Quicken Crushes It

It has to be good news for Detroit when the business behind the chief benefactor of its resurgence reports not just record sales, but crushing sales, both in growth and massiveness. Congrats Quicken and Dan Gilbert.

"Mortgage giant Quicken Loans, one of Detroit's biggest employers, says that 2019 will go down as the best year in its history for overall volume of home loans

"Driven by lower interest rates that pushed more consumers to refinance their mortgages, Quicken Loans is on pace to originate more than $140 billion in mortgages for the year. That result would shatter the company's previous volume record of $96 billion set in 2016."

Always good to hear news that puts Detroit on top.....in a good way,

Not only good business practices, but advertising, too, pays off big. I'm in Texas and I see their ads EVERYWHERE around here.

Is it safe to say the Mo in Motown now abbreviates the word "mortgage" rather than "motor"? I'm not joking.

I know for a fact QL is currently hiring at minimum 250 new bankers a month and every other support department is growing as well. The city government should be working overtime to figure out how to get all these new employees living within its borders rather than in the burbs.

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Originally Posted by K-slice

Is it safe to say the Mo in Motown now abbreviates the word "mortgage" rather than "motor"? I'm not joking.

I know for a fact QL is currently hiring at minimum 250 new bankers a month and every other support department is growing as well. The city government should be working overtime to figure out how to get all these new employees living within its borders rather than in the burbs.

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You do know that Quicken has a very high turnover rate since employees are being worked long hours for little extra compensation. If they are hiring 250 a month, probably 3/4 of that is to replace the folks who got burned out and left. Read a LOT of bad reviews by former employees.

Dan Gilbert sadly paid with his health for the type of work ethos that he is putting his employees thru.

Think about this. There are approximately 35,000 places to get a mortgage in the country. Approximately 1 out of 14 of those people get their mortgage over the phone from Quicken. Regardless of what you think of the company, that's a pretty remarkable market share.

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Originally Posted by K-slice

Is it safe to say the Mo in Motown now abbreviates the word "mortgage" rather than "motor"? I'm not joking.

I know for a fact QL is currently hiring at minimum 250 new bankers a month and every other support department is growing as well. The city government should be working overtime to figure out how to get all these new employees living within its borders rather than in the burbs.

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Does that mean the 250 people they plan to hire every month do not live in Detroit?

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Originally Posted by Gistok

You do know that Quicken has a very high turnover rate since employees are being worked long hours for little extra compensation. If they are hiring 250 a month, probably 3/4 of that is to replace the folks who got burned out and left. Read a LOT of bad reviews by former employees.

Dan Gilbert sadly paid with his health for the type of work ethos that he is putting his employees thru.

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Very true. My Nephew worked there, and he left because of the pressure of getting deals done, no matter what. He was always tired, never got enough sleep, or family time, because of Gilbert's demands. Nobody wants to work in that kind of environment.

^People who want to work long hours to make $200K with no required prior experience want to work in that environment. It isn't for everyone, but it can be very lucrative.

Quicken has regularly ranked high among 'Best places to Work'. Not sure of the methodology but that seem contrary to the remarks above.

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Quicken Loans has been ranked the 14th best place to work in the nation according to FORTUNE Magazine's list,“100 Best Companies to Work For.” This marks the 15th consecutive year the company has been ranked in the top 30. One of the keys to success for Quicken Loans is a culture based on collaboration and trust. Feb 15, 2018
https://fortune.com/best-companies/2019/quicken-loans/

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Originally Posted by EGrant

^People who want to work long hours to make $200K with no required prior experience want to work in that environment. It isn't for everyone, but it can be very lucrative.

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You're right, it's not for everyone. Good way to shorten your life span, dealing with all the stress and pressure. You work yourself in the ground, you won't be around to spend it.

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Originally Posted by Gistok

You do know that Quicken has a very high turnover rate since employees are being worked long hours for little extra compensation. If they are hiring 250 a month, probably 3/4 of that is to replace the folks who got burned out and left. Read a LOT of bad reviews by former employees.

Dan Gilbert sadly paid with his health for the type of work ethos that he is putting his employees thru.

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As a QL employee I'm aware of the turnover. Over the last 2 years QL culture has matured significantly from the startup, churn and burn, only the strong survive mindset, to working around different lifestyles. Once you get through the first year or so, as long as the effort and performance is there, bankers have the option to move to a fixed schedule region with a salary+bonus vs the traditional mostly commission comp structure.

Outside of Mortgage Banking QL has pretty regular hours in other departments from day 1.

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Originally Posted by Former_Detroiter

Does that mean the 250 people they plan to hire every month do not live in Detroit?

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No, but considering the city's population is 650,000 or so, and the metro areas population is 4.3 million it stands to reason most hires would be from the burbs or further. And don't forget the heavy recruiting from college campuses.

I looked into a job there once. I have no problem with the work ethic; I'm used to that. It was the compensation. Maybe I got unlucky with the recruiter: the offer was barely 1/2 what I was earning in NY. He said, "but the cost of living!" I disagree. In NY you don't need a car, insurance, or alarm systems. Good groceries and just about everything else you need can be had within a few blocks walk. Lots of options for storytime. Great playgrounds. Transit anywhere else you may need to go. Well-educated neighbors, even when they didn't go to college. Much less racism. Safety. Almost no one has a gun. I love Detroit too, but it's neither half as expensive nor twice as attractive a place to live.

