Quicken Loans Reviews | Glassdoor

Quicken Loans Reviews

Updated March 23, 2017
327 reviews

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4.0
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Quicken Loans CEO Jay Farner
Jay Farner
6 Ratings

327 Employee Reviews

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Pros
  • Good pay, nice work environment (in 87 reviews)

  • Great culture and city (Detroit) to work in (in 59 reviews)

Cons
  • Work/life balance you have to put in the time to be successful (in 141 reviews)

  • The long hours are due to their compensation being commission based (in 163 reviews)

More Pros and Cons

  1. "Mortgage Banker"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - PC Mortgage Banker in Scottsdale, AZ
    Former Employee - PC Mortgage Banker in Scottsdale, AZ
    Recommends
    Neutral Outlook
    Approves of CEO

    I worked at Quicken Loans full-time (More than 3 years)

    Pros

    Excellent income potential. Fun culture.

    Cons

    Staggering hours. Work-life balance has improved, but still very lacking.

    Advice to Management

    Your advice doesn't matter because all they care about it production, but that's what you sign up for. It is a great work atmosphere and can be fun. Great place to start in the industry and make money quickly, but after a few years it's time to take your experience elsewhere. They make you a highly desirable mortgage selling machine.


  2. "Extremely low salary at the cost of great experience."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Intern - Software Engineer Intern in Detroit, MI
    Current Intern - Software Engineer Intern in Detroit, MI
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Quicken Loans as an intern (Less than a year)

    Pros

    - good learning experience.
    - you are not just an intern but a team member.
    - there are many training sessions for learning new technologies.

    Cons

    Salary is just too low.

    Advice to Management

    Salary should be increased.


  3. "Fun place to work"

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

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

    Pros

    Downtown, parking was free, Safe

    Cons

    Salary is not up to industry standards.


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Helpful (2)

    "Mortgage Banker"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - President's Club Mortgage Banker in Detroit, MI
    Former Employee - President's Club Mortgage Banker in Detroit, MI
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans full-time (More than 3 years)

    Pros

    Incredible company culture, great opportunity to make a lot of money, competitive sales environment, plenty of room for growth/ promotion, exposure to amazing leadership and overall QL is a very well-organized company.

    Cons

    Mortgage bankers have extremely high turnover and most people don't make it past their two year anniversary. Average 55-60 hours worked per week, a ton of lofty expectations and demands make this career overwhelming and hard to keep up with, and the work load and long hours make little time for family, hobbies, and personal life. The competitiveness of the mortgage banking regions are too intense and some leaders (not all) are too focused on just money and being ranked number 1. Weekends, late nights, holidays, etc are expected times to work, and taking time off is very tough.

    Advice to Management

    My biggest pieces of advice to the leadership of QL are: 1) scale back on the hours and actually enforce it. 2) Understand that each of the bankers on your team operate differently, have different learning and processing skills, and that leadership and coaching should take that into consideration, rather than comparing everyone to the one person on the team that works nonstop and runs at an extremely rapid pace. The "one-size-fits-all" approach that some RVP's and Directors have is not conducive to getting tenured bankers who aren't burnt out.


  6. "Training"

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

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

    Pros

    Self driven, flexible hours, no weekends

    Cons

    solitude, stale, non growing, no straight direction


  7. Helpful (1)

    "Great company, Long hours"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Banker in Scottsdale, AZ
    Former Employee - Mortgage Banker in Scottsdale, AZ
    Recommends
    Positive Outlook
    No opinion of CEO

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

    Pros

    Great place to start if youre single, young and nothing to hold you back. You make good money when you start banking. Very nice offices and equipment. Very motivating culture.

    Cons

    EXTREMELY LONG DAYS, your lifestyle changes because 7-7 all five days a week without including weekends really leaves you with no time to nothing

    Advice to Management

    People are not expendable, yall invest a lot of money in them!


  8. "Life at Quicken"

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

    I worked at Quicken Loans as an intern

    Pros

    Fun, cool people to work with, never a boring day, Slushy machines and snacks, downtown area so plenty of restaurants, hoilday party. friendly boss and owner of Cavs basketball team.

    Cons

    You have a lot of long hours


  9. "Great place"

    Star Star Star Star Star
    Current Intern - Anonymous Intern
    Current Intern - Anonymous Intern

    I have been working at Quicken Loans as an intern

    Pros

    Great work environment, nice employees

    Cons

    It was a long interview process


  10. 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.


  11. "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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