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Working at Quicken Loans — Reviews by Employees

Learn what employees have to say about Quicken Loans pay, work/life balance, care potential, job security, and much more by reading our anonymous employee reviews.

Reviews of Jobs at Quicken Loans

4.8Rating Details
Category
Pay5
Respect5
Benefits5
Job Security5
Work/Life Balance5
Career Growth5
Location5
Co-Workers5
Work Environment5

From Detroit, MI — 10/21/2010

Quicken is an amazing company to work for. It is the most fun I've ever had at a job. My team leader truly cares about my life and takes time to get to know me and my family. The VP in our area allows us to make our own schedule, as long as we stick to it consistently. There are so many team building events for families to take part in.

The pay could be better, but I am happy with what I make. Bonuses come when we have a good year, as do raises. Benefits are pretty great and cheap.

There is so much room for growth and learning. They will train you extensively on how to be a leader before ever being put in a leadership role.

The new building in Detroit is amazing and there are so many perks with the company, more so than just slushies and popcorn.

Quicken is like any employer. They have to follow certain rules. If it were true, the things said, then there's no way they would still be in business. Irate people will say anything. If you feel like you are giving up your morals, then that is your weakness and your issue, not something the company is making you do. There are many amazing people that work at Quicken who have not compromised their morals.

Never in my life have I had such an amazing employer as Quicken, and I think anyone would be honored to get a job there.
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3.1Rating Details
Category
Pay3
Respect3
Benefits5
Job Security3
Work/Life Balance2
Career Growth3
Location3
Co-Workers4
Work Environment3

From Troy — 08/15/2009

Are you driven? Then this is the place for you. Can you work ungodly hours, with little to no appreciation.......go for it. Do you care that you are constantly reminded that you are lucky to have a job? If you like slushies and popcorn, and don't mind working through your lunch, this is what you are looking for. If you don't like being constantly under the microscope and questioned about you every move, stay away. You will be threatened to be written up for messing up on something you weren't trained to do. The benefits are great but don't dare take the time off to use them. High pressure is an understatement! Too much expected for too little pay, it's a sweat shop.
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4.7Rating Details
Category
Pay4
Respect5
Benefits5
Job Security4
Work/Life Balance5
Career Growth5
Location5
Co-Workers5
Work Environment5

From Livonia, MI — 09/25/2008

I've been with Quicken Loans for just shy of five years. I do not work in Mortgage Banking, but I do have friends who are bankers, so I think I have a sense of what that side of the business is like as well.

Overall, I would say that despite a handful of complaints (and some of them may be legitimate) Quicken Loans is still an excellent place to work.

In general, I've found that people consistently treat each other with respect, the level of talent in the organization is extremely high (and admired widely outside the organization -- especially in the marketing, operations and technology areas) and most people seem to genuinely enjoy coming to work each day.

The past year, with all of the changes in the mortgage market, has certainly shook people up some. However, in comparison to almost every other mortgage company out there, Quicken Loans has managed to stay alive and carry on. There is very little of the "bunker mentality" that I've seen in other organizations that are caught in a market down-turn. Most people I encounter are optimistic, positive and think we'll make it through.

Again, I can't speak in depth to the Mortgage Banking side of things. That is a tough job, period. Some people just aren't cut out for it. Others seem to thrive on it. This is not unique to Quicken Loans. Most companies in nearly every industry are carried by their top 20 percent producers -- the "Eagles" as they are known. These are people who just have a knack for building rapport and getting the deal done. These people manage to remain successful at Quicken Loans, even as rates rise, property values decrease and guidelines tighten. It's not always easy for them, but they still manage to do it.

In other cases, some people are great at building rapport, but just can't finish it up. You kind of need both. In many cases, Quicken Loans has found other homes for these people within the organization. The company is filled with former mortgage bankers who had great attitudes, but maybe just weren't cut out for mortgage banking. So they do other things that are a better fit. In some cases, they leave, which is just part of finding what is right for you. Most go on to great things, and some others, unfortunately, dwell on the past.

In terms of the culture at Quicken Loans, saying it is "demanding" is probably an understatement. Expectations ARE high. If you think you are going to hide out in a cube, this won't be the place for you. You'll be pushed, prodded and challenged. The founder, Dan Gilbert, makes this pretty clear at each orientation he gives each new group of hires. It's actually quite remarkable that the Chairman of the company spends an entire day with every new hire group to outline the company philosophy and expectations. This is not common in most companies -- even those that are a third the size of Quicken Loans. To truly appreciate this, you need to have worked in a place where no one ever saw the CEO or chairman of the company -- maybe someplace like Ford or GM.

