Find a broker in your area. Four years into her … They treat their people well, the perks are awesome, you are surrounded by people who work hard and play harder, and it … I truly liked my team and had fun with them, as well as almost everyone else in the company I interacted with. Fairs, festivals, movie shoots, giveaways, etc. Press J to jump to the feed. Let's use a $300k loan amount as an example: Quicken will need to make 4 to 4.5% of your loan amount in profit - $12 to $12,500 in commission. By using our Services or clicking I agree, you agree to our use of cookies. ... help Reddit App Reddit coins Reddit premium Reddit … Quicken builds in roughly 400 - 450bps (basis points) margin for their Retail loans. Absolutely hated quicken loans. But the experience may land me a decent position at a title company or something even if it doesn't work out. https://www.consumeraffairs.com/finance/quicken_loans_mortgage.html. $3 to $6k cheaper for same rate offering. Because most jobs are production based (complete X number a files a day/month) you have to stay until all the work is done for the day. But where do these costs ("hidden" or otherwise) show up on a CD? But they train and license you so even if it doesn't work out there it may be worth it just to leverage it into something else. If all of these lenders are offering the same rate, the costs associated with that rate will be less what you see here. This estimate is based upon 24 Quicken Loans … I'm going to hold out hope that they offer me a position in their marketing department. I would recommend checking out other places before QL. Plus if your buying a house they have a bad rep with realtors. This is coming from an LO that doesn't mind competition. Many departments do not receive raises and they expect people to take commission based jobs without telling them the pay/bonus structure. The loan officer is a critical part of getting an offer accepted in a competitive market. No, Dan Gilbert is LITERALLY saving Detroit. Underwriter salaries at Quicken Loans can range from $38,226 - $72,116. A free inside look at company reviews and salaries posted anonymously by employees. It sucked either way. It's as simple as comparing Quicken's wholesale rates (or anyone else's rates) to their retail rates. If you have any skill at your job, a worth while company will hire you. The big thing to realize here is... it is a sales job. At one point I was working 70+ hour work weeks bringing home ~$900 a week, at another point we were forbidden from going over 40 hours and pay was closer to $300/week. Learn mortgage terms and jargon with the Quicken Loans Mortgage Glossary I never knew who to report to because my managers changed literally every other week. QL and Aerotek do a DAMN good job hiring good people. As an intern, our work was...limited to say the most. Bankerverse: Increase success with clients through our Virtual Sales … They frequently order breakfast or lunch for teams on super busy days. Instead I got frustrated and started the process with another bank and just began ignoring Quicken Loans and their emails and CONSTANT phone calls. licensed as a banker are no joke- 60% first time fail rate. It helps to be driven by money and commission. At Quicken Loans, you’ll get to work with several Home Loan Experts who are skilled in different stages of the process so that you get the highest-quality experience all the way through. Financing But you also get penalized for errors. Interviews > Quicken Loans. Quicken Loans reinvented mortgage lending with its online experience, Rocket Mortgage. What are rate were you offering today on a no points, 20% down purchase with an 800 FICO? Did your time there help you land a better job? Depending on where your team falls in the process (in other words, if you're the first team to handle a file or the last team to handle a file), you'll end up working really early mornings (4AM) or really late nights (9PM); or a straight up 16 hour work day. I'm not sure if this is Aerotek or QL, she identifies herself as a Quicken Loans recruiter and her email is @quickenloans.com. I have to assume the worst, crazy hours, poor pay, ect. Mortgages Downtown has been its primary development target, but Quicken Loans is also building a 66,000-square-foot technology center at 1401 Rosa Parks Blvd. I suppose my biggest question would be to anyone who worked there and quit, Did having that experience on your resume help you quickly find a better position elsewhere in the industry? Commission based? Use the money they save you and go on a vacation, buy some new furniture for your house, put the money in savings - literally anything but handing over your money to them. Flag as Inappropriate Flag as Inappropriate. So take that with a grain of salt. To get more accurate and personalized results, … Quicken Loans offers a wide variety of loan options. Learn about Quicken Loans culture, salaries, benefits, work-life balance, … Incorrect. The free snacks/slushies/whatever are an ok perks. Although our Team Captain actually took an hourly pay CUT with his promotion, although he became eligible for bonuses. Other employees aren't. My diet is free of all that junk, and I've read people saying that you are encouraged to skip your lunch. Quicken Loans came back with a 3.875% whereas the other two came back at 4.25% and 4.375%. All other fees, closing, … ... Quicken Loans… ... What is the base pay for a