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The experience with Quicken Loans was very frustrating and negative. They required information that is next to impossible to obtain and would not work with us on this. I have never been so dissatisfied with a loan company. I would never recommend them to anyone.
Well I was buying a rental in North Carolina for investment for $145,000. I have a net worth well over $5 million dollars and I told them I wanted a low doc loan. I was putting down 25% and didn't want a lot of BS and back up requests. They said they could do it and approved my loan. BEWARE!!! No loan is ever really approved with Quicken Loans until they deposit the cash into escrow. They then couldn't perform on time after getting more and more documentation. These people are only surfing for loans they can fund and immediately sell. Another online internet scam. I bought the property for cash and just puzzled at why these losers wasted my time with fraudulent promises. By the way they are changing their name to Rocket Mortgage to continue this online con game.
I wish I could give them a negative star. They could not tell the difference between my business property and my home. I thought this would be so simple and they led me to believe it would be. Every time I turned around, someone new was calling or e-mailing. They are not very smart and neither am I for trying to use them. After 2 months, they denied my loan because of incomplete information. I gave them everything but my birth certificate. If you are here looking at reviews, please take my advice & STAY AWAY FROM THIS COMPANY!
On 12/12/17, I was looking around for the best rates. Just shopping for rates. I talked to someone at Quicken Loans, but, specifically told them NOT to run a hard inquiry on my credit. I didn't even give him my full social, and thought, well, he couldn't anyway. He told me no, he would not. However, I was notified by my credit reporting agency, that Quicken Loans, had indeed, ran a hard inquiry. I contacted a senior officer, who said he was just under president and CEO. He told me that he would look onto it and pull the recording of the conversation, and get back with me on 12/14/17. 6:45 that night and still no call; so I call him again and leave a voicemail, which he did return. He said that he was sorry, but, he could not retain the recording, and so there was nothing he could do.
I had talked to the credit bureau, and they said that they could take the hard inquiry off of my report (thus, raising my credit score back up to what it was), with a letter from Quicken Loans, saying it was their mistake, but, he refused to even do that. He said that without that recording, he didn't know whose mistake it was. Now we all know that recordings don't just disappear. How convenient for Quicken Loans. I had a loan with them about four years ago, and I'm guessing that that's how they got my social. I don't think this is legal. It's not fair and it's just plain wrong.
The week of December 4, 2017, I contacted Quicken Loans to inquire about a refi home loan. I received a callback and was put in contact with Kurt **. Kurt was friendly, professional and very knowledgeable. It was a great experience talking with him. After getting through the icebreaker, Kurt went on to tell me that he could get my loan refi at 3.9% or so, a rate I hadn't been given from two other companies I had inquired with. I thought it was fantastic, however, I also thought it was too good to be true. You see, I'm a skeptic, and I do believe that if it sounds too good to be true, more than likely, it is! But, for some reason, I wasn't too pushed off. Kurt and I talked and text for two days and then, he was off on travel. However, he stayed in contact with me. Over that weekend, I began to read, once again, reviews for Quicken Loans.
And, it bothered me to the point that I decided not to proceed with Kurt. Kurt called me and was in high spirit as he had been throughout our conversations. I told him that after reading all the negative reviews and talking with other that I trust, I didn't think Quicken Loans would be the company for me to refi with. Kurt begged me to give him a chance. We went back and forth for almost an hour until he realized, it was no changing my mind. I sent Kurt a last and final e-mail asking that he destroy my file and, to refrain from contacting me. He accepted my request.
He also stated that he would make certain no one else from his company contact me. I say this because in a lot of reviews, people complained that reps continued to call them on a daily basis after being asked/told not to. Although I did not refi with Quicken Loans this time, I must say, that if I choose to refi at a later date, I will give Kurt ** at Quicken Loans a call. I felt that he had my best interest and, he would deliver what he said. I can tell that Kurt is passionate about what he does at Quicken Loans and, he's also eager to make certain his clients get what is best for them and their situation. Keep up the excellent work Kurt!
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I signed up to get a quote from Quicken. At the same time, I applied for a refi through Wells Fargo. I closed the refi with Wells. Quicken sold my phone number to some kind of mortgage service outfit who has distributed that phone number to multiple lenders. I suspect they maintain a list, and I'm guessing lenders can purchase that list. Now I am constantly bothered by phone calls. I can't get them to stop. I suspect I will have to change my phone number.
I recently decided to buy my first home since we have been renting for the last several years. The initiator of the Loan was super nice and explained everything to me so I was happy for a while knowing I had been approved for a mortgage. I was building a custom home after the approval and explained this from the onset. The builder however had base models from which the customization is based on. Funny enough Quicken Loans decided to send out the appraiser on first day I told them I found the house I wanted. This was at a point when the house had only a frame and studs, nothing else inside. The appraiser brought back 7 or so comparables and they were all the same price because none was sold yet. They were all base. Note that no 2 houses are ever the same anyway.
