Is this the company to which you are referring? In any case, yes it sucks to be lied to especially as this involves a job change.
But, look on the bright side. The ad is recruiting experienced loan officers so I assume you are experienced. If you can sell mortgages you should be able to get employed at any place you choose, maybe even at an increased split/compensation.
Why can I say this? I have been a mortgage broker for over 10 years now and if there is one thing I know in this business, if you can sell mortgages and make money for your employer and yourself, then gaining employment shouldn't be tough.
>>>>>Pan American Mortgage is a Wholly Owned Subsidiary of Pan American Bank, a Multi-Billion Dollar Illinois-state chartered bank, with multiple locations and the ability to originate loans nationally. We are looking for experienced loan officer to work remotely in the Los Angeles area.
Pan American Mortgage takes a very unique approach to our business model unlike anyone else in our industry. We have an established realtor recruiting campaign that is guaranteed to have realtors calling you. As a bank, we are able to compensate realtors (by making them a junior LO) on the financing side of their business, thus increasing our loan officers overall income.
Pan American Mortgage provides the following:
•Licensed to originate in all 50 states with several lenders
•No origination license required, as we are a bank
•In house real estate company, Pan American Realty Group, LLC
•Realtor program where realtors send YOU business (guaranteed)
•Loan officer referral fee (5% override)
•Flexibility to work remotely
•In house processing
•290 loan officers currently originating
•Aggressive commission splits (Ave. loan officer is at 64% split)
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.