Quicken Loans Pay

I worked there, here is reality:

Most people earn 35-60k there and only the top 15% earns 6 figures.

The top 15% have all been there 2 years or more, why? because they get paid twice as much as a guy who just started last month DOING THE SAME EXACT THING.

E.g. you close 5 loans at 1 million. you get 1000 in commission plus maybe 300 in extra commission

the 2 yeer guy closes 5 loans at 1 million gets 2000-2500 in commission plus 600-800 in extra commission.

Same job, same loan, makes the same amount for the company but one guy get a paycheck that totals (with a base salary) 7000-7500 and the new guy gets 4000. Wow, that is discouraging. The thing is, most people burn out after 1 year or less, so they end up never getting to the top of the pyramid scheme.

Quicken Loans isn't all bad, they have great atmosphere. It is a fun place to be. The only bad thing is they want you there 60 hours a week. Some mandatory sundays. Lots of people worked on easter sunday there. Workaholic company that doesn't pay a lot.

That is the detroit attitude, it won't work in phoenix. People won't work for pennies.

I just started at Quicken Loans. So far, I like it. Isn't $30 - $50 grand a year average starting for most sales jobs because you have to pay your dues. I mean, what do you expect? $100k your first year. What is the alternative? Detroit area has a rough economy right now, and most good jobs in Pheonix are in the service sector. So, I think that it's really not that bad.

DON'T DO IT. I have had a couple friends work for this place and they were miserable. Long/late work days during the week, and they make you come in on saturday and sunday! you have to close 10 loans a month in order to get your comission, if you only get nine.. nothing.. Starting salary is 24,000... for all the work that you are doing its nothing!

I agree with Elizabeth above. Just understand that you're a telemarketer and you work incredibly long hours. That's what you are, no matter how much they dress it up. I got lectures for trying to leave at 6pm ("normal" leaving time) and for trying to go out to lunch. The directors observe everything you do and you constantly receive negative feedback. You pretty much just call people and read a script all day...then call those same people again...and then a third time.

There is serious earning potential, and the company has a fun atmosphere. But it's not something I'd suggest to anyone.

1. Being offered COCAINE by my MANAGER to stay at work LONGER. When I declined, I was told my LEADS would be given to someone "more motivated".
2. Having pens or markers thrown at me during a call because I wasnt speaking the way they wanted me to.
3. Getting paid a BASE salary of $24,000 for working AT LEAST 70 hours a WEEK, without ANY paid overtime.
4. Being told to LIE to clients or LOSE MY JOB.
5. Married men there hitting on women employees and sending pictures of themselves on their cell phone!
6. Managers "resigning" for having sex with their bankers.
7. Having to ask if it is okay to leave and take a LUNCH hour to go to the doctors office!
8. Forced to make 150 calls a day, REGARDLESS of how high my production was.
9. Hearing the owner/President, DAN GILBERT, state that Quicken has NOT laid off employees - THEY JUST HAVE "FIRED" 1500 employees instead.
10. Having ALL EMPLOYER 401k matching contributions CUT/DISCONTINUED, etc.

Stephanie in Livonia, Michigan said: I agree with Elizabeth above. Just understand that you're a telemarketer and you work incredibly long hours. That's what you are, no matter how much they dress it up. I got lectures for trying to leave at 6pm ("normal" leaving time) and for trying to go out to lunch. The directors observe everything you do and you constantly receive negative feedback. You pretty much just call people and read a script all day...then call those same people again...and then a third time.

There is serious earning potential, and the company has a fun atmosphere. But it's not something I'd suggest to anyone.

I was thinking of joining this company and now I am really conserned. I knew about long hours and that was the only thing that stoped me from going forward. I am laid off and really need a job.

Well, I worked for Quicken for a year and there seems to be a lot of confusion about the company. The only reason I left was for a salary-paying job that I just couldn’t turn down. First of all you do not have to make 10 sales to get commissions. That is totally wrong. You can sell one and get your commissions. There seems that there was some people working for the company that were going about things the wrong way, such as cocaine. It was very unfortunate that those people were bringing down the name of the company. I happened to be on an extremely professional team that would throw you out of you brought that in. Almost all of us had kids and were working to support our families. I had an hour and a half every day for lunch and anytime I needed to go early or come in late, it was fine. I have absolutely no regrets for working there, it was actually an enjoyable job.

