Complain about a product or service

Quicken Loans

Jimmy of Hattiesburg, MS July 30, 2009

I recently applied for a re-finance of my home and several acres of land through Quicken Loans. When I first talked to their representative Tony, he asked for information reguarding the value of my property, my credit scores, and my income. I was told if all the information could be verified I would have no problem obtaining a loan at a much lower rate than my current 7.75 %.

Since I knew my credit scores were well above 700, and my income was over 80,000 per year and had grown by 10,000 since the previous year, and my property was worth more than double what I owed, (due to a recent appraisel) I agreed to go ahead and apply. But I specifically told him I wanted whoever had the final say to either approve or dis-approve the loan up-front, assuming that my credit was good, the property was worth the required amount, my income was sufficient and the deed was clear on the property, I did not want to go through several weeks of paperwork then have the loan declined in the end because interest rates had risen and they no longer want my business at the stated rate, or because they were no longer making loans to blue-eyed males, or some other excuse.

I was assured that that would be done as soon as they could check my credit and see my tax records. After getting my consent, he checked my credit and found it OK, then he asked for copies of my last two years tax returns and I faxed them to him. Then he called me back a short time later and told me he had checked with his underwriter and also with Fannie Mae & Freddie Mac and they had approved everything providing my Property was worth what I had told him, and there were no incumberments on my deed…..then he said I would have to put up a 500.00 deposit to proceed further.

When I asked him what the 500.00 was for he said to cover their costs in getting their own appraisel, title check & other incidentals attributed to the loan process. I told him at that time that I was no longer interested in the loan if I had to pay for his accounting costs and thanked him for his time.

Before I could hang up he said “Hold on for a moment, I may can work something out on the deposit so I waited until he came back on the line. He asked me if I would go ahead and apply for the loan, since everything was already approved except the appraisel and title search, if the deposit was waived so I said yes if it is not later added back into the loan.

He guaranteed it would not be and that they would take care of the costs and said the loan amount would remain exactly the amount we had discussed and I would see that in the final papers at closing. However, he said I would still have to send the deposit in order to get into the system but that I would see in the final papers that it was added back to the cash-out portion of the loan which would be increased 500.00 over the amount I was originally getting back, I asked him what would happen to the deposit if the loan was turned down for some unforeseen reason and he said we will just send it back to you because the deposit has been waived and is only required in order to start the process. I finally agreed to the terms and was told someone would contact me shortly for the appraisel. The following day a very young lady called, and came by later to do the appraisel.

She mentioned that she did lots of appraisels for quicken and really liked working for them, I assumed she was on some sort of retainer with quicken. She then took several pictures, then measured the outside of my home, then went inside and just did a walk-through then left.the entire appraisel last 24 minutes. She left while I was in the bathroom and I was surprised when I realized she'd gone. I immediately called Quicken loans and told them how she conducted the appraisel and asked how on earth she could determine the value of my property without measuring for the square footage, the representative just laughed and said it wasn't necessary to measure everything because the measurements were on file at the court house already and they were..BUT THEY WERE THE ORIGINAL MEASUREMENTS AND DID NOT INCLUDE A 400 SQUARE FOOT DEN & ADDITIONAL LAUNDRY ROOM THAT WAS ADDED 5 YEARS AFTER THE HOUSE WAS BUILT ! The appraisel came in at 187,000 which was still enough to qualify for the loan.BUT IT WAS STILL SOME 34,000 SHORT OF THE TRUE VALUE !

Over the next two weeks I spoke to a different rep. named Nivin several times (my original loan officer was always busy) because there was a mix-up on the title search where the original loan had never been released after I purchased the property. I was told repeatedly that just as soon as the records were corrected and they had proof of a clear deed we would immediately go to closing.

