Quicken Loans "work life balance" Reviews | Glassdoor

Quicken Loans Reviews

Updated Jan 9, 2020

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3.9
73%
Recommend to a Friend
87%
Approve of CEO
Quicken Loans CEO Jay Farner
Jay Farner
670 Ratings
  1. Helpful (4)

    "If you don't like to pressure people, you will hate this job."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Power Banker Refinance in Detroit, MI
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Quicken Loans full-time for less than a year

    Pros

    -Best vision insurance out there. My contact exam and contacts were covered and I recieved a large discount on my lenses and my frames were given a $200 discount. -You meet some great people. (You feel like battle buddies with all the stress you go through together).

    Cons

    This job is the traditional churn and burn sales job. For those who are smooth talkers that do not feel bad selling someone something they don't really need, this job has opportunity. For those who hate talking on the phone for 11 hours a day, and who do not like telemarketing, you will HATE this job. Here's why: -In SAFE training you get overtime over 40 hours and can work up to 60. Once you are salary, 60 hours is the minimum you can work. They tell you that you will have two days off every other week and one day off the opposite weeks. Not true. The "pace" days they offer are not optional. Your directors make you come in. You will get 1 day off a week and directors make you feel guilty for having that 1 day off. You have zero work life balance. I was also in school part time for my MBA and when I left at my scheduled time (8pm) to go home and take an exam, I got called into a meeting the next day and was told I had to choose work or school and should not have left at my schedules time unless I had a loan. -The shuttle sucks. If you dont pay out of pocket for parking, be prepared to spend 45 min to 1 hour every day on the shuttle going to and from your vehicle. Time you could be sleeping or spending with your family. -The positive culture is beneficial to making friends but in the end, the company doesn't care about you. If you get sick or lose your voice and you can't make sales that day they will be sure to let you know how much you let your team down. It is 100% about sales. They give you crappy leads where people do not qualify for the loan or they have already told other people no. You will spend most of your day trying to talk someone into giving you their credit score so you can "help" them, only to find out they don't qualify, then they get mad at you for pulling their credit. If you have any conscience whatsoever, you will feel bad and want to quit. -The supervisors are trained to tell you that you will make a ton of money. You will hear it non stop. In actuality, the ones making the commission were the ones that hired in when interest rates were 2.5%. People were refinancing left and right. They got their Presidents Club status and now they get the best leads. People who call wanting to refinance. You as a new banker will never get those leads. You will be getting transferred people who hate you and were called non stop by 6 other companies. Interest rates are rising and QL is one of the most expensive companies to refinance with. It is very difficult to make a living there. -The goals are difficult to make. My first month on the banking floor I did well. I had a $2100 commission check and then got my $1500 bonus from passing the SAFE exam, but every month after was a mess. I barely brought home $700 a month in commission and you work so many hours that you make less than minimum wage and they have to pay you extra to bring you to the state minimum. They will smile to your face and tell you that you need to work harder and work more hours but it is not worth your health and happiness for $2000 a month. -They tell you that you can always transfer to another department but they lie. If you hire in as a banker you must wait 1 year to transfer and by the you are burnt out from working 6-7 days a week. Once you hit thenyesr they play games and will only transfer you to another banking department and that is only if someone else wants to swap or if they are hiring. It rarely happens. -You earn PTO but they urge you not to take time off. Your director must approve it and since they make their sales goals and commission off of your sales, they don't like to approve it. Unless you are a director and a lead salesman, you get treated like a peon. -They mention that some bankers work only 35 hours a week. Those are bankers that make above goal. If you have morals and ethics, this will not be you. I promise. I had a manager approve a $2,000 discount for a client of mine and when it got to closing the other department removed it. I pointed it out and he said "Too late now. If they delay closing they have to pay more anyways to extend., so do not say anything and just let them close." QL does not care if the managers lie as long as they get the sale in the end. I had another director hop on my call and try to sell a client a loan that would save him $100 a month now but would extend it another 15 years whereas if they person just kept doing what they are now, their car would be paid off in 2 years and they could apply the $500 payment to the home and have it paid off in 5. I agreed with the client to not refinance but my boss did not want to lose the sale and tried to make the guy feel like a Morgan and told him the $100 now was worth more than an uncertain future. That is what you are dealing with.

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    Advice to Management

    I know there is nothing that management can do because the way it is set up, everyone needs to push to make goal. The bankers fund the rest of the FOC so if they slow down, so does the rest of the enterprise. I think the company should hire more employees so they can work less hours and make their goals lower so they can get better commission. QL makes $7K on some of these loans yet they will pay you $100 commission for it if you do not make goal that month.

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    Quicken Loans2019-07-05
  2. "Cleveland's #1 Employer!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Mortgage Banker in Cleveland, OH
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time for more than a year

    Pros

    Quicken's culture and the people make it very easy and fun to work here - the leaders truly care about developing people and making sure everyone has a great work life balance and employees accomplish their goals. Expectations are realistically set and motivation to help others and do well has been exceeded.

    Cons

    There are no cons that i can think of off the top of my head.

    Advice to Management

    Keep doing what you are doing.

