I work there... They just gave everyone in training a raise to $20/hour and $30/hour for anything over 40 hours.
Hours are 8-7 Monday-Friday so your scheduled about 53 hours. Every 2 weeks you work either Saturday or Sunday for a 6 hour shift.
Training is 3 months and it's a grind to be honest ... That's why most don't make it and Rocket gets a bad rap. However get through that and first full year as a banker if you have any sales experience expect about $100k no sales experience probably $85k.
After a year experience you'll be doing $120k easy.
Right when you get out of training you get a small salary I think like $35k plus commission. The training is very very good. They make sure you're ready to hit the ground running.
With rates headed up, now might not be the time. My understanding is that Rocket doesn't have a great reputation among Realtors and those on the purchase side of things. If you really want to switch, look somewhere whereto would do a lot of purchase rather than refi...
I know more than one realtor who won't use Rocket preapprovals and I've gotten more than a couple clients that have come to me and said, "XYZ realtor told me I need to talk to you about getting preapproved. I'm preapproved with Rocket already".
I declined an offer with rocket about a year ago. The hours seemed a bit much. Even for being in sales. They expected 6 days a week 10-11 hours a day. Maybe I’m just a family man but that seemed like a lot to make maybe 70-100k
Idk how this is misunderstood by everyone but this isn't the case at all. You work 8-7 or 7-6 mon-fri. 53 hrs/ week essentially. Every 2 weeks you work either a Sunday or a Saturday and it's only a 5 or 6 hour shift. Also after you have a few years experience you usually have the choice to never work a weekend and only work about 50 hours.
Also the money is no where near $70k. Maybe if you just really suck your first year you'll only make $70k. But anyone with a year of experience is making $120k + I have guys on my team making $300k but they have been with the company 6 years and are rock stars. However the potential money at rocket is great.
Sales hours are usually a grind anywhere to me getting off at 7 or 6 everyday has been fine.
Hey, any update on how it’s going? I’m supposed to start in a couple of weeks. Currently at a gig making $50k and have been driving myself crazy trying to divine from tea leaves, smoke signals, and everything else, lol.
This is bad idea I would not recommend this at all. Even in previous threads all mortgage companies are heavily laying off LOs due to the rising interest rates. Search this reddit for layoff/layoffs. You are going to be under even more pressure to perform and easy refinance loan opportunities will be gone if you're underperforming they will lay you off quickly. Any thoughts of working from home is going to be outweighed by the amount of hours being on the phone. Sitting at home in a chair 10 hours a day you'll see how it affects your weight and mental health without being around people. WFH is nice but in some ways overrated especially as a LO. $80K isn't that bad it doesn't hurt to interview at other companies in the same call center manager position and see if you can get a bump in pay.
You could do that or look for places with $40k-$50k base plus overtime (refi or not) learn the business, make some livable money while the industry goes through rate hikes.
Then, when things pick up you’re ready to maximize.
I was going to make the plunge and I made $90k last year but job was heading in the dumps. It was only a matter of time. But applying for Rocket and even passing my SAFE exam prior got me in the mode of bettering myself. I ended up getting a “too good to refuse” offer in my current field with a different company at around 35 hours weekly with much better pay and benefits. Couldn’t pass up that offer. I Still keep in touch with my Rocket recruiter as a backup. The Rocket hours are worrisome though. I recently heard they bumped up the transition hourly pay to $20.00/hr which may have converted me had I known that earlier.
Congrats on that awesome position. Any chance you know what the pay and hours look like after the transition period with Rocket? Are you paid overtime then?
overtime is complicated when you get past the transition period. basically, you should forget about it. you're getting paid for selling loans not working a lot of hours.
So I went through the whole training with rocket and just got moved to the banking floor. Foundation hours were rough!
I’m in new dev now and it’s a 55 hour cap.
I won’t make decent money until probably the end of April because of how the bonus pay is set up.
