QUICKEN LOANS Almost Ripped Off!! Thank God for Rip-Off Report.com Internet Michigan

Good for you Regina. The owner Dan Gilbert who owns a NBA team and is worth over a billion bucks, will NOT pay 462 of his ex-employees who have worked endless over time WITHOUT NO PAY. So, I hate to tell you but you would have NEVER got the deposit back - they fight customers who decide to back out on them - they will also CALL you to death over and over again. TELL EVERYONE YOU KNOW ABOUT THIS WEBSITE.

PS Make sure you all ask you BANKER about the GREENBAR on the loan, this is an company pratice to OVER CHARGE you on your loan with JUNK FEE'S ETC. ASK your banker about the OVERAGE that he's making off YOU.

DAN GILBERT IS A WORLD CLASS CHEAP NUT BAG WHO HOLDS ON TO PEOPLES MONEY - I bet he sleeps with a pillow stuffed with hundred dollar bills in it. LOL.

Regina,

You are looking to purchase a house and get the best deal possible. You just passed it up. Quicken has a desktop underwriter through Fannie Mae and this allows quicken to get people approved on good prime mortgages while other brokers and companies have to use programs with higher pricing. I'm not sure why anyone would take a higher rate and payment when they can get a Fannie Mae approved loan at lower costs.

Look at the record with the better business bureau. See the record there for disputed reports and resolved. Unfortunately this site has turned into a site for ex-employees bashing the company because they are filled with hate and it is consuming their lives.

Regina, there are a select few people on this site bashing quicken when 13,000 clients per month actually close a loan with Quicken. Just think about that.

Now, you will never hear Brian say one good thing about Quicken. Not one good thing. I have had many jobs in the past 20 years of my life and I at least have one positive thing to say about each of them, even if I was unhappy working there. Not Brian, not one good thing (they have some good programs, they can help some people). What does this tell you? Is it his mission in life to try to bring down a whole company? That's not happening. If there wasn't one good thing about Quicken, we wouldn't have closed $2 billion last month. Our clients would not do business with us. Brian spends a lot of time on this site trying so hard to downtalk this company.. Why?? He is part of that lawsuit where a lot of ex-employees are suing Quicken. They worked here, performed a job, got paid for that job, received commissions for their performance and now are demanding overtime as well. You know, I either received commissions or overtime for a job, never both.. NEVER BOTH..

These people made money and decided that they wanted the best of both worlds. That is not the way things work. Brian, how about having all of the employees pay back all of the commission they made over thoes years and then get reimbursed for their overtime? How do you think that would turn out? And how much would you stand to make if that lawsuit goes through? Nevermind that question, an honest answer we would not get..

Regina- you did the right thing. You saved yourself $500 and weeks/months of headaches. You may have gotten approved, if you shopped you would find that you could have gotten a MUCH better deal elsewhere. Now you can shop for a good mortgage provider that will take care of your needs and not put all the pressure on you (for no reason beyond a bigger commission).

Think about it, he owns an NBA team and has stockpiled $Millions. That money comes from the clients and from not paying the employees what they deserve.

JC is still in the company and is still being 'conditioned' how how to view what the company does. One day (hopefully) she will not be part of that organization and realize all the bad things that happen there.

JC - Just because YOU did not know that is the law it doesn't mean they dont need to pay. If QL doesnt like it, let them change the law. They are NOT above the laws, are they??

JC,

You need to stop and listen to yourself. You sound as if you own the company, you have enough talent to make real $ helping people with their mortgages as oppose to being a part of the scam. I think you was working at the local mall before joining QL, so you feel as you need to stick with them until your life ends. Get real JC! Dan is using you, he's done a great job at BRAIN WASHING people like you. If JC had enough balls to leave and make it as a REAL mortgage person she would have did it long ago, but she feels as if she can't make it in the real world unless she works for QL. JC knows nothing about being a manager, but they made her one - which shows you that it's not who you know, it's who you BLOW. JC has done a great job making her rounds under the desk of the higher ups to get to where she's at. JC will never make it in a REAL company. Go back to working your 80 hours a week and training MONKEYS.

Just get this out of the way. I am a former employee that believed the "Quicken Lies". And am NOT a member of ay lawsuit.

One other thing to get out of the way, Quicken as an employer, is a good place to start if you are under 24, want to use your brain in a limited fashion and you live in your moms basement. Not a cheap shot, that's just what it amounts too.

As for the consumer, there are some good bankers there who really do care. They just have no idea they are ripping you off. One point in the front, three points in the back, that's standard there. You'll save a lot of money somewhere else. No matter what Jay Farner posts on here. You could be talking to a banker that has been there for several years (usually 2, at most) or some kid they just pulled off the street, just trained (in sales primarily), it's a crap shoot.

