H
hawaiial
Guest
i work for a fortune 500 finance company as a branch sales manager. we are a b/c lender and we make secured and unsecured loans to renters and homeowners. i am paid a salary + commissions. recently the company added something to our commissions plan that i feel may be illegal. they call it "1st payment defaults". let me explain.
branch managers are being penalized 50% of their commissions if more then 5% of the offices unsecured loans booked do not make their 1st payment within 90 days. a branch manager will lose 100% of their bonus if the office exceeds 7%.
these loans are underwritten by the branch manager and underwriters in a centralized office in chicago. if a customer fits into the guidelines that the company designed then we approve the loan.
i feel that the branch managers are unjustly losing their commissions just because these customers don't make their 1st payment within a specific timeline. why should we lose our money when someone else doesn't pay their bills on time. is this legal?
branch managers are being penalized 50% of their commissions if more then 5% of the offices unsecured loans booked do not make their 1st payment within 90 days. a branch manager will lose 100% of their bonus if the office exceeds 7%.
these loans are underwritten by the branch manager and underwriters in a centralized office in chicago. if a customer fits into the guidelines that the company designed then we approve the loan.
i feel that the branch managers are unjustly losing their commissions just because these customers don't make their 1st payment within a specific timeline. why should we lose our money when someone else doesn't pay their bills on time. is this legal?