I am buying a house in Tampa, Florida and we settle in early January. I am putting 15% down on a $650k home. Filo Mortgage is offering me a rate of 2.875% without any points. Quicken Loans is willing to match the rate but there are about $3,500 in points showing on their documents. I have used Quicken in the past without any issues. I am planning to go with Filo Mortgage because their rate/fee combination is a lot better. Is there anything I am missing here? Filo’s Google and BBB reviews are very positive even more so than Quicken. I’ve just never heard of Filo until searching online the past few weeks. Thanks for the input.
Hello guys! Tomorrow at 10 am, I have my second phone interview with my recruiter; what can I expect, and what questions will I be asked? I already passed my credit check and background check. I do get nervous when being interviewed, so that anything would help. Also, what steps do I have left in the hiring process? My interview was supposed to be at 3:30 pm today, but we had to reschedule since my recruiter's internet is down.
Update:
I received my verbal offer today.
It looks like they're called "Rocket" now. Their job search website is pretty frustrating and I can't seem to search by seniority.
I have some customer service experience I could sell but nothing mortgage related.
Maybe we start compiling a list of companies to AVOID, as they perpetuate abusive business practices.
For our first subject, it's a company in my industry, real estate, and I've inquired on some of their positions over the dozen years.
Rocket Mortgage/Quicken Loans/Dan Gilbert companies is indeed successful in their field, but at a horrifying cost to their employees.
They are well known within the industry for having not only their mortgage personnel (bankers) working overtime, but in all their positions as well. They've been sued repeatedly for not paying overtime, then RM/QL comes back and says they DO, or changed policies slightly so that they SAY they do.
Just Google "Rocket Mortgage overtime lawsuit" and you'll find 3 cases over the last 12 years.
They have incredible churn (employee turnover) rates, one individual on Glassdoor who worked as an employee stated, "...out of a hired group of 200 new employees, after 90 days, less than 50% remain."
I've inquired on positions else where in the company, but the HR folks have come right out and said, "We expect all of our employees to put in 10 to 20 hours of overtime a week."
WTF kind of business model does RM/QL have that bases their success on high churn and extra overtime pay as SOP?
As a RM customer, I used them once just to see if they were up to snuff, unfortunately, I was extremely disappointed. My mortgage "file" (information) was shuffled back and forth between multiple bankers, and my closing date changed FOUR times, two of them I didn't find out about and they didn't even clear it with me. My real estate agent (helping me buy an investment condo) was appalled at the extra fees, but she was also flabbergasted when trying to speak to them regarding anything having to do with my "file".
This can't be a good business practice, going through employees like potato chips and having varying levels of experience personnel (mis)handle client information.
Thanks for letting me share, perhaps several of you adding similar posts here on other companies and their abuses?
Let me start by saying that I've been applying for jobs in my area nonstop for the last month and a half or so with literally no bites for potential hire. I do not have mortgage experience which I am assuming is why I've not got any leads. I heard rocket would pretty much take anyone with a pulse so I decided to apply for their remote position. Ive got a phone screen today but after researching it looks like I better get ready for 6 days a week and up to 12 hours a day. That sounds horrible to me but I'm running out of options. I do NOT need to leave my current job so I have no pressure to accept a job that's going to make me miserable. If they offer me a position, should I take it to try and get my foot in the door? Or since I am not pressured to take the first thing that pops up should I wait it out and hope for a better alternative? As always, thanks for any advice to this new MLO.
Melatonin and fiscal policy don’t mix.
To whom it may concern:
I want to address current issues with my refinancing through Quicken/Schwab/Rocket mortgage loans.
I would first like to say I have had an excellent working relationship with Quicken loans for many years. I also want to say I have a perfect credit score and have never missed a payment in the 15 pulse years I have been with Quicken.
However, this changed when I started to deal with Quicken/Schwab/Rocket mortgage lenders. I contacted Quicken, and as I am a Schwab customer, they referred me to the group that handles Schwab clients. I was thinking to myself, this is new. I spoke with the loan officer and explained that I wanted to refinance my home to install solar panels. He was very understanding and, after a few questions, he stated that my interest rate would be 2% which I verified multiple times throughout the loan process.
Everything was going very well until I received my loan disclosure statement, where to my astonishment, my loan rate was now 2.125%, not the 2% I had been told and verified multiple times. I also noted that some closing costs were not explained earlier in the loan process. Now I expect to pay closing costs but not like these 3192.47 in loan costs and 4918.00 in other expenses (say what) for a total of 8110.47. I considered this to be totally out of line with my previous refinances and realized that this is not quickening loans anymore but a full-throated assembly line mortgage company.
In an effort to address these issues I have left a voice mail expressing my displeasure with this service. Unless we can reach an accommodation, I will reject this refinance and look for another company to do business with. Maybe RP funding?