Are employees treated badly? I'd have to say about 90% are. You're promised alot, and don't get much in return for your 12 hour days, 6 or 7 days a week. There are some good directors with good quality leaderships skills. The rest are guys that were promoted based on the 03-04 refi boom and had great sales numbers, but no managment skills whatsoever. Bankers don't learn much from them. Director, RVPs and upward respond to any legit concerns with accusing you of being negetive or whatever word they choose to illistrate you are in the wrong for even asking.

Clients are mislead as much as employees. If a client wants out, you loose your deposit. Or the happless banker who doesn't know better gets a nice deduction from whatever pay check they can muster up at the months end. Otherwise it would effect the RVP's check, and we couldn't have that?!?!

Last I heard, if an employee wants to leave they have to drink the koolaide. I got out before Jim Jones, I mean Dan lead everyone out to the jungle.

"Quicken Loans, putting the "cult" in "culture". Applicants beware, both clients and job seekers. Consider yourself warned.

JC,

You are correct. Some folks don't have many good things to say about Quicken. Myself personally, I think they have the best sales training money can buy, I.T., very good medical, dental plans etc. But so do many other companies for only 40hrs a week (I'm talking mortgage here) and better overall pay. It's 6 of 1, half dozen of the other. The whole, "we supply the leads, we do this, we do that", it's a crock.

What you were saying about DU's though, interesting? Every company has them OR at least access to one. (I.e. a broker who is going through a wholesaler). It's not as if Quicken invented the desk top underwriter. So you're kind of making a mute point with that.

I'm not trying to be a jerk, but I'm assuming your lack of knowledge regarding the industry as a whole is because you either started with Quicken or came from somewhere like Quicken. Get outside your cube, learn what your competitors are doing. Not just what Bob Walters tells you they are. 90% of mortgage companies offer better service AND pricing.

I'm not knocking your belief in your job or employer, those are just facts. Quicken basically offer's fast food for the price of fillet mignon. Really, you work at the McDonald's of the mortgage industry.

The whole "direct lender" thing does not really mean much. It's a pitch. Quicken doesn't hold the paper but we'll get back to that in a minute... Brokers do get good deals for clients. They put thier origination point(s) right on the 1003, Quicken however hides it (several in most cases) in the discount points.

A broker get's paid there and on the yeild. You get paid a VERY small percentage of the points made upfront plus a small percentage of the additional premium (Green bar). Your director and RVP get the biggest cuts on the back. That's why it can't go red, that's their money. I'd say ask them, but you would probably be "let go" or put on letter for some reason for even daring to ask. So I wouldn't if I were you.

Back to who holds the paper or direct VS broker. the pitch of "we may send your loan to be serviced by one of our approved business partners" (you fill that in however you do it). really just amounts to, "we're selling your loan to Countrywide, Indymac, GMAC" etc. Which further amounts to we're going to do the same thing everyone else does!

Difference being, Quicken is going to put you into a system (loan tracker, which as we both know does not "track" the loan, it just keeps the client's contact info and the closing date) and forces the banker to call you every 120 days (so you don't lose that client) to attempt to convince the client to pull out some more equity on thier house for whatever reason/program I can come up with 3 month's after they've closed the original loan.

Kind of dumb if you think about it? I mean for someone to do that. Ingenius business strategy though. In all reallity, Quicken does what every single lender in the country does at some point or another. Quicken just does it right away, to make their money right away. Not a big deal, just not exactly what we tell the client. It's sales. word minipulation.

The problem I had was the leadership, or better yet, the lack thereof. It was sink or swim. Unfortunately 95% of us sink. And the leadership there always attempts to blame the employee. Always more than willing, ready and able to let you know why you are so bad at what you do.

It's never their flawed system(s). Forcing, guilting, bullying, whatever word you would like to choose, to get people to that 5% that do make 90-100K per year does not amount to anything less than using people.

We were always told never soft-shoe the deposit. They shouldn't soft-shoe the job. They ask WAY too much for so very little in return. I mean the promise of the POSSIBILITY to earn what people were earning during a refi boom and a couple of slushies. well. just doesn't add up to a wise career choice. But you can only hide behind the "it's not for everybody" defense for so long.

We are taught to be accountable. Why are only the bankers held to that standard. You're held to an out dated standard that was set by 2000 fewer loan officers, sharing the same percentage of the market. The fish were jumping in the boat back then. Do you think that standard is fair today? You get a big fat slap in the face for the time and effort you put in when it's all said and done. I think that's really what all those people who are suing are really trying to rectify.

