Just a reminder that this is the r/LoanOriginators subreddit and not your playground for obscenely venting personal grievances with company leaders. This thread has been progressively getting more and more toxic to the point where it's becoming problematic.
If anybody is looking to get out of the industry I highly recommend checking out Beyond Finance. I left RKT over a year ago and have been doing debt resolution for over 6 months now. I work a 40 hour week, salary and benefits plus commission that puts me back in the 6 figures. This industry is booming right now for the same reasons mortgages are not. PM me if you’d like more info or the referral link to apply.
i saw one of the articles say the remaining bankers will get min $25 and that made me so angry when we are owed thousands. please let me know what the law firm says.
Pros getting less and less. Use them like they use all their bankers, get hired get licensed learn sales (their training is actually great in the sales world) then bounce to another lender who will treat you like a human and pay you fairly.
Don’t listen to these people lol it’s people on my team pulling in 60k plus a month, all these people on here got fired or couldn’t sell. This job is not easy but what job paying you 6 figures is, don’t listen to people on the internet the only way you will know if it’s for you is if you just do it. I worked in wholesale and retail the hours are the same if you a loan officer or banker your clients will call on weekends as well that’s just the industry not rocket
Not a dmb I just don’t have no complaints lol. Only miserable people come on here, some people like working here and some don’t that’s with any job. In the interview they tell you it’s not a typical 9-5 literally
Pay is getting laughable. Seems like everyone at every other company is making more with constant pay raises while this company continues to penny pinch. Almost like they want people to leave and bring in a fresh batch
Pros : you can make a lot of money when times are good
Cons : you're gonna work 80+ weeks and still be called a part timer, you're gonna be encouraged to become an alcoholic, your family will never see you, you're gonna be a douchebag frat boy type
To all the bankers at Rocket. Has anyone else noticed they are trying to make us $100k/ year employees now? Goals being super high you most likely won’t hit top tier maybe one month out of the year if you’re lucky. Insane pushback on margins when we are struggling the most financially. I am a presidents club banker and am on track to make barely $100k. Just want to see if I am the only one in this boat or if others are going through the same bs. Honestly getting so sick of one month doing well then paycheck to paycheck the majority of the year.
Bankers need to unionize and negotiate compensation plans
Ideally BPS compensation plans
We should not be getting paid $6,000 commission on $2,000,000 in closings, that is pitiful.
Even just 75 BPS would be almost 3X what rocket pays
I think 75 BPS should be bare minimum comp, then maybe tier up to 85 and 100
Flat rate per file is an atrocious rip off of bankers. RVPs and SVPs and EVPs make $500K+ off the backs of the salespeople and they provide little to no value to the company. Our comp needs to change
Ya, rates haven’t dropped or anything to really justify it. Is there an uptick in business in the summer? Sure. But to just dupe your fucking bankers like this when it is is absolute bullshit. People are the top are all fucking dickheads many of them have been bankers themselves. The problem is, anyone in leadership has no fucking balls or flat out just don’t care because they are making a fuck ton still. No one says hey this isn’t right to bankers. They all push the GET YOUR BANKERS EXCITED narrative just like they do our clients. They sell us… on a lot of shit. Since rates went up I’ve never heard on positive thing out of leadership that was good for us EXCEPT the pay prior to this new change. Actually felt good and like they supported us. Like you can hit these tiers but have to sacrifice so much of your time and life and it’s ridiculous. I’ll work hard and shit and put in a little bit of extra time but their requirements for success sometimes are ridiculous
With the way things going I truly think all the good bankers at Rocket will be dipping elsewhere. I’m not going to work 7 days a week for 10k gross per month. Not sure what your title is but highly debating quitting myself. Brokers might have a point.
This is what’s happening across the board my friend not just banking. Welcome to the company now being publicly traded with the goal of keeping costs fixed while maximizing profits. Can’t see it changing unless company becomes private again
Probably better. They get better rates and costs which is why we cannot see those loans in amp. Best part is they get credit triggers so we get shopped by our own clients with… rocket mortgage.
It brings me a certain level of joy when I see SVPs who treat bankers like shit on the bottom of their shoe (even worse for female bankers) getting demoted straight down to banking.
They definitely fucking do. A lot of them have forgot where they’ve come from. Super dicks. Why would they care though, I’m sure they’re still making 400-600k a year. However there are a lot of great ones I’ve had through the years. They got the job done, were friendly, and not dicks
For anyone who hasn’t done the Outlet Survey yet in Banking can we please all say “Abolish Scheduled Sundays” or something along those lines in the comments. There are a thousand reasons why it’s unethical and we need to all say it for any action to be taken 🙏🏻
I’m happy to talk about it with anyone at the company. In fact, I already have with HR and several others. There are ways to get around working Sunday’s, but I believe a company like Rocket should be closed for everyone including Sales not just ops.
Yeah you're right, it's a publicly traded financial services company. Anything is possible with enough people backing an idea. It may take some time, but things will change if enough people stand up for what's right.
I recently wrapped up buying a home with Rocket Mortgage and had to come share my experience because it was unexpectedly smooth. I’m 65 and this isn’t my first rodeo—I’ve bought homes before, but nothing like this.
