Quicken Loans Underwriter Reviews

Updated 31 Jan 2020

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2.7
38%
Recommend to a Friend
43%
Approve of CEO
Quicken Loans CEO Jay Farner
Jay Farner
26 Ratings
  1. "Underwriter"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Mortgage Underwriter in Detroit, MI
    Recommends
    Negative Outlook

    I worked at Quicken Loans full-time for more than 3 years

    Pros

    I really enjoyed working here. I made friends and good money and bought a house.

    Cons

    Then one day I got fired... for what I thought was an error rate issue. However, with friends still working here and encouraging me to look into a different position I found out that I’m ineligible for rehire. I don’t really understand this since I wasn’t fire for anything egregious. The recruiters said that my leaders who fired me are responsible for this and that they are the only ones to overturn this, however, they are all gone too.

    Continue reading

    Quicken Loans Response

    February 13, 2020Job Board Specialist

    Thank you for reaching out. If you would like to discuss your specific situation further, please reach out to us at Lisa@quickenloans.com.

  2. Helpful (1)

    "Quicken Loans Collateral Underwriter"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Collateral Underwriter in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans full-time for more than a year

    Pros

    Collateral Underwriter is a great position to have within the company. As of July 2019, Collateral Underwriters at Quicken Loans earn between $35.65 and $45.50 hourly depending on performance. They can also receive bonuses, and there is usually overtime available and at times required. Quicken Loans is a great company and workplace.

    Cons

    When business is really booming you will likely be required to work 50 to 55hrs a week. Work/life balance can be a negative for some, but this is also the time you can earn much more income. People that are not hard workers or unmotivated will likely fail at this company.

    Quicken Loans Response

    January 7, 2020Job Board Specialist

    Thank you for your detailed review. We are thrilled that you enjoying working with us and also recommend others to working with us. We also appreciate your feedback and will continue to look at ways to improve for our team members.


  3. Helpful (12)

    "Overall experience is ok. You can make good money here when mortgage business is booming"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Executive Underwriter in Charlotte, NC
    Doesn't Recommend
    Neutral Outlook
    No Opinion of CEO

    I have been working at Quicken Loans full-time for more than 5 years

    Pros

    They don’t lay off even when business is slow. Base pay is decent. Higher level underwriters get up to two days per week to work from home.

    Cons

    You will work hard for every penny. Quicken never lays people off which should be just be a pro but it’s not because if you are not the best of the best they will fire you. Income is never stable. Your income can vary by more than $30k from one year to the next in the same role. Constantly change the bonus structure when people start making to much money in bonus. They brag about the increase in business growth and then tell us we are making to much money and how our bonuses will be taken away. Very hard to plan financially for the future working here because you can be bringing home $10k a month and then the next month your incentive pay has changed and your bringing home $4k a month. They won’t change the pay structure when business is booming and they need people but when things slow down no matter how strong of a producer you are they will find a way to cut your pay. As an underwriter expect to be a phone rep as well. You can take anywhere from 2-8 calls a day as you are underwriting loans and the expectation is to answer your phone every time a partner calls as you underwrite while making sure to not make any errors. You will work a lot of hours and they make it mandatory that you work overtime.

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    Quicken Loans Response

    August 27, 2019Job Board Specialist

    Thank you for your review. We appreciate your honesty and constructive feedback. We value the talent and skills that our team members bring to our company and we will continue to strive for the best team member experience possible.

  4. "I have found my Forever Home at QuickenLoans"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Credit Underwriter in Charlotte, NC
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Quicken Loans full-time for less than a year

    Pros

    The Culture the sell you during interview is excellent and exactly what they promised! They provide training!! The atmosphere is that of work hard play hard!! Absolutely plan on retiring from QL

    Cons

    Required OT of 10 hours each week ( but OT can be worked from hone?

    Continue reading

    Quicken Loans Response

    July 26, 2019Job Board Specialist

    Thank you for taking the time to give us your opinion on us here at Quicken Loans. We are so glad that you enjoy working here just as much as we do and have found your forever home. We take pride in our team member experience and we hope to hear more great reviews from you and others soon since we believe they are having a great experience just like yourself.

  5. "Great culture. Treat employees well. Good perks."

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Intern - Mortgage Underwriter in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans for less than a year

    Pros

    Office coffee, snacks, weekly team lunches, comfortable chairs, adjustable desks that allow for standing, technology is excellent

    Cons

    The pay could be better. Long hours at times

    Continue reading
  6. "Fast paced environment."

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Underwriter in Phoenix, AZ
    Recommends
    Neutral Outlook
    No Opinion of CEO

    I worked at Quicken Loans full-time for more than 3 years

    Pros

    Opportunity for overtime and bonus.