It's not about the money for most, it's about the way they were treated. "Yep, you failed, anyone can do this job, but you failed". "Thanks for all the hours and sorry we didn't pay you for the loans you did close, have a nice day". If you think about it, that may just offend some folks. That's just my thoughts on it.

JC, if you are an executive banker, all the power to you, keep on making money. If you're not, swat the carrot that's held out in front of your nose everyday and go find a career somewhere else. If you like the industry, it's not all doom and gloom as your leadership has you believing. There are alot of loan officers out there making the money and being paid properly.

Here's a little mixed bag of sociology and poly-sci for you. For a system to work, the "people" have to believe in it; otherwise it can't work. Does the word "deception" ring a bell? Being branded as suffering deception is reserved for those who are waivering, straying, thinking unconforming thoughts, questioning. That can't and will not happen.

You have to be refocused (coaching). If you don't believe in the CULTure, you don't belong, you're not "one of us". We have to separate. You can never know that there may be something better out there. ("Our competetors are all going out of business" etc.)

Is any of this raising any questions for you? I hope it does. If it doesn't, like I said, I wish you well. But remember. if you're not the best, 12 hours a day 6 days a week. you may just have to go on letter. My challenge to you. dare to think for yourself.

Best of luck.

Joe,

Thanks for being real about Quicken. You are telling 100% the truth. That's what I've been saying all along. I now work 40 to 30 hours a week (shoot golf when ever I like), I now see my family before 6pm everday, I NOW HAVE A LIFE making way more money then working in that sweat shop boiler room Web Center as they called it and I'm giving customers much better closing cost & rates then QL can ever offer.

JC, enjoy your 100 hour work week, but wait until you have a bad month - they will make you feel like s**t then fire you for not having effort. GREAT POINT JOE!

Also your 150% correct, the goals or commission pay is based on the REFI BOOM NUMBERS, back when the fish was jumping in the boat.

You have to be a fool to work in the place for longer then a year or two. It's way other company to work for (talking mtg's) where you can make more money and work less hours and you will not having someone standing over you telling you to CLOSE or telling you to call your wife becuase your staying late tonight or we're working Sat or Sun. telling you this on FRI at 5pm.

For those of you who don't know, JC is a team leader. At least at the point when I left the company she was, maybe by now she's a DVP in AZ, living the good life that the refi boom afforded her when she was a "great banker." So she's been suckin' down the kool-aid for years - or should I say the slushie?

Please please please, DO NOT do business with this company! Does everyone know that they have been cut off from writing home equity loans? It's true! Effective today, they were cut off from writing any home equity loans or lines of credit because their investors (i.e. the companies they sell their loans to, like Countrywide, GMAC, IndyMac, etc) have decided that they don't want the risk anymore.

C'mon, Countrywide can't even keep their own loans in check, why would they want to buy more lousy loans?

What does this mean for you as a potential homebuyer or someone who wants to refinance? You are going to get talked into a loan with higher rates (because you have to put the whole amount of your home on one loan) and higher PMI (the mortgage insurance that is required when you exceed 80% of the value of your home). And trust me.. these guys are good at the sucker game. They will have you thinking that you can't get a good loan anywhere else, because they are the almighty Quicken Loans.

I've said it before, and I'll say it again. a real bank - the real people with the real money who really do keep your loan and really don't "transfer the servicing to an affiliated business partner" - will ALWAYS be able to get you the best deal.

If you decide to do business with this company, and you don't shop them around with at least one other REAL bank, you are no better than the rest of the consumers who cry and whine because they "didn't know what they were getting into" and now they can't afford their mortgage payment.

I don't like bad mouthing a company, I worked for quicken for 6 months and they probably have the hardest working and best sales staff I've ever seen or ever will see. With that said, these people are scaming people and over charging them without remorse.

It is really sad to see people bragging about how they over charged people 3 or 4 thousand dollars in fees. People like Skylar Skyweki (or whatever) who just rip people off, it is just so sad.

Then they go around the office talking about how bad they ripped people off. Then all the new sales people they sell the dream to and don't pay any money.

When I had 50k of revenue (money I produced the company by closing loans), I made like 2000 dollars.

This was working 60-70 hours a week and selling with the best of them. A 4k month as I worked like a slave.

6 statements summing up quicken...

COOL CULTURE. LOOKS GREAT ON PAPER. LOOKS GREAT ON TV.

RIPS OFF CLIENTS. RIPS OFF NEW EMPLOYEES. UPPER LEVEL EMPLOYEES GET RICH.