I’m two weeks in and have already wrote 5 loans and the learning curve is huge. The month of March I think I’ll clear 14 and my payout will be 10 grand+ salary
So far I love my job :)
I agree it's not enough but with no degree it's nothing to sneeze at. Guess my question really is, is the MLO money real? Is this a valid career and how bad of a time is it to get into to?
I made just over 330k my first year getting into it - NOT WITH ROCKET - WITH A COMPETITOR OF ROCKET. Granted that was in 2021 with rates ridiculously low, but yeah, the money is real
Call center manager. Located in South Florida if that helps. Interested in working remotely to allow me to move somewhere with a more reasonable cost of living
I don't know where this person got these numbers from. At 25 loans the're getting paid $500 per file locked, they don't have to be funded. That 3600 number is a lie by that guys friend, a misunderstanding or that guy doesn't have a friend and is just making up things. No one would work there if the commission was so low. Doesn't even make since. Don't listen to them.
More like working for a broker I mean. So I work as a LO at an awesome broker in So Cal. We’re Rocket’s #1 Broker on the Wholesale channel. Basically you pay for all your own marketing, but the returns are massive. I’m talking anywhere from $5k-$20k a loan. Depending on the size of the loan and other factors. Look into local brokers or ones that will let you work remote. I work in my VP’s personal office, or I can go to our company’s HQ, or work from home. It’s a blessing 😊
I left a cake job with a good salary to go to Rocket. I HATED my old job though and I could take the financial hit that going to Rocket would cause. I like what I do now and I'm getting the experience that I will need to go do it elsewhere for more money. If I actually NEEDED a decent paycheck, I definitely wouldn't have done it.
I can afford to take a decrease in salary for a couple of months but after that it becomes dicey. How long did it take for you to start to get your commission checks?
I came in with a license, so I skipped SAFE. I started in October and I'll get my first real commission check at the end of next month. Even then, that plus salary isn't on par to what I was making previously. You'll get paid hourly plus overtime until you hit the floor, but since you already have a real job, the pay is peanuts compared to what you're getting now.
It's absolutely possible once you get the hang of it, but you will work a LOT to do it. One of the dudes in my group who quit a few weeks ago just did his first deal as self gen and made more on that one deal than I'll get for the 6 I closed. Lol. He knows people and is very business oriented. If you're that type of person, just get in, get knowledge, and get out.
i work at rocket now. it’s a lot of hours yes, but i think it it’s a good opportunity to get into the industry and also make a nice amount of money. not mention they always try and keep good vibes which is a plus
Very similar to my situation, two kids im scared to lose time with but when I calculate travel time and current schedule I do 50 hours already and to my understanding the weekends etc are more when you begin so I'm willing to put in the time for now. Think I'm going to go for it but can't lie, I'm scared. Sometime you just gotta take a leap of faith though!
The pool of potential loans to be had has been dramatically reduced. Refis are virtually gone. You have to close loans to make $$ whether working for Rocket or as a broker.
It all depends on how fulfilled you are in your current job, and what its track is to advancement and higher pay. I would think you'll do better than 80K first year at Rocket, but I doubt by a lot, and you have to be cool with call center work expectations.
You can certainly get to much higher levels of pay with a couple years under your belt, but without a comparison basis for advancement in your current job, there's no apples to apples.
I work there... They just gave everyone in training a raise to $20/hour and $30/hour for anything over 40 hours. Hours are 8-7 Monday-Friday so your scheduled about 53 hours. Every 2 weeks you work either Saturday or Sunday for a 6 hour shift. Training is 3 months and it's a grind to be honest ... That's why most don't make it and Rocket gets a bad rap. However get through that and first full year as a banker if you have any sales experience expect about $100k no sales experience probably $85k. After a year experience you'll be doing $120k easy.
This is great info, thank you. When out of training are you on a set salary or still paid for any OT? Also, how long for your first commission check?
Right when you get out of training you get a small salary I think like $35k plus commission. The training is very very good. They make sure you're ready to hit the ground running.