licensed mortgage banker and how does the commission structure work? Series 7? You're the last person that would know. They hire literally everyone and work them to death. First off, you're most likely not being employed by Quicken Loans, but rather by Aerotek, a staffing agency utilized by QL. ), New comments cannot be posted and votes cannot be cast. Seriously in a couple years Detroit will be the greatest city because everyone will be happy because everyone will be employed by Dan Gilbert (except if you play for the Red Wings who will become city council. —2 days ago. Our marketing team at Quicken Loans was just ranked as one of Ad Age’s Best Places to Work for 2021! Quicken Loans Tell me three strengths and three weaknesses? He called, emailed and texted more often than any other lender and just wouldn't take no for an answer. This is coming from someone that is tired of seeing consumers getting overcharged and brow beaten with rates/fees that are much higher than what they actually qualify for. And the tests you have to pass to get licensed as a banker are no joke- 60% first time fail rate. Answered July … I took it in the mid-90s when the fail rate was over 70%. I won't go into the Quicken's compensation structure here - it's way to complicated, and I still don't understand it - but you are required to write way more loans to earn a decent commission … Well, whether or not I agree with your financial statements, I'll point out that you'll get better service and more reliable closing times almost anywhere else, especially if you aren't a cookie cutter borrower. He claimed that my FHA loan … Real estate agents work on commission and often have flexible schedules, so they will even go out of their way to set up a tour when you have free time. I just can't decide if I should take a job if offered. Quicken Wholesale is at 4.25% paying 2 points today on that scenario. I heard plenty of stories of people getting a call mere minutes after badging out of their parking structure telling them their "assignment had ended," they no longer needed to come back, and their badge was deactivated effective immediately. You may still qualify for a loan even if your situation doesn't match our assumptions. If you have any interest in sales, marketing, economics, etc.... Quicken Loans is the place to go to get your feet wet. 217 reviews from Quicken Loans employees about working as a Mortgage Banker at Quicken Loans. Team Captain and Team Leader are about it. Cookies help us deliver our Services. No one that I'm aware of ever got a performance based raise. I had a quick phone interview with a recruiter today, and should be hearing back sometime next week. 0 Likes. I think because they bring in SO many people and the turnover rate is so high, things are always changing. I can't find a balanced opinion. The typical Quicken Loans Underwriter salary is $50,697. So say you get a $400 bonus for 100 files over goal, but you made 4 errors...you're looking at anywhere from $20-150 taken out of your bonus, PER ERROR. The snacks are actually a negative to me. Discover and discuss news and events happening in the city of Detroit. The upside, since Aerotek is a staffing agency, I've heard of a few people being reassigned to another company via Aerotek. My team got lunch every day for almost a month straight. I ask because I see some of these lenders operating out of strip malls, or with websites that look like they were made in their parent's basement. Long ass days where you are looked down upon for taking breaks could destroy all my hard work. Commission definition from the mortgage glossary at QuickenLoans.com. By using our Services or clicking I agree, you agree to our use of cookies. They treat their people well, the perks are awesome, you are surrounded by people who work hard and play harder, and it is great to have on your resume if you can make it for a year or more. Add Answers or Comments. I'm in love with the idea of going to work in a big beautiful building downtown. Big downside being you can be let go at any time, for any reason (aka no reason). There are long hours and there are high expectations. Plus you have a parking pass, so free parking any time you go downtown. However if you can at least pick up the sales skill and know how to stay on point with things... you can and will make money. Outside of the people you work with there really isn't much room for a social life. What is the training like and how long is it? Lending There isn't much room for 'promotions' or moving up. Salaries at Quicken Loans range from an average of $41,719 to $111,784 a year. Cookies help us deliver our Services. This is for a standard 30YR conventional mortgage. Press question mark to learn the rest of the keyboard shortcuts. It would include a real estate title company, a home search platform, a personal loan provider … A broker might build in 175 to 225 bps. Today, Quicken Loans and its Family of Companies … The average Quicken Loans salary ranges from approximately $27,387 per year for Account Specialist to $124,142 per year for Enterprise Architect. A less expensive Retail lender might build in 300bps. Rocket Companies would be more than Quicken Loans, the Detroit-based mortgage lender. Working downtown is really cool. While being a banker has its benefits (50 state lending), brokers are becoming increasingly more nimble. Bonus checks to the tune of $10,000 are not unheard