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My experience at Quicken Loans has been very fulfilling and challenging in starting a professional career.

  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Marketing Manager in Detroit, MI
Current Employee - Marketing Manager in Detroit, MI
Recommends
Approves of CEO

Pros

Just a few of the things I value about being a team member at Quicken Loans is Great Benefits: Awesome Culture Potential for Growth within the company Growth parallels exciting revitalization of Detroit Great company/employee ethics

Cons

The long hours within banking

Advice to Management

Continue to be innovative and always open to news idea. This is the bread and butter of Quicken Loans.

Other Employee Reviews for Quicken Loans

  1. Helpful (3)

    Great atmoshpere, great culture, incredible work place, horrible hours and expectations

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Banker in Detroit, MI
    Former Employee - Mortgage Banker in Detroit, MI
    No opinion of CEO

    Pros

    The training there is unbelievable. I went in without knowing a thing about mortgages and felt like a master in the field after 2 months. Working in front of Campus Martius in Detroit was beautiful. It was about a one hour drive for me but at first I didn't mind becuase I need a FULL cup of coffee to oficially be awake. The building we worked in was beautiful. Everything was completely remodeled and was bright and colorful; it kind of felt like I was working for Google. You have your own desk instead of a cubicle, which is nice because you don't feel trapped in a box and can talk with the people around you when you had the time. Your Director (or Manager) always had their desk near yours so you felt like you can approach them at anytime if you were not clear about something. They often bought us good food for lunch and dinner and always had free great coffee available along with free slushies and popcorn if your into that. They gave you a lot of tools to help with your sales and the managing of your business. Lastly, they promote you based off your production and not seniority, so if you work your ass of for a few years, your definately making 100k+ a year. Full benefits including medical, dental and vision as well as 401k match (25% match which gets capped at around 5 grand a year) as well as some very entertaining and crazy work parties. The company is obviously geared toward peoples in their 20's and early 30's since that makes up 95% of their Mortgage Bankers. The building is filled with energy and doesn't have that uptight corprate feel, everything is way more easy going.

    Cons

    The absolute biggest downside of being a Mortgage Banker at Quicken Loans are the hours. Your working 60-70 hours a week, every week. They say 1 Saturday a month is required but they treat you terribly and look down on you if your not working every Saturday. They are very fixated on gaining new clients that it seems like they don't care what happenes to the client you just wrote the loan for. I was a top producer but began to get burned out after months of the 11-13 hour work days, eating my lunch at my desk while working, and being constantly monitored by having your phone calls ease dropped on by my director, "banking coaches" and other so called teams which makes it difficult and stressful to do your job. I don't think anyone likes having someone looking over their shoulder while working, let alone 5 people and having it done all day long. Also, they pretty much ignore you unless your writing loans at a high level. My director didn't aknowledge me until I wrote my very first loan. I feel like in any sales jobs, you have highs and lows. On my highs, I was treated like the popular kid at school and felt like I was friends with my all my superiors. On my lows, I was ignored by management, talked down to like a child, and could not get any of my important questions answered by any one of my superiors. At one point, after refusing to leave my directors desk without an answer to a question about how to prevent 3 of my loans that were falling through, I was told to "just bullsh*t the client and focus on new business." I don't feel like you should ever BS your client, especially when dealing with their mortgage. Along with that, they always came to you when you hit a sales slump and hit you with negative feedback which makes you even more stressful, nervous and hurts your confidence, which is probably the most important thing in this type of business. One week I was a top perfomer in my region, 2 weeks later I was told to "get my numbers up or your outta here." Clients could always tell if I felt nervous or not confident in what I was saying, which in turn, effected my business tremendously. They have a great structure set up as far as helping bankers succeed, however, its not perfect. They shouldn't say negative comment after negative comment when somone hits a slump and you shouldn't ignore your employee's questions because he's having a bad sales week. I had loans fall through simply because my director refused to answer my questions about it, which in turn, caused me to lose a couple thousand dollars. I finally couldn't deal with that type of treatment anymore and the high level of stress of not knowing if I was going to make a commission check that month.

    Advice to Management

    The number of hours are rediculous. I have a family and I would only see them for an hour when I got home and then I would go to sleep. And when I finally had my Sunday off, I was so exhausted from working all week that I didn't want to move from my couch. I understand that your a company trying to make money but you shouldn't work your bankers that hard. If your bankers worked 40-50 hours a week, I'm sure Quicken Loans would still be one of the top mortgage lenders in the country and you wouldn't lose so many of your employees so often. In my training class of 65, we were told that probably only 3 people would still be working at Quicken Loans after a year. Also, focus more on positive feedback to your bankers so they can get their confidence and work moral up instead of putting them down. They know when they are not doing well and to constantly remind them of that doesn't help. Also, it could of just been my situation, but never tell a banker to BS the client, thats just horrible customer service and business habit. Lastly, I've seen directors yelling and screaming directly in the faces of their bankers with the whole floor being able to see it. There is no need to humiliate your bankers infront of everyone and then expect them to be an Ace on the phone right after. I have seen guys in there early 20s starting to grow grey hair just after a month of banking, its kind of sad.


  2. Helpful (2)

    Review

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Mortgage Banker in Cleveland, OH
    Former Employee - Senior Mortgage Banker in Cleveland, OH
    Approves of CEO

    Pros

    The mortgage banking career at Quicken is not for everyone but if your driven, willing to work your ass off while being micromanaged you can make real money especially for kids out of college. The other mortgage banker you work with are laid back and if you can close on the phone you will make 100k plus!

    Cons

    Quicken Managers micromanage all seniority level bankers, management gets pissed when you take time off, you will work 60 plus hours for the first year or so and at least two Saturdays a month, the turnover is terrible, no loyalty to employees, Upper Management on a Branch level is questionable, Reduce Compensation plan for Mortgage Bankers 6 times in three years (reducing pay and increasing production requirements each time).

    Advice to Management

    Remember what made Quicken a great organization, its Culture and people. You have lost sight of this and your employees continue to fail to voice concern due to fear of backlash. Dan has built a great company but the last three years of growth has leaded to a reduction in an employee centric culture that created Quickens history of success.


There are newer employer reviews for Quicken Loans
There are newer employer reviews for Quicken Loans

See Most Recent

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