• Report: #345039

Complaint Review: Quicken Loans

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  • Submitted: Fri, June 27, 2008
  • Updated: Fri, June 27, 2008

  • Reported By:Tempe Arizona
Quicken Loans
16425 N. Pima Road Scottsdale, Arizona U.S.A.

Quicken Loans QUICKEN LOANS IS THE #2 PLACE TO WORK FOR IN AMERICA, RIGHT? Scottsdale Arizona

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I thought it would be fun to document how much of a joke it is that Quicken Loans was ranked #2 employer in America.

Instead of putting down my own thoughts and ideas on this, I have instead pulled off quotes right off of FORTUNE's own website. Thats right, from the site that listed them #2. Here is the link so you can fact check me:

http://features.blogs.fortune.cnn.com/2008/01/21/100-best-companies-to-work-for/#comment-4430

now on to some of the quotes:

Quicken Loans at #2? Are you serious? New employees are routinely worked to death pitching loans (60 hrs. per week is about the minimum, and any attempts to leave earlier (work a 9 hour day) are viewed with contempt and disgust by their superiors. Any "troublemakers" within the company will not be on any promotion lists during their time with the company.
Posted By Tom- Cleveland, OH : June 6, 2008 6:10 pm
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Quicken number 2? The bribes need to stop, that is a terrible place to work.
Posted By Chek, Midland, MI : June 3, 2008 10:37 pm
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Quicken Loans has an unusually attrition rate in its most common job position, "mortgage banker". It has had this high attrition rate for the last several years it has been included in the top 100. This does not seem to be mentioned or included as part of the rankings calculation. Is the high attrition an industry standard or unique to Quicken Loans. How is a company with high turn over a great place to work???
Posted By Michael, Plymouth, Mi : February 23, 2008 1:22 pm
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Are you aware that Quicken Loans has laid off 1000 people in the last few months without warning??? Please do more research before you rank them #2!!!!!!!!
Posted By Anonymous : February 19, 2008 3:22 pm
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Did anyone think to check out the online blogs regarding Quicken Loans? Check out ripoffreport.com and you will see tons of info from disgruntled employees.
Posted By Tim, Olathe Kansas : February 6, 2008 4:49 pm
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Though the statistics boasted by many of these companies seem impressive, my personal experience with Quicken Loans employment is far from positive. True, on the outside, Quicken seems like an incredible company to work for with a heavy emphasis on team development and personal goal-setting, an extensive, hefty monetary rewards program and numerous social gatherings promoted throughout the year. Unfortunately, the five weeks of training that new employees experience is more of a cult initiation than job training. What your statistics do not show is that most of the employees in the company are working at least 65-70 hours a week, regardless of family or personal emergencies, in order to make the sales benchmarks and commission checks that would allow them to even dream of reaching the average mortgage banker salary posted in your statistics. Those that do not reach their goals are "encouraged" to work more hours "for their team" and are put "on the letter," a letter which often sets an unrealistic goal for the employees to meet within a month or they are terminated. In this economy (in the state of Michigan), most people cannot afford that fate, which pushes these employees to work even more hours. To further encourage their workers, Quicken offers monetary and social rewards, including all-expenses paid vacations, parties, sporting events and dinners. Despite the company's awe-inspiring celebration in Cleveland two years ago, many of these events do not encourage, and some do not even allow, for spousal participation. Rather, these events often look more like scenes from undergraduate nightclubs or fraternity parties than something I would expect from the number two company on the Fortune 100 list.

I truly wonder if your survey could be expanded to include more questions regarding the non-work-related lives of the employees at these companies. Personally, I know of dozens of marriages, including my own, that ended in large part because of the labor practices and extracurricular activities both explicitly and implicitly encouraged at Quicken Loans. I would really hope that the companies on these lists not only encouraged their employees to set high personal, career-related goals but that they also supported their employees, especially the leaders that set a tone and example for their workforce, in maintaining lives that are both emotionally and physically healthy and ethical outside of the office.

Posted By Kristine, Bloomfield Hills, Michigan : January 23, 2008 1:40 pm
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These are just a few thought provoking posts straight from the website, it is unfortunate that more people don't visit this site where the mystery of Quicken's slanderous activities is not so secret.

The people who still work at Quicken always say, "those who are complaining just sucked at their job." NOT TRUE. I know many many REVENUE COIN producing top 10 bankers in the company that left and call that place a crap hole.

Good day and good luck to finding more and more dirt on the company that tries to SUCK the life out of their clients, their employees and the world!

And to the bankers that always come on here and respond that Quicken is great, these bankers are typically given 500-1000 protected leads that only they can refinance. That is right, so they have a portfolio of thousands of people that no one else can help. So while 99% percent of the sales staff suffers and can't make more than 40k, the idiots at the top say... "quicken isn't so bad, they give me a whole bunch of free leads because I have a protected book of business and they would rather pay 1 person a whole heck of a lot than PAYING EVERYONE FAIRLY!"

Well good for the top 1% there, the rest of the company suffers. The top 1% isn't in their position because of skill or work ethic, they are there because they REFI'ed people during the boom. They have been there 3 or 4 years and have sweet protected leads. Skylar sucks......

Robert
Tempe, Arizona
U.S.A.

This report was posted on Ripoff Report on 06/27/2008 11:49 AM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Scottsdale-Arizona-85260/Quicken-Loans-QUICKEN-LOANS-IS-THE-2-PLACE-TO-WORK-FOR-IN-AMERICA-RIGHT-Scottsdale-Ariz-345039. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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