I have recommended Quicken loans to many people as I have always received excellent service. But I can no longer recommend their service as they compete in the race to the bottom of poor loan originators.
I wish to apologize to those who have listened to my recommendation and that you will forgive me.
This company is not designed to be efficient.
They stick ONE mortgage banker on your mortgage process, and ANY questions you have, no matter how simple, MUST go through this one person.
This sole person may be helping as many as dozens of people. So it might be well over 24 hours before you can actually get a call back from them, IF you get a call back at all. They might only have one time during the day to call you, and if you are busy during that time (working,sleeping, shower, etc), too bad, gonna have to wait another day.
To me, this is stupid. I understand there might be some specifics that the assigned mortgage banker is the only person who can handle it, but there is zero reason why other mortgage bankers who are licensed in my state can't help me with any questions.
I mean VERY generalized questions too. Like I had a question about prepaying home owner's insurance, and if you can actually get another banker on the line "XXX would be the best point of contact to answer that".
I was quoted a time frame of 24-31 days on average between offer acceptance and close, but feel like every day I have to wait is adding on to that time frame.
Is this industry standard?
I start in 1 week as a mortgage banker (training first) and from what I heard, I want to know how the hell to survive here. I'm 22M.
BRIEF ME ON THIS LIKE YOUR LEADING A SOLDIER INTO BATTLE.
I want to know DO's AND DONT's
I want to know what I should look out for
tell me exactly how to survive, what mindset should I have and HOW CAN I HACK IT? I need to move out of the ghetto, I need to change my living situation. how much money should I be looking to get before I hit the damn stop button.
I want a life, but I'm also broke and want something to give me a boost in life. so tell me...how exactly do i "hack" this for a few years. do I change my personality, do I drink this "kool-aid"
I have reached out to a local mortgage broker and a local mortgage officer who have both provided very different pre-approval amounts. Thinking about applying through Rocket or Quicken as well but I wanted to hear other people's experiences. Who did you end up using for your mortgage and why? (I live in NC).
Hello,
I have client buying an investment property that a condo in Orange County as an investor with 25% down and a strong file in regards to credit, assets, and income.
On this deal, we have a 7 day escrow timeline to remove contingencies and 20 day closing.I am not confident in the mortgage broker the client selected, she decided to hire a family member who has sourced the loan through Quicken. Can anyone comment on this by chance?
Thank you in advance
Might get a job there and im just not sure about it. Read a lot of things online saying the hours are 70+ and its toxic.
Literally everyone says the money is good but you have no work life balance.
Is that really true?
The recruiter im talking too says 55ish hours and one weekend needs to be worked once and awhile. Would really enjoy the feedback from people who work there or know of people that do.
Recently got hired into the job and I don't start until July 2nd. I just want to know if there are ways I can prepare myself for this intense position.
I recently got back from a vacation a few states over and hooked up with this girl, we decided to get serious and she is planning on coming to Detroit soon. now the only reason I'm asking this question is that I'm 22M. I have 1 friend. I live with my moms so I don't pay rent or bills. I'm determined to work my ass off. I want to change my life... I just don't know exactly how much money I will be making. most I ever got paid was $10 an hour working barely 30 hour work weeks.
Most importantly, How can I play my cards right so when I hit 30 I can be in the best position possible. any advice for a young banker working at quicken loans would be much appreciated.
Really interested in hearing what you guys think of these lenders when you’re representing the Seller.
I’ve always heard about how bad these type of lenders are, but I’ve never had to experience it for myself so I’d like to hear what you guys think.
Just spoke with a couple who are PQ through Chase and WF and I’m doing my best to get them to go with a local lender whom I trust.
Hello, I'm a 25 year old Single Male and I worked at Verizon for a little bit in sales and now I do Cold calls. My goal is to financially stable and from what ive been reading, Quicken is the place to do that. As long as you work hard and maintain a good work ethic is management ready to help? What was the overall experience at Quicken? I'm very curious and interested because i've been looking for that Wolf of Wall street environment for some time now
Anyone have their mortgage broker tell them it's more expensive wrt closing costs when one borrows less money? Yes I know long term it's better to put more down so for this discussion I just want to focus on closing costs.
$390K purchase price
10% down - $351K mortgage cash to close: ($39K down + $6230) = $45,230
20% down - $312K mortgage cash to close: ($78K down + $8548) = $86,548
I pay $2318 more in closing costs for borrowing less money. My broker said something about Fannie Mae "rules" blah blah blah.
[Edit] After complaining about the upcharge my broker is adjusting the Lender Credit line under section J. So I guess this is resolved. Sometimes it pays to complain and/or threaten to borrow elsewhere.