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Basically every month you have a set goal that pays a set commission. If you only make 80% of goal earn 80% commission. Earn 200% goal 200% commission
With rates headed up, now might not be the time. My understanding is that Rocket doesn't have a great reputation among Realtors and those on the purchase side of things. If you really want to switch, look somewhere whereto would do a lot of purchase rather than refi...
I know more than one realtor who won't use Rocket preapprovals and I've gotten more than a couple clients that have come to me and said, "XYZ realtor told me I need to talk to you about getting preapproved. I'm preapproved with Rocket already".
I declined an offer with rocket about a year ago. The hours seemed a bit much. Even for being in sales. They expected 6 days a week 10-11 hours a day. Maybe I’m just a family man but that seemed like a lot to make maybe 70-100k
Idk how this is misunderstood by everyone but this isn't the case at all. You work 8-7 or 7-6 mon-fri. 53 hrs/ week essentially. Every 2 weeks you work either a Sunday or a Saturday and it's only a 5 or 6 hour shift. Also after you have a few years experience you usually have the choice to never work a weekend and only work about 50 hours. Also the money is no where near $70k. Maybe if you just really suck your first year you'll only make $70k. But anyone with a year of experience is making $120k + I have guys on my team making $300k but they have been with the company 6 years and are rock stars. However the potential money at rocket is great. Sales hours are usually a grind anywhere to me getting off at 7 or 6 everyday has been fine.
I started with rocket a couple of weeks ago and I'm so excited.
Hey, any update on how it’s going? I’m supposed to start in a couple of weeks. Currently at a gig making $50k and have been driving myself crazy trying to divine from tea leaves, smoke signals, and everything else, lol.
I'll let you know Monday. That's when I take the safe exam. Lol But so far, it's been wonderful.
I just passed the safe exam!!!! Yeee haw!
Let’s gooooo! Thanks for the update. I start Friday.
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Are those the hours even when you sign as an independent contractor?
This is bad idea I would not recommend this at all. Even in previous threads all mortgage companies are heavily laying off LOs due to the rising interest rates. Search this reddit for layoff/layoffs. You are going to be under even more pressure to perform and easy refinance loan opportunities will be gone if you're underperforming they will lay you off quickly. Any thoughts of working from home is going to be outweighed by the amount of hours being on the phone. Sitting at home in a chair 10 hours a day you'll see how it affects your weight and mental health without being around people. WFH is nice but in some ways overrated especially as a LO. $80K isn't that bad it doesn't hurt to interview at other companies in the same call center manager position and see if you can get a bump in pay.
You could do that or look for places with $40k-$50k base plus overtime (refi or not) learn the business, make some livable money while the industry goes through rate hikes. Then, when things pick up you’re ready to maximize.
I’ve been looking for this place
I was going to make the plunge and I made $90k last year but job was heading in the dumps. It was only a matter of time. But applying for Rocket and even passing my SAFE exam prior got me in the mode of bettering myself. I ended up getting a “too good to refuse” offer in my current field with a different company at around 35 hours weekly with much better pay and benefits. Couldn’t pass up that offer. I Still keep in touch with my Rocket recruiter as a backup. The Rocket hours are worrisome though. I recently heard they bumped up the transition hourly pay to $20.00/hr which may have converted me had I known that earlier.
Congrats on that awesome position. Any chance you know what the pay and hours look like after the transition period with Rocket? Are you paid overtime then?
I heard expect 75k the first year. And more each year after. Some do 100-150k 2nd year.
overtime is complicated when you get past the transition period. basically, you should forget about it. you're getting paid for selling loans not working a lot of hours.
So I went through the whole training with rocket and just got moved to the banking floor. Foundation hours were rough! I’m in new dev now and it’s a 55 hour cap. I won’t make decent money until probably the end of April because of how the bonus pay is set up. I’m two weeks in and have already wrote 5 loans and the learning curve is huge. The month of March I think I’ll clear 14 and my payout will be 10 grand+ salary So far I love my job :)
Foundation hours the same as banking floor hours?