They said they were assured by the title company that it would be completed no later than July 24th (my birthday) I called them that morning and got someone else, who just happened to have my records in front of him and said he was about to call me because the underwriter, who had originally approved the loan on the condition that the appraisel was adequate and the deed was clear, had changed his mine that very morning,and decided to decline the loan because my taxable income wasn't sufficient to cover the monthly payment.which would have been several hundred dollars less than I had been successfully paying, as proven by my credit bureau reports, before I applied for the loan.

Part of the proceeds of the loan were going to be used by Quicken loans to pay off all of my outstanding debts (2 credit cards) and my only obligation would be my new house payment which was only a little over 100.00 more than my original note due to the savings on interest. After we argued a bit I finally gave up and and said forget it, just send me back my deposit and we'll forget the whole deal. I was then told that the original rep. who negotiated the waiving of the deposit, was no longer with the company and that they were going to keep my 500.00.

When I protested, I was told that some one from customer relations would be calling me in a few days to take care of that, so I said we will see and got off the phone.

The following Teusday, July 28th, A message was left on my voice-mail from a young lady in customer relations to call her and so I did so the next morning. She very sweetly told me that nearly all appraisels are done in 15 minutes or less, and all of my money except for about 100.00, or a little less, had been spent on their costs, and that I had mis-understood about the deposit and they were going to keep the money and their was nothing I could do about it¦.at that point I hung up the phone and started this letter.

I was lied to, mis-represented to, bajored and cajoled into, making this loan application with the assurances all the way to the last document needed to go to closing, and I have asked that my deposit be returned as agreed and they have refused.

walter of miami, FL July 27, 2009

This morning a gentleman called Alex Kyler from Quicken Loans – Presidents Club Banker, contacted me asking me some questions about my property. When he tried to send me an appraiser, and I refused, he started being kind of pushy using very poor tactics ("what are 900 for you" "so you are not serious about it..."etc...) and when I told him I was waitng to find out about a loan modification response from my bank he just told me that "miracles do not happen and that I was LYING to him"; you can refer Mr.Kyler that he can use that kind of "assumptions" with his immediate member of his family or with some of his looser friends. Please tell him to refrain to use this type of language with potential clients or he will probably find himself next time in a court of law sued for arrasment and with your lawyers sitting close to him. For what I am concerned I don't want to hear form this company for the rest of my natural life.

Michael of Senoia, GA July 27, 2009

Promised us that our loan was a done deal. Never mentioned that we would not get our good faith estimate money (500.00) dollars back if the loan did get approved. Quicken Loans appraisal team purposely appraised our home value low so that our loan would not be approved. The appraisal came back as the same amount that our 1st mortgage balance was. Our last appraisal was done 2 years ago and it was around 140,000 dollars.

John of Staatsburg, NY July 25, 2009

I applied for a loan in early May. Scott D told me that my income was sufficient to obtain a 4.5% 15 year mortgage with 0 points. As my employment changed in the past year and a half, he told me that my income would be determined by current year-to-date earnings and pro-rated for the entire year. This would be determined by my pay stubs. After obtaining a 350 appraisal fee, suddenly I no longer qualified for this rate because they could not use a "short-term" income period.

After asking for a refund of my appraisal fee, I was called by Steve P, the team leader about an alternative. He offered me the same 4.5% rate with 0 points, but for 30 years instead of 15. I agreed and proceeded with the process. I received an approval letter through the online web site, but they slowly began asking for more documentation such as prior 2 years tax returns and a letter of explanation for low income those 2 years. All of this was explained to Mr. D from the first day I talked to him and that is when he said I would be Qualified on my year-to-date earnings. The additional forms that I need to e-sign online also began to increase.It suddenly was a "conditional approval" that I had received. I began to do so however.

One of these was a NY state interest rate disclosure which I needed to sign. As I was reading this disclosure, I noticed that the 0 points had been changed to 2 discount points! I had never been notified of this,and nothing in my financial picture had changed since I was approved for the 4.5% rate with 0 points! Not only was I approved for this rate, but Mr. P had called me unsolicited to offer me this rate! I even asked him how he could give me the same 4.5% rate with 0 points for the 30 year term that I originally was getting for the 15 year term. He told me because he wanted to keep me as a customer.

