Quicken Loans News and Happenings.

Get new comments by email
You can cancel email alerts at anytime.
Comments (10)

Host

What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Quicken Loans stack up against the competition?

Reply - Report abuse

Bobby in Tempe, Arizona

86 months ago

They are expanding big time. Will they thrive? not is AZ.

Why? they make people work like 60-65 hours a week and the pay is only 50k.

That isn't great for all the time you put in.

Directors make 200-300k while you make 50k. PLUS, the bankers who have promotions and have been there 2 years earn 2 TIMES what you earn for doing the same loan. Your pay per loan = 200 and theirs is = 400-500$.

It is tough to stick around if you do well. If you are mediocre you can say to yourself, I'm not earning $ because I'm average. But if you do well, you can only say, "I'm not earning money because... Why am I not making money?!"

In the end, it is a pyramid scheme. If you make it through the initial 2 years then you can get promotions to either a director or presidents club, then you make money. You make 100k +. If not, then you sit around making 40-60k working 60 hours a week. That isn't good pay. Not in mortgages.

Other places pay twice as much and the leads Quicken uses are rough nasty internet leads unless you are a 2 year veteran (which means in bounds all day).

In the end Quicken will hit a point where they oversaturate. Too many bankers and not enough leads, they hire 200 people a month with 2000 person sales force, it won't be long before everyone's pay drops and Quicken upper management is laughing all the way to the bank.

Great sales training though there. If you can sell at Quicken then you can sell anywhere. If you can get a job at a good place though, you make double.

So the question is this: is the great fun environment worth half of your pay or more? If the answer is yes, then you apply and stay. If no, then you go make money at a good place.

- Was this comment helpful? Yes (25) / No (10) Reply - Report abuse

Karen Dybis / The Detroit News in Cleveland, Ohio

85 months ago

Former Quicken Loans workers file suit

group of former Quicken Loans Inc. consultants are suing the Livonia-based mortgage lender claiming they weren't paid overtime for working beyond a 40-hour work week.

More than 70 loan consultants have joined the lawsuit, which also names Quicken Loans founder and Chairman Daniel B. Gilbert, Chief Executive Officer William Emerson and President and Chief Operating Officer Patrick McInnis.

The loan consultants claim they should have received overtime pay under the Fair Labor Standards Act. The act requires that most U.S. employees receive overtime at 1.5 times the regular rate of pay for all hours worked over 40 in a work week.

Quicken and its officers deny the lawsuit's claims and say they don't know of any violations of the Fair Labor act during the past three years.

"Loan consultants know they are exempt from overtime, and that is outlined for them in their written compensation plan," said Emerson, Quicken's CEO. "We're clear based on how we look at the overtime law that they are exempt employees, just like stock brokers."

Former Quicken employees such as Elizabeth Skomra, a plaintiff in the lawsuit, say they feel the suit's claims are valid. Skomra worked at Quicken from April 2004 through August 2004. The 32-year-old Canton resident said 60-hour work weeks were typical, and managers berated those who tried to leave after an eight-hour work day.

Referring to Quicken Loan ads she said, "When they say, 'Call now, someone's always in the office,' it's true."

The suit, which was filed in May, has been moving slowly through the U.S. District Court for the Eastern District of Michigan. The two sides are now in the midst of taking testimony from the former loan consultants who have signed up for the suit.

Quicken, also known by its local brand Rock Financial, is the nation's largest online mortgage lender with offices in Livonia, Auburn Hills and Farmington. About 1,000 of its 2,400 employees are

- Was this comment helpful? Yes (3) / No (5) Reply - Report abuse

Karen Dybis / The Detroit News in Cleveland, Ohio

85 months ago

are loan consultants, Emerson said.

It also is known as one of Metro Detroit's best employers, ranking No. 12 on Fortune magazine's "100 Best Companies to Work For 2005" list.

Paul Lucas, an attorney with Nichols Kaster & Anderson PLLP in Minneapolis representing the loan consultants, said his firm hopes the case will become a class-action lawsuit involving as many as 500 former loan consultants.

To become part of the lawsuit, people must have worked as a loan consultant for any Quicken office within the past three years.

Lucas said companies like Quicken have a sweatshop mentality when it comes to mortgage sales. Traditionally, loan officers sit down with their clients. Quicken and others have reduced the entire exchange to a telephone conversation or online query.

"These people are order-takers, basically," Lucas said. "You've got these people at call centers wearing head sets following on the company's leads or making cold calls. All they do is fill a computer screen with the information, and the corporation kicks back what kind of loan to offer."

- Was this comment helpful? Yes (5) / No (4) Reply - Report abuse

shelly

84 months ago

Bobby in Tempe, Arizona said: They are expanding big time. Will they thrive? not is AZ.

Why? they make people work like 60-65 hours a week and the pay is only 50k.

That isn't great for all the time you put in.

Directors make 200-300k while you make 50k. PLUS, the bankers who have promotions and have been there 2 years earn 2 TIMES what you earn for doing the same loan. Your pay per loan = 200 and theirs is = 400-500$.

It is tough to stick around if you do well. If you are mediocre you can say to yourself, I'm not earning $ because I'm average. But if you do well, you can only say, "I'm not earning money because... Why am I not making money?!"

In the end, it is a pyramid scheme. If you make it through the initial 2 years then you can get promotions to either a director or presidents club, then you make money. You make 100k +. If not, then you sit around making 40-60k working 60 hours a week. That isn't good pay. Not in mortgages.

Other places pay twice as much and the leads Quicken uses are rough nasty internet leads unless you are a 2 year veteran (which means in bounds all day).

