If i didn't have the sense god gave me to leave, it no question could have ruined my life - personally and financially. As a mortgage banker, i was paid $24, 000 a year in base salary and promised a fortune in commission revenue. Once you hit the boiler room of a sales floor, you are told point blank that you have to work 8am to 8pm at the least in order to show you are committed to being successful, and are encouraged to skip your lunch break. Quicken loans does not pay overtime. I was left messages from my manager on my voicemail when i would leave to grab something to eat about how i was "on the bubble" and should think about what is important to me in my life.
Unfortunately, my story is not unique. I represent the majority. I would estimate that 95% of their workforce at any given time experiences the same absurdity. Complete a google search and review the testimonials on various sites like this one. .
How do they do it? They hire young. Most employees have never had a job in the corporate world. They entice the "just out of college" demographic with predatory tactics such as the lure of expensive parties where alcohol flows freely. They headhunt at retail locations, car dealerships, oil change spots. You name it. All the while dangling carrots in the unsuspecting eyes of the naive. I never came across an experienced new hire from the lending industry.
I left a position with one of the leading telecommunication companies, feeling a little burnt out, for what i thought was greener pastures. What i walked in to was something i could write a book about and people would argue that it should be in the fiction section of your local bookstore. That's how ridiculous it is.
Allow me to give you a little peak behind the curtain of what i was witness to during my time at quicken loans:
- the answer key being passed around during a new hire test to obtain our license to create mortgages in over a dozen states.
- drug use during work hours
- rampant sexual harassment from male to female co - workers, including entry level employees to senior level management.
- team trainings instructing loan originators in ways to increase revenues and commissions by padding loans with additional unnecessary charges. The term "green bar" was promoted regularly, referring to a section of the loan that was highlighted on your pc screen in green showing how much additional you were stacking onto the costs involved. One loan originator had a vanity license plate that said "grnbar". Sheer arrogance.
- the mass coaching of groups, instructing to "get to emotional backbone" of the could be borrower. A direct quote, "you're looking at their credit report, ask them if they have children. If they do, ask them if they ever plan on sending them to college. If so, tell them not in your financial state. " how could i, someone with no children, speak to anyone with children in that manner? I felt morally corrupted.
- team leaders encouraging their underlings to take advantage of the clients with less than stellar credit. Especially in the south. Derogatory comments were commonplace about the race, ethnicity, intellect, place of primary residence of these clients.
- falsifying data with regards to assets in order to qualify someone who otherwise would not on their own.
- requirement of $500 deposit taken by credit / debit card only in order to even start the loan application process. Huge revenue generator for quicken loans. Positioned as a "good faith deposit" but try getting this refunded in "good faith" if you decide to change your mind.
Need i continue? The attrition rate at quicken loans must be higher than any other company. The rate they churn out employees is remarkable. Either by firing or by these poor saps coming to their senses. There is no amount of free cleveland cavalier tickets, popcorn and slushie machines (At ever corner) that should entice anyone looking for a serious career. Only the individuals that got in at the ground level and profit off of the slimey work of fast food drive - through mortgage bankers have any real tenure. Because it's set up like a pyramid scam. Quicken loans ultimately benefited from the mortgage "refi" boom along with the skyrocketing internet marketplace of the early 2000's. The fact that they are still in operation is criminal.