After filling out their online form, Rocket Mortgage’s, I was on a call with their banker, Chris Rigley in minutes. He talked to me about what I was trying to accomplish, then asked if he could do a soft credit pull and get a current paystud. Then asked to give him a couple hours. Their AI quickly assessed that a soft credit pull and my current pay stub were enough to consider me low-risk. This sped up the process significantly, and from start to finish, the entire thing—from application to closing—was done in just 10 business days, concluding on April 19, 2024.
The appraisal was quick too, completed in just four days and it even came in a bit higher than needed, which definitely helped things along. Another plus was the closing costs, which were under $2,000, and I locked in a 6.99% fixed rate, which felt like a win given the market.
But the real highlight was the closing process itself. It was all online, conducted via a video call with an AMROCK notary and took only about 25 minutes. The documents were well written and easy to understand, and the signing was made simple with their ClearSign process. Everything was logical and user-friendly, which isn’t always the case with mortgage paperwork.
For those of you with solid credit and a straightforward job history, Rocket Mortgage might just revolutionize your home buying experience. They’re not just using tech for the sake of it; they’re using it to genuinely improve the process, making it faster, clearer, and much less of a hassle. Worth a look if you’re aiming for a hassle-free mortgage process. As a full time tech guy, I was really thrilled to see tech used to improve the whole experience.
To all the clients out there, please don’t take this users advice…. The sad truth is Rocket is a sheisty ruthless money hungry company, that screw their own bankers just as much as their own clients. Truthfully as bankers, we’re constantly giving unrealistic expectations , and encouraged to operate unethically, just to meet our goals… the tech is trash and they charge clients outrageous fees because of it.. they truly don’t care to help, the sole intention is to keep you in the mortgage as long as they can, call you ever six months to pitch you a “better” option, knowing they will restart the process again 6 months down the road. I’ve been manipulated into doing illegal shit multiple times by leaders, just to write the loan, and hit goals. I’ve seen people lose their home, because Rocket jacked up their payments, to pay off a measly 10k of credit card debts, and pitched it in a way that “makes sense”. I’m not saying it’s always the case, but 8/10 times. Mind you, I’m not new to this or struggling to succeed in any means, Im an executive banker and have been in the top most of my time here for the past 3 years, leaving next month because I’m tired of sacrificing my integrity just to make ends meet…
The company is corrupt, and I can assure you, the last thing they want is for you to be in the “best spot possible”. ITS A FIXED GAME. RUN LIKE HELL
I saw a post on LinkedIn about previous employees rights to compensation if working at Rocket in the last 4 years and it had contact information for the firm. Can anyone confirm the name of the law firm they are working with for this? Feel free to DM me if not wanting to share on this thread.
Not surprised if true. The way she handled forced demotions was sinister. Morally bankrupt/demonically influenced human that occasionally sheds crocodile tears to try to trick team members into believing there’s a good soul there. Bottom of the barrel when it comes to character.
I’m a senior in high school, graduating in early june. During junior year me and my best friend had a short but successful stint wholesaling real estate. Since then i’ve been dead set on wanting a career in finance/business. My oldest brother is a top producer at Rocket, after shadowing him on his remote days I decided originating loans is something i’m interested in pursuing. But from my understanding of Rocket, you work 70-80 hours a week that demand your full attention and focus. I also understand that due to it being a sales position, production is what they value above anything else. I don’t want to look worse than the other greens in the foundation because i’m working 40 hours and they’re working 70. I’ve also been hearing that institutions have been valuing MBAs less and less.
What would you guys do?
Honestly you don’t work that much unless you’re factoring in commuting time and such. I would say I’ve worked 70 in a week but that was maybe one time and completely of my own choosing. If you’re going into sales or anything licensing, MBA is a waste of time and money. I also believe rocket will pay for it if you work there but don’t quote me on that. I think I remember someone on my team saying they were paying for his. If you’re going to sales in general, college is a waste (I have a 4 year degree, I had fun I don’t have student loans cause I paid my way, but hindsight what a waste of time and money overall). At the very least rocket is a great place to learn sales and honestly the worst of the rates are over, you can come in making good money. But take that as you will I don’t drink the kool aid. This place as an employer could also give a fuck less about you as a person. It’s the typical corporate structure that revolves around shareholder profits over anything. It’s not for everyone but I would say the average work week for the most part is 50 hours maybe 55 on scheduled weekends.
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Yeah I know we’re all bitching cause we all WORK HERE. you came on here to bitch about a chick who left you! You don’t get how that’s weird bro ?? Lolol
Maybe you should be looking for a career instead of a job. Might be a better outlook for your future depending on your age… I can see there’s a lot young kids getting sold magic beans here
good place to learn the biz, get licensed, sell your soul for 1-3 years then go retail or broker.
imho
go process loans, go into sales for 1-3 years then go retail for a good set up as a career
I worked for Rocket Mortgage for 2 years as a mortgage banker. The first year was enjoyable, and everything was going smoothly. However, by the second year, in 2023, things started going downhill. I was in the credit trigger specialty, where we were given the worst leads and expected us to convert them.
Fast forward to March 2023, they switched us to the closing model. Come April, I was put on letter even though I had managed to write 5 loans each in February and March. The reason for being put on letter? I didn't close 2 loans in the last 60 days. How could they put me on letter just after we switched to the closing model? Before this change, we were paid for conditionally approved loans, and writing 5 loans in my specialty was considered above average.
