Hey guys. I joined WLG (World Leadership Group aka Global Equity Lending) and about a month ago I quit. All they wanted me to do was recruit, recruit, recruit. I have been doing loans for 3 years and things were just not adding up. They did not care if I did loans, they just wanted me to recruit. Their systems I think are pathetic. They make you give up the duties of a loan officer to a processor and a loan coordinator that you will probably never meet.
They want you to recruit, recruit, recruit because everyone is pressured into joining all three of their companies, that each cost money. You pay to join World Leadership Group, you pay to join Global Equity Lending, and you pay to join Global Realty Marketing.
Also, they charge the customers upfront to run their credit and qualify them! Are you serious? Why would I charge someone $100 just to find out their credit score and to see if they will qualify in the GEL guidelines? They also have a say in what lender you use.
I looked in the back office of the company and one of the biggest producers there, one of the top 5 in the company was submitting over 200 loans a month and less than 50% of these loans were closing. That probably because they just want any JOE of the street to join the company and they don't know a loan from an insurance policy. Also, when you give up your loan to their system, who knows what happens to it. Obviously a lot of loans are falling out due to some major inefficiencies in their system. This top guy had thousands of people on his team and they were only submitting on average 200 loans a month! That is a scary number, because it means that thousands of people have signed up for the company and are not producing loans.
The commission splits are small. Its hard to get real loan officers to join the company because you start out at a 30% commission split and then you must split your first three loans with a trainer. Well, like I said, I am experience and I still had to do this.
I quit quickly, as soon as I found a company I could trust. One that treated me like someone more than just a recruit.. XXXXXXX is also a XXXXXXX marketing company and they take care of us employees. They offer 80% commission splits from day 1. And you can get 100% commission split after just 10 loans. No upfront fee to the borrowers. Everyone starts the company on the same commission split! 80%! It would take years to get there at WLG. In fact, I don't think ANYONE at WLG can make 80% commission splits.
Seriously, you should look at your options! I didn't until I poured too much money into WLG... don't make the same mistake I did. This new company is not all recruit, recruit, recruit. We want people to do loans and that is why we pay such high commission splits!
We are not all about recruiting, but you will soon see you can make some serious dough if you do build a team of producing individuals. Which isn't very hard when everyone gets paid 80% on day 1! We will even show you proof. My coach showed me her residual checks for the last year and I don't think you could get anyone at WLG to do that for you. Beware of the HYPE and go to where people can prove their success!
San Diego, California