I took the time to explain to these guys after that there is a lot of customization and was going to provide them all documentations and comparable relative to my type of home. These guys were not ready for any of this. They read to me scripts for days while I attempted to get them to earn my business. Look Quicken Loans, if there was no human factor necessary in the mortgage business, you probably should just fire everybody and use robots because the workers you have seem to be robots anyway.
I ended up going with a local mortgage company and they appraised the house over asking price. With that, I already have equity even before moving in. Quicken Loans ended up keeping my deposit as well even though the document provided to me from onset showed that appraisal was estimated between $175 and $175. Look, if you give both a lower limit and an upper limit of a transaction as the same value even my kindergarten daughter will tell you $175 is what your cost should be. The dubious representatives of Quicken decided to keep the entire deposit I paid. Seems to me like they just have a bunch of... You know what I will just try and be respectful but I am sure you all smart people get my drift. Find a reputable local mortgage lender and ditch Quicken. They will overcharge you for origination fees anyway and tell you they are giving you credit.
I am less than a week away from closing on the sale of my home with two children and two dogs, and I am being told by my lender Quicken Loans, that my deal is dead. I will have to re-apply and it will take a month to get a new closing date for the purchase of my new home. I have jumped through hoops at every turn. I was told by Quicken to pay off a debt which I did, and now I am being told the way it was paid off is not acceptable. No understanding except, the only way to make the deal work is to come up with another $37,000 in less than a week. How is that even possible.
Now I am waiting for the 5th person to call me back, which I have told them I have no time to wait, I need a resolution yesterday with a plan of action and execution. I am now being told the previous information given to me to re-apply is incorrect and they will not process my loan regardless. Now less than a week till the closing on my home, they will not be able to service my loan after I paid $500 for the appraisal out of my pocket, and now out of a home. I am extremely upset and would tell anyone that asks me if they should go with this company, not to waste their time. Nothing but constant hoops only to end up on the street in the middle of winter with no solution.
Attempting to work with Daisy ** from Quicken Loans was disappointing and highly frustrating. After giving a succinct and specific request for a loan application, after cautioning as how to proceed and how not to waste time, we were still dragged along by this low skilled and inexperienced sweatshop organization that wasted our time, bombarded us with calls and email requests that create confusion and that has zero to do with my original request while having a negative impact on our credit after I requested that they do not pull credit reports until they answered my questions. My recommendations to Quicken Loans: Employ knowledgeable staff. Train your staff to LISTEN. Stop with the automated instructions. Know what you are selling and what not.
I have been using Quicken since the 80's. I am totally dissatisfied with this product. Starting in Sept my Reconciled balance changed from the previous month. I went back and restored from one month earlier and redid the reconcile for July. Still did not correct the issue. Went back three months and re-entered all info and was able to balance Sept. and Oct. 2017. Today I opened the reconcile window for Nov and the reconcile balance from October increase $1,117.39. Who can recommend a new program?
When it seems too good to be true it probably is. No refi loan is guaranteed from the start. But the QL approach using multiple reps and lack of follow-through needs to end. I've been through the loan origination process twice in as many months both times using the same appraisal info. The first loan fell through because original lender held also a second lien position. QL required me to alleviate this position in order for the original lender to be satisfied. I took out a high-interest personal loan to satisfy the second lien position... such that QL reps were okay with restarting the process but I had to resubmit everything again. Now they tell me the appraisal was too low. They had my income and appraisal info last month and could've made a decision then.
Now I'm in a worse loan position than I was to begin with. The lost appraisal fee is another unwelcome learning experience. AU or JG or EA-G could have told me ahead that appraisal was too low and avoided a second attempt and my being saddled with more unsecured debt. These guys do not have to answer for their actions. Now I've asked questions addressing these issues and they have yet to reply. On to churn and burn someone else.
I called for advice as I am new to buying a home. I had questions and wanted to get ahead of the game. So I asked questions and approved right away for a FHA loan. Well told the person I was dealing with that I needed to wait and that I was getting ahead and shopping around. I also told them if I found out more information I would let them know. After that I had dealt with phone calls 2 to 3 times every other day and text messages after I told them I was not interested after being harassed for a month straight. I work 3rds and I told them my schedule and they did not care. They would even text me telling me I had an appt at 8:30 at night. Which I am at work at 8:30 at night.
