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Working in Today's Mortgage Banking

Senior Quality Analyst
Former Employee
Worked at Bank of America for 20 years
November 15, 2014
Los Angeles, California
4.0
RecommendsNeutral OutlookApproves of CEO
Pros

In a non-branch environment, you do not have the pressure placed upon you when it comes to pushing products. Your position is specific to the department you are in, and your performance is based on the quality of the job you do. In these positions, management encourages personal growth and advancing oneself.

Onsite managers are open to associates' ideas and concerns, and they will work with you in problem resolution, personal or performance-related.

Cons

Since the Great Recession of 2009, job security is much less certain. Many areas in the mortgage section continue to be downsized due to still tight consumer loan qualifying, especially for refinancing. Departments which used to have 125 to 150 auditors now have 10 or 12. Other departments are moving associates to other areas or laying them off. Until the economy improves for the consumer looking to buy or refinance, this section will continue to run lean or decline.

Advice to Management

My advice to management is not to play games with your associates. In communicating with current associates, there appears to be actions by management skirting the fine line of ethical and unethical. Rethink this.

Senior management should consider tenure and quality of work performed when basing their decisions on who is laid off.

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