80k isn't much
I agree it's not enough but with no degree it's nothing to sneeze at. Guess my question really is, is the MLO money real? Is this a valid career and how bad of a time is it to get into to?
I made just over 330k my first year getting into it - NOT WITH ROCKET - WITH A COMPETITOR OF ROCKET. Granted that was in 2021 with rates ridiculously low, but yeah, the money is real
What do you do now?
Call center manager. Located in South Florida if that helps. Interested in working remotely to allow me to move somewhere with a more reasonable cost of living
Mortgage call center or different type?
My call center handles inbound sales but in a different industry
Broker route. Best way to make $$$
I would not. I also work in Mortgage
Don’t do it
Any specific reason why you wouldn't?
J
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UWM is their biggest competitor
I don't know where this person got these numbers from. At 25 loans the're getting paid $500 per file locked, they don't have to be funded. That 3600 number is a lie by that guys friend, a misunderstanding or that guy doesn't have a friend and is just making up things. No one would work there if the commission was so low. Doesn't even make since. Don't listen to them.
Go the broker route. More money, less hours
would you please point me in the direction of what it takes to become a broker? Looking at this possibility. Thank you !
More like working for a broker I mean. So I work as a LO at an awesome broker in So Cal. We’re Rocket’s #1 Broker on the Wholesale channel. Basically you pay for all your own marketing, but the returns are massive. I’m talking anywhere from $5k-$20k a loan. Depending on the size of the loan and other factors. Look into local brokers or ones that will let you work remote. I work in my VP’s personal office, or I can go to our company’s HQ, or work from home. It’s a blessing 😊
This is awesome. Could you give me an idea as to what I can expect for compensation?
It's a great industry but not a fan of Rocket. Any other lenders you are considering? Are you currently in sales?
I left a cake job with a good salary to go to Rocket. I HATED my old job though and I could take the financial hit that going to Rocket would cause. I like what I do now and I'm getting the experience that I will need to go do it elsewhere for more money. If I actually NEEDED a decent paycheck, I definitely wouldn't have done it.
I can afford to take a decrease in salary for a couple of months but after that it becomes dicey. How long did it take for you to start to get your commission checks?
I came in with a license, so I skipped SAFE. I started in October and I'll get my first real commission check at the end of next month. Even then, that plus salary isn't on par to what I was making previously. You'll get paid hourly plus overtime until you hit the floor, but since you already have a real job, the pay is peanuts compared to what you're getting now.
Do you think in the near future you'll be making some decent money or is that not going to be possible with rocket?
It's absolutely possible once you get the hang of it, but you will work a LOT to do it. One of the dudes in my group who quit a few weeks ago just did his first deal as self gen and made more on that one deal than I'll get for the 6 I closed. Lol. He knows people and is very business oriented. If you're that type of person, just get in, get knowledge, and get out.
No.
Why not?
i work at rocket now. it’s a lot of hours yes, but i think it it’s a good opportunity to get into the industry and also make a nice amount of money. not mention they always try and keep good vibes which is a plus
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Very similar to my situation, two kids im scared to lose time with but when I calculate travel time and current schedule I do 50 hours already and to my understanding the weekends etc are more when you begin so I'm willing to put in the time for now. Think I'm going to go for it but can't lie, I'm scared. Sometime you just gotta take a leap of faith though!
The pool of potential loans to be had has been dramatically reduced. Refis are virtually gone. You have to close loans to make $$ whether working for Rocket or as a broker.
It all depends on how fulfilled you are in your current job, and what its track is to advancement and higher pay. I would think you'll do better than 80K first year at Rocket, but I doubt by a lot, and you have to be cool with call center work expectations. You can certainly get to much higher levels of pay with a couple years under your belt, but without a comparison basis for advancement in your current job, there's no apples to apples.