Salary or Commission?

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I work for a Mortgage Company as a loan processor and personal assistant to two loan officers. I found out last week that they don’t want to pay me salary anymore because they have aren’t closing enough loans. Now they want to move me to commission which is actually more than my salary was but my salary was guaranteed. If they do not close a loan then I do not get paid and I am not exactly at a place in my life where I can go without being paid. I tried talking to one of my bosses but that got me no where. WHAT SHOULD I DO?

  1. Reply
    February 18, 2011 at 2:45 am

    unfortunately look for another job. In the interim, explain that you can’t move to a 100% comission structure, and try and get some sort of middle ground. Figure out your basic bills and get that fixed at a minimum. I’ve seen this alot of times before and its usually does not end up pretty.

  2. Reply
    v b
    February 18, 2011 at 2:50 am

    A sales commission is supposed to do two things:

    Give you an incentive to make a sale.
    Give you pay if and only if a sale is made.

    If you are a loan processor/personal assistant, you are not the person bringing in the clients. You are merely getting the work done. If *they* don’t close a loan, why should *you* not get paid. (The answer–they don’t have enough money to pay you and themselves, so they are trying to figure out a way not to pay you.)

    The bottom line–look for another job.

  3. Reply
    Mortgage Man
    February 18, 2011 at 3:05 am

    I agree with V.B. Find another job. I work for a broker and we have two processors. (although, they don’t process our loans, they just handle payroll and other time consuming paperwork for the owner.) Never would the owner of my company dream of paying you commission based on someone else’s performance. If you’re relying on them to pay you based on the business they bring in, you’re not with a good company. Find a larger broker/lender to work for who can afford to pay you. For example, my company has over 60 loan officer’s, and the owner is still going strong. There’s places out there that will offer you something better. LEAVE QUICK!!!

  4. Reply
    Jeff T
    February 18, 2011 at 3:39 am

    I’v been in sells for awhile and I agree with the previous posting. They can’t afford to pay you so they are basically looking for away not to pay you or pay you less then you deserve. Your not the salesperson so you really don’t control the sale therefore you shouldn’t be on just commission. If anything you should have some sort of base pay plus commission but not straight commission. I would say find another job asap.

  5. Reply
    Scott R
    February 18, 2011 at 4:25 am

    Well, do you trust these people to actually put loans in the pipeline? If so, go ahead and trust them. They are trusting you right now to close their loans, right? Just a thought.
    Scott R

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