What he didn't tell me is that they planned on baiting and switching my rate (discount points) later! Afterwards, I checked all of the online complaint boards and there are numberous complaints against them very similar to mine! I have been adding my complaints to many of these sights as well. I also notified the BBB and they eventually closed my complaint saying that Quicken made a good faith offer to resolve the situation. They made no offer at all.

Joan of Willcox, AZ July 10, 2009

We wanted to refinance two homes to bring down the interest rate (no cash out only). Home #1, appraised at value to be expected and Home #2, appriased lower than currently owed. We knew this to be wrong since Home #2 was 800 sq.ft lrger than home #1, located in Phoenix as opposed to small town, economicaly depressed area, had a 4th BR, Family Room, pool. Yet it came in lower than #1. Quicken refused to use another Appraisal Co. and so we cancelled both loans. They kept 1000.00 for their "fees".

We have since gotten another appraisal on the #2 property from a reputable company recommended by local realtors and low and behold the house appraised at what we figured to be reasonable given the economic climate. Quicken is routinely collecting 500 fees per home on under appraised homes and their partner in the appraisal business is creating a boom for investment buyers picking up homes well below market.

STAY AWAY FROM QUICKEN LOANS. This company hides behind the internet so it is nearly impossible to track down a real person. Tim, the guy I was working with was "gone" within days of my cancelling the loans, Brian who apparently took his place handed me off to "Customer Relations" who also seem to change names with each mailing. They do business with a company named Metro-West Appraisals. Make sure when you do your mortgage business you stay away from both unless you have money to burn.

Conrad of Lakewood, NJ July 10, 2009

It is ashame what has happened to the writers on this site previous to me, yet it is a blessing for me. I regret that all of you had such bad experiences, yet at the same time, your negative anecdotes has saved me headache and loss of revenue. I balked at the "good faith fee," called the State of Michigan Consumer Affairs Division, and then read this site. By the way, the Michigan state office indicated over 30 complaints on the mortgage front.

TJ of Douglasville, GA June 15, 2009

I am the seller of a townhouse. My buyer is a first time buyer and used Quicken Loans. He had a credit score over 700. In over 30 years of buying and selling, this company is the worst I have seen. Price set with realtor, based on a bank owned home that sold in April. I found the buyer and got rid of realtor. Quicken didn't know how to work without an agent Then closing date set for two weeks since buyer was preapproved. They dicided buyer needed co signer so deal extended two weeks. four weeks later a appraisor got there. They appraised identical unit for 5000 less than what the last one sold for. Then they delayed again and said I needed to fix a window. Window fixed, but that wasn't good enough- now they needed a "roof inspection" by roof inspector. After extended contract with buyer three times, deal has not closed, time ran out, appraiser has not been back out. This has been worst process I have yet to see. My property was priced 12,000 less than the purchase price 10 years ago. and 8000 less than the identical unit. They have exhausted buyer and seller and have worked to "kill" the deal. They keep presenting obstacles to prevent deal from closing. They have had 6 weeks to provide a list to seller. They waited last day. then when that stuff was paid for and completed, they gave another obstacle to do the deal. Contract extended three times due to lender, not buyer or seller. Appraisal less than property identical sold for 6 weeks ago property sold as is, but quicken required items to be fixed. When items fixed, quicken created new items to be reviewed, adding more dollars to the process. showed them comparable sales on the street in april 09, wouldn't adjust. They appraised less than tax appraisal. rude, poor customer service, they worked to kill the deal due to time and adjustments required. As I write this, I am not sure after they require buyer to get the next inspector that that will be good enough, or they will throw another wrench into the deal. They don't want to make loans with qualified buyers, and buyers and sellers on the same page. buyer is backing out of deal as of now due to time and obstacles by quicken. I am out over 300.00 in repairs required after deal was supposed to be closed, and another hiccup placed on the deal. loan agent doesn't call back. doesn't listen and is very rude.

