luck!