[cmarie2010]

Does anyone work or has anyone worked for Quicken Loans in Detroit? Specifically as a Mortgage Banker? Can anyone share details? I've read lots of negative but I honestly believe and have heard lots of positive. Please share. Thank you!

[Arthur Digby Sellers]

I've never worked there, but do know of people who have as a mortgage banker. Essentially it's cold call sales with high expectations and you can expect to work 60-80 hours a week. If you consistently meet or exceed your goals, you get promoted to a better, less stressful position within a year. If not, you will likely wash out.

[Coldjensens]

I tried to sue them, but the guy assigned to me was crazy or on drugs or something. It was a bit surreal.

[cmarie2010]

Originally Posted by Arthur Digby Sellers

I've never worked there, but do know of people who have as a mortgage banker. Essentially it's cold call sales with high expectations and you can expect to work 60-80 hours a week. If you consistently meet or exceed your goals, you get promoted to a better, less stressful position within a year. If not, you will likely wash out.

Thank you! Do any of your friends still work there? I am really interested in getting my foot in the door. I've read Mortgage Banking is the easiest way to get in the door with no experience. I think I could hang on for 1 year. The company is an overall good company so it seems it would be worth it.

The job description says "no cold calling"....I was under the impression the clients called in to inquire about the loans. Are you sure the bankers have to call out??

[cmarie2010]

Originally Posted by Coldjensens

I tried to sue them, but the guy assigned to me was crazy or on drugs or something. It was a bit surreal.

You tried to sue them for what exactly? What guy? The loan officer?

[Arthur Digby Sellers]

I do know people who work there, but they are not mortgage bankers. They love their jobs and the work environment at Quicken sounds excellent. However, they have said that the mortgage banking environment is VERY different. Like I said, long hours and high expectations. But it does seem like the best way for an entry level candidate to get their foot in the door.

I'm not familiar specifically with Quicken's sales structure, but there are plenty sales jobs that don't require cold calling. Theoretically it could be an inbound sales position or someone who follows up with customers who have inquired about a loan. I know that once those mortgage companies get your a hold of your name you'll hear from them for MONTHS!

[belleislerunner]

I have a couple friends there in the mortgage banking side who love it. The difference between Quicken (and any commission based job) is it's very different from an office job at GM, Chrysler or Ford. There you can go to your cube - barely work if you don't feel like it and get a pay check. Except the pay check doesn't fluctuate based off how well/or poor you do.

A Quicken salary is based on your performance. They start you with a modest base and the rest is commission driven. You are encouraged to take all your Series exams. The beauty is that the harder you work, and the better you do, the more money you actually make. Don't let that scare you. It should excite you. There are really only two people who make money in this world - those work for themselves (and commission at a place like that is one way to, in essence, work for yourself) or those who hire others to work under them. Quicken sells mortgages nationwide - so keep in mind when it's 5/6pm in California - it's 8-9pm here. That's not to scare you - but all jobs come with their territory. The neat thing about Quicken is that atmoshphere inside is really fun and people enjoy their jobs (otherwise they'd quit) and it's a pretty young workplace.

Change is always scary - but you know what's worse than scary. Regret.

[cmarie2010]

@ belleislerunner---Thank you so much! This is really encouraging. Funny you mention automotive because I am coming out of 10 years in automotive. I started straight out of high school and always worked desk/cubicle jobs. What you said is correct however I never had a true passion for automotive and found it to be zombie like. It was not enough for me. I have been wanting to get out of the industry for years and never really could because my resume oozed auto industry. The mortgage business is my next choice because I know there are so many places I can go with it. I also love the idea of "working for myself" or having control on how much money I can bring in. It seems like it will be very motivating. It makes a person want to work harder when you see results from your work on a regular basis. Thanks again!!

[cmarie2010]

Does anyone have any insight on what the training entails? The training is apparently 3 months. I am wondering if any of that 3 months is spent on the floor or is it a full 3 months in training??

Also, I hear the long hours are brutal. If you are meeting your goals are you still required to work 60-70 hours a week?

