Quicken Loans Reviews | Glassdoor

Quicken Loans Reviews

Updated February 23, 2017
959 reviews

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Full-time Part-time

3.8
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Quicken Loans CEO Jay Farner
Jay Farner
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959 Employee Reviews

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Pros
  • Good pay, nice work environment (in 86 reviews)

  • Great culture and city (Detroit) to work in (in 57 reviews)

Cons
  • Work/life balance you have to put in the time to be successful (in 139 reviews)

  • The long hours are due to their compensation being commission based (in 159 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (1)

    "A great place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Banker in Detroit, MI
    Former Employee - Mortgage Banker in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans full-time (More than a year)

    Pros

    Tons of opportunity for advancement and growth both personal and professional. Compensation is very good, easily 6 figures for mortgage bankers after the first year. Team leaders and management are genuinely invested in your success and the culture is one of caring about your clients. I honestly would never work for another mortgage company because QL honestly has a culture through and through of conservative lending and responsible business.

    Cons

    Long hours, expect to be pushed to achieve higher and higher sales goals. 1 weekend day a month is required but if you are behind pace for goal you should expect to work more. I often remoted in from home to access client files and help clients looking at homes during the weekend.

    Advice to Management

    Keep doing what you're doing and take over the mortgage industry!


  2. Helpful (1)

    "Strong growth potential, professional training"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Mortgage Banker in Detroit, MI
    Current Employee - Senior Mortgage Banker in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Considering it is generally difficult to break into any industry without a degree, Quicken's training program alongside their commission structure is the best in the industry. The long hours go without saying, are less a con and more an expectation for whatever sales position you are in that relies heavily on consumer contact and reward per the time you put in is fantastic. I fail to find any comparison within the industry or outside it. In this sense, the company truly is exceptional. Environment and atmosphere is high energy, with your every need being literally catered to you. The Campus like atmosphere of downtown Detroit is now a place where you can find entertainment around any corner. Benefits are normal per the industry and area with exception of 401k matching being low. Further benefits can be found everywhere, with an employee's badge acting like a key to the city. You get a discount on almost all downtown business, and can benefit from assistance on rent when living downtown.

    Cons

    Commission structures were changing drastically away from individual performance to a more manageable (read, lower) payout per performance period based on averages of the company and your individual area of expertise. This gets frustrating especially when they tote "front end focus" for their bankers but put in stop gaps for pay outs of loans in process that are not moving properly to the closing table, rather than just do what (literally) every other company in the industry does, and pay on closing. Further, your experience at Quicken can and is extremely effected by your management. Some managers will be in your face 24/7 about sales, others will take a more hands on approach, management selection is strictly based on performance so that you can have managers with only 1 years experience in Mortgage Banking and no experience in managing people. Although this can be counted towards a positive of upward mobility, it also produces managers who clearly have no idea what they are doing and no people skills to speak of. Moreover, team changes and rearrangements happen monthly, removing any sense of consistency or normality to the work environment. I count this as a negative because in a 12 month span I worked under 3 different managers and 4 different Regional Vice Presidents, all of whom had wide differences in management styles and expectations. As with any position that requires so much time and energy, stress is high and burnout is common. If you don't produce, you're gone. What exacerbates these issues is Quickens upper management refusal to acknowledge anything as a 'problem' within their organization. Many of the issues I have just relayed are looked upon with pride rather than scrutiny.

    Advice to Management

    Quickens Management will find ways to improve, they always do.


  3. "Know the position when reading the review."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Business Analyst in Detroit, MI
    Current Employee - Business Analyst in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time (More than a year)

    Pros

    Great work life balance. Fantastic benefits on day one. VERY focused on the development of their people.
    The snacks and freebies are great too.

    Cons

    Many of the poor reviews are from bankers. The long hours are due to their compensation being commission based. The more they work, the more they sell and the more they make.
    If you've worked in the corporate world for any length of time, the relaxed culture does take some adjustment, but WELL WORTH IT.

    Advice to Management

    Keep the focus on your team members and their development.


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  5. "Great Place to work"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Marketing Strategist in Detroit, MI
    Current Employee - Marketing Strategist in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time (More than a year)

    Pros

    One of a kind culture. Opportunity to move up. Huge focus on keeping employees happy.

    Cons

    Bankers most likely have a vastly different opinion. Many specialized employees lacking well rounded skills.


  6. "INtern"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Banking in Detroit, MI
    Current Employee - Banking in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time (Less than a year)

    Pros

    Awesome company that will continue to do amazing.

    Cons

    No cons at this time or ever

    Advice to Management

    You do great things


  7. "Vendor Analyst"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time

    Pros

    Beautiful Work Space, Nice collagues

    Cons

    Work Life Balance, Up & Down with Overtime.


  8. "Account Executive"

    Star Star Star Star Star
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Treat the employees awesome. The benefits are incredible and you get benefits the first day of work. Employees are treated as if they are on the same level as management.

    Cons

    Have not found any cons yet. So far everything that I have experience at this company has been positive and I have recommended many friends to come work there.

    Advice to Management

    This is a wonderful company to work for and I am proud to be a part of it. You treat the employees like they are on the same level as management, and you put a lot of trust in your employees. Keep it up!


  9. Helpful (1)

    "Working with clients to get a mortgage on time"

    Star Star Star Star Star
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Quicken Loans full-time

    Pros

    amazing place to work for.

    Cons

    ITS way to cut throat


  10. "Client Care Specialist"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Client Care Specialist in Detroit, MI
    Current Employee - Client Care Specialist in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time (Less than a year)

    Pros

    LOVE the culture, free food, benefits, and work flexibility

    Cons

    Long summer hours, peak season work flex

    Advice to Management

    More work from home/flex schedules options


  11. Helpful (1)

    "Great environment to work in"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans full-time

    Pros

    Given the ability to drive your career

    Cons

    Base pay is less than stellar for state and national averages in this field



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