Rumor has it that COF is looking to sell the mortgage division that was part of the North Fork aquisition (GreenPoint). Does anybody out there know anything about this?
I have read these comments over and over about who is inadequate and who should be fired. From the very beginning of this organization there has been a boyz club within the club. Certain executives and ae's have skated through without producing what would be considered satisfactory numbers and have made top dollar. Where is this coming from you ask? How can they pay '07 wages to managers and ae's based on '05 numbers? That is the 100 million dollar question. How can the executives all be maintaining the same income while the production is down 50%? How can they take the money the boy'z network is providing and cash the checks. No other wholesale shop pays reps and managers on former numbers "cause the market has changed". Well to bad the market has changed for everyone ... maybe the boy'z club should take a look at new century for an example of mis managment of funds. Who is allowing this to happen? This entire industry is set on FUNDING and selling loans. Any other major player tries to find new ways to create market share or expand products. Not GPM they find a way to pay under performing reps and managers on numbers from a refi boom long past! What a joke this is and anyone of the people involved should be ashamed. Work for Wells, Wamu, Countrywide etc....... You dont fund you dont get paid! Maybe with the primaries coming up over the next yr all of gpm's political guru's can find jobs after the doors shut down.
Lost my job today with CONA as a result of the "bright", "new", and "more efficient" way to "produce" business by eliminating the originators on the street in Louisiana, Texas, New Jersey, and parts of New York. I would hope that you can sense the sarcasm in my statements because I am laying it on pretty thick. I do have to credit Capital One for one thing; the severance package is top notch (not being sarcastic). I think they will realize that we, in production, are essential to the mortgage origination process in that we add value to the company by providing bank clients with a face behind the most important and perhaps the most costly purchase that they will ever make. They will learn the hard way or they will choose not to do business in these areas. By the way, to anyone that does not realize, we are commission only employees. Therefore, we costs the company only what they pay in benefits and operating expenses on our behalf (we pay for our own marketing with the exception of company provided business cards). I think it ashamed to get rid of mortgage personel in areas where you have a bank branch presence. As a brick and mortar branch bank, you should provide the entire spectrum of products and services to your clients. If you do not, your competitor will be more than happy to provide it for you. I hate to use this cliche but when in Rome you must do as the Romans. In the areas that the layoffs occurred, "street origination" is done by all major banks, credit unions, etc. Perhaps the rest will follow suit, but how many deposit clients will this cost Capital One before they do. Good luck to all fellow associates that read this message board. You guys and gals have been a true pleasure to work with!!!
Is it a good thing when an unprofitable division is closed during a down turn in business?
Does a corporation rid themselves of a highly profitable company because of a downturn in the business cycle?
Do we analyze minute to minute decisions to determine the outcome of a strategy?
The guy I am talking about was a branch manager. i would question upper management and some of the decisions they have made and the direction they are taking the company.
company morale is low. people don't know if they will be the next ones to go.
my desicion to leave, and the others that left with me, was made the the day the company let us down.
I dont know the guy you are talking about but obviously their leadership is lacking experience and knowledge of the business. Kanas made a poltitical appointment and gave it to a guy that is not competently seasoned enough to run a large mortgage operation. I would think that cof is aware that there are amateurs at the wheel and will relieve him of his post soon. We cannot afford any additional earnings surprises like we had last quarter. Like I have said in the past----fix gp or shut the doors. It is no time to play games with novice leadership.
i recently left GPM (7/9/07). there were 5 other people that left with me. our office was one of the casualties of the lay offs last month. everyone in our office was laid off (even our branch manager) with the exception of 8 account executives. our branch manager built our market. he started the office. we became the number 1 office in our state last year.
in january i sat in the meetings at the annual conference. management talked about how everything is going great. the theme of the meeting was "charting the course". what a bunch of b.s. how do you close a top producing office and not keep the branch manager that built it. i know that other people feel the same way about their office as i feel about mine.
i heard from a very reliable source (they have not been wrong in the past) that there are more changes coming to gpm. changes will be made after the 2nd quarter earnings come out.
the changes started in march when they made drastic changes to the guidelines. every ae in our office took a huge hit in pay. the new account executives were making more than the veterans.
i left the company to work with my previous branch manager. he is a great leader. he will make this new company successful and all of the people around him.
Someone mentioned on this board that Kanas put a middle management guy in charge when the prior president of GPM left and I didn't think it was a bad decision. I think his name is Steve Abreu. How wrong I was. I was told that Mr Abreu sent an e-mail company wide mentioning how things are looking up in the mortgage business and better times lay ahead etc. This was sent out 1/2 hour before the conference call announcing the layoff of 200 or so GP Mortgage employees. How fu***** stupid is this guy or is it just me missing something. One of the guys laid off was so excited when he read the e-mail because he thought the conference call was to announce layoffs but how could it be after that e-mail. How wrong he was.
OK, how many lost their jobs today at gp, hibernia and nfb mortgage units? greenpointgirl, are you safe? give the board the news here. this is another example of compounded losses-----revenue streams lost and huge expenses on severance. who is running this show?