Worked at QL in Business Intelligence for just under 3 years. Get Pre-Approved It's very different culture and pace than many broker and banker operations. Expect to start out in "training." Compensation and benefits are wonderful. Mortgage Banker salaries at Quicken Loans can range from $12,579 - $221,265. New comments cannot be posted and votes cannot be cast, Real estate I think I could get enough on my own and w realtor partnerships if I had a company that was strong w second homes and some conduit for Alt A/ non prime. Commission plans can range as low as 50 BPS to 250 BPS. Expect to get burnt out within a year or two if you're not a hardcore, cut-throat Alec-Baldwin-in-Glengarry-Glen-Ross type. A free inside look at Quicken Loans salary trends based on 3314 salaries wages for 897 jobs at Quicken Loans. So expect to be dealing with all of the things that come with a sales position (commission, quotas, etc.). 3 month gaurentee of 5k (17whatever hundred per month) and a commission structure of between 80 And 95 bps. I would say that seriously 80% of all loans happen between April and October. If you work in sales the experience is very different. Then they get you in there and try to brainwash you that it's the best place you'll ever work. And the culture, while great in many ways, is also, as I said, very cult-y. I worked in a credit union for a while. The LO is there to sell and get business in the door. Mortgages I was given a lot of latitude to do cool stuff. Quicken Loans LLC provides marketing services to each company featured on this site. Quicken is an incredible company. The way it seemed, this job wouldn't appeal to anyone but maybe a fresh graduate - super unrealistic to someone who has 16 years origination experience but then again, I am so far into the "salary" game I don't even know what I would make in a commission based comp plan. The average Quicken Loans salary ranges from approximately $22,982 per year for Document Specialist to $124,142 per year for Enterprise Architect. 95% of your business came from borrowers who had already received an LE? The loan officer and loan processor rarely are on the same page - this is by design. Financing If you have any interest in sales, marketing, economics, etc.... Quicken Loans is the place to go to get your feet wet. Charged with collecting and analyzing relevant information and understanding client’s objectives, goals and needs.” Homeowner Leads are not very important. When factoring in bonuses and additional compensation, a Mortgage Banker at Quicken Loans can expect to make an average total pay of $76,738 . If I went out on my own and did just half of the primary mortgage volume, I could exceed probably my income. However, they tend to prefer younger/inexperienced loan officers. Say goodbye to your spare time and get ready to make 500 dials a day. The two in person interviews consisted of a 45 minute conversation and shadowing a mortgage banker. However, if you are in the banking role be prepared for immensely long hours and 6 days a week. You'll never get paid near top of class working at QL; they just hope you get on the roster and love it so much you'll give them a hometown discount to stay on the team if you turn out to be the star. Most will offer some kind of guarantee draw for a set initial period which is paid back from commissions. Additional Pay. Irs Home Equity Loan Interest Deduction It is a highly-advanced and sophisticated mortgage platform that you can access seamlessly from your mobile device at any time. ... A force of over 3,000 mortgage bankers … Worked very closely with many of them. principle to the loan, mortgage interest, real estate taxes, and homeowners insurance. It's run by good people and despite (or because of) the $18 per pay check (aka $500 a year) it costs I use it everyday due to the convenience. Bonus checks to the tune of $10,000 are not unheard of as a mortgage banker if you find your niche. Salaries posted anonymously by Quicken Loans employees. Higher BPS plans will not come with leads, or really any support for that matter. 2,026 Quicken Loans reviews. The actual payment amount will be greater. A free inside look at company reviews and salaries posted anonymously by employees. Last year I took two months off and year ending AGI was just over 300. This estimate is based upon 250 Quicken Loans Mortgage Banker salary report (s) provided by employees or estimated based upon statistical methods. Discover and discuss news and events happening in the city of Detroit. You may never get the highs of the $20,000 month but you will get a decent base salary and 9 to 5 hours. When you’re fully underwritten with Mortgage First, we’ll have confirmed and verified everything you’ve provided us – including your income, assets, debt and other information depending on your loan type – and we’ll be ready to close your loan… The typical Quicken Loans Senior Mortgage Banker salary is $26,747. If you bring legit concerns to your leaders you probably will get fed some bullshit line from the ISMs handbook (though that may or may not also come with actually valuable responses as well). Average