-Hours are long and COMPLETELY unnecessary. Especially the way the market is now. Typically 11 hour days Monday-Friday and mandatory/“volunteer” weekends. 60-65 hour weeks. If you don’t sign up they make you feel like dirt. You’ll sign up and get two-three calls and usually it’s people who hate Rocket.
-Goal is unattainable and they make you feel better about it by lowering it by two. Which does nothing considering you can go elsewhere and get paid by loan per volume on closings and truly "run your own business"
-Lowering of goals usually leads to a lowering of pay.
-Company made BILLIONS the past two years, instead of flying as an eagle and helping their bankers, they fly like pigeons and crap all over us.
-Big awkward meetings with ‘Rock Partners’ who remind you how great the company is because they are rich, sharing their love for Family, Sports, and Traveling, who went through the market crash in 08’ completely neglecting the fact it’s happening all over again, and 06’ and 07’ rates were not in the 2% range.
-Meetings in general way too many that take time from your day hitting their other unrealistic numbers which you have to work more to then make up.
-Leadership constantly hiding information from bankers.
-Robotic scripts you have to read that don’t work, any person with logic can see it’s scummy.
-You have to harass clients 3-4 times a day via phone calls/texts until they scream and yell and ask to be off the list. If they don’t well you just keep calling.
-Lead flow is abysmal, it use to be pretty bad with us harassing the elderly who click on a Facebook ad or people wanting free stimulus money, now it’s leads from two years ago during the boom who we couldn’t even help or are already put into a 2% from another company and we just decide to call them again out of no where.
Borderline predatory lending, have teams dedicated to calling our current clients who JUST closed within 6 months (this is the time frame where legally we're allowed to refinance them again) to basically try to convince them to refinance once again and take on another five figures in closing costs.
-Try to persuade people that there’s bad debt and good debt, good debt being a mortgage and bad debt being credit cards etc, when in reality any debt is bad, and just because you transfer from credit cards to a 30 year mortgage doesn’t make it any better, especially when you read my above ‘Con’. The client is just going to go right back to using their credit cards. Not the company's fault, however let's not pretend we are "helping" anybody.
“Talk Time” as if we are literally Elementary Children. Imagine having a Wife/Husband, or a Girlfriend/Boyfriend and you walk into the house, hang your top hat and coat up..your significant other says “Welcome home, Dear…how was your day?” To which you respond with a quivering voice “I don’t wanna talk about it…I got logged into my drive today…I missed talked time by 21 minutes…..TALK TIME SWEETHEART!!! DON'T YOU UNDERSTAND?!” to which he or she just divorces you on the spot, as instead of being a professional Mortgage Banker you are treated like a 6 year old.
-While the majority of bankers literally starve, the company allocates good leads (people actually interested in refinancing) to a select few of individuals who are used as a “token” to show other bankers that “hey, if I sacrifice my morals and personal time/soul with the company, I too can make 10k a check” of course that comes out to be about 5k a check after taxes because of how commission gets taxed.
-Foundation transfers are one of the most EMBARRASSING aspects of this "professional" company. Foundation dials out, reads their script really fast, does not finish their sentences and then drops the client into the bankers pipeline, leaving the banker and client scrambling to make sense of it all or even worse says nothing and you're waiting to be introduced and its just silence. What's worse, is this company DOES NOT care about this, they actually encourage this type of transfer to ensure they're "connected" to a loan officer. Its rare legal call recording disclosures ever get read or they even confirm a real person is on the phone. It sets both the foundation banker up for failure, as they are doing the wrong thing, and the mortgage banker as the client is dazed and confused from the rambling. Not professional, it's pathetic and desperate. Needs to be fixed, but it won't, and to me it’s absolutely MIND BOGGLING.
-Honest to god 95% of the people we call have no idea why we are calling, have zero interest in refinancing, and every call turns into an argument. And if you can’t convince someone to rip their credit randomly in the first minute of the call, be prepared to have it listened to by everyone on your team. As hindsight is 20/20 and ThE iNtChEs wE nEeD aRe EvErYwHeRe ArOunD uS
-JD Power Awards. The company is so focused on these awards that they don't realize everything they're currently doing is pushing them even further away from winning these again.
-Brag about the BILLION dollar marketing budget. Little do most people realize this gets paid for by non of than the CLIENTS. Anyone who decides to do a refinance is paying 2-3 times what you would anywhere else. Its actually a joke to see how high of a rate or how much closing costs a banker can pack in or sell to people.
-Upper leadership often will have these little meetings where it appears they are “brainstorming” on what to do, with their note pads and big screens, only to hold a huge zoom meeting right after basically screwing everyone over, while the higher tenured and ‘ranked’ bankers do a goofy clap emoji in the meeting and say “wowww omg Rocket cares so much.” Have you ever seen a race horse with its horse blinders on? Yeah…it’s like that.
-This place is a good example of how Orwellian a corporation can be. Micromanagement is OFF THE HOOK here, every thing you do is monitored, put on display and talked about, compared and contrasted. They talk about “running your own business” but Big Brother is not just the Feds who have control of literally every thing to do with fiat money, it’s Rocket Mortgage. They watch EVERYTHING you do or say.
-More than half the time, a loan doesn't even close as we are just forced to push it through, fortunately you get paid when it's Conditionally Approved. But be prepared for the client to blow you up and then also get hit on your pay for getting a bad review from the client or not closing enough loans because leads are so few and far between.
-Leadership talks daily of helping Americans out, but these guys only care about making money, many who are successful here, this is all they know. The ability to BS your way on the phone with someone is rewarded, but you feel scummy at the same time. You have to be a borderline psychopath to do this as a career here…almost 70 hour weeks harassing people daily, that’s literally the job here, harassing individuals..I’m serious..its called Rock Connections where all they do is dial clients 4-5 times a day and leave 2 voicemails urging them to call us back.
-At first, the cult vibes make you feel like you’re a part of something, with the ISMS and all, but after awhile you start to see the forest through the trees and you begin to realize not only does Rocket play Psychological games with their clients, they also play it on their bankers too. It’s truly fascinating, disturbing and Orwellian…
Stay away. Don’t be tempted by the slight prospect to make a living here, or getting excited about calling yourself a “Mortgage Banker”, without sacrificing your dignity, your soul and mental health, you won’t get anywhere here. It’s not a normal place, believe me.
