I am a former employee of quicken loans. With the utmost sincerity, I can say that quicken loans is the worst employer out there. Right from the start, you are told to get rid of any inkling of hope regarding maintaining a general work/life balance because of your duty to “hustle” and “earn your way up to the top, ” all while writing dirty loans and working minimum 65-70 hour work weeks. The environment is 100% a boiler room environment, where employees suffer through a constant revolving door of people quitting left and right. It’s scary to me how much quicken resonates with me as a modern day sweat shop.
The unfortunate truth is that most employees at cannot afford to leave the perpetual hell-hole that is quicken. Many of the “mortgage bankers” are lucky to have associates degrees, let alone hold a b. A./b. S from a reputable university. Even so, the ones that do have better options are merely fresh out of college, early 20-somethings, who don’t realize that there are significantly better opportunities out there. Most of the staff has never had another full-time job in the corporate world.in fact, the most recent memory they can gather of their last paid job was working as a mere barback wiping up the sticky remnants of jagerbombs and fireball shots at their beloved college bar. These fresh, young faces think that it’s normal of their “directors” and “team captains” to expect them to work every weekend, consistently. They think it’s standard protocol to have to be hassling poor “potential clients” 3-5 times a day, berating them about refinancing their home with quicken. They think they’re being rewarded when they get provided with an “early out” every now and then at 7 pm. Heck, i’d rather brew espresso at a local starbucks for the rest of my life then step one foot in that office ever again.
As a mortgage banker, you are paid an incredibly low base salary, but you are promised uncapped earning potential due to the commission you earn writing loans. While I do commend quicken for allowing top performers to earn a fortune in short periods of time, it is not a system that is neither healthy nor sustainable. The retention rate at quicken is absolutely abysmal. Even for the top bankers, foreseeing a long-term future there is entirely unimaginable.
By the time you step into your office at 8 am, you are expected to dial through all of your leads and harass them into either a) proceeding to refinance with quicken, b) getting their supporting income/legal documents immediately to you so you can finalize the loan application process and get paid), or c) leaving a variety of crafty voicemails for these poor individuals, in the mere hopes that they will eventually return your 50+ phone calls throughout the course of one week.in addition to constantly having to bother these poor people (Often times elderly or lower-income americans, who made the initial mistake of submitting their contact information onto shady websites like lowermybills.com), you are encouraged to skip your lunch break.in fact, I can barely remember a time when I took a break longer than 20 minutes during my stint as a mortgage banker. Keep in mind you are working minimum 12 to 13-hour days to show that you are committed to becoming a successful banker at quicken. Those who scoot out early or request any inkling of time off throughout their employment at quicken are viewed as lazy and apathetic about their career. Not only do they look down on employees who want to maintain a modicum of mental sanity throughout their life at quicken, the company does not pay overtime.
During your sales training prior to hitting the floor, bankers are taught to always “dig deep” and get to the emotional backbone of potential clients. This way, you can get them hooked right from the start, and potentially use this personal information as collateral to convince them to go through with the sale with you in the end. Every time I utilized this sales tactic, I felt morally corrupt, to say the least. Directors and team captains would coach you to make people with less than perfect credit feel horrible about their financial situation. Essentially, you were taught to make them believe that due to their average-below average credit, they had no choice but to refinance with quicken because they had no options elsewhere. It was really demoralizing having to constantly practice this manipulative business tactic.
Unfortunately, I would have to say that my particular experience with quicken is far from an isolated incident. Since I left the company within the last year, I can name dozens of employees and colleagues who have parted ways, as well. With that said, my opinions are obviously solely my opinions. For the few who actually enjoy being employed by quicken, good for them. I’m truly happy they have found their place and foresee having longevity in a career there. On the other hand, I urge you to strongly consider accepting an offer here. While they may try to lure you into the position initially, take a real good look at the opportunity that lies ahead of you. Take a few more weeks to look for a job that actually interests you and pulls at your heart strings. Yes, no job is perfect and every position has its pros and cons. At the same time, invest a bit more time and effort into your job search and you could be doing yourself a huge favor in the long run. Do not make the mistake I made by taking the very first offer that was given to me. I am with a different company now and in a much better position both mentally and physically. I can happily say I get sufficient sleep and give my body time to relax and rejuvenate itself. I have plenty of time to exercise, meet with friends, and visit family in other cities. I can really breathe and live my life in a healthy manner now.
I no longer wish to participate in this virtual complaint board. I feel strongly that individuals should be able to form their own personal opinions so I do not want my experiences to have an impact on potential new employees.