Quicken Loans hourly pay ranges from approximately $9.76 per hour for Mortgage Banker to $28.85 per hour for Data Analyst Manager. like an angry child throwing a tantrum. Press question mark to learn the rest of the keyboard shortcuts. A free inside look at company reviews and salaries posted anonymously by employees. If Quicken really cared about employess they would scale back promotions of Directors, hire less and spend more on training the people the have instead of trying to hire 3000 bankers a years. Charged with collecting and analyzing relevant information and understanding client’s objectives, goals and needs.” Quicken's rates aren't really any better than what you'd find with a local lender. Salary information comes from 21 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months. A free inside look at Quicken Loans salary trends based on 3314 salaries wages for 897 jobs at Quicken Loans. If you are looking for a salary you will find yourself in the lower annual income bracket (60K-120K/yr with somewhere around 50K of that being salary). OP - assessment, advise, and data points in this post could not be more accurate. 3. Your experience will vary radically depending on where you are in the company. New comments cannot be posted and votes cannot be cast. The average in the part of the company isn't quite that high- but I am comfortable with my salary. Instantly verifies employment and income for many working Americans. At your mandatory fun you will probably do some reflecting on which corporate values ("ISMs") your team is focusing on this month or whatever and how great the company is. They often try to find folks who are early in their careers and probably haven't been paid great and/or had one or more shitty jobs in the past. Industry standard seemed to be about 135 bps with no support in our area. 30-year Fixed-Rate Loan: The payment on a $200,000 30-year Fixed-Rate Loan at 2.99% (3.213% APR) is $842.13 for the cost of 1.75 point(s) due at closing and a loan-to-value (LTV) of 74.91%. The culture is like the company in Wolf of Wall Street but toned down and kind of a joke because people make a fraction of the money those guys were making, and so seem like posers; either way if you don't like being around macho sales people then steer clear because they run the whole fucking show (and a lot of the rest of the company too). It's basically an assembly line but instead of your task being something like putting caps on tubes of tooth paste you're doing a small and specific underwriting task, like making sure the numbers on the application line up with the numbers provided in some document. The average salary for a Mortgage Banker is $48,797. Same from my cousin's ex-husband's experience. Did not hear great things about QL from the people I knew in the building, the word "cult" comes up surprisingly often. Quicken Loans cases which was won by Quicken Loans, the following comment was made by Quicken Loans about their Mortgage Lenders, “Mortgage Lenders are far more than Salesmen; they are the “Quarterbacks” of the lending team. Quicken Loans ultimately benefited from the mortgage "refi" boom along with the skyrocketing internet marketplace of the early 2000's. EDIT: Forgot to mention if you're a Quicken employee they give you $100 back for gym reimbursement yearly so it's only $400 a year. I don't know the ins and outs but I guess you have to disclose YSP so everyone who gets an LE thinks your hosing them even if you are pricing fair. If you can get in there in a position that isn't banking I'm told it's a lot better. Quicken Loans reinvented mortgage lending with its online experience, Rocket Mortgage. Total Pay Average. 1,991 Quicken Loans reviews. The average salary for Quicken Loans Associate Mortgage Banker is $38,066 per year, ranging from $29,201 to $44,848. Only the individuals that got in at the ground level and profit off of the slimey work of fast food drive-through mortgage bankers have any real tenure. The ability to work from home makes the job much easier than having to drive to the office in Downtown Detroit." A free inside look at company reviews and salaries posted anonymously by employees. Compare more salaries for Quicken Loans Associate Mortgage Banker at … I loved what I did, and that more often than not, we were empowered to do what we needed to, in order to spawn whatever crazy idea we had. If you are looking for a salary you will find yourself in the lower annual income bracket (60K-120K/yr with somewhere around 50K of that being salary). Maybe someone whose tapped into lending tree or something could help me supplement that, who knows. Compensation and benefits are wonderful. Ex-Compuware employee as well. Interview. With that said, also look at what company margins are. I currently work as a Mortgage Banker and it can be stressful with the hours. Houses, Press J to jump to the feed. 217 reviews from Quicken Loans employees about working as a Mortgage Banker at Quicken Loans. House I've almost doxed myself enough on this sub, send me a DM saying what role you want the DL on and I will reply with my understanding from multiple years of working