As a former employee, I strongly urge you to take your loan elsewhere. This company does a poor job finishing your loan compared with other places that I have been, Also, as of the time that I left, they do not pay their LOs a wage, despite that the law provides for inside sales employees to receive a base wage. What do you think that does in terms of getting you the best deal if the LOs are commission only and underwriting is slow and clunky? Do you think you will get the best deal? Promises are made but not kept. I was promised wages that to date remain unpaid for a special recruiting project to... You guessed it- bring in more Loan Officers! Especially if you are a loan officer, don't waste your time. The turnover rate is insane, Loan Officers get frustrated after the promise of 10 day closing times, which of course turn into 2-5 months to get a loan done. Delaney is a dinosaur, still trying to do loans the way they were done in the 80s. My customers were in general very angry due to the constant hoops they would have to jump through to finish a loan if the snapshot wasn't perfect, and even when it was. Of the maybe 20 loan officers that were there a little over a year ago when I left it shows that maybe five remain. Those that have stayed in the business after CentralBanc left a bad taste in their mouth have told me how as soon as they left they started getting their loans through the pipeline. Not surprising. Also, be aware that any point John may just stop doing loan programs that are available elsewhere, like the DU refi plus product. He just stopped doing them when a bunch of such deals were in the pipeline, so a number of borrowers who had those deals going ended up getting brokered out anyway, hurting the borrower and the loan officers at the same time. Oh, and ask to see a HUD on every deal, and the lock agreement, there was talk about them being very protective of these in the office, which is odd. Some very competent people have lost time to this resume killer of a company. I care not to guess how many customers had the poor experience that seemed the norm. I somehow reinvented myself and landed at a GREAT company, but this place was a sad excuse for a mortgage company in my opinion, sleepy and nobody making any real money except maybe the owner. Also, John Delaney credits himself with being the inventor of the ARM loan. If this is true, this should be reason enough to stay away from him and his way of doing business.
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