Don't get how they stay in business. couldn't do a loan for less than 50,000 with a buyer approved, and deal was lost due to one obstacle after another on the part of lender, not buyer or seller.

Vito of North Little Rock, AR July 5, 2009

I completed the refinance process and was able to save enough money to turn my 30 year mortgage into a 15 year mortgage and pay only 56 dollars more per month. Everyone in the process answered my questions fully and in a timely manner. Initially,I balked at the 500 dollars up front. I got it back at closing, in a way. It was added into my loan amount along with other closing costs. Based on the good faith estimate from my mortgage banker, Tom C, the amount was applied to my closing costs. MY house appraised for less than I expected, but was still able get a great rate and am well pleased with the outcome of my transaction.

James of Rantoul, IL June 9, 2009

We were interested in a loan subordination (combining our 1st and 2nd mortgages) at a lower interest rate. However, we did not wish to pay off our second mortgage but rather pay it down, so as to keep the line of credit available. I happened to come upon the Quicken Loans web site and was connected to a loan officer (Craig T.). What was initially thought to be a streamlined loan process for a low 4.37 % rate, ended up becoming a nightmare with a 500.00 price tag attached! Craig stated that the 500.00 good faith fee would be refundable at closing. However, he stated nothing about the refundable status if you do not close on your loan, which eventually ended being the case. Also, Quickens appraisal process is questionable at best. The first appraisal was extremely low, given our neighbors (having a similarly valued home) recently had their home locally appraised much higher. Once I conveyed my disappointment with the appraisal, Quicken volunteered to perform a second appraisal, which, interestingly, was a duplicate of the first. I would later learn that this was a common practice of the company. Their appraisal method involved creating a lower loan to home value margin, thus limiting your financing options. This opened the door for them to sell us an FHA loan, literally. Once the FHA loan process was almost complete, we were looking at refinancing a 173,000.00 loan for 185,000.00, plus paying upfront on the first mortgage payment. Needless to say we stopped the entire process and requested a refund of our 500.00 good faith" purported refundable deposit. Craig Thornton stated that they already spent over 2,000.00 on the loan process and would not refund the money. The entire loan process was handled as if administered from the hip. Each new communication with Craig seemed to be accompanied with a new requirement/need (i.e. more cash upfront). Finally, when Craig requested that we would need to bring more cash to the closing, we had enough and stopped the process. I could hardly believe my ears when they refused to refund our good faith deposit. We placed our good faith in the Quicken loan process, but instead of receiving “good faith service we evidently became another victim of their deceptive practices. We would like our 500.00 good faith deposit refunded. It is the very least this company can do.

Anthony of Kennesaw, GA June 18, 2009

Initially I had received an email from Mr. Dwyer stating that he had seen that I submitted a request for home financing. I responded to him stating that I had secured a broker and she assured me that I would be getting a great rate with minimal closing costs. His response to that was “You’re a smart guy I assume. How would adding another person looking to make a cut of the money ever be the best deal.” He went on to say “Don’t get suckered in by a broker.”

Well that kind of scared me so I gave Mr. Dwyer a call. I was providing him with information over the phone and we were cutoff several times. As I was talking with him my wife walked in and asked me to tell him we weren’t interested. As I tried to tell him that -we were cutoff again. I hadn’t given him any kind of permission to run any credit check on my wife and I actually sent him an email stating exactly that right after the call had been dropped again. I never filled any application and did not ever, at anytime during our conversation tell him he could run our credit nor did he state that he was doing so -as we were talking, apparently!

The next day I receive an email from some other QuickLoan department called “Fresh Start” stating that they were sorry that although they weren’t provide to provide me with an immediate home financing solution, and that they’d like to introduce me to their powerful Fresh Start service!

I told Mr. Dwyer not to run our socials and he did so anyway which prompted the email from their other rip-off service. I will never deal with this POS again!!! Now I’m working with our broker trying to explain the hit on our credit!!!

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