Hey I accepted a remote QL job and just wondering everybody’s experience and how the Income was . I’m coming from insurance telesales so it’s not gonna be a big difference just a new product lol.
With this hot market, we had to put in a high offer on a home with an appraisal guarantee. We assumed the home wouldn't appraise for our offer price because it was much higher than asking, but based on the current market, we knew we had to offer this amount. (There were 4 offers total in one day and one of the other offers was for the same amount as us, we just dropped inspection and they didn't).
Fast forward to now, and our appraisal came in 20k less than our offer. All of the comps (aside from 1) they used in their appraisal were from 2020, but the prices in our area started shooting up since January. We truly feel this was an unfair appraisal and the comps don't actually reflect the current market, but we're not sure if this is standard procedure or not.
Any insight from anyone who has worked for quicken, is a realtor, is a buyer who has dealt with this, etc.? Is there a way to appeal this? If so, how? If we did choose to appeal this, how far would it delay close?
I'm a first-time home-shopper in NC. After applying for pre-approval with 2 local lenders and Rocket Mortgage, RM has been giving me the best rates and customer service experience so far. A rep emailed me offering their "Verified Partner Agent" program to match me with a buyer's agent in NC.
- I saw 'beware' warnings on Reddit to steer clear of Rocket Mortgage -- why?
- Has anyone tried their Verified Partner Agent program, and do you recommend it? Or should I go with a local agent my friend recommends?
so I'm planning on working down there and so far I've passed the virtual tryout and the Background check, but apparently I still got a "1st interview" in a couple of days.
my question is what am I to expect from this online interview, never did one before, and not sure how to answer questions ill be asked for this position. any tips would be great.
Most importantly, what are some questions i should be asking the hiring manager?
Rocket Mortgage is the biggest mortgage originator in USA, it went public in August 2020. I currently own 300 shares at an average price of 22.2
This post is a summary of the information contain in their 10-Q and in the prospectus to understand RKT core bussiness. I think RKT is a great commpany, profitable, not sure if they fall in the category of undervalued but is definitly a fair stock to watch.
How does RKT make money?
- RKT make money when they originate a mortgage, by charging fees which consist of underwriting and processing fees. They also make money by selling the mortgage in the secondary market, receiving a premium in excess of the loan principal amount.
- RKT retain the servicing right of some of the mortgages sold. Mortgage Servicing Rights (MSR) generate a monthly revenue for RKT. They record MSR as the present value of the future net servicing income. This income is record under Gain on sale of loans, net on the income statement
Other income
RKT has various subsidiaries, Rocket Homes, Rocket Connections, Rocket Autos, Amrock, Lendesk etc. The biggest income generator is Amrock, they provide digital appraisal and title insurance. For the nine months ended in september 2020, Amrock closing fees and digital appraisal revenue was 362 million, an increase of 98% compare with previous year. The growth of Amrok is due to greater origination volume.
Rocket Homes, a Zillow like page, generate 33 million in revenue for his referral fees. A 5% increase with respect of 2019.
Debt
In order to fund mortgage, RKT maintain three types of credits, repurchase agreements, unsecure line of credits and senior notes. Most of their 'funding debt' is primarly of repurchase agreemnts. When RKT originate a mortgage they borrow 97% of the principal and the mortgage become a collateral.
RKT best interest is to sell the mortgage in the secondary market and repay the amount borrowed. While they have the mortgage in their book, they have to pay interest but this is uppset by the proceeds for the client monthly payment.
As of september 2020 the outstanding balance debt was 19.7 billion dollars and they can use other 8.5 billion to originate loans under those lines of credits.
Cost
The biggest cost associated with RKT are salaries, commiss
... keep reading on reddit ➡Anyone else notice this? Just noticed that it hasn’t updated in like 2 months and my balance shows 0 instead of my actual mortgage amount (which sadly isn’t 0).
How has it been since the company went public? Mortgage rates have been extremely low. I constantly hear about how the company is growing revenue every quarter. Ive read some of the mixed reviews about the company but was wondering how the current culture is and if many of the sales team/mortgage bankers had benefited from the past year of success.
I just passed my test last week, and I'm already being approached by recruiters from NEXA and Quicken. I can't seem to find anyone *actually* employed at Quicken to ask some questions. I really want to know what the commission scales are, and fees charged etc. Does anyone have any experiences here to share? Thanks!
Ticker symbol RKT. $97MM net income in Q1 2020. They had issued more than $1T of loans since 1985. At the end of Q 1 2020, they have $2.8B in cash and $17.7B in loan commitments.
Interestingly, they are reducing the number of shares now seeking to raise $2.0B instead of previously discussed $3.3B.
I think it's gonna be big
Edit: 11:28 AM EST - its' live!
