When considering a career in the mortgage industry, many professionals are drawn to Quicken Loans, now rebranded as Rocket Mortgage. As one of the largest mortgage lenders in the U.S., the company offers a range of positions with competitive salaries. Whether you’re just entering the field or are a seasoned mortgage banker, understanding salary expectations is crucial.
In this article, we’ll provide a comprehensive breakdown of Quicken Loans mortgage banker salaries, exploring various job titles, experience levels, and locations. We’ll also highlight factors influencing these salaries, such as bonuses, commissions, and additional benefits.
General Job Roles at Quicken Loans Mortgage Services
Here is a detailed breakdown of salaries for various mortgage banker roles at Quicken Loans. The data provides a clearer picture of how earnings grow as professionals advance within the organization.
| Job Title | Average Annual Salary |
|---|---|
| Mortgage Banker | $81,000 – $151,000 |
| Associate Mortgage Banker | $93,000 – $173,000 |
| PC Mortgage Banker | $98,000 – $183,000 |
| Senior Mortgage Banker | $110,000 – $205,000 |
| President’s Club Mortgage Banker | $112,000 – $209,000 |
| Purchase Mortgage Banker | $117,000 – $218,000 |
| Executive Mortgage Banker | $121,000 – $225,000 |
Additional Job Roles at Quicken Loans Mortgage Services
Apart from mortgage banker roles, Quicken Loans offers other positions that are vital to its operations. Below is a list of additional jobs within Quicken Loans Mortgage Services and their corresponding salaries.
| Job Title | Average Salary | Hourly Rate |
|---|---|---|
| Big Data Engineer | $120,542 | $58 |
| Credit Underwriter | $50,385 | $24 |
| Associate Banker | $35,905 | $17 |
| Frontline Support Specialist | $73,284 | $35 |
| Loan Administrator | $34,778 | $17 |
| Mortgage Underwriter | $59,559 | $29 |
| Senior Credit Underwriter | $89,325 | $43 |
| Associate Underwriter | $77,846 | $37 |
| Development Partner & Manager | $61,599 | $30 |
| Senior Banker | $110,637 | $53 |
| Account Executive | $63,128 | $30 |
Salary Insights for Various Positions
At Quicken Loans, a range of mortgage-related roles cater to different aspects of the loan process. From mortgage bankers working directly with clients to underwriters ensuring loans meet standards, each position offers competitive pay. For instance, a Big Data Engineer at Quicken Loans earns an average salary of around $120,542 per year, reflecting the high demand for tech expertise in the mortgage industry. In contrast, roles like Loan Administrators have more modest earnings, averaging $34,778 annually.
Overview of Mortgage Banker Roles at Quicken Loans
Quicken Loans offers several roles in the mortgage banking industry. Below is a list of key job positions, along with a detailed salary breakdown for each.
1. Mortgage Banker
A mortgage banker at Quicken Loans is responsible for working directly with clients, guiding them through the mortgage process, and ensuring they find the best loan option. These professionals often work on commission in addition to a base salary.
| Experience Level | Base Salary | Average Commission | Total Average Annual Salary |
|---|---|---|---|
| Entry-Level (0-2 years) | $40,000 – $45,000 | $15,000 – $30,000 | $55,000 – $75,000 |
| Mid-Level (2-5 years) | $45,000 – $55,000 | $30,000 – $50,000 | $75,000 – $105,000 |
| Senior-Level (5+ years) | $55,000 – $65,000 | $50,000 – $75,000 | $105,000 – $140,000 |
2. Mortgage Loan Officer
Mortgage loan officers at Quicken Loans work with potential borrowers to help them secure financing for real estate purchases. Their compensation is typically commission-heavy.
| Experience Level | Base Salary | Average Commission | Total Average Annual Salary |
|---|---|---|---|
| Entry-Level (0-2 years) | $38,000 – $42,000 | $10,000 – $25,000 | $48,000 – $67,000 |
| Mid-Level (2-5 years) | $42,000 – $50,000 | $25,000 – $40,000 | $67,000 – $90,000 |
| Senior-Level (5+ years) | $50,000 – $60,000 | $40,000 – $65,000 | $90,000 – $125,000 |
3. Mortgage Specialist
Mortgage specialists focus on specific aspects of the mortgage process, from documentation to underwriting. These positions often offer more stability with less commission variability.
| Experience Level | Base Salary | Commission | Total Average Annual Salary |
|---|---|---|---|
| Entry-Level (0-2 years) | $40,000 – $45,000 | N/A | $40,000 – $45,000 |
| Mid-Level (2-5 years) | $45,000 – $55,000 | N/A | $45,000 – $55,000 |
| Senior-Level (5+ years) | $55,000 – $65,000 | N/A | $55,000 – $65,000 |
Bonuses and Incentives at Quicken Loans
In addition to the base salary and commissions, mortgage bankers at Quicken Loans often receive performance bonuses. These bonuses can range from $5,000 to $20,000 annually, depending on individual performance and company profitability. Employees also benefit from health insurance, retirement plans, and paid time off, which add to the overall compensation package.
| Bonus Type | Amount Range |
|---|---|
| Performance Bonus | $5,000 – $20,000 |
| Signing Bonus (in some cases) | $1,000 – $5,000 |
| Referral Bonus | $500 – $2,000 per hire |
Factors That Influence Salary
Several factors can influence how much you earn as a mortgage banker at Quicken Loans, including:
- Location: Salaries can vary depending on the cost of living and demand for mortgage services in different states. For example, mortgage bankers in cities like New York or Los Angeles may earn higher commissions than those in smaller cities.
- Experience: Like in most industries, experience plays a big role in salary. More experienced bankers tend to close more deals and receive higher commissions.
- Performance: Your ability to close deals directly impacts your commission and bonuses, making this a high-performance-based role.
- Certifications: Additional certifications like the National Mortgage Licensing System (NMLS) may boost your earning potential.
Average Salary by Location
To give a clearer idea of how salaries vary based on location, here’s a quick comparison of Quicken Loans mortgage banker salaries across key U.S. regions.
| City | Average Total Salary |
|---|---|
| New York, NY | $120,000 – $150,000 |
| Los Angeles, CA | $110,000 – $140,000 |
| Chicago, IL | $100,000 – $125,000 |
| Dallas, TX | $95,000 – $115,000 |
| Phoenix, AZ | $90,000 – $110,000 |
How to Maximize Your Salary at Quicken Loans
If you’re looking to maximize your earning potential as a mortgage banker at Quicken Loans, consider the following strategies:
- Improve Sales Skills: Strong sales performance can significantly boost your commissions and bonuses.
- Obtain Certifications: Earning certifications like NMLS can help you stand out and qualify for more senior roles.
- Relocate to High-Paying Areas: Working in metropolitan areas with a high cost of living can often result in higher commissions and bonuses.
- Stay Consistent: Building a portfolio of clients and maintaining a strong performance record will help ensure steady growth in income.
Conclusion
Working as a mortgage banker at Quicken Loans offers a lucrative opportunity, especially for those who thrive in a commission-driven environment. With the right combination of experience, skills, and performance, professionals in this role can earn a highly competitive salary, with significant bonuses and incentives.