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Originally Posted by K-slice

As a QL employee I'm aware of the turnover. Over the last 2 years QL culture has matured significantly from the startup, churn and burn, only the strong survive mindset, to working around different lifestyles. Once you get through the first year or so, as long as the effort and performance is there, bankers have the option to move to a fixed schedule region with a salary+bonus vs the traditional mostly commission comp structure.

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Well considering that I got my house mortgage thru Quicken [[Bedrock) in 1990, when they were just a little company in the Bingham Center's 30800 Telegraph Rd. [[2nd floor) beginnings... 25+ years is quite a long maturation period! :eek:

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Originally Posted by bust

I looked into a job there once. I have no problem with the work ethic; I'm used to that. It was the compensation. Maybe I got unlucky with the recruiter: the offer was barely 1/2 what I was earning in NY. He said, "but the cost of living!" I disagree. In NY you don't need a car, insurance, or alarm systems. Good groceries and just about everything else you need can be had within a few blocks walk. Lots of options for storytime. Great playgrounds. Transit anywhere else you may need to go. Well-educated neighbors, even when they didn't go to college. Much less racism. Safety. Almost no one has a gun. I love Detroit too, but it's neither half as expensive nor twice as attractive a place to live.

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Literally every NY transplant I've met raves about how much better it is living here. You're blind if you think New York isn't full of racism everywhere or that a college degree makes somebody less racist.

I don't know anybody with a gun either, you act like this is rural Alabama. Spare us the elitist bull crap.

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Originally Posted by Metro25

Literally every NY transplant I've met raves about how much better it is living here. You're blind if you think New York isn't full of racism everywhere or that a college degree makes somebody less racist.

I don't know anybody with a gun either, you act like this is rural Alabama. Spare us the elitist bull crap.

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I chuckled at the "Much less racism" too. I think the racism on the East coast is comparable, if not MORE, depending on the city.

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Originally Posted by p1acebo

I chuckled at the "Much less racism" too. I think the racism on the East coast is comparable, if not MORE, depending on the city.

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Maybe, but I said New York City, not East Coast.
NYC is not immune from racism, but it has benefited: much of it retired South, moved to NJ or Long Island, or has died off.
Even Trump made FL his official residence. Good riddance! Besides, all evidence suggests he's long already been evading his taxes.

Who's been moving in?
Jamaica Estates, Queens, where Trump grew up, is less than 29% white.
Bensonhurst, the South Brooklyn neighborhood Spike Lee used to represent racism in Jungle Fever nearly 30 years ago, is less than half white.
The only neighborhoods where the white population is increasing are where previously there were few and are more examples of increased diversity.
NYC is not just racially diverse, its population is nearly 40% foreign-born. It's nationality-diverse.
Metro NY has the biggest foreign-born population anywhere on Earth. 1.4 million more than there are people in metro Detroit.
Another large proportion arrived from another part of the US.
NYC demographics being what they are, not many are racist. Few move where they're surrounded by whom they don't like.

Who's been moving out?
As suggested earlier: not always, but at least partially they're an inverse self-selecting group.

Racism in NY still exists. But comparatively not much.

I wasn't as diplomatic as I should have been in my last post. Sorry about that.
But it was correct.
It's great Quicken Loans killed it. That wasn't my point.

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Originally Posted by bust

Racism in NY still exists. But comparatively not much.

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You seem to be saying that because NYC is less white it is less racist? This is not true at all and is easily disproved. In fact there has been a whole slew of racist attacks in NYC just over the last six months. All these racist attacks have been by blacks against whites or Jews. If you visit any area in Brooklyn you can feel a very strong animosity coming from the black community these days.

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Originally Posted by Zozo

You seem to be saying that because NYC is less white it is less racist? This is not true at all and is easily disproved. In fact there has been a whole slew of racist attacks in NYC just over the last six months. All these racist attacks have been by blacks against whites or Jews. If you visit any area in Brooklyn you can feel a very strong animosity coming from the black community these days.

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Brooklyn is fast being gentrified, and the poorer blacks that are being squeezed out are not happy about it.

It's not white or black or green --
It's diversity.
In and around NY no matter your background you're almost always with or near lots of different people at the same time there are almost always others like you.
The results of the frequent interactions are people tend to feel more comfortable with different people and when you're an "other" to feel more comfortable.
In and around Detroit that happens too but for fewer people and less often.
Both are great cities.

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Originally Posted by Gistok

Brooklyn is fast being gentrified, and the poorer blacks that are being squeezed out are not happy about it.

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The attacks on Jews from black people have been mostly mentally unstable people or teenagers being stupid. That's not an excuse for the behavior, but there is not broad tension between blacks and Jews in Brooklyn [[at least not anymore than usual). Another thing to note, not all of these attacks against Jews have been perpetuated by blacks.

The two groups have lived side by side in Brooklyn for decades, well before the gentrification term was part of common conversation. Also, the types of people that are accused of gentrifying Brooklyn are not the from the groups who have been victimized in the attacks that have received large amounts of media attention.