What It’s Like Working at Quicken Loans – Insider Perspective

Quicken Loans, now part of Rocket Companies, is one of the largest mortgage lenders in America and a leading fintech company. But what is it actually like to work there? As one of the country’s top employers, Quicken Loans is known for its fun, high-energy culture and great perks. However, there are also challenges that come with the fast-paced, sales-driven environment. Here’s an inside look at the pros, cons, and what to expect when working at Quicken Loans.

Quicken Loans Company Overview

Founded in 1985 in Detroit, Quicken Loans has grown to become the largest retail mortgage lender in the U.S. The company recently rebranded as Rocket Companies, which also consists of Rocket Mortgage, Rocket Homes, Rocket Auto and more. Known for pioneering online mortgage lending, Quicken Loans employs over 24,000 team members.

Quicken Loans is frequently recognized as a top workplace, appearing on Fortune’s 100 Best Companies list for the past several years. Its success is driven by a strong focus on company culture, embracing technology, and providing exceptional client service. However, the highly competitive sales environment also poses challenges for some team members.

Here’s a quick rundown of Quicken Loans’ key stats

• Location: Detroit, MI
• Employees: 24,000+
• Industries: Mortgage Lending, FinTech
• Revenue: $15 billion (2021)
• Loans closed: Over $351 billion (2021)

Quicken Loans’ Culture and Values

Quicken Loans is renowned for its fun high-energy culture centered around the acronym J.I.S.M. – which stands for Judgment Integrity, Service, and Mutuality. The company prides itself on open communication, collaboration, and a “work hard, play hard” mentality.

There is a big emphasis on leadership development, community service, inclusion, and innovation. Ongoing training, mentorship programs, volunteer events, and diversity initiatives help promote Quicken Loans’ cultural values.

The company also hosts many social events like art shows, fitness classes, ugly sweater contests, office olympics, and award ceremonies to boost morale and strengthen relationships. Team members describe the culture as vibrant, social, and fast-paced.

Pros of Working at Quicken Loans

Here are some of the biggest advantages and perks of working at Quicken Loans based on employee reviews:

• Competitive compensation – Base salaries meet or exceed industry averages. Commission opportunities allow high earners to make over six figures.

• Bonus incentives – Bonuses are regularly paid out for meeting goals and performance metrics.

• Flexible schedules – Many roles allow hybrid remote work options or flexible start times.

• Office perks – Game rooms, free snacks/coffee, on-site gyms and cafeterias create a fun work environment.

• Training programs – Extensive training prepares new hires for success in their roles. Ongoing development opportunities also exist.

• Advancement potential – Quicken Loans promotes heavily from within for management roles. High performers can advance quickly.

• Community service – Volunteering and giving back is encouraged through paid time off for service events.

• Inclusion initiatives – Diversity and inclusion are top priorities through team member groups, training, and outreach programs.

• Cool technology – Quicken Loans invests heavily in emerging tech like AI and machine learning to spur innovation.

• Job security – As an established, growing company, most roles are stable long-term opportunities.

Between the culture, perks, competitive pay, and career growth, Quicken Loans offers many advantages as an employer.

Cons of Working at Quicken Loans

However, there are also some potential downsides to consider based on reviews:

• High pressure sales environment – Mortgage sales roles involve persistent cold calling, long hours, and intense goals. This leads to quick burnout for some.

• High turnover – The competitive nature of sales results in above average turnover, especially among new hires.

• Long hours – Hourly team members report occasional unpaid overtime. Salaried positions often expect 50+ hour workweeks.

• Weekend work – Mortgage bankers frequently work weekends and holidays to connect with clients.

• Limited work-life balance – The high-performance culture can impede work-life balance, especially for sales team members.

• Stress and fatigue – Closing loans under tight deadlines creates immense stress for loan processors and underwriters.

• Micromanagement – Some managers implement intense productivity monitoring and call listening protocols.

