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I've read a good amont of the reviews on this site, and I have to say that I know firsthand that Quicken Loans is a shady company that is likely to rip you off -- I worked there as an entry level mortgage banker. I also know that a decent amount of the reviews on this site that only say good things are most likely written by those working for the company (Quicken is constantly concerned with managing their image -- for good reason). Quicken Loans will bait and switch you--although they will tell you that's something that they don't do. Most likely, you'll find out that you have to pay more than you initially agreed or aren't getting as good of a deal as you thought--usually right before closing. However, by that point, you'll have already given them a $500 deposit and will most likely decide it's not worth the hassle of walking away or losing $500.

You may wonder why I worked there if it really is such a shady company. 1) The company is very good at PR and acting as thought they are ethical when it comes to new recruits. 2) The company hires mostly inexperienced loan officers/mortgage bankers.

When I first came to Quicken, I had no mortgage experience and I was relying on my supervisors to help me take care of my clients. The truth is that there many similarly good people working at Quicken as mortgage bankers. In fact, your banker may be trying his/her very best to be honest with you and to provide you with great service. However, these bankers are just repeating what they are told by those above them. They believe that their supervisors are being honest and even-handed with clients because that's what they're told. Quicken intentionally hires inexperienced bankers who haven't worked in mortgages enough to realize that what they are doing is shady.

It's also very unlikely that your mortgage banker is getting rich off of your loan. The extra fees in your loan aren't going to your banker. They go to those at the top. The company and its pay structure is set up in a pyramid-like fashion. The banker isn't the only person making money off of your loan--in fact, he or she is usually the person making the least off of the loan. Furthermore, it's likely that your banker doesn't even know about the extra fees since the bankers really only deal with obtaining clients and not with taking the loan through the entire underwriting process, etc. In fact, mortgage bankers at Quicken Loans make hardly anything on the loans that they write--which is why they are pushed by their superiors to write at least 25 loans or so (or more) a month. It's really a sweatshop-type of business model. Working that much and writing that many loans is the only way that bankers are able to truly make any money.

I only stayed at Quicken for a short amount of time. I couldn't handle the awful work conditions (60+ hour workweeks) and, since I have a conscience, once I figured out how they do business, I had to leave. The company has a very high turnover rate -- primarily due to those reasons. However, I am glad that I got to see firsthand how Quicken works so that I know not to ever do a loan with Quicken Loans and I can warn others about them as well.

Location: Commerce Township, Michigan

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Guest

I'm disgruntled but I wasn't terrible at the job, I was probably better than Joe. I was one of the top ten producers from my class company wide.I agree with the poster 100%.

Quicken is a shady *** company and his post is on point.

Joe is just happy dicking people over because they pay well and let you drink on the job. I hear contract killing pays well too.

Guest

So many disgruntled ex-employees that were terrible at the job, couldn't cut it, and now have to complain online. How pathetic.

There are *** people in every company.

There are unethical and bad people at every company. All in all, Quicken is a good place to work and the bankers and their managers care.

Guest
reply icon Replying to comment of Guest-141793

Not true. The one year survival rate for a mortgage banker is 1 in 5.

The three year survival rate is 1 in 30. You can't tell me that out of 150 bankers 145 of them are worthless. If you need the money go for it. If you want the experience go for it.

Just know that if you're not a rising star your days are numbered. It's not a forever job.

Guest

Yes these dirty lowdown rascals are at the lowest of the barrel along with Aurora Loan Services. Quicken did everything ok, up until the appraisal. Once they said it was not appraised at what they were looking for, they had someone whom I had never dealt with or even talked to, to call me and say they was not approving the loan.

Guest

I tried to get a good faith estimate. They told me they couldn't start it without a upfront $500 deposit which is non refundable if I don't close the loan with them.

They did give me the interest rate which is higher than the average and on top of that they wanted 1 discount point. They quoted me 4.625% w/ 1 point. the average for no points is 4.375%.

If you are looking for a loan, look elswhere. There are quite a few lenders out there that are much more experienced and reasonable.

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