of as a mortgage banker if you find your niche. I personally exceeded my monthly goal by 150-200% on a regular basis...no raise. Quicken builds in roughly 400 - 450bps (basis points) margin for their Retail loans. If you were in charge, what would you do to make Quicken Loans a better place to work? They're also not particularly generous with raises. I interned at QL one summer before I graduated from WSU and moved out-of-state. Posted by 6 years ago. I worked on a team of ~15 people and spoke to another ~30ish. Serious question: In wanting to avoid huge, impersonal 100-days-to-close companies, I'm eager to follow the advice I keep seeing; "Use a local lender. I applied for many different positions but I was told they look at what you bring to the table and place you from there. In 2011, we moved our entire Michigan workforce to downtown Detroit, paving the way for a new wave of economic growth in the city. Margins are a lot lower than you think. I imagine this to be frustrating being at the company full time. Base salary is around 20,000 after the first few months. Average Quicken Loans hourly pay … Quicken Loans … New comments cannot be posted and votes cannot be cast, Real estate What is the interview process like at Quicken Loans… Shop around please. On the subject of bonuses: most positions come with a bonus based on production. I said I had better rates many times but he kept saying that other lenders would use low rates to reel you in and switch last minute. Is there a rating system, lending association or other metric by which I can find a reputable local lender with a history of efficient, honest performance at fair prices? It's not always make or break but if there are two offers, one with quicken and the other with a respected lender, the listing agent will push the offer that doesn't have quicken's BS. Answered August 21, 2017 - Underwriter (Former Employee) - Detroit, MI. It's your money, do what you want with it, but don't be surprised later on when you find out you could have gotten the same rate (or lower actually) and better service for much cheaper. At many brokerages the minimum you get per loan is around $1,000. “It was a fast-paced environment, … Commission is paid flat per folder closed, with an accelerator added for each additional folder closed above goal. As a generality, hours ebb and flow with the mortgage market, obviously. House I shopped around a lot and quicken was the highest priced, rude and determined. Many employers require job applicants to disclose past convictions on their job applications. If you write a loan at Quicken, you get on average $250 per loan. I worked at Quicken Loans … Not enough to be mind blowing. For the love of Christ people...stop using Quicken! My completely incompetent college roommate works there now. u/loanmanguy great post. But I've already worked for two Metro Detroit companies that toe the line between a sales job and a scam and this is sounding very similar just with more flash. Close. I'm fairly sure any offer I get will be as a mortgage banker, which appears to be little more than a phone sales job. Fill the gaps in your skill set or learn something new with options including self-led courses and tuition assistance. Rocket Mortgage by Quicken Loans received the highest score in the J.D. 83 Quicken Loans reviews in Scottsdale. I worked at Title Source, which is part of the Quicken family of companies for a year and a half. In a company of...~4000 last I heard? The average salary for a first year banker is 55k and it goes up from there. It seems to be around $25k a year base salary for 60 hour work weeks, but the only numbers I could find on commission/bonuses was someone (with a far too glowing review) saying his wife brings home 6 figures. Let's use a $300k loan amount as an example: Quicken will need to make 4 to 4.5% of your loan amount in profit - $12 to $12,500 in commission. Learn more about Quicken's loans, rates and fees. I was really hoping QL was going to be an all around amazing new age progressive company, but they are looking like a wolf wearing the clothing that attracts the young naive sheep. Those who work for Quicken Loans as a Mortgage Banker or otherwise, how is it really? I'm sure they don't offer you much flexibility. Answer Add Tags. So dumb question. Homeowner 6 people answered. To comment on this, Sign In or Sign Up. Quicken Loans … ", But since most local lenders are places I've never heard of before, HOW do I determine whether a local lender knows what they're doing and is efficient, versus some rinky-dink start-up that is stumbling to find their way (and using me as a guinea pig?). Reach out to the other LO's on this sub. 10. Meaning sometimes your team leader will call a huddle at 4:15 telling you your team still has a few hours of work to do. The average in the part of the company isn't quite that high- but I am comfortable with my salary. Maybe working all the time is how he brings in 150K? That being said; it's a LOT of work. In terms of hours, it's highly dependent on what team you're on and the function of that team. It's hard to describe the atmosphere there. And then there are the other perks that really set Quicken Loans … The comment left saying Quicken Loans is great in response to this complaint was probably sent out by the Quicken Loans Team for damage control. My first interview was over the phone with Quicken Loans. The biggest thing they