Complain about a product or service

Quicken Loans

Rocco of Seattle WA (04/18/09)
The complaints posted here seem to be generally on the same subject, that is, a difference in quoted verses actual price of the loan and the subsequent loss of deposit. I think Quicken is working to change this situation. The very same thing happened to me only my deposit was 750, which included a charge for the appraisal (400). I was considerably upset when the mortgage came back at a higher price (points) than originally quoted, after my appraisal. This was because the house had appraised much lower than I had guessed due to the current market.

Because of my upset, I then called a couple of other mortgage companies and lo-and-behold, they were lower than Quicken. Therefore, I told Quicken I wanted to cancel my mortgage with them and based it on what I had been told initially. There were a few heated words when I was told my deposit was nownon-refundable. From that point on however, I was called by higher-ups in the company, on their ownn initiative, to try to resolve the issue with me.

The first person to call me, my salesman's boss, listened diligently to tapes of our conversation and said I had not heard exactly what I thought I had. What he repeated to me jogged my memory and he was correct. The final call was from a VP of Customer Service who said that indeed my deposit was NOT refundable and unfortunately, since my initial call to them, the interest rates had gone up so now the loan would be even more expensive. Everybody was very professional - the service from Quicken was always great - but my deposit was not refundable, thank you.

End of story or so I thought but recently, checking a disparity on my credit card charges, I discovered Quicken had refunded 400 of my deposit. A pleasant surprise to me. It wasn't the full amount but then they had paid for the cost of an appraisal. My recommendation is to check with a few mortgage brokers or companies BEFORE making a deposit with any of them and asking exactly what items will impact the costs of the mortgage, i.e., FICO, loan to value, etc.

A. of Memphis, TN April 17, 2009

A. of Memphis TN (04/17/09)
We were trying to refinance with Quicken but they kept giving us different rates. The first time we tried to refinance we told them that we wanted a 30yr fix FHA loan. They gave us a good faith estimate online and we signed online but when we received our papers they were for a convention loan PLUS we recieved someone else's paper. We were reading our papers as we signed them that is when we realized that it was a conventional loan. The person that we were working with did not bother to tell us that is what they did. He said that he thought it was best and I told him that is not what we asked for.

Then R. Trumball contacted me offering us a lower rate than before. I asked him why offer it now why you did not offer it at the beginning. Since he offered a lower rate we decided to try again. I was told that the 400.00 that we paid was for an appraisal but now he is saying that I can not get it back. He keeps lying and changing his story. He even sent an email to my sister saying that we will be paying more for a lower rate.

R. even said that we need to refinance more than any client that he has right now. I emailed him and told him that we found that to be an insult. STAY AWAY FROM QUICKEN LOANS! THEY ARE A FRAUD!PLEASE CONTACT THE BETTER BUSINESS BUREAU AND YOUR ATTORNEY GENERAL!

Stephen of Highlands Ranch, CO April 16, 2009

Stephen of Highlands Ranch CO (04/16/09)
BEWARE OF QUICKEN LOANS!!! They purposely under-estimate the value of your property (choosing a lower value than the appraisal) then charge a full extra point (4200 for my loan) for mortgage insurance. They refused to send me a copy of my own appraisal. No refund on the 500 application fee and three weeks wasted, though I WILL get it back somehow from my credit card company. BEWARE and STAY AWAY - this is NOT a reputable company.

500 in upfront fees A lot of time, talk, and aggravation

Robert of Shirley, NY April 15, 2009

Robert of Shirley NY (04/15/09)
I contacted Quicken loans on March 25, 2009 able refinancing my home loan. By April 25 I had refinaced my loan with them for a new lower fixed rate for ten years. I am writing to say I have never had a better experience with a mortgage company than with them. Everyone I talked to or came to my home were polite and always willing to help. I highly recommend them to anyone who is looking to refinance. I am sure there are many people who have been ripped off in one way or another, but for myself I could not ask for a better company to deal with.

Mary of Bel Air, MD April 15, 2009

Mary of Bel Air MD (04/15/09)
I wanted to refi, used bankrate.com & was referred to Quicken Loans. Matt was quite a talker & very friendly. I told him I did NOT want to pay points. He agreed and set me up with an interest rate with no points. Then he had me go on line and electronically sign all these documents that I assumed said the same thing he verbalized. I was wrong. Also I put down a 500 deposit. There was supposedly a quarter point that I agreed to.

I don't know much about electronic signatures & how safe they are, but when I physically got all the documents & noticed the point I called them right away. Unfortunately my closing was the next day (everything is very rush rush). I read that if I did not close I would lose the 500. So I closed & wrote them a very long letter explaining the problem. I even included documentation from other lenders who offered me a lower interest rate and no points. Why would I have gone with Quicken to pay points? They didn't even have the courtesy to call me about this.

I emailed them at least 4 times. I finally got a call this morning & was told too bad, you signed the paper. I strongly recommend that you do not use this lender. Find someone you can trust to handle your mortgage. These people are out to trick you to make you pay more. I would never use them again and wouldn't have used them this time but I would have lost my 500 deposit.

I lost roughly 800 in the quarter point and I paid a higher interest rate.

Susan of Beaufort, SC April 9, 2009

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Follow us on Twitter.

Back to the top |