Taking a gamble in life

[Mike Gallo]

Through dumb "luck" I received a job offer as a loan officer from a Fortune 500 company. The company specializes in subprime home equity loans.

I present the gamble. I would take a substantial paycut until I get comfortable in the position.

The job pays commission only with a $2000 a month guaranteed draw. I do not have to payback the $2000 if I do not reach commission. I have benefits from day one. The first week I do orientation and in sit with other loan officers. On the second week of employment, I travel to either Milwaukee or Denver for a week of training. The company covers all travel expenses. Week three I sit in the office and take tests based on what I learned in training and continue in office training. Week four I hit the pavement and go sell.

The company does provide leads, however, the company pays a higher commission on self generated sales.

The company has a 80% turnover rate. 1 in 5 loan officers stay with the company. The grinders who stay average $80,000. The top dogs earn over $200,000.

I work in middle management now and this company believes in promoting from within. After 6 months if I have success I can enter the Manager in Training program. The top district managers and regional managers top out at $500,000.

The gamble comes from the fact that I know absolutely nothing about the mortgage industry. According to the way I interviewed and the computer personality test I took my skills sets and personality fit this position very well. I would start at the bottom and have to work my way up.

Has anyone here ever held a job, or known someone, who has had a job like this?