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As a former employee, quicken loans should be on the top of the list of companies to avoid working for. On the surface, quicken loans appears to be an attractive employer. The atmosphere they've created is unlike most workplaces. However, what really happens at the ground level should be exposed, investigated by the government, and brought to an end.
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.
That would be the standard "Quickenite" defensive response. I was with one organization prior to the trial period I gave Quicken Loans, and it's the same organization I am with currently. I possess the proper business acumen and skill set to ensure I am a sound commodity for any employer. I will look past your uninformed, insulting generalization as if my ability to hold a job is in question. I will also forgive your unfair judgement of my character. I don't play for an opposing team. What I witnessed is not a topic for debate. While my experience as an outsider looking in to Quicken's underbelly may not be indicative of your affair with the company, an honest person cannot deny that there are some questionable characters/tactics/practices within the walls where you spend the majority of your time. I applaud you for being sucessful and happy in your career, and I hope it is everlasting. If you take anything from my post, I hope it's an undertanding that I am not a bitter former employee. I was not terminated because I couldn't "cut it". I did not participate in the class action overtime lawsuit Quicken Loans is settling with former employees due to what was deemed to be a violation of labor laws. I am someone that chose to leave voluntarily because it wasn't a place I wanted to associate myself with. I guess you can say that I passed on the Kool Aid. I refuse to lower myself, much like I did with matching your comment's negativity.
The complaint has been investigated and resolved to the customer’s satisfaction.
I did some research when looking for a refinance I made an online inquire. the person I spoke with at Quicken Loans [protected] Steven, was short, rude unfeeling and just not a good sales person. I work retail and know the power of the consumer and this person is really bad for your company. Without hearing what i had to say he told me there was nothing he could do to help me, I would have appreciated an explaination of why but i guess since I was not a potiential client he just hung up.
BAD BUSINESS PRACTICES DO NOT DO BUSINESS WITH THEM...
Just an FYI for those of who in AZ have had unpleasant experiences with Quicken Loans, i.e., who feel they were misled by false advertising and/or the high-pressure sales tactics to collect the $500 upfront fee, make sure you report your incident to the following authorities:
1. Contact the State Banking Department in Arizona and file a complaint on-line:
http://www.azdfi.gov/Info/Forms/Complaint_form.pdf
2. Contact the State Attorney General's Consumer Fraud Division:
http://www.azag.gov/consumer/complaintform.html
I talked to Quicken Loans regarding a refinance. After giving them my credit card to proceed with the loan, faxing all documents they requested and jumping through the rest of their hoops, I was told that since they were paying off 3 of my credit cards I had to close the accounts. I was very hesitant as I had these accounts for over 20 years and they all had balances. I was assured that they would be paid off and they couldnt close the loan until AFTER I closed my accounts and sent them letters proving I had closed them. Once again, I complied with their demands. THEN they send over an "appraiser" that was at my house for 5 minutes, said he only needed to check that the electrical and plumbing was "code". The next day they told me that my house, which had appraised for $240, 000 had only apraised for $104, 000 and therefore they could not refinance my loan. I appealed the appraisal as the appraiser had given them incorrect square footage, comprables that were over 2 miles from my house, along with several other inaccuracies.. The appeal, of course, did not change anything. Now my credit score has dropped over 100 points for closing the accounts and I am unable to get a refinance through any other company as my credit score is too low. What a terrible way to run a company! I really think that the way they make their money os their $500 they ask for up front, with absolutely no intention of going through with the loan
Quicken Loans took a $500 deposit on an overextended credit limit, knowing that I needed to make this loan work or I would sink fast in the treacherous financial market exacerbated by Quicken Loans policies. The credit card owner Citicorp refused to take back the deposit and this too has stung me! I was thrown into a debt cycle that I still am trying to negotiate, and if I received a fair and honest loan, I would have been out of this problem at this time. This is always a customer LOOSE/Quicken WIN situation. This is hardly a business that should brag about having a BBB rating of A+ that they bought by financially supporting this local bureau.
Warning: Do not, I repeat, do not ever do any business with Quicken Loans.
