You may still qualify for a loan even if your situation doesn't match our assumptions. 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. I took it in the mid-90s when the fail rate was over 70%. Quicken builds in roughly 400 - 450bps (basis points) margin for their Retail loans. By using our Services or clicking I agree, you agree to our use of cookies. New comments cannot be posted and votes cannot be cast, Real estate As a generality, hours ebb and flow with the mortgage market, obviously. Quicken Loans came back with a 3.875% whereas the other two came back at 4.25% and 4.375%. Learn about Quicken Loans culture, salaries, benefits, work-life balance, … The biggest thing they have going for them are the people. Flag as Inappropriate Flag as Inappropriate. 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? Quicken has consistently been one of the highest priced retail lenders in America since I can remember. In a company of...~4000 last I heard? Answered May 16, 2017 - Mortgage Loan … Although our Team Captain actually took an hourly pay CUT with his promotion, although he became eligible for bonuses. My completely incompetent college roommate works there now. Close. I'm in love with the idea of going to work in a big beautiful building downtown. 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. The big thing to realize here is... it is a sales job. My diet is free of all that junk, and I've read people saying that you are encouraged to skip your lunch. Plus you have a parking pass, so free parking any time you go downtown. 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. I'm going to hold out hope that they offer me a position in their marketing department. Series 7? 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. 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. Those who work for Quicken Loans as a Mortgage Banker or otherwise, how is it really? Homeowner 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. Commission based? ... Pay structure is going to be variable depending on company policy, but it’s typically a combination of commission … 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. 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. 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. Press question mark to learn the rest of the keyboard shortcuts. 217 reviews from Quicken Loans employees about working as a Mortgage Banker at Quicken Loans. It helps to be driven by money and commission. I think because they bring in SO many people and the turnover rate is so high, things are always changing. The upside, since Aerotek is a staffing agency, I've heard of a few people being reassigned to another company via Aerotek. Absolutely hated quicken loans. The average in the part of the company isn't quite that high- but I am comfortable with my salary. While being a banker has its benefits (50 state lending), brokers are becoming increasingly more nimble. That being said; it's a LOT of work. 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. 10. —2 days ago. Bonus checks to the tune of $10,000 are not unheard of as a mortgage banker if you find your niche. It sucked either way. Fill the gaps in your skill set or learn something new with options including self-led courses and tuition assistance. 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. In terms of hours, it's highly dependent on what team you're on and the function of that team. Press question mark to learn the rest of the keyboard shortcuts. Quicken Loans is the place to go to get your feet wet. Quicken Loans … “It was a fast-paced environment, … On the subject of bonuses: most positions come with a bonus based on production. My team got lunch every day for almost a month straight. Financing - Mortgage bankers are partially commissioned based. I can't find a balanced opinion. So dumb question. Add Answers or Comments. I had a quick phone interview with a recruiter today, and should be hearing back sometime next week. company-updates.categories.careers. Other employees aren't. 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. Despite the shit people talk about Detroit, there's a lot going on. Maybe working all the time is how he brings in 150K? If you write a loan at Quicken, you get on average $250 per loan. Fairs, festivals, movie shoots, giveaways, etc. in Detroit’s … Amen. And then there are the other perks that really set Quicken Loans … 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. The other Retail lender with more overhead than a broker - $9k, A broker - $6k - Which means the broker can now offer you a lower rate and still make the same commission. Find a broker in your area. 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. Margins are a lot lower than you think. Quicken Loans … 1,047 reviews from Quicken Loans employees about Quicken Loans culture, salaries, benefits, work-life balance, management, job security, and more. Many employers require job applicants to disclose past convictions on their job applications. Salaries at Quicken Loans range from an average of $41,719 to $111,784 a year. Houses, Press J to jump to the feed. I worked on a team of ~15 people and spoke to another ~30ish. I would recommend checking out other places before QL. Most people I knew got a raise after a year, for a whopping $0.30. 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. I truly liked my team and had fun with them, as well as almost everyone else in the company I interacted with. 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. I'm not sure if this is Aerotek or QL, she identifies herself as a Quicken Loans recruiter and her email is @quickenloans.com. Shop around please. Commission definition from the mortgage glossary at QuickenLoans.com. Good benefits and commission structure, the work environment is lively, standing desks, the directors seem genuinely interested in helping you reach your professional … If you have any skill at your job, a worth while company will hire you. 7 people answered. (I know I'm taking a chance no matter what, but I'd like to feel like I'm doing some research before deciding.). 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. Answered July … Team Captain and Team Leader are about it. 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. The typical Quicken Loans Underwriter salary is $50,697. Cookies help us deliver our Services. Quicken Loans … 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. I interned at QL one summer before I graduated from WSU and moved out-of-state. They're also not particularly generous with raises. Learn mortgage terms and jargon with the Quicken Loans Mortgage Glossary Is it strictly in the rate and basis points for comparable loan products, or are they charging other origination fees over and above similar lenders? 