In the end Quicken will hit a point where they oversaturate. Too many bankers and not enough leads, they hire 200 people a month with 2000 person sales force, it won't be long before everyone's pay drops and Quicken upper management is laughing all the way to the bank.

Great sales training though there. If you can sell at Quicken then you can sell anywhere. If you can get a job at a good place though, you make double.

So the question is this: is the great fun environment worth half of your pay or more? If the answer is yes, then you apply and stay. If no, then you go make money at a good place.

I agree totally. My health went down hill working almost 80 hrs a week. and if you do not work those hours they tell you that is not enough effort and you are replaceable. horrible place to work. #1 company to work for? if you like sweatshops.

- Was this comment helpful? Yes (8) / No (5) Reply - Report abuse

shelly

84 months ago

Karen Dybis / The Detroit News in Cleveland, Ohio said: are loan consultants, Emerson said.

It also is known as one of Metro Detroit's best employers, ranking No. 12 on Fortune magazine's "100 Best Companies to Work For 2005" list.

Paul Lucas, an attorney with Nichols Kaster & Anderson PLLP in Minneapolis representing the loan consultants, said his firm hopes the case will become a class-action lawsuit involving as many as 500 former loan consultants.

To become part of the lawsuit, people must have worked as a loan consultant for any Quicken office within the past three years.

Lucas said companies like Quicken have a sweatshop mentality when it comes to mortgage sales. Traditionally, loan officers sit down with their clients. Quicken and others have reduced the entire exchange to a telephone conversation or online query.

"These people are order-takers, basically," Lucas said. "You've got these people at call centers wearing head sets following on the company's leads or making cold calls. All they do is fill a computer screen with the information, and the corporation kicks back what kind of loan to offer."

Whatever current and ex employees are saying is true. they work you to death. they brainwash you from day one. the people who work there that make the money are the ones who love ripping people off. you make $11hr and work over 60. charge clients a $500 deposit to do the loan and say they get it back at closing? they have us raise the loan amount so it looks like there giving it back. they have us all clients at least 4-5x aday. They make billions and cannot even pay there employees. sweatshop is true. and you are made to eat at your desk and have a cafetria also. they spend millions on basketball teams and other things but cannot pay us. only way to make any money is to raise the points on someones loans and that is how you make the money. otherwise you do not make anything. if you are good at ripping people off then this is 4 u.

- Was this comment helpful? Yes (12) / No (6) Reply - Report abuse

michellereth in Lorain, Ohio

75 months ago

I totally agree with thegodfather515 work smarter, not harder. I really think that if you have the right attitude you can accomplish anything. Sales is not for all people, but for the ones who can SELL it is rewarding in the long run.

- Was this comment helpful? Yes (4) / No (4) Reply - Report abuse

binxxer in Cincinnati, Michigan

74 months ago

The Quicken Experience:

As a former employee of Quicken loans there is some insight that I feel can be helpful. Let's be honest, sales is not for everyone and I will admit I had no sales history prior to working at Quicken. Through some tough moments and good training I was able to gain success and earn a nice check every month. What it comes down to is do you want to put your life on hold and conform to the Quicken ways where no one cares about your life other than what you do at Quicken? It is not a job for the weak, nor the socialist, if you want to be successful. If you do well you get paid well but you need to ask yourself is it worth the personal sacrifice. I asked myself this question and after a year and a half I moved on, at my top performance with Quicken. It is not about the money with Quicken, becuase many jobs will reward your for less gruling work hours. So the question of whether or not to work for them is simply a personal one and what you are willing to sacrifice, but it is worth it if you learn well and are eager for hard work and fast cash

- Was this comment helpful? Yes (12) / No (1) Reply - Report abuse

bartysauce in Ypsilanti, Michigan

72 months ago

Quicken's workforce is rapidly decreasing in size, as is the pay, and the atmosphere for workers is miserable.

- Was this comment helpful? Yes (11) / No (5) Reply - Report abuse

NSL in West Bloomfield, Michigan

54 months ago

Thegodfather515 in Southfield, Michigan said: I am a Quicken Employee and I have been with the company for a little under 1 and a half years. SO MANY things happened in my life since I've been here, that happened before. I bought my first home, saved $70,000, built a great reputation for myself and my business here. In regards to all the statements about people working overtime, and not being paid for it, Quicken DOES NOT require you to work overtime. The company has goals to be met at every month, just like every other company, and a lot of the people have trouble hitting goals, mainly because the job is not for everyone. You have to have passion. drive, and remain positive. We have something we live by called "Work Smarter, Not Harder". I made $84,000 my first year here, and if you ask my Sales Director, I probably put the least amount of hours out of my region. It is NOT about the hours you work, it is about getting things done, because paying out Salaries starting out at 2k a month is impossible if you are not getting your job done. If you know anyone in the country willing to pay a Salary of 2k or more a month to sit down and play computer games all day, PLEASE let me know so I can make sure I don't have stocks in that company, lol. Again to EVERYONE on this forum, Best of luck to you wherever you are, and Work SMARTER, Not HARDER!

I find it difficult to believe your report isn't canned by the company because from what I was told today since I just interviewed at Quicken this week and here;s what they said:
FIRST: YOUR AVERAGE HOURS EACH WEEK IS 50 HOURS & A SATURDAY OR MORE A MONTH. OVER TIME IS MANDATORY FROM THE GET-GO!
#2: The base salary is $23,000 a year - You would have to be a seasoned professional to get above $50,000 in the first 2 years- Yes, they told me this. At least THEY were very honest.
#3: The environment I witnessed reminded me of the movie "Wallstreet" and the office that the main character worked at as a broker!

- Was this comment helpful? Yes (26) / No (4) Reply - Report abuse

» Sign in or create an account to comment on this topic.