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There are newer employer reviews for Quicken Loans

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Quicken Loans - still the best place to be at

  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Software Engineer in Livonia, MI
Current Employee - Software Engineer in Livonia, MI

I have been working at Quicken Loans

Recommends
Approves of CEO
Recommends
Approves of CEO

Pros

Great work culture and awesome benefits

Cons

Volatile mortgage industry is demoralising people. Recent lay off's and increased work load do not help.

Advice to Management

Motivate people by ensuring them thats things will get back to normal.

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  1. Helpful (1)

    Great place to work for the right person, but you won't have a life.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Banker in Southfield, MI
    Former Employee - Mortgage Banker in Southfield, MI

    I worked at Quicken Loans

    Doesn't Recommend
    Approves of CEO
    Doesn't Recommend
    Approves of CEO

    Pros

    Great atmosphere to work in. The culture is very young and the overall organization is flat, with very little bureaucracy. They also do a great job with training. You leave training understanding pretty much anything you would want to know about the mortgage industry. They also have very good benefits including, full medical, dental, life, vision and 401k. Overall, if you enjoy sales and talking on the phone all the time, this could be the dream job and company for you. The people are great and so is the camaraderie.

    Cons

    This may or may not be related to the company, but the mortgage business is really tanking right now. This isn't due to the loans, as much as it is to declining markets and declining home values. It is extremely frustrating to have a loan in process that fails to close, when the appraisal comes in lower than expected. You only get paid your commission, after the loan closes. You feel like you put in a lot of work and effort and have nothing to show for it. Another major downside to working here is the work/life balance. They mention this during the interview process, but if you work here, expect to work at least 12-hour days Monday - Friday and some Saturdays. On some teams, weekends are almost mandatory. I routinely worked six days a week, while I was there. Although I seemed to be able to manage it at the time, it is also very easy to get burned out working so many hours. Another downside is compensation. I went to a local brokerage for a few days, to see if there was a major difference. If you write a loan at Quicken, you get on average $250 per loan. At many brokerages the minimum you get per loan is around $1,000. I won't go into the Quicken's compensation structure here - it's way to complicated, and I still don't understand it - but you are required to write way more loans to earn a decent commission check than you would at a local brokerage. The one difference is here you get a base salary and benefits. Still, if you are skilled and know how to write loans, you would stand to make a lot more money working elsewhere. Finally, it is important to make sure that your team leader has a history of developing successful mortgage bankers. This is key, because after your initial training, their ongoing mentoring can be what determines whether you are successful at this job or not. You'll know whether this job will work out for you or not within the second month. If you haven't closed any loans by that point, make plans to leave immediately. This is a great job for the person who will be successful at it, but it can quickly become a nightmare.

    Advice to Management

    Keep doing everything to make the culture fun and lively. Training is excellent, but there needs to be a better strategy for taking new trainees from the classroom to the floor. Hope everything works out after this whole sub-prime mess.


  2. Helpful (2)

    Victim of declining markets, still a promising place to work

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Client Care Specialist in Livonia, MI
    Current Employee - Client Care Specialist in Livonia, MI

    I have been working at Quicken Loans

    Recommends
    No opinion of CEO
    Recommends
    No opinion of CEO

    Pros

    The best reasons to work for Quicken Loans are the culture, empowerment and benefits. Compared to other companies I have looked into, Quicken Loans seems to have pretty good benefits, including 401k, health insurance, dental insurance, eye coverage, etc. Recently, some of the benefits have been cut back, the company eliminated computer loans, internet reimbursement, gym reimbursement, tuition reimbursement and increased the out of pocket fees that employees pay for health benefits. Overall, there are still good benefits at the company, they're just not extraordinary like they used to be back in the day. It would be nice to see some of these things come back.

    Cons

    One of the biggest downsides to working at Quicken Loans right now is the state of the mortgage industry as a whole. Recently there have been a lot of cutbacks at the company which have been the result of the declining housing market. Revenue is down in the industry, and as a result there were layoffs at the company. Unfortunately, an unstable financial environment can lead to some worry about job stability, and considering there have already been rounds of layoffs, it's hard to tell if or when another one will be coming along. Hopefully things turn around soon in the market.

    Advice to Management

    Senior management has done a pretty decent job of handling things during the housing crisis, it is important that they are honest with employees and keep everyone informed about what is going on at the company.


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

See Most Recent

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