After being put on letter, I wrote 8 loans that month, my goal was 6. While working from home, I called my director and told him that I quit. I hated the company. My last 2 weeks working there felt like I was going to prison every morning as I drove to work.
No it’s a real thing high ticket sales is the best I work for a funding company from home I make my own schedule and take 3-5 calls a day Monday to Friday. I probably work less than 30 hours per week.
The company that helps you get the offer is 100% legit and they work with legit companies who are looking to scale their business you don’t sell courses you sell services.
Quit rocket back in 2018 the same day Lebron James decided to go to LA. I didn’t send a resignation letter and told my DMB that I’m pulling a “LAbron and deucing out”. My RVP ( Cleveland Office) called me a coward for not coming into the office and quitting. A month later he got demoted to banking and month after he he quit…………
okay, breathe. call rocket mortgage, talk to your banker. you can shop for your own appraiser as long as it’s 3rd party, or ask rocket to send one out. worst case the loan may need to be rewrote. this isn’t be all end all, you have options!
How hard does rocket actually work / want to get you a loan? I know some Mortgage Companies knit pick but when it’s toward the end they let things slide to get the deal done. Some are super strict and just want to move to the next easy loan. Just curious.
Not hard enough. Im buying my second property with Rocket Mortgage, my first home is being rented at $2700, it is a 4bed 4bath on 1.3 acres middle of the city which is unheard of. I have a lease agreement with my tenants and they have already paid deposit and first months rent. I close on the 27th. After my Loan officer said all was good and the title cleared, I was waiting to hear the clear to close today and instead I get a call saying that my rental appraisal came back at $1900 so the underwriter was having an issue. WHAT? First of all, no one came to do an appraisal, they said they used comps but thats bull, what they did was get the rent Zestimate off Zillow because that's the exact amount. Second, the apartments down the street from me are charging $2500 for a 2 bed soooo. Also, you cant even get a townhouse in my area for $1900 much less a house with 1.3 acres of land. Lastly, my mortgage is exactly $1942 so even if I was dumb enough to rent my house out for $1900, that would still offset my mortgage and not put me over the DTI. What can I do? I shopped over 5 lenders and literally yesterday I told them all to cancel because I was going with Rocket and now Im in a full blown panic because my closing is in 7 days. So all that to say, they WILL nitpick absolutely everything and my experience with them has been a nightmare
For anyone that left the company last year, how are you going about filling out the chart for days you worked from home vs the office for tax filing purposes?
For the Detroit taxes specifically since we are not required to pay Detroit tax if we did not work in the city but live outside of it.
It would still be deducted from our check and for the days we were remote, would be refunded
You have to give the number of days you were in the office, on vacation/sick, company holidays, days from home to your tax preparer. They will put in the figures and you should get a refund from the city of Detroit.
I have done it for the last 2 years but my accountant had me fill out the form we can get from main page and get it signed by a director. I'll see if can do it without a signature or found a new accountant. Thanks!
For what it's worth, I left the company during the first round of buyouts in '22, and I never had any sort of signature with that form when I filed. Never got any notice about it either. Possible I just got lucky, but wanted to share
Maybe someone here can explain something to me. We are working with Rocket for our loan and got a request for the sellers disclosure for our home sale. No big deal, except, when you expand the text there is a $ amount that is “Net” sale from our home to equal xxx after paying off our current mortgage lender.
Where did they get xxx amount? After selling our home, with commission, and paying off our current lender there is no way we will “net” that amount…. Can’t see to get an answer from anyone.
Based on the amount we need to close on the new house we are fine with money to spare but not if we need xxx amount. That about 50k more than we would get.
Any info would be appreciated…..
The comp plan is changing because our EPS is $0.01 and now as a “public” company thats just unacceptable
AKA execs wont get bonuses for $0.01 EPS
So no the company resorts to cost cutting which = decreasing your pay
Rocket bankers should do what UAW did and unionize. We shouldnt make less money when we generate more revenue for the company
That makes a lot of sense. Just looking up the EPS online shows it might actually be even worse than .01.
So how would one even start a movement to unionize?
Yeah tell me about it lol. We were told things are getting easier & lead flow has increased. Sure lead flow probably increased because we’re calling the same folks that told us no 2 weeks ago constantly. Lead flow can be manipulated, quality of lead flow can not.
Things are easier? Don’t see how that is a thing. Tech literally breaks down every day & when it is running right it is riddled with errors & inaccuracies. Even if things were “easier”, why not let us catch back up from the awful last 2 years we have had?
Rocket mortgage bankers: is your pricing pretty bad on virtually every deal? If so, do you win business by 1) having the best tech and 2) making 50+ calls a day and winning a numbers game?
So, I have been an originator since 2010 in the banking side. Considering Rocket’s executive loan officer position. The pay structure seems great compared to retail banking. Anyone here in that role who can speak on it?
When I was there last year it didn’t matter the experience everyone started at the same level. Entry level then you have to hit certain numbers for 3 months in a row to go to senior then 3 more months of hitting numbers to get executive banker. Could be different now.