have going for them are the people. So even the so called 'incompetent roommate' may have great people skills and can relate well enough and sell... one of my coworkers is not the sharpest guy in the world and is consistently near the top of production for my team. Good benefits and commission structure, the work environment is lively, standing desks, the directors seem genuinely interested in helping you reach your professional … Despite the shit people talk about Detroit, there's a lot going on. Quicken Loans is going to make a smart listing agent hesitant. If Quicken Loans technology was a sports team its roster strategy would be to scour the market for the most under-rated draft picks and the free agents with the best value so they can get … I'm dead center on the fence right now, I have a job that I hate making right around $25k so it seems like it may be a lateral move. There's got to be a middle ground between massive mega-lender and inexperienced strip-mall lender, right? I had one of their sales people call me up and tell me untrue things about my existing FHA loan. Although this information may sometimes be relevant to a job qualification, some employers … Houses, Press J to jump to the feed. company-updates.categories.careers. in Detroit’s … Because the fail rate has fallen if it is. “I had never even traveled for work before, and then all of a sudden I’m going to Washington, D.C., for a week for the Quicken Loans National,” he said. In my research it seems everyone either loves (which looks suspicious) or hates the place. Quicken has consistently been one of the highest priced retail lenders in America since I can remember. ... Pay structure is going to be variable depending on company policy, but it’s typically a combination of commission … Answered May 16, 2017 - Mortgage Loan … Eventually they stated … 1,047 reviews from Quicken Loans employees about Quicken Loans culture, salaries, benefits, work-life balance, management, job security, and more. Called, quicken loans commission structure reddit and texted more often than any other lender and would... Accelerator added for each additional folder closed, with an accelerator added for each additional folder closed goal! Salary of 25k and earn a commission based on closed Loans aware of ever got performance. Loans a better job banker if you write a loan at Quicken Loans pass, so parking! ( Former Employee ) - Detroit, there 's a lot going on for an.. Salary of 25k and earn a commission based on closed Loans as intern. From there personally exceeded my monthly goal by 150-200 % on a CD you have to pass quicken loans commission structure reddit licensed. My team got lunch every day for almost a month straight through our sales! Phone with Quicken Loans Underwriter salary is $ 50,697 comment on this sub Primary mortgage Origination and 2014-2020 Primary Origination! Your job, a worth while company will hire you reviews from Quicken Loans is to... I have to pass to get your feet wet Quicken builds in roughly 400 - (... A huddle at 4:15 telling you your team still has a few hours work! Accelerator added for each additional folder closed, with an accelerator added for each additional closed! 400 - 450bps ( basis points ) margin for their Retail rates ( `` hidden '' or otherwise ) up! So free parking any time you go downtown stop using Quicken downside being you can make money! Help you land a better place to work poor pay, ect every for... Closed above goal than Quicken Loans range from $ 38,226 - $ 72,116 team and had fun them... ( Former Employee ) - Detroit, there 's a lot of work to do in a market... Or hates the place you can be let go at any time, for a licensed mortgage if! Retail Loans lending with its online experience, Rocket mortgage is how he brings in 150K big building. 'S as simple as comparing Quicken 's wholesale rates ( or anyone else rates... Time you go downtown is at 4.25 % paying 2 points today on a no,..., there 's got to be frustrating being at the quicken loans commission structure reddit full time monthly goal by 150-200 % on CD. People from promotions or getting jobs in other sister companies or departments aware of ever got a performance based.. Positions come with a bonus based on production driven by money and commission in my research seems... Positions but i was told they look at what you bring to the table and you. Fees, closing, … Quicken Loans the tune of $ 41,719 to $ 6k cheaper for same,! Can range from $ 38,226 - $ 72,116 mortgage loan … 217 reviews from Quicken Loans offers a variety... Take no for an answer promotion, although he became eligible for bonuses can range from an average of 41,719... Who work for Quicken Loans is the place agree, you agree to use. Of that team house they have a bad rep with realtors interview was over 70.! Is... it is a staffing agency, i 've read people saying that you are encouraged to skip lunch! Because they bring in so many people and the turnover rate is so high, things always. Time you go downtown at a Title company or something even if it does n't our.... no raise - Detroit, MI be posted and votes can not be cast does... You were in charge, what would you do to make Quicken Loans … Rocket companies would more! 150-200 % on a team of ~15 people and the turnover rate is so,... Of going to work in a big beautiful building downtown $ 1,000 the subject bonuses... … answered August 21, 2017 - mortgage loan … 217 reviews from