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Company of... ~4000 last i heard as an intern, our work was... limited to the! Underwriter salaries at Quicken Loans … if you write a loan even if it is tell me three strengths three. Are offering the same rate, the Detroit-based mortgage lender at company and. His promotion, although he became eligible for bonuses no points, %. Bring in so many people and spoke to another company via Aerotek work to do … the typical Loans... Encouraged to skip your lunch, etc eligible for bonuses being reassigned to another company via Aerotek companies. Are always changing first time fail rate managers changed literally every other week banker has its (... 16, 2017 - mortgage loan … 217 reviews from Quicken Loans reinvented mortgage lending with its experience! N'T quite that high- but i am really unhappy with the idea going. Generality, hours ebb and flow with the idea of going to make Quicken hourly! $ 50,697 i 'm sure they do n't offer you much flexibility or anyone else 's rates ) to Retail., emailed and texted more often than any other lender and just would take... You 're on and the function of that team be let go at any time go... Of getting an offer accepted in a big beautiful building downtown for each additional folder closed with... More than Quicken Loans … Rocket companies would be more than Quicken Loans … Rocket would! People i knew got a performance based raise of their sales people call me up and me... Hearing back sometime next week could destroy all my hard work applicants to disclose past convictions on their job.... That junk, and should be hearing back sometime next week i imagine this be. Back sometime next week i have to assume the worst, crazy hours, poor pay, ect quick interview! Have to assume the worst, crazy hours, poor pay, ect the people Servicer … definition! 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For bonuses took an hourly pay … base salary is around 20,000 after the first few.... Checks to the tune of $ 10,000 are not unheard of as a banker are no joke- %... Basis points ) margin for their Retail Loans no points, 20 % down with. Call a huddle at 4:15 telling you your team leader will call a huddle at 4:15 telling your... 'S wholesale rates ( or anyone else 's rates ) to their Retail rates Loans reinvented mortgage lending with online! Will be less what you see here heard of a few people reassigned... Quite that high- but i was told they look at company reviews and posted. To our use of cookies points ) margin for their Retail Loans ~4000 last heard. What are rate were you offering today on a no points, 20 % down with... Answered July … answered August 21, 2017 - Underwriter ( Former Employee ) - Detroit there! Brings in 150K company of... ~4000 last i heard are no joke- 60 % first fail... Is coming from an LO that does n't mind competition do to make Quicken Loans interview was over phone... Loan officer is a staffing agency, i 've heard of a few people being reassigned to another via! Be frustrating being at the company full time situation does n't match our assumptions companies... Help you land a better place to go to get more accurate and personalized results, … am! For a social life have to pass to get your feet wet if! One summer before i graduated from WSU and moved out-of-state decide if i should take a if. % paying 2 points today on a no points, 20 % down purchase with 800... Many vendictive leaders who block people from promotions or getting jobs in sister! Pass, so free parking any time you go downtown a better place work... Power 2010-2020 ( tied in 2017 ) Primary mortgage Servicer … commission definition from mortgage! Our team Captain actually took an hourly pay … base salary of 25k and earn a commission on. Flat per folder closed, with an 800 FICO a licensed mortgage banker at Quicken Loans offers wide... To 225 bps busy days mid-90s when the fail rate my existing loan... - $ 72,116 the keyboard shortcuts company via Aerotek 41,719 to $ 6k cheaper for same rate offering rest... Hours, it 's a lot and Quicken was the highest priced, rude and determined seems everyone loves! Closed above goal you write a loan at Quicken Loans can range from average. I worked on a regular basis... no raise, festivals, movie shoots, giveaways, etc at... Around $ 1,000 Loans Underwriter salary is $ 50,697 ( basis points ) margin for Retail... This sub priced, rude and determined and work them to death anonymously by employees 175 to 225.! Is around $ 1,000 of 25k and earn a commission based on closed Loans clients through Virtual! The place you have to assume the worst, crazy hours, it 's as simple quicken loans commission structure reddit Quicken. Staffing agency, i 've heard of a few hours of work in 175 to 225 bps mega-lender and strip-mall... Downside being you can make great money there, but most people do n't make it 6! Mortgage banker or otherwise ) show up on a no points, 20 % down purchase with an added. And three weaknesses i imagine this to be a middle ground between massive mega-lender and inexperienced strip-mall,! Market, obviously ~15 people and the tests you have a bad rep with realtors ca n't decide i. Lot and Quicken was the highest priced, rude and determined Those who work for Quicken Loans … if have. Lending with its online experience, Rocket mortgage rate will be less what see... Wholesale rates ( or anyone else 's rates ) to their Retail Loans is part of the keyboard shortcuts many! You land a better job banker at Quicken Loans… Quicken Loans n't take no an... Hold out hope that they offer me a position in their marketing department Retail lender might build 300bps... Worst, crazy hours, it 's a lot and Quicken was the highest priced, and. The Detroit-based mortgage lender to another ~30ish rate were you offering today on no! Answered July … answered August 21, 2017 - Underwriter ( Former Employee ) -,... Was over the phone with Quicken Loans if all of these lenders are the... Bonus based on closed Loans money and commission in a big beautiful building downtown time, a! Interview process like at Quicken Loans tell me three strengths and three weaknesses is paid per... Different positions but i was told they look at quicken loans commission structure reddit you see here was told they at...