Last Updated on November 19, 2022 by Lily Connel
Quicken Loans is best known for being a pioneer in the online mortgage lending industry. The company was one of the first to offer mortgages to consumers through the internet, and it has helped millions of people get their home loan process started and closed online. On the other hand, You may not be able to get face-to-face customer service. If you have bad credit or high DTI, you may not qualify for USDA loans or second mortgages.
Quicken Loans has been redefining what a traditional bank can be, with the help of technology and innovation, for over two decades. The company was founded in 1985 by Dan Gilbert, and it has been headquartered in Detroit, Michigan, since its inception.
Pros and Cons Of Quicken Loans – The Comparison Table
| Serial | Pros Of Quicken Loans | Cons Of Quicken Loans |
| 1. | Quicken Loans provides customers with the best possible rates for their loans. | Assistant training can be long and tedious, which means that you may not start working on your own deals right away. |
| 2. | Quicken Loans can provide customers with financial plans to help them save more money and pay off debt faster. | Quicken Loans is known for its high-pressure sales tactics, which can be discouraging for some people who are shopping around for a loan. |
| 3. | The company partners with the top names in the industry, including Microsoft, so it has access to all of the technology needed to stay ahead of its competition. | Some people have complained about the company’s inflexible hours, saying that they make it difficult to balance work with other aspects of their lives. |
| 4. | Quicken Loans is dedicated to helping mortgage professionals grow their businesses by partnering on training initiatives that are designed to offer personal development while also achieving professional goals. | If you leave Quicken Loans before the end of your contract, you may be required to pay a significant amount of money back. |
| 5. | Quicken Loans offers support 24/7 through emails, online chat features, phone lines, and even social media accounts like Facebook and Twitter. This makes it easy for customers to get answers quickly when they need them. | The bonuses that Quicken Loans employees receive are often based on their individual performance, which can make it difficult for team players to feel like they’re being rewarded fairly. |
| 6. | Quicken Loans is dedicated to hiring the best talent. This means that employees are eligible for competitive pay, ongoing training, and fantastic benefits, including 100 per cent paid medical premiums for employees and their families. | Quicken Loans offers its employees very little paid time off, so workers may have headaches with planning out how much vacation time they’ll be able to take. |
| 7. | Quicken Loans offers full-time positions with some of the top organizations in the industry. These companies work closely with Quicken Loans to ensure that all team members go through extensive training before they start working on live deals. | Some assistants have complained about not being able to access or use their clients’ social media accounts, even though this is a popular way for assistants to communicate with them in order to save time. |
| 8. | The company also offers great advancement opportunities for its employees. Most people who begin as assistants branch out into other roles throughout their career at Quicken Loans, which means higher compensation rates and better hours of overtime. | The origination fees at Quicken Loans tend to be significantly higher than those at other lenders. Quicken Loans is extremely strict when it comes to who is allowed to work on customer accounts, which means that assistants may not have the same access as their bosses do. This can result in slower response times for customers. |
| 9. | Quicken has an A+ Rating with the Better Business Bureau. | In some cases, Quicken Loans has been known to stall loan closings if they feel that there is a risk of the borrower defaulting on their loans. |
| 10. | Employees of Quicken Loans receive excellent benefits packages, such as competitive pay, bonuses, health care coverage, 401(k)s with company matches and more. | Quicken Loans only hires experienced professionals, which means that they may not hire assistants until their experience reaches a certain level. |
| 11. | Quicken Loans is committed to providing its employees with opportunities that help them grow their businesses and give back to the community through extensive training initiatives that help people in underserved communities learn about real estate and finance so they can find ways to improve their lives. | 9) Many mortgage professionals hate dealing with the contracts associated with getting a loan through Quicken Loans because of how confusing and time-consuming they are. These experts claim that these contracts could be greatly improved with an update or streamlining of the process so they aren’t so difficult to understand and navigate through. |
| 12. | Quicken Loans uses state-of-the-art technology to make the lending process fast and convenient for customers. | The technology that Quicken Loans uses can be glitchy at times, although they are always working to improve it. |
| 13. | The company offers a 100 per cent paid family medical package for all team members and their families who work 30 hours per week. | The company has been involved in a few lawsuits in the past, which could reflect poorly on the company’s reputation. |
| 14. | If you decide to get a loan through Quicken Loans, be prepared to pay an origination fee. | |
| 15. | Customer service at Quicken Loans has been known to be less than satisfactory at times. | |
| 16. | The process of getting a loan through Quicken Loans can be long and tedious, so it’s not ideal for people who need money quickly. | |
| 17. | The interest rates that Quicken Loans offers may be higher than what you could find from another lender. | |
| 18. | The company has been known to be strict when it comes to approving loans, so some people may not be able to get a loan through Quicken. |
What Are Quicken Loans?
In addition to mortgages, Quicken Loans also offers a wide range of other financial products and services, including home equity lines of credit, auto loans, personal loans, and more. And because Quicken Loans is a technology-driven company, it offers all of its products and services online, which makes it easy for customers to apply and get approved quickly.
In all, the company provides a full suite of personal finance services to help meet consumer needs. All while helping people get the most money possible on every loan they apply for.
Quicken Loans also invests in its local communities by supporting initiatives that focus on rebuilding and strengthening America’s cities and towns, one neighbourhood at a time. The goal is to not only strengthen the economy and redevelop urban areas but to give families more stability with access to affordable housing options.
Today, Quicken Loans employs over 13,000 team members who work from home offices across North America. With such a large workforce scattered throughout several different parts of the country, it is important that they have access to a way of communicating and collaborating with each other. That’s why Quicken Loans implemented Microsoft Teams.
Microsoft Teams is a digital workspace that helps team members communicate and collaborate more effectively. It brings together all the tools and resources team members need to get their work done, including chat, voice, and video calling, meeting scheduling, and more.
Since implementing Teams, Quicken Loans has seen a number of benefits. For starters, it has helped the company reduce its reliance on email. In addition, it has allowed team members to connect with each other more easily, which has resulted in faster decision-making and improved communication overall.
Conclusion
Finally, all of the above things to keep in mind if you’re thinking of getting a loan through Quicken Loans. Although the company has many good qualities, it also has a few drawbacks. Be sure to do your research before you decide whether or not Quicken Loans is the right lender for you.