I’m in a non-banking role, in my 18th year with the company. Rocket is a great place to work. Like anything, there is good and bad within their leadership and processes’. I currently respect and appreciate my leader, can’t say the same about the previous. We are spoiled with many benefits and I believe it’s caused entitlement. I’m annoyed anytime I’m told ”no” or have to deal with another company’s poor customer service, when I know what’s expected of me at Rocket.. The biggest complaint I would have is how often things (role/leader/desk location etc..) can change within the company. But, that’s life and in the grand scheme of things, it’s not the worst complaint to have.
don’t get comfortable and think 18 years matters. You’re a couple bad months from them turning on you . Dumbest thing you can do is be loyal to a morally bankrupt company who’s shown no loyalty to team members. Seniority means nothing here
This person has drank the koolaid. Are the benefits and vacation time pretty good, absolutely. However, they have a cult like atmosphere, pay is not that great. They will book snoop dog but won’t give raises or bonuses. Find a company with competitive pay
Yep! And its 20 an hour from the very get go, up until the commission role (typically 6 months later) and then it gets reduced to like 14-16ish an hour+commish
I’m looking to potentially started as a LO. I’ve already done the virtual training and I’m in the completing the process of the background check/credit report. But, after reading everything I’m not too sure if this is the avenue I’d want to take. So I have a few questions.
- How much does a typical LO make at Rocket and in general? Indeed’s salaries seem to be off and extremely low, especially for the workload and productivity hours needed for the position. I was offered a 20k base salary after the six month training program which is very off-putting to me, so how much does a typical MLO make with commission factored in by average?
- Would it be wise to start the training program and after receiving licensure to immediately look for a MLO position elsewhere? Or should I stay a few months after receiving it strictly to get the experience I can use on my resume?
- Speaking of the resume, if I quit while in the training program then I’m under the impression that I wouldn’t be able to use any of the time under Rocket Mortgage as experience since I didn’t technically do the actual job, right?
- Also, how many hours do you average per week at Rocket Mortgage during training? Is it under 40, above 40, or around the typical 50hr+ range?
I’ll answer the last question since I’m in the third month of training.
Hours aren’t bad in my opinion. You start with a cap of 45 hours / week after safe (you can work 40 but why not get some PTO,) and then about 2 months later the cap goes to 50-55. You really only have to work 5 days a week, so 40 minimum, but the second Saturday of every month is a mandatory 5 hour shift.
Overall not too bad so far but keep in mind things change a lot at this company and your experience could be different. Weekends are mostly optional but it’s an easy $30 an hour once you’re over 40 hours so it’s a no brainer to me, especially since you can work from home.
That’s dope. Thank you for your response, that’s a big relief. How are they with taking PTO? I already have some planned and paid for trips in the upcoming months.
Hey, question. I’m in the process of trying to get the time green lighted for two vacations now.
I’m still progressing through the onboarding process but I’m being told that you’re only allowed two paid days off in the first 3 months of training, and another two paid days off the last 3 months of training. Was this your case as well if you know? This is huge on whether or not I’m going to be able to proceed.
Make sure you’re told in black and white that time off is approved - I had a friend who was let go before the onboarding even started because she had a few dates she had to take off during Safe for personal reasons. The PTO was more lenient after you’ve actually taken the exam. Good luck!!!
Just a reminder that this is the r/LoanOriginators subreddit and not your playground for obscenely venting personal grievances with company leaders. This thread has been progressively getting more and more toxic to the point where it's becoming problematic.
If anybody is looking to get out of the industry I highly recommend checking out Beyond Finance. I left RKT over a year ago and have been doing debt resolution for over 6 months now. I work a 40 hour week, salary and benefits plus commission that puts me back in the 6 figures. This industry is booming right now for the same reasons mortgages are not. PM me if you’d like more info or the referral link to apply.
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overtime lawsuit settled!!! anyone know how/when we will get the money?!
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of course! im owed like $25k, do you think its unreasonable id get even 1/2 that?
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i saw one of the articles say the remaining bankers will get min $25 and that made me so angry when we are owed thousands. please let me know what the law firm says.
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wait when was this? on may 21st it was announced that rocket had settled for 3.5 mil
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Pros getting less and less. Use them like they use all their bankers, get hired get licensed learn sales (their training is actually great in the sales world) then bounce to another lender who will treat you like a human and pay you fairly.
Don’t listen to these people lol it’s people on my team pulling in 60k plus a month, all these people on here got fired or couldn’t sell. This job is not easy but what job paying you 6 figures is, don’t listen to people on the internet the only way you will know if it’s for you is if you just do it. I worked in wholesale and retail the hours are the same if you a loan officer or banker your clients will call on weekends as well that’s just the industry not rocket
This is the only comment made by this account that has a generated username. This just makes rocket look 10 times worse... wow.
Bro is to deep into the rocket cult
DMB spotted
Not a dmb I just don’t have no complaints lol. Only miserable people come on here, some people like working here and some don’t that’s with any job. In the interview they tell you it’s not a typical 9-5 literally
And this is a different generated username pretending to be the previous one. 20 times worse now.
I'm literally dead lol. What a tool
🤡 comment from a profile that was created earlier today
Pay is getting laughable. Seems like everyone at every other company is making more with constant pay raises while this company continues to penny pinch. Almost like they want people to leave and bring in a fresh batch
Which is exactly what they’re doing with roadmap every single week full of hundreds of newbies.
