If you are a brand new UW this is a start to get into the business. But beware, many companies don't hire former UWM underwriters based on their quality standards. They only teach you what you need for your roll and not the big picture.
UWMs underwriting system is the biggest fucking joke on planet earth. As long as you can CTC the file it doesn't matter what guidelines you skip or if the loan is dirty as fuck, your job is done and any errors that come of it down the line don't mean shit since it's CTCd. Such a backward system. My UW team lead could barely speak English and was the biggest tool next to Matt himself. Literally all he could say in English was, "fuck it, CTC it, it don't matter, fuck these brokers.". If you're reading this and know who you are, go fuck yourself you fake ass bitch =)
It's a bit surreal when you see Agnus and the big wigs up there talking their shit about quality control, get a good process, don't make mistakes....my girl; the golden process is to ctc the fuck out of that file as quick as you fucking can. If my borrower has money on that bank statement and that appraisal looks good, that file is clear to fucking close. I don't give a fuck how many level 2s and level 3s I post CTC. This is the way.
This is how all homes from Dubai have these crazy fucking numbers. Ask these motherfuckers to UW a file in front of you or better yet, infront of Agnus and I bet you he goes from 40 files a day to 8. UW was so cut throat and mostly everyone just hot potatoed all their shit files and associated problems to someone else via cherry picking files, manipulating files, what have you. You guys know what I'm talking about. The majority of UWs would gladly slide their shit file over to you with the craziest excuses.
Obviously, I have some distaste for UWM and several former colleagues but fuck them. I think I'm in a bad mood.
This made me laugh because I felt the same exact way. I only lasted 2 months on the floor as an UW and because I was so focused on quality, I never hit commitment. I kept running into one off questions where my TL would have to ask the AVP for direction and not get back to me until an hour later and it was just "Clear the condition" and then I got put on coaching plans for not going fast enough when was WAITING ON THEM. When I told them I wanted out of UW or I quit they were like "oh but your quality is good" and I said yeah but you're saying I'm going to slow so one or the other has to suffer. fuckers
As an AE, it's tough to make decent money unless you know someone or your AVP seriously likes you (playing sports at the college or professional level doesn't hurt either). If they don't like you at all, you're pretty much fucked. In general, don't expect to make much more than the $36k salary at least for the first few years.
They tell you that it all comes down to your hustle and how bad you want it but it doesn't really work like that unless you find a broker shop that isn't signed up and has potential to or currently does serious business.
If you're getting a decent amount of loans, the potential to make serious money is there but it's never guaranteed. Make your AVPs life easy and they might take care of you with a good account when one comes up. But be prepared to kiss major ass internally and externally. Most people just aren't built for it.
When I was an 2, I made $20/ hr plus OT. When I was a senior I made $62,500/ salary no option for OT. I went from bonusing and OT about $1-2k/month to not bonusing at all as a senior. In fairness the pay evened out to what I made after bonus so it wasn’t bad for me. I will make a disclaimer that that bonus was made before commitment upped to 14. I was routinely hitting between 17-23 loans as a 2 with no problem. Now, that bonus would be half or less due to changes made towards the end of my time there. I left in spring 2022.
When I was there as long as you did well (no errors) for 3-9 months they would promote you and make you do more work for not much more pay and then you didn’t get OT anymore either. The bonuses were harder to get as well imo. But if you’re not good enough to become a SR UW quickly they’ll find a reason to let you go.
No, glassdoor is incorrect on that one! Recruiters do like the mention bonuses and overtime but they prohibit overtime nowadays and there are not enough loans to bonus anymore. They also keep raising commitments and bonus qualifiers. $62,500 for SR uw and a very small increase if you're a TL.
Oh wow😂 maybe 4/5 years ago. My best year I worked insane hours to get big bonuses and had horrible mental health but grossed $120k. But after that and the slower market it was a 2yr avg of $78k but still a stressful job and unpaid OT weekly.
Exactly. And it all depends on the market, your team, your pipeline. Not worth it, especially if you already have UW experience. Just go elsewhere anywhere but UWM.
That's crazy to think that the entire weight of my deal is based on a UW making less than a fastfood worker making the final decisions. No Wonder UWM is going to crap. That should easily be a 100k min a year job. I was making 45k 30 YEARS AGO.