I interviewed for the mortgage banker position at Quicken Loans a couple of months ago. I was told the salary is $20,800! I have a BA in finance & three years experience as a loan officer. I could wait tables and make more than that. They also seemed reticent to discuss the commission structure. I asked them and they answered my question with a question. So I gave my guess based on my online research and the interviewer just smiled (odd). So I'm not sure about the commissions here.

I'm fairly certain the hours are better now. Pre-lawsuit, 70+ hr work weeks were common from what I hear. They're now saying 55+. So I'm guessing the base pay is lower than previous Mortgage Bankers state because Quicken is getting fewer hours from their LOs. After all, it's all about production. Plus they basically take anyone who can sell aggressively and get through the MLO licensing process. (Which isn't a bad thing mind you.)

I declined the offer for a much better salary & hours at Wells Fargo. But I get the feeling Quicken would be great place to cut your teeth if you have no degree, license, or experience in the mortgage game and want in. Just realize that you deserve a much better salary once you're a good LO.

Becca Harris in Southfield, Michigan said: I interviewed for the mortgage banker position at Quicken Loans a couple of months ago. I was told the salary is $20,800! I have a BA in finance & three years experience as a loan officer. I could wait tables and make more than that. They also seemed reticent to discuss the commission structure. I asked them and they answered my question with a question. So I gave my guess based on my online research and the interviewer just smiled (odd). So I'm not sure about the commissions here.

I'm fairly certain the hours are better now. Pre-lawsuit, 70+ hr work weeks were common from what I hear. They're now saying 55+. So I'm guessing the base pay is lower than previous Mortgage Bankers state because Quicken is getting fewer hours from their LOs. After all, it's all about production. Plus they basically take anyone who can sell aggressively and get through the MLO licensing process. (Which isn't a bad thing mind you.)

I declined the offer for a much better salary & hours at Wells Fargo. But I get the feeling Quicken would be great place to cut your teeth if you have no degree, license, or experience in the mortgage game and want in. Just realize that you deserve a much better salary once you're a good LO.

Hi, how has the envirnoment at Wells been? I recently relocated to Phoenix and I am looking for a Loan Officer position. I applied at Quicken but I am also interested in Wells Fargo, Chase etc. Were you placed in a branch or a larger Mortgage location.

Thanks for your help.

Tom

I worked at Quicken for roughly 6 months from 2010-11 and do not regret it at all. I had no real sales experience prior and they took a chance on me. Your first 10 weeks are in a school basically learning the mortgage game and testing. Last few weeks are devoted to sales skills and learning how Quicken does it. I'm 30 years old and have worked various jobs and Quicken hands down bar none has the best training and technology.

There is a double negative though. Saying the demand of you is high doesn't give it justice. As others have stated, 70+ weeks aren't enough, some team leaders are shifty, and the commission structure is somewhat of a guessing game.

When people ask me how my experience was at Quicken, I like to ask if they've seen the movies Boiler Room, Wallstreet, and Glen Gary Glen Ross. I then state take those 3 mix them in a pot and there you have Quicken Loans. I'm not too proud to say I quit because I started suffering anxiety attacks from the pressure. I do have somewhat thin skin but it is also the job itself. I now work for State Farm and not one day have I had the feeling I'm suffocating or I'm going to throw up before I walk thru the front door.

do they check ur credit score even for non-mortgage jobs?!
cuz i don't think i will pass the credit score Check?!

dina in Ypsilanti, Michigan said: do they check ur credit score even for non-mortgage jobs?!
cuz i don't think i will pass the credit score Check?!

Dina-Did you ever find out the answer to this question? I am in the same situation right now- I know I have awful credit and I'm nervous this might be a reason for me not to get the job that would help me get out of this situation! Thanks for the reply!