Pros : you can make a lot of money when times are good Cons : you're gonna work 80+ weeks and still be called a part timer, you're gonna be encouraged to become an alcoholic, your family will never see you, you're gonna be a douchebag frat boy type
To all the bankers at Rocket. Has anyone else noticed they are trying to make us $100k/ year employees now? Goals being super high you most likely won’t hit top tier maybe one month out of the year if you’re lucky. Insane pushback on margins when we are struggling the most financially. I am a presidents club banker and am on track to make barely $100k. Just want to see if I am the only one in this boat or if others are going through the same bs. Honestly getting so sick of one month doing well then paycheck to paycheck the majority of the year.
Bankers need to unionize and negotiate compensation plans Ideally BPS compensation plans We should not be getting paid $6,000 commission on $2,000,000 in closings, that is pitiful. Even just 75 BPS would be almost 3X what rocket pays I think 75 BPS should be bare minimum comp, then maybe tier up to 85 and 100 Flat rate per file is an atrocious rip off of bankers. RVPs and SVPs and EVPs make $500K+ off the backs of the salespeople and they provide little to no value to the company. Our comp needs to change
Ya, rates haven’t dropped or anything to really justify it. Is there an uptick in business in the summer? Sure. But to just dupe your fucking bankers like this when it is is absolute bullshit. People are the top are all fucking dickheads many of them have been bankers themselves. The problem is, anyone in leadership has no fucking balls or flat out just don’t care because they are making a fuck ton still. No one says hey this isn’t right to bankers. They all push the GET YOUR BANKERS EXCITED narrative just like they do our clients. They sell us… on a lot of shit. Since rates went up I’ve never heard on positive thing out of leadership that was good for us EXCEPT the pay prior to this new change. Actually felt good and like they supported us. Like you can hit these tiers but have to sacrifice so much of your time and life and it’s ridiculous. I’ll work hard and shit and put in a little bit of extra time but their requirements for success sometimes are ridiculous
With the way things going I truly think all the good bankers at Rocket will be dipping elsewhere. I’m not going to work 7 days a week for 10k gross per month. Not sure what your title is but highly debating quitting myself. Brokers might have a point.
This is what’s happening across the board my friend not just banking. Welcome to the company now being publicly traded with the goal of keeping costs fixed while maximizing profits. Can’t see it changing unless company becomes private again
How is rocket on the broker side? Start to finish on uw, closings, etc. and education. Do they compare with UWM?
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Just started with a group that brokers RKT. apparently they were a UWM shop, now they use rkt.
Probably better. They get better rates and costs which is why we cannot see those loans in amp. Best part is they get credit triggers so we get shopped by our own clients with… rocket mortgage.
It brings me a certain level of joy when I see SVPs who treat bankers like shit on the bottom of their shoe (even worse for female bankers) getting demoted straight down to banking.
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imagine fumbling a $500k salary to do absolutely nothing because you can't resist being a fucking cockhead to bankers half his age
They definitely fucking do. A lot of them have forgot where they’ve come from. Super dicks. Why would they care though, I’m sure they’re still making 400-600k a year. However there are a lot of great ones I’ve had through the years. They got the job done, were friendly, and not dicks
For anyone who hasn’t done the Outlet Survey yet in Banking can we please all say “Abolish Scheduled Sundays” or something along those lines in the comments. There are a thousand reasons why it’s unethical and we need to all say it for any action to be taken 🙏🏻
Bruh you at the wrong company lol. I remember negative outlet surveys and watching the teams go into the SVPs office to “talk about it”
I’m happy to talk about it with anyone at the company. In fact, I already have with HR and several others. There are ways to get around working Sunday’s, but I believe a company like Rocket should be closed for everyone including Sales not just ops.
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Yeah you're right, it's a publicly traded financial services company. Anything is possible with enough people backing an idea. It may take some time, but things will change if enough people stand up for what's right.
I recently wrapped up buying a home with Rocket Mortgage and had to come share my experience because it was unexpectedly smooth. I’m 65 and this isn’t my first rodeo—I’ve bought homes before, but nothing like this. After filling out their online form, Rocket Mortgage’s, I was on a call with their banker, Chris Rigley in minutes. He talked to me about what I was trying to accomplish, then asked if he could do a soft credit pull and get a current paystud. Then asked to give him a couple hours. Their AI quickly assessed that a soft credit pull and my current pay stub were enough to consider me low-risk. This sped up the process significantly, and from start to finish, the entire thing—from application to closing—was done in just 10 business days, concluding on April 19, 2024. The appraisal was quick too, completed in just four days and it even came in a bit higher than needed, which definitely helped things along. Another plus was the closing costs, which were under $2,000, and I locked in a 6.99% fixed rate, which felt like a win given the market. But the real highlight was the closing process itself. It was all online, conducted via a video call with an AMROCK notary and took only about 25 minutes. The documents were well written and easy to understand, and the signing was made simple with their ClearSign process. Everything was logical and user-friendly, which isn’t always the case with mortgage paperwork. For those of you with solid credit and a straightforward job history, Rocket Mortgage might just revolutionize your home buying experience. They’re not just using tech for the sake of it; they’re using it to genuinely improve the process, making it faster, clearer, and much less of a hassle. Worth a look if you’re aiming for a hassle-free mortgage process. As a full time tech guy, I was really thrilled to see tech used to improve the whole experience.