For individuals not accustomed to the fast-paced sales environment, the constant pressure to hit goals and metrics can be draining. However, the tradeoff is unlimited earning potential.

What Employees Say

Reviews of working at Quicken Loans on Glassdoor and Indeed are generally positive, earning 3.7 out of 5 stars. Here’s a sample of what current and past employees highlight:

• “Amazing company culture with opportunity for growth. Excellent training for new hires and ongoing development.”

• “Never worked for a company so devoted to their team members. Great executive leadership and caring nature.”

• “Quicken Loans gives phenomenal perks: free food, parties, sports tickets, etc. Really fun place to work.”

• “Hours are long and work is demanding, but the job provides great experience in the mortgage industry.”

• “Fantastic earning potential as a mortgage banker, but the quotas and call volume lead to quick burnout.”

• “Stability of a large company but still an innovative tech startup feel. Lots of room for creativity.”

While there are certainly challenging aspects in the high-pressure sales environment, most agree that Quicken Loans’ culture, inclusion, rewards, and growth potential outweigh the downsides.

How to Get Hired at Quicken Loans

Quicken Loans is constantly hiring talented team members in cities across the country. Sales and mortgage lending roles make up a large portion of open positions. However, there are also opportunities in technology, marketing, operations, servicing and other departments.

Here are tips for getting hired at Quicken Loans:

• Showcase sales achievements, competitiveness, and resilience during the interview process.
• Highlight your comfort working in fast-paced, target-driven environments.
• Prepare stories that demonstrate how you build rapport, connect with clients, resolve issues, and close transactions.
• Be ready to explain how you stay motivated and manage stress with competing priorities.
• Ask insightful questions about development programs, company culture, and day-to-day responsibilities.
• Express your interest in Quicken Loans’ training, advancement potential, and inclusion initiatives.
• Research the ROCK model and JISM values to showcase cultural alignment.
• Apply for internships and recent grad opportunities to start your career.

The interview process often involves multiple interviews, writing exercises, role playing, and assessments to evaluate candidates’ fit. Standing out requires showcasing your competencies, competitive drive, and genuine interest in Quicken Loans’ mission.

Quicken Loans Careers and Open Positions

Quicken Loans offers a wide range of corporate positions, technology roles, mortgage sales jobs, and support functions. Some of the most in-demand careers include:

• Mortgage Banker – Originate mortgage loans by building client relationships and guiding home buyers through the lending process from application to closing.

• Loan Processor – Prepare mortgage loan files by compiling documentation, submitting for underwriting, and addressing conditions throughout the approval process.

• Software Developer – Code, troubleshoot, and implement software solutions to improve systems and online interfaces.

• Loan Underwriter – Review loan applications by analyzing documents and risk factors to determine approval or required stipulations.

• Registered Mortgage Loan Originator – Connect with prospective clients to explain mortgage products and financing options and develop loan applications.

• Closing Manager – Manage the closing process by collecting required paperwork, answering client questions, and reviewing final terms.

• Corporate Recruiter – Lead hiring initiatives, source candidates, provide interview support, extend job offers, and on-board new hires.

Browse open Quicken Loans careers by location, team, job type, and more to find the right fit based on your skills and interests.

Quicken Loans Salaries

Salaries at Quicken Loans are competitive, often exceeding average industry wages. Commission-based mortgage sales roles also provide uncapped earning potential for top performers. Here are some examples of average reported salaries:

• Mortgage Banker – $60,000 to $200,000+

• Loan Processor – $40,000 to $60,000

• Loan Underwriter – $45,000 to $75,000

• Mortgage Closer – $40,000 to $60,000

• Corporate Recruiter – $50,000 to $75,000

• Software Developer – $70,000 to $120,000

Salary ranges can vary significantly based on experience level, role type, and geographic location. Quicken Loans reviews all compensation on an annual basis and issues raises based on individual performance and market benchmarks. Bonuses and incentive pay also supplement incomes for many team members.

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