No merit increases, not much job security, uneven leadership. Over hires, then dumps employees unceremoniously based on "business need". The biggest con though, is how they lied to us when offering the buyout this May after business slowed down across the mortgage industry, but hitting Quicken Loans/Rocket Mortgage especially hard as it's the biggest mortgage lender in the country.. Different teams across origination and title were offered a separation package in lieu of layoffs without pay in late March, early April, with a final day of May 6th. Hundreds to thousands of mortgage professionals lost their job at a time when no one was hiring mortgage professionals. When we were offered the buyout, a lot of us were told there is no other work available, and no place to transfer, and they didn't think the slowdown would end anytime soon. We were encouraged to take the buyout, with Jay Farner saying in a meeting about it they wanted to take care of their people. He also said in the meeting, "you'll still be able to claim unemployment, we won't fight any unemployment claims." Guess what though? Several months later, the State of Michigan Unemployment Insurance Agency let me know my claim was under review, as the separation agreement had been updated to a voluntary quit. They advised me I had to pay back every payment claimed, and I was to be charged 1 percent interest on the amounts owing. When I called UIA to figure out what was going on, they told me Quicken Loans dba Rocket Mortgage updated my separation reason. I thought that must be a mistake, so I reached out to the unemployment team at Rocket Central and a person named Kirsti confirmed they were treating the separation as a voluntary quit. So now I have to figure out how to pay back thousands of dollars I believe I was entitled to as part of what was essentially a mass layoff of hundreds of employees. I only just started working, and at a wage about half of what I was making before. I just had a baby, and I had to move to find the job I have now. I can't afford this, and I can't afford the credit hit I'll take when UIA sends the debt to collections. I can't believe Rocket Mortgage wouldn't help me with this, when all they had to do was classify the separation as a layoff. To recap, Rocket Mortgage overhired to maximize profit in the short term, and then when interest rates rose and the market turned sour, they realized they had too many people on payroll but didn't want the PR hit of layoffs. So Jay Farner and Rocket Mortgage encouraged us to take a buyout, encouraged us to file unemployment, told us verbally and in writing that they wouldn't fight unemployment claims, and then turned around and reported us to the state as having quit. I used to swear by Rocket Mortgage. Wanted to buy my home with them. Wanted to retire there. Now I will never recommend them to anyone.