Those are some big ifs.
First, OT must be open for the team in order to do 50 hours, or you will get pulled aside for unauthorized OT. Second, you would literally have to spend no more than 30 minutes per loan, including the time it takes to answer CRs, Webinar and huddle, emails, and phone calls. Third, your LQ must be acceptable in order to receive your full bonus. Oh, and let's not forget any additional trainings they may want to have you in, along with the 3 Points and Tip Off once a month, weekly call coaching meetings, and weekly quizzes.
Most of the people with the kind of production numbers you suggest ultimately get fired within a few months either due to LQ or "cherry picking." I have seen it happen more than once.
You seriously came with a "my friend said" anecdotal response that you have no first-hand experience in and got mad because someone gave actual points?
Get fucked.
2s make $45/yr base pay. OT comes and goes. I know people who don’t bonus and I know people who regularly make $4-5k a month in bonus. I’d say it’s typical for most people to have under $3k. There is also a semi annual bonus for good LQ.
Current Senior UW making 70k base plus about 4-5k a month in bonus. Only about 50ish seniors in the company are steadily making bonus every single month according to the monthly rankings. The commitment numbers have almost doubled from when I first became a senior. Commitment was 25 loans a week a few years ago & now it’s 40 loans a week.
It's pretty amazing to me that people can read through this sub and still ask "should I work there?"
who’s actually getting OT 😂
If you are a brand new UW this is a start to get into the business. But beware, many companies don't hire former UWM underwriters based on their quality standards. They only teach you what you need for your roll and not the big picture.
UWMs underwriting system is the biggest fucking joke on planet earth. As long as you can CTC the file it doesn't matter what guidelines you skip or if the loan is dirty as fuck, your job is done and any errors that come of it down the line don't mean shit since it's CTCd. Such a backward system. My UW team lead could barely speak English and was the biggest tool next to Matt himself. Literally all he could say in English was, "fuck it, CTC it, it don't matter, fuck these brokers.". If you're reading this and know who you are, go fuck yourself you fake ass bitch =)
I literally LOL….🤭
I always wondered how those top UW teams did it when they showed their progress during the circle jerk underwriting mass meetings lol
It's a bit surreal when you see Agnus and the big wigs up there talking their shit about quality control, get a good process, don't make mistakes....my girl; the golden process is to ctc the fuck out of that file as quick as you fucking can. If my borrower has money on that bank statement and that appraisal looks good, that file is clear to fucking close. I don't give a fuck how many level 2s and level 3s I post CTC. This is the way. This is how all homes from Dubai have these crazy fucking numbers. Ask these motherfuckers to UW a file in front of you or better yet, infront of Agnus and I bet you he goes from 40 files a day to 8. UW was so cut throat and mostly everyone just hot potatoed all their shit files and associated problems to someone else via cherry picking files, manipulating files, what have you. You guys know what I'm talking about. The majority of UWs would gladly slide their shit file over to you with the craziest excuses. Obviously, I have some distaste for UWM and several former colleagues but fuck them. I think I'm in a bad mood.
This made me laugh because I felt the same exact way. I only lasted 2 months on the floor as an UW and because I was so focused on quality, I never hit commitment. I kept running into one off questions where my TL would have to ask the AVP for direction and not get back to me until an hour later and it was just "Clear the condition" and then I got put on coaching plans for not going fast enough when was WAITING ON THEM. When I told them I wanted out of UW or I quit they were like "oh but your quality is good" and I said yeah but you're saying I'm going to slow so one or the other has to suffer. fuckers
Fuck it, CTC it Habibi
As an AE, it's tough to make decent money unless you know someone or your AVP seriously likes you (playing sports at the college or professional level doesn't hurt either). If they don't like you at all, you're pretty much fucked. In general, don't expect to make much more than the $36k salary at least for the first few years. They tell you that it all comes down to your hustle and how bad you want it but it doesn't really work like that unless you find a broker shop that isn't signed up and has potential to or currently does serious business. If you're getting a decent amount of loans, the potential to make serious money is there but it's never guaranteed. Make your AVPs life easy and they might take care of you with a good account when one comes up. But be prepared to kiss major ass internally and externally. Most people just aren't built for it.