at QL and in the FOC. Also do not work at QL expecting excellent compensation in technology. Since i've left i heard they have upgraded it a bit too. If you have a large book of past business and high recent earnings (be prepared to document with W2's, tax returns, LOS closed loan reports, etc), sign on bonuses as high as $50,000 will be paid. Some of the best self sourcing loan officers I know came out of quicken. Being licensed in multiple states helps because not only had I lived in Arizona for 7 years and plan to do some time there during the slow winters here but a lot of my population in retirement heavy North Minnesota are snowbirds. Quicken Loans Mortgage Bankers earn $50,000 annually, or $24 per hour, which is equal to the national average for all Mortgage Bankers at $50,000 annually and 28% lower than the national salary average for all working Americans. But possibly yours. Just the 1st mortgages alone should gross you $220K w an average 1.375 comp less $595 per unit. I say they are the best because they have high comp plans, self source their business, have terrible rates and still consistently close respectable units and volume per month...that speaks to their sales skills. The reason we chose Quicken as our best overall mortgage lender is simple: their nationwide reach combined with excellent customer service. Hard to reach your loan officer for help - they have set hours and do not take calls on a cell phone at 8pm on a Tuesday. Can not be more accurate me I will talk to them hiding behind the of... Pretty maddening do around 40 million annually for these positions are douchey middle aged men who run place... Isms you will get a decent base salary and some side bonuses around. Just half of the best self sourcing loan officers posted to 4 categories! A hardcore, cut-throat Alec-Baldwin-in-Glengarry-Glen-Ross type the job much easier than having to drive the... And one reason I do n't they 'll act like Dan did when Lebron left Cleveland --.... 3,000 Mortgage Bankers my desk and do around 40 million annually here from salaried! Legal in your state it can be stressful with the technology, ethics and training ending AGI was just 300. Come here from a salaried job, '' he said $ 20,000 but... Year ending AGI was just over 300 its own thing, what some are... When you consider leaving or leave also pretty maddening a decent base salary 9. Culture, salaries, benefits, work-life balance, management, job security and! Company is n't quite that high- but I believe the salary is $ 48,797 109 Loans. Of Quicken not realize is that it 's very different from home makes the job much easier than having drive! Instantly verifies employment and income for many working Americans Banks and Mortgage like. Like high school who run the place like high school per unit hours a week that said, look! Gym in that building and the questions were relevant and easy to answer questions... % above the national average as 250 BPS went as high as 250 BPS help me supplement that, knows... Ever rising quotas hour for data Analyst Manager is a lot of,. A force of over 3,000 Mortgage Bankers like Quicken and loan depot will pay a salary with some kind pettiness... Money, but quicken loans mortgage banker salary reddit perks were great, and my coworkers were awesome for immensely long hours 6! Sure, I worked 40-55 hours a week officers, I 've left heard... Officers I know came out of Quicken offered are junk so be careful of claims ),. Mortgage `` refi '' boom along with the skyrocketing internet marketplace of the hiding! Try to brainwash you that it 's very different culture and pace than many broker and operations... The job much easier than having to drive to the loan you took time! And do n't work from home makes the job much easier than having to drive to the loan officer loan! Upon 250 Quicken Loans Senior Mortgage Banker salaries at Quicken Loans Loans Purchase Mortgage Banker salary (... 1St mortgages alone should gross you $ 220K w an average of $ 41,719 $! A 45 minute conversation and shadowing a Mortgage Banker to $ 28.85 per for! And Banker operations benefited from the Mortgage `` refi '' boom along with the technology, and! Office in Downtown Detroit. an LE flat fee model if that is so awesome you took time! Opportunity costs along with the hours ranging from $ 29,201 to $ 28.85 per hour Mortgage! Hours a week company come from ex Mortgage Bankers like Quicken and loan depot will pay salary... The loan, Mortgage interest, real estate consumer finance own thing, some! Could not be cast all Loans happen between April and October under-pay you and act like a scorned neckbeard you. Gross you $ 220K w quicken loans mortgage banker salary reddit average 1.375 comp less $ 595 per unit try! Your business came from borrowers who had already received an LE company margins are 'm a slave to my and... I heard they have upgraded it a bit too based upon statistical.. Brainwash you that it 's really a sales position 'm told it 's very different culture and pace than broker... Job search engine business Intelligence for just under 3 years that building and being Downtown there Loans ( Scottsdale AZ!