Quicken Loans

  www.quickenloans.com
  www.quickenloans.com
There are newer employer reviews for Quicken Loans

1 person found this helpful  

Great Training

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Mortgage Banker in Detroit, MI
Current Employee - Mortgage Banker in Detroit, MI

I have been working at Quicken Loans full-time (more than 3 years)

Pros

Great Training, Great income, great experiance for future positions in sales. Amazing benifets package. Location in Detroit is great work enviorment, friendly atmosphere, lots of rewarding competitions.

Cons

The work hours can be extreemly rigorus, and managment a bit over the top. Sometimes you feel micro-managed, and the goals your expected to reach may seem ridiculous. there is a very policy with returning calls; if you miss 3 without returning them withing 24 hrs, your fired period.

Advice to ManagementAdvice

set more realistic goals and dont micro manage so much.

Recommends
Positive Outlook
Approves of CEO

474 Other Employee Reviews for Quicken Loans (View Most Recent)

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  1. 5 people found this helpful  

    Stressfull, tons of hours, OT is HALF TIME not time and a half

    Former Employee - Mortgage Banker in Detroit, MI
    Former Employee - Mortgage Banker in Detroit, MI

    I worked at Quicken Loans full-time (less than an year)

    Pros

    -The training is incredible. They pay for your S.A.F.E testing, train you on phone sales, and Quicken really invest a ton of money in each worker. The first two months, you're probably going to think you have the best job ever.

    -Company culture is fun. It’s certainly not uptight. In the first couple months there are tons free slushies, popcorn, joking and fooling around. Company parties are a blast if you’re into that stuff. It really does have a frat/university feel the first couple of months and you will make a ton of friends studying for test etc. You won't see many people over 35.

    -Benefits-Outstanding and one of the best I have had for a company.

    -Slight potential to make money if the perfect storm occurs

    Cons

    There are many to list. After your two months of training, the job takes a real turn for the worse. Tons of work hours (60 a week) while getting paid 8 bucks (24,000 a year) and hour and 4 bucks an hour for OT. I don't know how they get away with this, but your pay checks are small, especially before you hit the floor. Keep in mind, I was OK with this because they were paying for my training, but don't expect to be making much money at first. You WILL NOT have a life outside quicken. It will be go to work, get a quick bite before bed and crash. Sundays you won't want to do anything. Repeat this until....well until you quit or get fired.
    ,
    So what do you do all day? You sit on an auto dialer and make 600 calls a day every day, no excuses. All your phone calls are listened to and scrutinized by your manager.

    That brings me to another aspect. The high turnover is ridiculous. I only lasted a few months but, from my class last April 2011, about 5 people are still bankers today (year and a half later) and probably about five or six are in different departments from an original class of 40. Churn and burn all the way. They will fire you for not writing enough loans and will chew you out in front of your workers for not closing. Talk about pressure. It's not worth it in my eyes. Please don't go in expecting this to be a long term career like I did because it's not a career. What I do encourage, however is for people to use these vultures for their licenses then go someplace else like I did. It may also be a good idea to be moved into another department early before they try to put you on the floor closing loans.

    If you have a family, a significant girlfriend/boyfriend kids or plan on having one soon I'd caution you start something like this. You will be at Quicken for 80% of your day and you will not get to see them very much. This is much worse if you live far away from Detroit or Farmington Hills. This is why this job is PERFECT for the kid straight out of college looking for a shot at a white collar job.

    Another small tidbit I wanted to add. The company culture is slightly creepy. Almost like the people who have been there for a while have been brainwashed by their "isms" and talk in company jargon. It's almost a cult like feeling a bit.

    Now, I don't want to sound too cynical. There is potential to make a lot of money here. Lots of kids under 30 are making 6 figures but you have to understand that this isn’t the norm at all but they like to say that anyone will make it. Expect a few things: Long hours, stress, and fatigue.

    Advice to ManagementAdvice

    You really need to cut down the hours and start "doing the right thing" and treating your employees fairly. I understand that the economy is bad and that warm bodies aren't hard to come by but you're putting moms and dad's and young people in a very stressful position. We are human beings, treat us like them. If they cared about their employees as much as their customers, this company would be blissful. Unfortunately it's not.

  2. 2 people found this helpful  

    Engineered to drive you crazy

    Former Employee - Mortgage Banker in Detroit, MI
    Former Employee - Mortgage Banker in Detroit, MI

    I worked at Quicken Loans full-time (less than an year)

    Pros

    Best training and they pay you to train.

    Cons

    ridiculous goals and hours. 12 hours every day plus some Saturdays. I don't know how people are able to take all the crap from the directors, they will treat you like a dog. Since their pay is dependent on your production they don't care if you lie about other company's practices do what ever it take to get that client. Leave your morals and dignity out at the door before you come to work every day. I know their ads says no cold calling but guess what they will give leads that have already been worked by senior bankers. So if the senior banker was turned down and was not successful at getting the business from that client how am I the rookie can do better. Be prepared that most of the leads you call will tell you that they already talked to quicken loans banker and that banker was not able to help them or they didn't qualify or they are not interested and have already told quicken loans to stop calling. Guess what you have to call these clients again tomorrow. You have to call all your leads twice a day every day. Oh one more thing that they will make you sign when you work for them, if you leave their company you can't work for another mortgage lender for 9 months. I didn't know about that until I left.

    Advice to ManagementAdvice

    relax your training cost you a lot only to have people run away after a while. stop changing everything all the time so people feel they are in a stable environment.

    Doesn't Recommend
    Disapproves of CEO
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