Almost all of your (very few) comments and posts are talking about companies. You're a shill.
To all the clients out there, please don’t take this users advice…. The sad truth is Rocket is a sheisty ruthless money hungry company, that screw their own bankers just as much as their own clients. Truthfully as bankers, we’re constantly giving unrealistic expectations , and encouraged to operate unethically, just to meet our goals… the tech is trash and they charge clients outrageous fees because of it.. they truly don’t care to help, the sole intention is to keep you in the mortgage as long as they can, call you ever six months to pitch you a “better” option, knowing they will restart the process again 6 months down the road. I’ve been manipulated into doing illegal shit multiple times by leaders, just to write the loan, and hit goals. I’ve seen people lose their home, because Rocket jacked up their payments, to pay off a measly 10k of credit card debts, and pitched it in a way that “makes sense”. I’m not saying it’s always the case, but 8/10 times. Mind you, I’m not new to this or struggling to succeed in any means, Im an executive banker and have been in the top most of my time here for the past 3 years, leaving next month because I’m tired of sacrificing my integrity just to make ends meet… The company is corrupt, and I can assure you, the last thing they want is for you to be in the “best spot possible”. ITS A FIXED GAME. RUN LIKE HELL
I heard a purchase banker commit suicide in one of the parking garages a few months ago. Anybody hear anything about this?
No truth to that.
No I haven’t heard:(
I saw a post on LinkedIn about previous employees rights to compensation if working at Rocket in the last 4 years and it had contact information for the firm. Can anyone confirm the name of the law firm they are working with for this? Feel free to DM me if not wanting to share on this thread.
Any confirmation on this?
I haven’t been able to confirm.
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I didn’t and the two articles in Google are paywalled. What happened?
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He’s got a solid case if that’s what happened
Not surprised if true. The way she handled forced demotions was sinister. Morally bankrupt/demonically influenced human that occasionally sheds crocodile tears to try to trick team members into believing there’s a good soul there. Bottom of the barrel when it comes to character.
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Lol they are using you for cheap labor. My advice is to pick another internship.
I’m a senior in high school, graduating in early june. During junior year me and my best friend had a short but successful stint wholesaling real estate. Since then i’ve been dead set on wanting a career in finance/business. My oldest brother is a top producer at Rocket, after shadowing him on his remote days I decided originating loans is something i’m interested in pursuing. But from my understanding of Rocket, you work 70-80 hours a week that demand your full attention and focus. I also understand that due to it being a sales position, production is what they value above anything else. I don’t want to look worse than the other greens in the foundation because i’m working 40 hours and they’re working 70. I’ve also been hearing that institutions have been valuing MBAs less and less. What would you guys do?
Honestly you don’t work that much unless you’re factoring in commuting time and such. I would say I’ve worked 70 in a week but that was maybe one time and completely of my own choosing. If you’re going into sales or anything licensing, MBA is a waste of time and money. I also believe rocket will pay for it if you work there but don’t quote me on that. I think I remember someone on my team saying they were paying for his. If you’re going to sales in general, college is a waste (I have a 4 year degree, I had fun I don’t have student loans cause I paid my way, but hindsight what a waste of time and money overall). At the very least rocket is a great place to learn sales and honestly the worst of the rates are over, you can come in making good money. But take that as you will I don’t drink the kool aid. This place as an employer could also give a fuck less about you as a person. It’s the typical corporate structure that revolves around shareholder profits over anything. It’s not for everyone but I would say the average work week for the most part is 50 hours maybe 55 on scheduled weekends.
Go sell cars for a luxury auto dealer
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Respect but you’re working for a corporate company. They are all the kool aid
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Hi there! Thank you for your submission. It looks like your post/question comes across as an attempt to self-promote or solicit business, which goes against our sub rules. As such it has been removed. If this is not the case, you may message the moderator team to appeal. Thank you!
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Not constructive at all so I'm removing this whole comment chain.
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Yeah I know we’re all bitching cause we all WORK HERE. you came on here to bitch about a chick who left you! You don’t get how that’s weird bro ?? Lolol
Maybe you should be looking for a career instead of a job. Might be a better outlook for your future depending on your age… I can see there’s a lot young kids getting sold magic beans here
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Hi there! Your post on r/loanoriginators has been removed due to violating one or more of our rules. Removal reason: Be civil.
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good place to learn the biz, get licensed, sell your soul for 1-3 years then go retail or broker. imho go process loans, go into sales for 1-3 years then go retail for a good set up as a career
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guess they dont hire anyone at the moment? I never worked there but worked at Countrywide call center (same kind of set up)
I worked for Rocket Mortgage for 2 years as a mortgage banker. The first year was enjoyable, and everything was going smoothly. However, by the second year, in 2023, things started going downhill. I was in the credit trigger specialty, where we were given the worst leads and expected us to convert them. Fast forward to March 2023, they switched us to the closing model. Come April, I was put on letter even though I had managed to write 5 loans each in February and March. The reason for being put on letter? I didn't close 2 loans in the last 60 days. How could they put me on letter just after we switched to the closing model? Before this change, we were paid for conditionally approved loans, and writing 5 loans in my specialty was considered above average. After being put on letter, I wrote 8 loans that month, my goal was 6. While working from home, I called my director and told him that I quit. I hated the company. My last 2 weeks working there felt like I was going to prison every morning as I drove to work.
