Salesmen without Scruples: My Observations as a Loan Officer -- Part IV


The Closing


Of the eight people I started with at the second brokerage, First American Financial, none lasted more than two months, myself included. I soon found a stable job that while it didn’t promise $20,000 a month, lasted longer than most of the mortgages closed during my tenure.


Both brokerages I worked for were sued by its employees in class-action suits alleging that loan officers should have been classified as “non-exempt employees” and paid overtime. I opted out of both lawsuits. I dropped out of the case against Global Home Loans when a 10-page questionnaire, an obvious stalling tactic, was issued. It worked. The time expenditure became too great for a suit with little promise of payout. The companies suffered the same fate as most of the loans it closed. They went bust.


I didn’t keep in contact with anyone from the business. I quickly lost touch with Tara, Ed left First American soon after I did; he called a few months later to let me know he had found a job as a bank assistant. I found a few people on the internet, Tara’s friend with benefits is now married with children, she has a new man now. The others, like jobs in the mortgage industry, disappeared.

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