They will not deliver as promised, and will leave you hung out to dry.
My refi was promised to complete in 30 days, and after a number of excuses & delays that lasted for over 2 months, I had to cancel with them, due to their inability to complete my refi loan.
All they did was have me jump through hoops, and each time I did, I was no closer to signing loan docs, than before I jumped.
Do not believe any good reviews you may hear or read about Quicken Loans.
Quicken Loans uses lower appraised value for the home to deny applications.
I have proof that Quicken loans appraisal was incorrect.
I guess it is an easy way to run a business by charging fees that are non-refundable, even if the lender has no proof, but yet the lender "Quicken Loans" use the oldest trick in town...the "appraisal excuse"?
Can u pls guide me where to go, to which Federal Agency, in order to file a formal complaint?
Tks,
Hany
Quicken loans kept calling me to "take advantage" of a no cost to me refinance. For a $500 dollar deposit, they were going to get me into a 3.87% interest rate in place of my 4.5%. When all was said and done, they wanted to close at $112, 000 dollars but I only owe 108, 000 dollars. That is a $4, 000 dollar cost to me. When I told them this was unacceptable, they said that the deposit was not refundable. News to me. Is this a scam or what! If they do this to 1 million people that's $500 million dollars profit. Pretty slick and shameles.
We need to stay together and prosicute this company
Also, file a suit because of mental stress
the internet is a great thing but it seems that every time i try to order something or try to use my atm card things turns out to be a scam.
If the goverment would start prosicuting these people. Also make it a felony to use these money making scemes, make it manditory jail time
these things could be cut out. The government is taking the (internet)and
letting these thugs get away with further ruining good people that is trying to get their credit rating up by doing. We need help from our goverment and worry about politics later.!
i too am an ex employee of Quicken, do not be fooled by the vibrant colors and so called energy of the many offices of downtown detroit, first i was hired by a temp agency, that hires for quicken, they bate you to take this job with the promise that after 6 months of work you will be hired in. mind you they dont usually let you make it to 30 days. we only had a week of training. Once thats over with they expect you to know everything. Once you join the team and start working they are watching you carefully and seeing what questions you ask. I was one of the bozo's that took the job seriously and asked alot of questions. Knowing i was working with peoples sensitive information i took the job seriously. i did not want to mess up. maybe i should have just kept my mouth closed, not asked any questions and ###ed up every loan that came across my desk. i have never ever heard of the notion that asking to many questions could get you fired. They tell you to ask questions but dont ask the same questions. they tell you to take notes but dont read from them because it takes too much time, they wanted me to write everything i learned on stickey notes and stick them to my pc screen, ###ing stupid. I somewhat am happy to have gotten the call to not come back to work. they hold the notion of doing your best so you can get hired in over your head at all times, i think that's ###. I feel they knew full well who they wanted to keep out of the new temps they brought in. I'm sorry, I'm not kissing licking or sucking up to anybodys ### for 11.50 an hour, I could clear more money working at ###ing home depot. They swear they dont have managers they have team leads, please dont be fooled so many people were liking my team leads ### that they continuously had ### marks on their faces. all the fake as laughter and laughing at the corny ###ing jokes of the team leads, it made my blood boil. im sorry i was there to do a job, and kissing ### sure as hell aint one of them. keep preying on little high school and fresh out of college students wet behind the ears, the only people that will take that garbage. luckily i wasnt a fool, after a week of working their, i said i will ride it out, but i never stoped looking for jobs. luckily i already lined something up.
