Complaint Review: Quicken Loans - Livonia Michigan

I am a former employee of Quicken Loan and I am proud to say that I had the pleasure of quitting before any of those "Leaders" could put me on letter, fire me, or force me to quit. I was there for less than a year and I, too, drank the kool-aid at the beginning. Luckily, I woke up and came to my senses before I lost everything.

First and foremost, the "minimum expectations" are completely unrealistic. In order to receive your full commission check, you must close 8 units or 1.2 million a month. Realistically, I would be willing to say that less than 1/3 of bankers actually meet this goal, so how can you really say it is the minimum expectation? And those bankers who do reach the minimum expectation are probably averaging a minimum of 60 hours a week.

Secondly, the pay is horrendous. I am not an expert with business models, but I think a higher level of pay is necessary. Let's look at it this way. If the bankers are making more money, they will enjoy their job more, they will work harder because they want to keep their jobs, retention will be higher, as bankers stay at this job longer the overall experience will increase, and with more experience you get more sales. Therefore, you can achieve the same amount of sales with less bankers because they are better at their job overall.

Of course, this means that the company is no longer hiring 200+ bankers a month and but that also saves money from the salaries of all the trainers, having to pay bankers through the 5 weeks of training with zero sales.

Lastly, I think the company needs to trash that list of ISMS. How many of those are actually true???

-"Do the right thing." How many directors have told you to take the client on a higher stated income so they can qualify, but risks putting them in a loan they can't afford.

-"Every second counts." Quicken says that time is the most valuable asset and use it wisely. Then they force you to stay late, come in on weekends, and look down at you when you try and leave before 8pm.

And a few interesting tidbits I've found out since quitting:

-the non-compete agreement you sign at orientation saying you will not work for another lender for 6 months - funny I don't remember them explaining this form at orientation.... Luckily for me, I did not go work for another lender, but I do know other people who weren't so lucky

-when they fire you, they make you sign this form that is worded something like, "I no longer work for Quicken and I understand I no longer work for Quicken," or something like that. This basically makes it so you can't collect unemployment because it looks like you quit.

-when you get put on letter, they give you goals to meet by a certain date and then you sign this. Then when you don't meet these goals, they can fire you and you won't get unemployment because you agreed to meet these goals and you didn't uphold your end. Basically, DON'T SIGN ANYTHING Quicken gives you.

-hiring is on freeze - what about their small army of recruiters?

-all-company meetings and the Christmas party are cancelled until further notices - per a VM from Dan and/or Bill, this has something to do with cutting lavish expenses. Funny...isn't that what makes them one of the top places to work...ha.

-60% of the company is on letter. Quicken would never lay people off because then they'd have to pay unemployment. Why not just fire everyone??

Thats my two cents. I would love to hear from other people who may know more about how Quicken is FINALLY getting what they deserve.

Proud ex-employee

Southfield, Michigan

U.S.A.