I recently terminated my association with WFG after my own painful lessons in MLM, and this company specifically. From what I'm reading online from others my story is pretty much a carbon copy of what others are saying, but I feel it is important to keep this fresh and maybe someone who is considering joining the company will read this and think twice.
I was with WFG for about a year and half. I was as dedicated a person as anyone could be. I faithfully attended the BPM meetings, dragged friends, family, and aquaintances into the meetings. I paid $100 to "buy" my business, $10 on "the bible" which is told to you by your upline the difference between success and failure, $30 for a phone line in the office, hundreds of dollars to take classes and tests to become insurance and securities licensed which has done me no good at all, not to mention the countless hours spent in the office "learning and training" to be successful.
In actuality what I did was provide the office with many hours of free labor doing paperwork, shopping mortgage loans with the promise of payouts, and lining my upline's pocket with money he made off of my friends, family, and myself.
I started getting suspicious about the company after I passed my first round of licensing and was insurance licensed. I was told over and over that once I held that license I would be running appointments and making excellent money. I was told the office was so busy that they were dying for licensed associates to handle the volumes of clients. Funny thing happened once I became licensed. There were no clients all of a sudden. All that work, and people who needed our help were just suddenly gone. I became licensed in October 2006 and to this day have never used my license.
After the holidays I wound up with two mortgage loans sitting in my lap that I brought in. Lucky or maybe unlucky for me I have experience in mortgage loans,l know the terminology, the process, etc...which in our local office they have been unwilling to "train" anyone in mortgage loans. Both loans I had were easy, great credit, low DTI, low LTV, what is refered to as an A+ paper loan. These loans should have taken two weeks tops start to finish.
However because I was a junior loan officer I had to take a back seat on my loans and allow my senior loan officer to be the one to be in communication with the processors, the appraiser, etc...I thank god that these loans were people who I knew and who knew and trusted me because if they had been strangers my reputation would have been severely damaged. These two easy loans took 3 months to close.
In addition, my senior loan officer sold one client a loan that didn't exist. He promised a loan which I grilled him on, and wound up suiting my clients needs. I knew there were problems immediately but was denied over and over a way to contact the processors so that I could talk directly with them. I was being told by my senior loan officer that everything was fine, that my concerns and questions were being forwarded to the processors and come to find out they never were. All Hell broke loose when the client went to sign their loan and it wasn't what they were promised.
Finally on that day I was able to obtain from my client, who in a rage went to the WFG office here and demanded the contact info for the processor. What I learned that day sealed my decission to terminate my association with WFG. My senior loan officer had willingly and knowingly sold that loan to my clients even though it had been unavailable for some time, in addition before sending up the 1003 and other paperwork that I had completed on both these loans he took out the pages that refered to me in anyway so that it would not be known that I was the junior loan officer on these loans.
The day I called the processor she was shocked to discover that not only had I been working these loans, but I in fact had brought them in but documents had been altered to show my senior loan officer as being the only one working these loans. I am still dealing with trying to get paid fully for the 3 months worth of work that I did.
The ethical thing to do here would be for the company to cough up what is rightfully owed to me for bringing those loans in, working them, and ultimately saving those loans so that they went to closing and funded. However I am being told now that I will not get paid on one of those loans due to the incompetence of my "senior" loan officer, which is no fault of my own. I guarantee the company got paid, there was over $4000 in closing costs and less than $700 was for the appraisal, the title company, and the county for recording fee's.
Anyway, this is my specific story which seems like an all to familiar one from what I have seen. I have found out through associates here locally that most of them have experienced what I have as well which is really too bad. If properly ran I can see where WFG could be a great company with a great concept, sadly there are just too many that have been brought in with the milk em' dry and move on attitude.