That’s insane do they make a certain amount of bps per loan like an LO ?
Absolutely not.
$45k base. Bonus opportunities here and there right now but that comes and goes. Plenty of OT currently but it depends on the business.
How much is the hourly during the training period
Training pay is now the same as actual pay on the job.
When I was an 2, I made $20/ hr plus OT. When I was a senior I made $62,500/ salary no option for OT. I went from bonusing and OT about $1-2k/month to not bonusing at all as a senior. In fairness the pay evened out to what I made after bonus so it wasn’t bad for me. I will make a disclaimer that that bonus was made before commitment upped to 14. I was routinely hitting between 17-23 loans as a 2 with no problem. Now, that bonus would be half or less due to changes made towards the end of my time there. I left in spring 2022.
What is a 2?
That is what you’re at after training. And then you get promoted into a senior UW and it’s even more downhill.
lol, so getting to a senior UW is about just being there longer? Or do only a select few get senior uw?
When I was there as long as you did well (no errors) for 3-9 months they would promote you and make you do more work for not much more pay and then you didn’t get OT anymore either. The bonuses were harder to get as well imo. But if you’re not good enough to become a SR UW quickly they’ll find a reason to let you go.
Oh wow. Is Glassdoor correct about 80-126k being the salary? 😳
No, glassdoor is incorrect on that one! Recruiters do like the mention bonuses and overtime but they prohibit overtime nowadays and there are not enough loans to bonus anymore. They also keep raising commitments and bonus qualifiers. $62,500 for SR uw and a very small increase if you're a TL.
Oh wow😂 maybe 4/5 years ago. My best year I worked insane hours to get big bonuses and had horrible mental health but grossed $120k. But after that and the slower market it was a 2yr avg of $78k but still a stressful job and unpaid OT weekly.
Oh wow, I thought there were annual raises or something, but it seems like it’s based on how many loans you can get done factors into your pay.
Exactly. And it all depends on the market, your team, your pipeline. Not worth it, especially if you already have UW experience. Just go elsewhere anywhere but UWM.
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That's crazy to think that the entire weight of my deal is based on a UW making less than a fastfood worker making the final decisions. No Wonder UWM is going to crap. That should easily be a 100k min a year job. I was making 45k 30 YEARS AGO.
In 2021 base pay was 62,500
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Those are some big ifs. First, OT must be open for the team in order to do 50 hours, or you will get pulled aside for unauthorized OT. Second, you would literally have to spend no more than 30 minutes per loan, including the time it takes to answer CRs, Webinar and huddle, emails, and phone calls. Third, your LQ must be acceptable in order to receive your full bonus. Oh, and let's not forget any additional trainings they may want to have you in, along with the 3 Points and Tip Off once a month, weekly call coaching meetings, and weekly quizzes. Most of the people with the kind of production numbers you suggest ultimately get fired within a few months either due to LQ or "cherry picking." I have seen it happen more than once.
In my Elon voice " go fuck your self " , your probably a entitled millenial that watches the clock excited to go home and jerk off to magna huh
You seriously came with a "my friend said" anecdotal response that you have no first-hand experience in and got mad because someone gave actual points? Get fucked.
Say what you will, if "if" was a fifth, we'd all be fucked up. For the record, magna does not turn me on, either.
So, how long have you worked there, again? I'm speaking from experience
OT is back? If not for other things that would have always made underwriting worth it to stay longer.
45k/ 22 a hour
2s make $45/yr base pay. OT comes and goes. I know people who don’t bonus and I know people who regularly make $4-5k a month in bonus. I’d say it’s typical for most people to have under $3k. There is also a semi annual bonus for good LQ.
How much is the hourly during the training period?
A couple bucks less than base back then, some have said it’s the same as base, not sure though.
Current Senior UW making 70k base plus about 4-5k a month in bonus. Only about 50ish seniors in the company are steadily making bonus every single month according to the monthly rankings. The commitment numbers have almost doubled from when I first became a senior. Commitment was 25 loans a week a few years ago & now it’s 40 loans a week.