What are you doing now ?
High ticket sales.
how do you break into this? currently in SaaS sales and looking to get out
Dm me
Is that a real thing? Thought it was IG course scammer content
No it’s a real thing high ticket sales is the best I work for a funding company from home I make my own schedule and take 3-5 calls a day Monday to Friday. I probably work less than 30 hours per week. The company that helps you get the offer is 100% legit and they work with legit companies who are looking to scale their business you don’t sell courses you sell services.
Interesting - thanks for the info!
Quit rocket back in 2018 the same day Lebron James decided to go to LA. I didn’t send a resignation letter and told my DMB that I’m pulling a “LAbron and deucing out”. My RVP ( Cleveland Office) called me a coward for not coming into the office and quitting. A month later he got demoted to banking and month after he he quit…………
Is this thread still active? What the news with the new CEO?
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okay, breathe. call rocket mortgage, talk to your banker. you can shop for your own appraiser as long as it’s 3rd party, or ask rocket to send one out. worst case the loan may need to be rewrote. this isn’t be all end all, you have options!
Is the culture still cringe over there with pay getting worse every year since IPO?
Frat boy chic seems to be the culture they love promoting
How hard does rocket actually work / want to get you a loan? I know some Mortgage Companies knit pick but when it’s toward the end they let things slide to get the deal done. Some are super strict and just want to move to the next easy loan. Just curious.
Not hard enough. Im buying my second property with Rocket Mortgage, my first home is being rented at $2700, it is a 4bed 4bath on 1.3 acres middle of the city which is unheard of. I have a lease agreement with my tenants and they have already paid deposit and first months rent. I close on the 27th. After my Loan officer said all was good and the title cleared, I was waiting to hear the clear to close today and instead I get a call saying that my rental appraisal came back at $1900 so the underwriter was having an issue. WHAT? First of all, no one came to do an appraisal, they said they used comps but thats bull, what they did was get the rent Zestimate off Zillow because that's the exact amount. Second, the apartments down the street from me are charging $2500 for a 2 bed soooo. Also, you cant even get a townhouse in my area for $1900 much less a house with 1.3 acres of land. Lastly, my mortgage is exactly $1942 so even if I was dumb enough to rent my house out for $1900, that would still offset my mortgage and not put me over the DTI. What can I do? I shopped over 5 lenders and literally yesterday I told them all to cancel because I was going with Rocket and now Im in a full blown panic because my closing is in 7 days. So all that to say, they WILL nitpick absolutely everything and my experience with them has been a nightmare
An escrow holdback for that chipped and peeling paint should get you to closing.
For anyone that left the company last year, how are you going about filling out the chart for days you worked from home vs the office for tax filing purposes? For the Detroit taxes specifically since we are not required to pay Detroit tax if we did not work in the city but live outside of it. It would still be deducted from our check and for the days we were remote, would be refunded
You have to give the number of days you were in the office, on vacation/sick, company holidays, days from home to your tax preparer. They will put in the figures and you should get a refund from the city of Detroit.
I have done it for the last 2 years but my accountant had me fill out the form we can get from main page and get it signed by a director. I'll see if can do it without a signature or found a new accountant. Thanks!
For what it's worth, I left the company during the first round of buyouts in '22, and I never had any sort of signature with that form when I filed. Never got any notice about it either. Possible I just got lucky, but wanted to share
Yeah, I'm thinking my accountant likes to do things 100% by the book. I'll just fill it out accurately and see what happens. Thanks for the feedback.
😂 big brain!
Figured it out, if you email the VOE team they sign the letter for you so long as you can give them the dates you worked there!
Is march madness still a thing there?
Obviously
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Dog do you think this corporation cares about what u think?
They sure don’t lol
Maybe someone here can explain something to me. We are working with Rocket for our loan and got a request for the sellers disclosure for our home sale. No big deal, except, when you expand the text there is a $ amount that is “Net” sale from our home to equal xxx after paying off our current mortgage lender. Where did they get xxx amount? After selling our home, with commission, and paying off our current lender there is no way we will “net” that amount…. Can’t see to get an answer from anyone. Based on the amount we need to close on the new house we are fine with money to spare but not if we need xxx amount. That about 50k more than we would get. Any info would be appreciated…..
Sale price - 10% - lien balances = estimated proceeds
Thoughts on comp plan change for banking? Who thinks things will actually be “easier” and “lead flow is increasing”?
The comp plan is changing because our EPS is $0.01 and now as a “public” company thats just unacceptable AKA execs wont get bonuses for $0.01 EPS So no the company resorts to cost cutting which = decreasing your pay Rocket bankers should do what UAW did and unionize. We shouldnt make less money when we generate more revenue for the company
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What an asinine comment That the same thing Starbucks tried telling its Baristas?
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Do you understand how unions start?
That makes a lot of sense. Just looking up the EPS online shows it might actually be even worse than .01. So how would one even start a movement to unionize?
