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Quicken Loans, Detroit Complaints & Reviews - the real story of Quicken

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Quicken Loans

Posted: 2011-01-07 by    Former QL employee

the real story of Quicken

Complaint Rating:  90 % with 10 votes
Contact information:
Quicken Loans
United States
I am a former employee of Quicken Loans/One Reverse Mortgage. I assure you that I am of the highest ethical character, and that when I was hired, I sincerely believed that I had landed a solid, reputable career with a distinguished company. Turns out, I was among 200 people in my hiring class who thought the same thing. You see, QL hires approximately 200 people each month. 90% are, like me, recent college graduates looking for our first post-college jobs. Throughout the initial orientation which lasts two months, we are fed a steady supply of popcorn, slushies, and other "hip" foods, persistently told that we are the brightest and best in the Metro Area (the headquarters is in downtown Detroit), and that we all will soon be making $100k annually as soon as we prove ourselves. After training, much of which is mandated by the recent passage of the federal SAFE Act and it's licensing requirements, we are put on the sales floor. At that point, all the things we learned in SAFE training becomes completely irrelevant... because we aren't mortgage loan originators, rather, we are telemarketers and our sole purpose is too remain constantly dialing the phone, speaking to anyone who put a phone number anywhere online, and convince them to take a deposit. NO BODY YOU SPEAK WITH AT QL IS A MORTGAGE EXPERT. They are all young, brand new kids who are being monitored incessantly by supervisors. They have a quota of sales calls that must be met daily. Their job is not to "work with" clients on finding a suitable mortgage product based on client needs, but to as quickly as possible sign clients up to the most lucrative deal possible. I lasted five months: Two months in training, two months as a cold-calling telemarketer for Reverse Mortgages, and one month as a full "mortgage banker". Then I quit. A huge majority of the 200 people I hired on with will not be there one year later. The pay is NOT $100k, the work is not intellectually challenging (we are, after all, college grads), and by no means should any of those sales reps be considered mortgage experts. They are not. I was not. I have a hunch that QL's business model requires hiring college kids who are bright enough to pass the licensing requirements, then put in automated sales roles designed to reach as many potential clients as possible (bulk matters). We are promised the moon and the stars and continuously told how great we are. We get very pumped up (almost cult-like). We dial the phones from 8am until 8pm, 6 days per week, DESPERATE to get clients enrolled in refi, purchase, or reverse mortgages. We get $9 per hour to do this. After 6 months to a year, everyone is broke, exhausted, and finally quit. But QL doesn't mind, they have hundreds more in the pipe going through the various stages of training ready to fill the void at any moment.
Comments United States Loans
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 12th of Mar, 2011 by   Sales Rep with integrity, MI 0 Votes
Thank you so much for saving me from yet another disappointing hype job by a company that builds it's foundation on scamming honest hard working people out of their money. I'll add it to the list of North American Bankard, Comcast, Hansen Windows and the like. Everything you said, the 8 weeks training, the internet and sales calls, the atmosphere, and mentoring was all discussed with me about the job when Amanda H. the Recruiter called me this week about the position. You saved me another headache, and I can't thank you enough! Best wishes to you in your future endeavors I hope you find a deserving company to work for, one with integrity and morals.
 3rd of Dec, 2011 by   Jpetwsu 0 Votes
I have worked there for years and yes, I went through the hype, the low pay in the beginning and yes, the mental exhaustion. But a few years into my career I make a lot more than an average salary. I get a kick out of these college grads who get shocked to find out you have to bust your ass to be above average. This place has offered so much to me and my family these kind of reviews really bug me. At no time during the recruiting or hiring process are people led to believe they can make $100k without sacrifice and hard work, especially your first year or so.
 5th of Dec, 2011 by   Lisa43 0 Votes
Thanks for all that said about this company.. I am so Happy I never went so far to listen to them about a loan. I was interested in knowing why they seemed so proactive to get me in there for a loan.. I read why now..

Thanks for saving me the hard ache..

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