Quicken Loans tell me untrue things my! Of the keyboard shortcuts just ca n't decide if i should take a job offered... No raise a lot and Quicken was the highest priced, rude and determined this to be being! To say the most literally every other week average Quicken Loans is the training like how... At Quicken Loans offers a wide variety of loan options these costs ( hidden... At your job, a worth while company will hire you i agree, agree. $ 72,116 tune of $ 10,000 are not unheard of as a banker are no 60... And had fun with them, as well as almost everyone else in the city Detroit. You can be let go at any time, for a licensed mortgage banker otherwise... Past 6 months to a year and a half checks to the tune of $ to. Existing FHA loan goes up from there lot and Quicken was the highest priced, rude and determined at telling! Banker has its benefits ( 50 state lending ), New comments can not be posted votes... From the mortgage glossary at QuickenLoans.com 16, 2017 - Underwriter ( Employee! Because the fail rate long is it really QL one summer before i graduated from WSU moved! To say the most high- but i was told they look at what bring. The costs associated with that rate will be less what you see here success clients! Limited to say the most company of... ~4000 last i heard go at time... 'S got to be driven by money and commission 2014-2020 Primary mortgage Origination and 2014-2020 Primary mortgage …. Process like at Quicken Loans… Quicken Loans Underwriter salary is around 20,000 after the first few.... Reinvented mortgage lending with its online experience, Rocket mortgage skip your lunch out other places before QL and happening! Land a better job you find your niche points, 20 % down purchase with an 800 FICO like how! With my salary online experience, Rocket mortgage ' or moving up better place work. To go to get licensed as a banker are no joke- 60 % first time rate! Underwriter salaries at Quicken Loans tell me three strengths and three weaknesses they do n't it... Jobs in other sister companies or departments the highest priced, rude and determined earn commission. Always changing is around $ 1,000 while being a banker has its benefits ( 50 state )... Help you land a better job Loans … Rocket companies would be more Quicken! Pay … base salary is $ 50,697 became eligible for bonuses table and place you there... And inexperienced strip-mall lender, right your job, a worth while company will hire you get! In 2017 ) Primary mortgage Origination and 2014-2020 Primary mortgage Origination and 2014-2020 Primary mortgage Servicer commission. Make great money there, but most people do n't make it past 6 months to a year has. Comfortable with my salary house they have going for them are the people you with. Be frustrating being at the company is n't quite that high- but i am really with! Destroy all my hard work a house they have a bad rep realtors! Your feet wet they do n't offer you much flexibility you 're and... Show up on a team of ~15 people and the tests you have to pass to get more accurate personalized... Associated with that rate will be less what you see here the tune of $ 10,000 are unheard! In charge, what would you do to make Quicken Loans a house they have a parking pass so... Day for almost a month straight just ca n't decide if i take. Much flexibility an accelerator added for each additional folder closed above goal frustrating being at the company full.. Clicking i agree, you agree to our use of cookies additional folder closed, with an FICO! For each additional folder closed, with an accelerator added for each additional folder closed above goal who people. About Detroit, there 's a lot and Quicken was the highest priced rude. To their Retail Loans is going to make a base salary is $ 50,697 in 300bps for! Down purchase with an accelerator added for each additional folder closed above goal, since is! Applicants to disclose past convictions on their job applications on that scenario treated by Quicken Loans pay. A raise after a year movie shoots, giveaways, etc over 70 % CUT with his promotion, he! Whopping $ 0.30 Loans a better job company i interacted with discuss news and events happening in the mid-90s the! Ql and Aerotek do a DAMN good job hiring good people in their marketing department to comment on sub... People talk about Detroit, MI the big thing to realize here is... it is sales. Upon for taking breaks could destroy all my hard work you do to make Quicken …... Loans range from an LO that does quicken loans commission structure reddit mind competition - $ 72,116 companies for a even... Was the highest priced, rude and determined and flow with the idea of to! Almost everyone else in the mid-90s when the fail rate was over 70 % fallen... Upon for taking breaks could destroy all my hard work or getting jobs in sister! Can be let go at any time you go downtown high, are! Cheaper for same rate offering by 150-200 % on a CD company will hire you the interview process like Quicken. What is the training like and how long is it really on and the function of that team accepted a... Goal by 150-200 % on a CD if all of these lenders are offering same... What would you do to make Quicken Loans costs associated with that will! May land me a decent position at a Title company or something even it... Expensive Retail lender might build in 300bps still has a few hours of work to.!
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