    Quicken Loans2019-06-28
  3. "LOVE IT HERE"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Mortgage Banker in Cleveland, OH
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    - the people - the culture - the environment - the growth opportunity - the earning potential

    Cons

    - hours..... but, this is a career. I would rather work 50 hours a week until I was 35 an early retire (started at 23).... Than 40 hours a week until probably 65 and then still never be able to afford retirement. That's 31,000 hours at work over 12 years versus, 87,000 hours over 42 years of my working life. So those that complain about hours are short sited. Embrace the grind and give it your all because Quicken Loans will give it's all to you in return. For those that want work life balance - learn time management.

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    Advice to Management

    Continue to do what you're doing. You are the best leadership team I've ever worked with in my life.

    Quicken Loans2019-06-19
  4. Helpful (1)

    "Great Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Mortgage Banker in Cleveland, OH
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time for less than a year

    Pros

    Environment, Leadership, Growth potential, you can achieve all of you personal and financial goals here as long as you are willing to work.

    Cons

    Hours/Work life balance, in the beginning it's a little rough. If you aren't committed to getting better it's not going to work for you.

    Advice to Management

    Increase base salary for new banker. until they can get a feel and are good at sales over the phone.

    Quicken Loans2019-06-11
  5. "Great Internship"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Intern - Capital Markets Summer Analyst in New York, NY
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Quicken Loans for more than 3 years

    Pros

    Great perks, work/life balance, senior visibility opportunities

    Cons

    Lack of technical knowledge gained, below average pay

    Advice to Management

    Give interns more technical and meaningful work

    Quicken Loans2019-06-09
  6. Helpful (5)

    "Worked there for almost 13 years, and saw a company go from something special to just another corporate shop."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - IOS Engineer in Detroit, MI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Quicken Loans full-time for more than 10 years

    Pros

    Technology was usually up to date, offices and buildings were nice, and met some really good friends there. You usually could check out other careers in the company, and even move into those roles if you so chose and your leadership had your back. Benefits were good, but if you worked your way up, as you were promoted they liked to keep your pay much lower than if you came in from the outside with the same skillset.

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    Cons

    Things have changed with a new CEO and CTO, and they have lost all of their culture, at least the leadership under the CTO. It went from a bottom-up environment, where the engineers drive the ideas, to a top-down organization, where you are expected to be a bunch of yes-man order takers. Leadership would give mixed messages, and many times you would do the same work over and over because engineers were not listened to on projects, and the decision makers would make bad decisions. The leadership under the CTO also became heavily numbers focused (going against founder Dan Gilbert's ism "Numbers and money follow, they do not lead"), and used stats like number of commits to hold people back from raises, bonuses, and promotions, when it was never discussed prior that we would do such a thing. People would be huge contributors, but commit once a day, and they would get smaller compensation than those who did very little comparatively, but committed each line of code. Management was not to be trusted. If the market took a downturn, good people got fired for almost nothing, while bad people would somehow stick around forever. There was definitely a lot of favoritism among leadership, and it definitely had a "fraternity" feel to it, where you had to be in their club to be listened to or promoted. They used to allow a lot of people to have the freedom to work from home, and have more flexible hours, as long as you got your job done and hit your 40 hours. That also changed with the new leadership, and as traffic became worse and worse with the I-75 traffic, they became increasingly more stringent, and took away many of the flexibilities that allowed people to have a work-life balance. Keep in mind, that I do the same role for a different company completely remote, so making someone drive hours a day just to have you in the office is not very conducive to a positive environment.

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    Advice to Management

    With the addition of the newer CEO and the CTO, the company has become corporate and bureaucratic like all the companies they would talk about being better than. Listen to the team members if they come to you about how things have changed, and pay attention to the Exit Interviews.

    Quicken Loans2019-06-11
  7. Helpful (5)

    "Single parent advice"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Mortgage Loan Officer in Phoenix, AZ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Quicken Loans full-time for less than a year

    Pros

    Definitely a place I would have wanted to found earlier in my professional career. Efficient with training minus how long it takes and the opportunity for reward is there. Nice location and people you work with aren’t the worst.

    Cons

    Common theme, work life balance. They say they are working on fixing it but it’s not explained that you will most likely work 6 days a week for a few months/years with these shifts being 10+ hours for the most part. I would not recommend working here if you’re a single parent.

    Advice to Management

    It is a sales job so it’s very much production oriented. With QL continuing to grow they have to find a balance with these goals as they could come off as non-realistic.

    Quicken Loans2019-06-06
  8. Helpful (2)

    "Ehhhh"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - MOrtgage Loan Originator in Detroit, MI
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Quicken Loans full-time for more than a year

    Pros

    Good money and a fun work environment

    Cons

    no work life balance, had some bad meetings with HR in regards to other team members that were doing very inappropriate things to other team members with no consequences

    Quicken Loans2019-06-04
  9. "Great Corporate culture"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Intern - Morgage Operation in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans for less than a year

    Pros

    - Quicken loans has one of the great corporate culture. They really take care of their people - Free Popcorn, coffee, hot chocolate and food - Company events - Motivational speakers - outdoor activities - Its fun place to work - Amazing work life balance

    Cons

    - No room for growth - Average pat

    Quicken Loans2019-05-21
  10. "Fast paced environment."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Underwriter in Phoenix, AZ
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Quicken Loans full-time for more than 3 years

    Pros

    Opportunity for overtime and bonus.

    Cons

    A diminishing work life balance that was previously prioritized by the company.

    Quicken Loans2019-06-04
Found 284 reviews