Pros
There are still some great team members at this company.
Cons
I’m in refi banking and for as long as I’ve been here, there have been “comp plan” adjustments based on the market, rates, etc. However, earlier this year there was a significant cut in bonus payout to the tune of about 65%. A lot of tenured bankers have now left the company because of this. It really is a shame that greed got the better part of this once amazing company. The mortgage industry has started to slow down now that rates are going up and the purchase season is over with less business then expected due to limited housing inventory. You figure in these circumstances, QL would revise the comp plan to accommodate for lower volume, but instead they cut our commission by 65%. A few years ago when things were super busy, the payouts were great, and although QL keeps gaining market share and is having a strong year, bankers are making less now than ever before. This is across the board in all departments too. It really makes me sick, to see how a company that claims to be different from the rest, is now strictly profit driven. A few years ago, I would have argued with anyone who claimed QL was just like any other company. They treated us like family, and team members really felt like part of something bigger. Now I realize it was all manipulation, getting bankers pumped up to put up big numbers and now that those days are gone they could care less about us. We mean nothing to them, we’re just a number, and if one of us leaves they don’t care now since they’ve been firing employees like crazy. They talk about better work life balance, but that’s all a facade. If you work less, you don’t hit your numbers, and you’re put on letter for this. No matter how you slice it, bankers are working around 60 hours a week, but making a lot less than before. I feel like I’m stuck here now, and unless I can find something else that pays similarly elsewhere, I’m at the mercy of QL. Which will inevitably mean more pay cuts.