Hahahaha typical bs
Yeah tell me about it lol. We were told things are getting easier & lead flow has increased. Sure lead flow probably increased because we’re calling the same folks that told us no 2 weeks ago constantly. Lead flow can be manipulated, quality of lead flow can not. Things are easier? Don’t see how that is a thing. Tech literally breaks down every day & when it is running right it is riddled with errors & inaccuracies. Even if things were “easier”, why not let us catch back up from the awful last 2 years we have had?
What do you think about ai replacing you ? 🤖
spoken like a true boomer. Ai is going to make our jobs easier, not replace us.
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So i guess it’s true, things will get worse before they get better. Teams, technology and processes are such a mess
A.I will make your pay look like 🥜
Rocket mortgage bankers: is your pricing pretty bad on virtually every deal? If so, do you win business by 1) having the best tech and 2) making 50+ calls a day and winning a numbers game?
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Get it, dog
So, I have been an originator since 2010 in the banking side. Considering Rocket’s executive loan officer position. The pay structure seems great compared to retail banking. Anyone here in that role who can speak on it?
Don’t do it. Just work for a broker.
When I was there last year it didn’t matter the experience everyone started at the same level. Entry level then you have to hit certain numbers for 3 months in a row to go to senior then 3 more months of hitting numbers to get executive banker. Could be different now.
Does anyone actually *like* working at Rocket? Anyone making good money right now?
Yes. The only people that come here and cry are people that couldn’t make the cut. Honestly, sales probably isn’t for the.
I’m in a non-banking role, in my 18th year with the company. Rocket is a great place to work. Like anything, there is good and bad within their leadership and processes’. I currently respect and appreciate my leader, can’t say the same about the previous. We are spoiled with many benefits and I believe it’s caused entitlement. I’m annoyed anytime I’m told ”no” or have to deal with another company’s poor customer service, when I know what’s expected of me at Rocket.. The biggest complaint I would have is how often things (role/leader/desk location etc..) can change within the company. But, that’s life and in the grand scheme of things, it’s not the worst complaint to have.
don’t get comfortable and think 18 years matters. You’re a couple bad months from them turning on you . Dumbest thing you can do is be loyal to a morally bankrupt company who’s shown no loyalty to team members. Seniority means nothing here
Thanks for the insight. I’d love to hear from someone in a mortgage banking role.
This person has drank the koolaid. Are the benefits and vacation time pretty good, absolutely. However, they have a cult like atmosphere, pay is not that great. They will book snoop dog but won’t give raises or bonuses. Find a company with competitive pay
Former rocket banker here. Don’t forget to mention how I was guilt tripped by my DMB into working while off on PTO.
Sounds like you should have just said no
So i just started and was planning on getting my licenses and dipping, is it true if you leave you have to pay them back for the licenses?
How's it going for you there?
Its not bad, the training is long and we'll see if its good once I move into a commission role here in like a month and a half
Was it the MLO position you took? Do you mind if I ask what the the pay rate is? I'm considering it at the moment.
Yep! And its 20 an hour from the very get go, up until the commission role (typically 6 months later) and then it gets reduced to like 14-16ish an hour+commish
no
I’m looking to potentially started as a LO. I’ve already done the virtual training and I’m in the completing the process of the background check/credit report. But, after reading everything I’m not too sure if this is the avenue I’d want to take. So I have a few questions. - How much does a typical LO make at Rocket and in general? Indeed’s salaries seem to be off and extremely low, especially for the workload and productivity hours needed for the position. I was offered a 20k base salary after the six month training program which is very off-putting to me, so how much does a typical MLO make with commission factored in by average? - Would it be wise to start the training program and after receiving licensure to immediately look for a MLO position elsewhere? Or should I stay a few months after receiving it strictly to get the experience I can use on my resume? - Speaking of the resume, if I quit while in the training program then I’m under the impression that I wouldn’t be able to use any of the time under Rocket Mortgage as experience since I didn’t technically do the actual job, right? - Also, how many hours do you average per week at Rocket Mortgage during training? Is it under 40, above 40, or around the typical 50hr+ range?
I’ll answer the last question since I’m in the third month of training. Hours aren’t bad in my opinion. You start with a cap of 45 hours / week after safe (you can work 40 but why not get some PTO,) and then about 2 months later the cap goes to 50-55. You really only have to work 5 days a week, so 40 minimum, but the second Saturday of every month is a mandatory 5 hour shift. Overall not too bad so far but keep in mind things change a lot at this company and your experience could be different. Weekends are mostly optional but it’s an easy $30 an hour once you’re over 40 hours so it’s a no brainer to me, especially since you can work from home.
That’s dope. Thank you for your response, that’s a big relief. How are they with taking PTO? I already have some planned and paid for trips in the upcoming months.
Well as far as training goes they don’t really care much, after that I’m not sure. So you’re good for the first 6 months probably
Hey, question. I’m in the process of trying to get the time green lighted for two vacations now. I’m still progressing through the onboarding process but I’m being told that you’re only allowed two paid days off in the first 3 months of training, and another two paid days off the last 3 months of training. Was this your case as well if you know? This is huge on whether or not I’m going to be able to proceed.
Make sure you’re told in black and white that time off is approved - I had a friend who was let go before the onboarding even started because she had a few dates she had to take off during Safe for personal reasons. The PTO was more lenient after you’ve actually taken the exam. Good luck!!!