I have a relative that works for Quicken Loans n Cleveland. He is there from 8am until 11 pm 6 days a week! He is NOT allowed to take a lunch or take a break. He is lucky he is allowed to use the restroom. Even that is frowned upon. His supervisor told him that he has an infant son that he sees 20 minutes a day and he is blessed to have that QUALITY time with his child and that it is quality not quantity time that is important with your children. Tell that to Mr. Gilbert whose handicapped child is attached to his hip 24/7. I would like to see someone abuse his child the way his companies abuse other peoples children! It is utterly insane! My relative was punished because he was on the phone with a customer for 16 minutes instead of the allowed 15 minutes! Are you serious! The customer was asking questions...I guess the appropriate thing to do would be to HANG UP on the customer or tell them to F**K off because their 15 minutes were up! I would like to know how to report this company in Cleveland. I strongly feel nothing would get done about it but I would love to start a crusade to try! I am sure he is in violation of every labor law ever written! I am a firm believer in working hard but I am pretty damn sure that slavery was abolished hundreds of years ago! Wake up Mr. Gilbert...you should be ashamed of yourself! And to all of you PRO Quicken Loan commenters on here... I am quite certain you are ALL PAID right hand men to THE MR. GILBERT himself! Because no one in their right mind would think these are appropriate working conditions! NO ONE! CLOSE QUICKEN LOANS! CLOSE QUICKEN LOANS! CLOSE QUICKEN LOANS! And while I am on a roll... I hope the Cavs never win a championship as long as that ### is the owner!
I completely agree with the comments of the "former" employee. I too, am a former employee and can't even begin to tell you what I witnessed and went through the year and a half I worked there. I also quit...I can't begin to say how glad I am that I did! You could write an interesting documentary on that company.
This is all from the mouths of those who just failed at the job. I w2d over 100k this year and I've never done a single illegal thing or lied to a client about how the deposit works. Just because you don't want to work hard and want everything handed to you doesn't mean the people that do and are successful are bad people. Get over it- you don't work there any more so move on with your life. It's pathetic that you spend time bashing people
Or companies online. Just because YOU don't agree with it doesn't make it wrong. Stop being a Whiney little ### and grow up. The company HAS been investigated numerous times and not once have they ever found illegal action or fraud Happening in their business. We have continuously been awarded the past 4 years as the number 1 place to get a mortgage based off of CLIENT satisfaction. Again, grow up and get over it - you lost your only chance at a 6 figure job.
Additionally, the deposit people put down is a refundable deposit so they can go through the process of reviewing the property and sending an appraiser to go to the property. The payoff of saving hundreds each month is definitely worth the risk that your property won't appraise for what you expected. This happens with all big banks and small mortgage companies and its part of the process. Educate yourself on the process before you start making accusations.
I know many people who love working there. They employ
like 5000 people from Detroit and the surrounding area and
not all positions are loan officers. As a former loan officer from
a big bank, their program is leaps and bounds ahead of the rest.
This complaint could be heard from anyone who isn't matched with
a job appropriate for their skill level. It's a performance based compensation
plan just like any financial advisor. You do get paid for the hours you work and
are paid more for doing more. There have been a ton of changes in the industry
and the activity you referenced above is not allowed anywhere and I doubt
that the company is willing to risk their A+ BBB rating to do illegal activities.
Know the facts before you draw your opinion and those who work there who do well
will tell you that they will give people a chance to see if they can do a good job there
but they do have high expectations. In an area where so many people are spoiled by
unions they actually expect their employees to work hard.
Think for yourself and check their awards.
I hear all the bad things about quickenloan I am involved with onereverse Mortgage who deal with quickenloan, now i am worried and don't want to go on invested a lot of time with them Where is there a good reverse loan company I can trust?
I am involved with one revers Mortgage =quickenloan should I cancel the deal while I can, is there a good reverse mortgage available?
They scammed me out of 500 also, buyer beware
Hey, feel same way. I was making mistake try to refinance my house from QL. So far, I lost about $900 out of my pocket! stupid me, I hope we can do something about this. Lets take them down!
My Son In Law, a two tour Iraq War Veteran came home on leave in March of 2010 and was looking for a job in Ohio. He and my daughter were deployed in Iraq for a year. He was hoping to have a plan in place to take care of his family post deployment as he is in the Army Reserves and not full time.
He was so excited the offer of a base salary and plenty of commissions to make big money. He returned home in June 2010 - started at Quicken Loans in August 2010. He suffers from Post Traumatic Stress Syndrome and it is tough adjusting to the hectic civilian life and the Quicken Loans job was like adding fuel to the fire. He had been away from my two grandsons for a year and the Quicken Loans Job kept him away from his family from 7am to 9pm at night or later. He was too tired to do much with the family.