    Cons

    A diminishing work life balance that was previously prioritized by the company.

    Quicken Loans Response

    June 11, 2019Job Board Specialist

    Thank you for your review. We are committed to our team member experience and will continue to improve our work-life balance.

  7. Helpful (1)

    "Great place to work"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Underwriter in Detroit, MI
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans full-time for more than 5 years

    Pros

    - great pay - fun atmosphere - opportunity to move laterally

    Cons

    - change just for the sake of change is tiresome - team leaders seem strung out - guidance is too vague

    Quicken Loans Response

    April 26, 2019Job Board Specialist

    Thank you for your review. We are overjoyed of your observation of our atmosphere and opportunities here at Quicken Loans. We deeply value our team members and are glad that is being reflected in your experience.

  8. Helpful (1)

    "Don't let them fool you!!"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Mortgage Underwriter 
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Quicken Loans full-time for more than 5 years

    Pros

    Lunch, dinner, snacks, fun work environment!

    Cons

    long hours, office politics, can fire you for any little thing

    Quicken Loans Response

    March 21, 2019Job Board Specialist

    We are disappointed to hear that you had a bad experience. We deeply value the talent and skills that our team members bring to our company and we will continue to strive for the best team member experience possible.

  9. Helpful (6)

    "Consumes your life"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Underwriter and Banker in Scottsdale, AZ
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Quicken Loans full-time for more than 3 years

    Pros

    Technology- Best tech in the industry in my opinion, would not be surprised if they soon have a fully automated system for mortgage origination and processing/underwriting. (not exactly a good thing for employees in these fields though) Banking- Great sales training (depending on the director you get stuck with). Culture is fun but is very akin to brainwashing and is in place to try to make you forget that the company is consuming your life. You can make a lot of money if you are at least decent, granted this will be at the expense of your life. I was working about 14-16hrs a day making about 8-12k a month and I was not great at sales. Operations- You can make good money if you dedicate nearly all your time

    Cons

    Banking- Biggest issue is just the shear amount of time that you need to dedicate. Also if you do not get a good jump out the gate on the banking floor you will find yourself calling the bottom of the barrel leads which will most likely grind you out of the game as these are people that have been called numerious times over the previous 6 months or so and/or have been put through the process just to find out that there was nothing that could be done to help them. They having a tiering structure for lead distribution which makes sense to me but nonetheless does not create an environment to grow and flourish and is more similar to survival or the fittest or boiler room status as I've seen mentioned before. Operations- Your income will be based primarily on bonus's which can be hit or miss, your salary is less than half the market demand (for an underwriter anyways)(funny side story before myself and a bunch of other UWs left due to the change in bonus plan, they had a round table discussion trying to stem the hemorrhage of talent where they said we "shouldn't rely primarily on the bonus's" even though during the new hire interviews they specifically said that if we "didn't want to dedicate significant amounts of time to work on bonus's" we were better off "working at McDonalds"). Management is EXTREMELY BUREAUCRATIC! Be prepared for severe office politics. Also important thing to note especially if you are new to mortgage operations, each position is hyper specific to one particular facet of the loan process. They do this, in my opinion, to make if hard for you to leave since you never master the full skill set for a particular position that is equal to other mortgage companies positions. This fact is known in the industry and most companies will not hire (unless they have no other candidates) due to this fact. I had at least 2 companies tell me flat faced that they will never hire quicken employees since they do not possess the relevant skills. Overall the operations side is, for lack of a better term, considered the sweat shop of the industry

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    Quicken Loans Response

    April 26, 2019Job Board Specialist

    Thank you for your detailed review. We deeply value the talent and skills that our team members bring to our company and we want to ensure the best team member experience possible but understand that there is always room to improve and we will continue to work on doing so.

  10. Helpful (10)

    "All Downhill"

    2.0
    Former Employee - Mortgage Underwriter in Detroit, MI
    Doesn't Recommend
    Neutral Outlook
    No Opinion of CEO

    I worked at Quicken Loans full-time for more than 3 years

    Pros

    -Fun Atmosphere most days -Opportunity's to move up always available -The company does a lot of good for detroit

    Cons

    -Over the last year became incredibly cut throat, I watched many high level team members get fired for little to no reason it seemed -every day was more and more stressful -Finding any reason to fire quality employees because of over staffing -If you don't live the "culture" you get put into a box -Lots of time wasting events

    Quicken Loans Response

    January 11, 2019Job Board Specialist

    Thank you for your review. We are glad that you enjoyed the atmosphere just as much as we do. We value your feedback and will continue to look at ways to improve our team member experience.

Found 51 reviews