Here is my background, I have 2 bachelors degrees, I am licensed in property, casualty, life and health insurance, I am Series 6 Licensed, I own an insurance agency with a major insurance company. I work in insurance currently and I have worked in the mortgage industry.
So I got a call from a woman named Rebbecca saying that she found my resume on Careerbuilder and she would like to talk to me about employment with her company. Just like many I am having trouble financially so I am looking for other opportunities to make some additional money. So I made an appointment and went to what I thought was an interview.
So I went to the offices which was in a nice part of town in what seemed to be a nice office. When I got there I had to wait a second and noticed that there was a flyer sitting on the table that was trying to find some to lease half the office, about 1300 sqft or about 5 offices. I thought it was weird but maybe they were planning on moving but since it was for only half the space of the entire office it still stuck out as weird.
As I was sitting there waiting, a person came out and introduced herself (not sure her name). Right away see goes into how great Rebecca is and how much money she made under her so far. Again I thought it was weird but soon after Rebecca came out and we started what I thought was an interview. We went into a conference room and that same person who greeted me earlier was sitting in the room, again weird but I didnt think too much about it.
Here is when I started out having my doubts. First off she was not very comfortable talking to me, talked really fast and all over the place jumping back and forth between how much money I could make and how much I would be helping families. Right away this raised a red flag. She talked about how the office was growing so much but then did they have half the office up for lease.
As she continued to talk she started explaining the commission structure, and this is what sealed for me. First of all she started showing commisions that seemed outragous. She gave me an example of if I sold some one a $200,000 mortgage that I could make upwards of $10000. Since I have already worked in the Mortgage industry I already know the math on that commission and in order to make that kind of money you would have to literally have to charge them $20000 in fees or origination points of 10%. I am sure if this loan even went through it would break the APR cap set by the state. So needless to say that was when I quit listening the presentation.
Not only did she give me several un-realistic examples she told me that if I did not have a certain license then I could refer it to another person in the office and they would pay me out of their commission. Just so everybody knows this is not allowed by the state and you will lose you license if caught. I asked her if I could see a Candidate packet or some information about the company and she looked at me with a blank stare. At the end of the presentation she tries to setup another meeting time but I told her I would call her. Just to make it worse she hands me a card that was obviously made on her own computer and had no association with World Financial Group or AEGON on it.
I did not continue after this point but after reading some of the other posts here it looks like my suspisions were right. This company looks like it tries to prey on people who dont know much about the industry and dangles huge comissions with little work.
Just remember there is NO EASY WAY TO MAKE MONEY, it will always take hard work, anybody who tell's you different is trying to scam you.
"If you look around the room and you can't tell who the sucker is, the sucker is you."
Fort Collins, Colorado