The description of this complaint is accurate - my son in law was pressured not to leave - in fact told he could not go home until he closed a loan. Long story short - he was constantly being told he was a piece of garbage - the verbal abuse of employees is appalling. He could not attend my mother's funeral because he was afraid he would lose his job. On December 13, 2010, while my daughter and I were at the funeral he was called into the office told he was a piece of [censor] and fired. It was almost a relief that this nightmare job was over. My daughter thought Christmas with the boys would still be all right because he would still get his last paycheck on Friday December 17, but the automatic deposit was not made. As I write this it is December 21 - 4 days before Christmas and Quicken Loans has not returned my son in laws calls or emails to find out why he has not received his paycheck. I truly loathe Quicken Loans. My daughter and son in law were gone last Christmas serving their country in Iraq and my grandsons, especially the 6 year old, suffered a great deal of emotional distress at having his mother and step father gone at Christmas. 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. This group of employees, well paid hit men, are much like the monkey loyalists to the Wicked Witch of the West in the Wizard of Oz. Quicken Loans is a terrible company to work for unless you have no heart.
Youre right on. Its a terrible place to work. It is beyond time that the AG get involved. Quicken is currently capitalizing on the high unemployment here in Michigan. In a record profit year, they have the cut loan officer compensation 3 times. Your hours are not recorded, which is the first indication that even they know that what they demand is unlawful.
If you question their practices, then you are highlighted as someone who cannot conform to the ridiculous ISMs that they expect you to abide and live by perfectly, yet there isnt one that you can look at and say the company sets the example ("Do the right thing"--gimme a break!).
They hire watch dogs (they call them directors) to monitor every move of each loan officer daily. Most of these watch dogs couldnt do for a week what they are told to expect from each and every one of their team members. Most employees walk into work each morning not being surprised if they walk our unemployed. They lie and cheat and are currently blatantly breaking federal labor laws.
Quickens time is coming. Their counter argument to the current lawsuit is that loan officers do not count as far as receiving overtime. The Department of Labor disagrees. Quicken has convinced themselves that if they pay you a small base they can pressure you to work whatever hours they desire (undocumented of course)---there is no line drawn...weekends, 10-12 hour days with absolutely no overtime pay. The commission they pay is absolutely the lowest in the business by far--its insulting!
To all the current Quicken employees out there, dont think that Quicken is the only company in the US writing loans. The truth is with the new licensing laws in place, there are numerous banks and mortgage companies that are licensed all over the country and would be more than happy to pay you handsomely for any license that you currently maintain. If you have passed your SAFE exam, then you can have a job tomorrow.
As the rates stay low and as the Michigan jobless numbers increase, rest assured Quicken will continue to take advantage of the employees they make feel will be homeless if it werent for them. It is heartbreaking to see what they do. I have seen enough good people walk out of offices crying. Cry no more, its the biggest burden off your back when you leave. They are an unethical company that really needs to be investigated and shut down.
I (we) need more people like you (QuickenUgly) to send your complaint to the Michigan Attorney Generals Office; Consumer Services Division, Office of Financial and Insurance Regulation, P.O. Box 30220, Lansing, MI 48909. This might help people who have fallen victim to Quicken Loans in their scams to obtain money from us through lying and/or misrepresentation. Quicken Loans needs to lie and misrepresent people like me and others to maintain their high life, like owing a sports statium, or a MAYOR of some big town, like Detroit, MI or other BIG politicians.
Making excuses and pointing the finger at other people is probably the reason you are a failure. I've been with the company for 5 years and my life is at a level I could never have imagined in every aspect. Your lack of basic business knowledge is obvious in your statements and accusations above as well. You are right about one thing...we do spend the necessary time to get rid of the bad seeds and worthless individuals, like yourself, who waste our com[any's time and money and lack the education and skill sets to service our clients in the way that we expect them to be serviced. Good luck with your job hopping.
Is this Dana Staniec? You sucked c*ck for your position, you bum!
I agree. It is a horrible place to work for. I wasted 2 years there and I feel horrible about what I did there under preasure.