You will be expected to check voicemail and email regularly (and yes, that may include the evenings), but when you are in a customer-service type business that's just par for the course. Without our clients, we'd have no revenue, so returning calls and responsiveness is critical.

I was actually amazed when I joined to learn that the company had a "return all phone calls the same day" policy. In most companies, people hide behind email and voicemail with zero accountability. Here, you won't be able to do that. You either accept that or you don't. And if you don't, you'll have problems surviving.

The benefits here are very competitive, although as some people have pointed out, they have pared back a bit this year in response to the market. But then again, so has corporate travel, some of the superficial perks and some of the "free lunches" and dinners that we had before the market meltdown. I would be much more concerned if we weren't doing these things. It's fiscally responsible, and it's probably one of the reasons that Quicken Loans has managed to survive so far, without having to resort to the massive layoffs of other companies like Countrywide.

Compenstation/Growth: In terms of compensation, Quicken Loans certainly isn't a place where you are going to get rich ... at least not in the short term. But the company has been very generous when it could, and it definitely rewards performance over the long-term. The opportunities for professional and financial growth are very good and even when people come in on the low-end of their pay scale compared to other companies, they generally will catch up fairly quickly once they've proven themselves. People typically work here because they get a lot of freedom and autonomy, not because of the money ... even though that eventually comes.

Diversity: Quicken Loans is not the first place I've worked, and in comparison to other places, I would consider Quicken Loans to be one of the most diverse workplaces I've seen. There have been women in executive roles (remember Tammy Z, anyone?) and there are African-Americans and women in leadership roles within the company, as well as other races and ethnicities. The thing to understand is that a lot of decision making-power across the company is shifted-downward to team leaders and RVPs, so looking at the hierarchy alone is misleading. Titles alone don't really reflect the amount of influence people have on a daily basis. I can't speak to the dynamics in smaller, individual teams, but I've never seen race, gender or ethnicity hold someone back here overall.

Any company large or small will always have it's unhappy people and detractors. The larger you become, the more there will be, even in the best run organizations. Overall, I would say this is still an excellent place to work. It's not for everyone, but if you've been in place where you were disembowled by clueless executives, you'll truly appreciate it here.
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4.7Rating Details
Category
Pay5
Respect5
Benefits5
Job Security5
Work/Life Balance4
Career Growth5
Location5
Co-Workers5
Work Environment5

From Livonia — 06/19/2008

Quicken isn't for some people...clearly the person who submitted the initial post just didn't have what it takes to be successful at Quicken. I have been working there for 3 years, in that short time I have been promoted to Senior Mortgage Banker and recently to Executive Mortgage Banker. I certainly have worked hard to get to where I am now but it was worth it. I have worked the long hours people complain about but isn't that what it takes to make a comfortable financial life? Now that I have proven my ability to excel, I come in at around 10:30am leave around 7 or 8 and that's IF I chose to actually go into the office as I can work from home anytime I want. I personally think that the people that expect to do a half ass, effortless job deserve to get fired. It is a performance based job...sorry you couldn't perform. I am 27 and make more money than my friends Mother who is a professor at Purdue University with a masters degree.
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3.7Rating Details
Category
Pay5
Respect4
Benefits5
Job Security2
Work/Life Balance2
Career Growth4
Location5
Co-Workers5
Work Environment3

From livonia, mi — 09/28/2006

As a former employee, I must offer a partial rebuttal to the other reviewer. In my opinion, it is a mark of a good company - where you do not necessarily need two degrees to be offered promotions. If you were a producer, you were richly rewarded (whether you graduated from a college or not). And Quicken used to require long, long work days (sometimes 14 hours or more a day, usually for 6 days a week), but if you were doing mucho business you were rewarded for those long hours spent there. In the interview, they were very clear about the time committment required of you - it is not a surprise to new hires to have to put in the time in order to build up a sales-oriented business. It was also made very clear, in that interview, that if you were not producing, if you were not sticking to the Quicken Loan-isms, then you would be "gotten rid of" ASAP. This is a sentiment that was expressed daily, it seemed, which really made work very stressful though. The teammates you worked with were extremely well-trained though, and very knowledgeable and dependable. As the mortgage business changed in the last year/year-and-a-half, Quicken/Rock Financial has adapted. People do go home at a reasonable time now, and the bonuses are a lot less than they used to be (when the mortgage business was booming, the bonuses were ridiculously high!). It IS still a very stressful place to work, but it is not the worst. There did seem to be a problem with people being promoted. If you are not in tight with the chairman, you do not go anywhere in the company. But isn't that true anywhere? It is true that there are no minorities in upper management, as the reviewer said. However, there are a number of female sales and ops managers, or "Divisional Vice Presidents" as Quicken calls them now. All-in-all, Quicken was a good company to work for, especially for salespeople.
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