I would love to hear from an actual Mortgage Banker at Quicken to get a real inside look. belleislerunner....if you can have one of your MB friends private message me their email address if they don't mind talking. I hope to be interviewing with Quicken soon! Thank you!

[cmarie2010]

Below is an example of a HORROR story I read from a former employer...call me crazy but this still did not scare me away...I am wondering how true all of this information really is....??? Hence the reason I would love to hear from a current MB.

former employee
Complaint Rating:


Contact information:
Quicken Loans/Rock Financial
Livonia, Michigan
United States
quickenloans.com
As a former employee, Quicken Loans should be on the top of the list of companies to AVOID working for. On the surface, Quicken Loans appears to be an attractive employer. The atmosphere they've created is unlike most workplaces. However, what really happens at the ground level should be exposed, investigated by the government, and brought to an end.

If I didn't have the sense God gave me to leave, it no question could have ruined my life - personally and financially. As a mortgage banker, I was paid $24, 000 a year in base salary and promised a fortune in commission revenue. Once you hit the boiler room of a sales floor, you are told point blank that you have to work 8am to 8pm at the least in order to show you are committed to being successful, and are encouraged to skip your lunch break. Quicken Loans does not pay overtime. I was left messages from my manager on my voicemail when I would leave to grab something to eat about how I was "on the bubble" and should think about what is important to me in my life.

Unfortunately, my story is not unique. I represent the majority. I would estimate that 95% of their workforce at any given time experiences the same absurdity. Complete a Google search and review the testimonials on various sites like this one..

How do they do it? They hire young. Most employees have never had a job in the corporate world. They entice the "just out of college" demographic with predatory tactics such as the lure of expensive parties where alcohol flows freely. They headhunt at retail locations, car dealerships, oil change spots. You name it. All the while dangling carrots in the unsuspecting eyes of the naive. I never came across an experienced new hire from the lending industry.

I left a position with one of the leading telecommunication companies, feeling a little burnt out, for what I thought was greener pastures. What I walked in to was something I could write a book about and people would argue that it should be in the fiction section of your local bookstore. That's how ridiculous it is.

Allow me to give you a little peak behind the curtain of what I was witness to during my time at Quicken Loans:

-The answer key being passed around during a new hire test to obtain our license to create mortgages in over a dozen states.

-drug use during work hours

-rampant sexual harassment from male to female co-workers, including entry level employees to senior level management.

-team trainings instructing loan originators in ways to increase revenues and commissions by padding loans with additional unnecessary charges. The term "green bar" was promoted regularly, referring to a section of the loan that was highlighted on your PC screen in green showing how much additional you were stacking onto the costs involved. One loan originator had a vanity license plate that said "GRNBAR". Sheer arrogance.

-the mass coaching of groups, instructing to "get to emotional backbone" of the could be borrower. A direct quote, "you're looking at their credit report, ask them if they have children. If they do, ask them if they ever plan on sending them to college. If so, tell them not in your financial state." How could I, someone with no children, speak to anyone with children in that manner? I felt morally corrupted.

-Team leaders encouraging their underlings to take advantage of the clients with less than stellar credit. Especially in the South. Derogatory comments were commonplace about the race, ethnicity, intellect, place of primary residence of these clients.

-falsifying data with regards to assets in order to qualify someone who otherwise would not on their own.

-requirement of $500 deposit taken by credit/debit card only in order to even start the loan application process. Huge revenue generator for Quicken Loans. Positioned as a "Good Faith Deposit" but try getting this refunded in "good faith" if you decide to change your mind.

Need I continue? The attrition rate at Quicken Loans must be higher than any other company. The rate they churn out employees is remarkable. Either by firing or by these poor saps coming to their senses. There is no amount of free Cleveland Cavalier tickets, popcorn and slushie machines (at ever corner) that should entice anyone looking for a serious career. Only the individuals that got in at the ground level and profit off of the slimey work of fast food drive-through mortgage bankers have any real tenure. Because it's set up like a pyramid scam. Quicken Loans ultimately benefited from the mortgage "refi" boom along with the skyrocketing internet marketplace of the early 2000's. The fact that they are still in operation is criminal.