I just received another phone call from a woman who had called me at 9:30 am and guess who was sleeping. Who then proceeded to want to know why I didn't want to deal with the company after I had already explained to them I was not interested anymore and was told my account was closed. Then she proceeded to want to know why I went somewhere else and how far I was with them. Maybe you should learn not to harass potential customers and make a note that some people are busy and if I wanted to talk to you more I would have contacted you! Learn to not poke the bear. I work 3rds and 12hr shifts. So if you call again you have been warned after 3 times of being told I was not interested!
I spoke with a mortgage originator, Bill ** NMLS# **, and asked some general questions. At no point did I apply for a loan. At no point did I consent to a hard credit inquiry. After my brief conversation with Bill, who was rude and in a hurry, I was contacted by my credit monitoring service who informed me a hard credit inquiry had been conducted! I called all the lenders I had spoken with to find out who made the credit pull. Besides Bill, all other lenders told me they did not pull my credit because I did not apply for a loan and only asked general question. Bill admits he pulled my credit.
I, at no point, gave consent for a credit inquiry. Bill claims that I did give consent, and that he reviewed the recording of our conversation. I asked for him to play me the recording to prove to me that I did provide consent, but he refused. I spoke with his superiors who were less than kind or helpful. It’s obvious who trained Bill in his predatory, unethical practices. I have requested a letter of deletion to provide the credit bureaus to have this hard inquiry removed from my account and restore my credit score, but they refuse. At this point I will be taking legal action to sue for damages. Credit is an asset, and they wrongfully damaged this asset of mine. There is no reason for them to refuse to provide the call recording if I in-fact did provide consent! It would require minimal effort for them to have this issue resolved, but now Quicken and I will need to spend the time and money to hash this out in court.
They also claim the permissible purpose guidelines were followed, but they were not. I did not provide consent, and they did not have a legitimate business need to conduct the inquiry because I did not apply for credit, I called simply to ask questions! Severely disappointed with this lender. Spare yourself the time and do not work with Quicken! I have reached out to the Colorado Board of Regulatory Agencies and the NMLS about having Mr. ** license revoked.
Called to refinance our mortgage and pay off debt. First rep we talked to was super helpful and said we'd be able to get more than originally thought. After $400 Good Faith deposit, things change. Our new declarations page showed more closing costs and no debt payoff. Then you start getting the runaround. Expensive mistake learned.
I shopped a mortgage and stupidly trusted their promising, and was screwed by them in last minute. The company committed 3.25% in the beginning to let me pursue my house contract. But on the last 6th day, the agent abandoned 5/1 ARM loan with 3.25% for their reasons, and changed it to 30 year fixed at 4.125% with few thousands dollars fee for points. The whole process is set up that doesn’t give you time to close deal with other option. I regret have business with them.
I was put in contact with Quicken based on a general inquiry for mortgage information. I then reviewed the company and didn't find much to recommend them and many well thought out negative reviews about their service, so I decided I did not want to work with them. I am now getting a minimum of 5-10 phone calls per day from them, despite the fact that I began answering and telling them I was not interested. The calls have not stopped for about two weeks now. This is absurd. I am an adult and if I were interested, I would return the call.
We used Quicken Loans for our last mortgage and although there were frustrating times, we did finally close and were basically satisfied. So, we decided to try them again for our current one. The idea was that since we had just paid off a loan with them with no late payments or issues at all, it would be simple. They gave us quick pre-approval and initial closing date. From that time forward though, we got nothing but the runaround. Weeks of giving them information and duplicate copies of our financial documents and closing dates coming and going led to nothing.
We finally gave them an ultimatum to either fund our loan or we would have to move on to another lender. That, they acted fast on... they said, “Ok, we will close the application.” Not even a try to keep us... just our money ($500.00) and the weeks of frustration and the appraisal fee. I guess they don't care about us being a past customer. We went immediately to a local, small company and have been treated with respect and personal attention. Stay away from the giant company who will give instant pre-approval but then leave you stranded.
We wanted to refinance for a lower interest rate. We had to pay $500.00 for an appraisal. We have Great credit, excellent salaries, But they sent us a appraiser that they claim was a third party! He gave us a super low appraisal because Quicken Loans couldn’t make money on us with high a interest loan or we were just discriminated against. There are comparables that sold for $20 thousands more. With no garage, fireplace curb appeal or front and rear porch deck. The picture he took of the front of my house was so shabby and dark. A real crime. A complete ripoff.
The 1st guy was great! He hooked us to do it and from then on we received many e-mails and calls for sometimes the same things over & over! 1-2017 started and finished in 7-2017!!! It was the worst refinance we have done.
Every agent I've communicated with acts like they have the best product available, and essentially wants you to trust them and do as they say. HOWEVER, after being told that a 2.75 rate would cost over $6000 to refi into a 15 year loan, I proceeded to find a 2.75 rate for a 15-year loan that charged me less than $500, AND it was completed in 30 days. I also suspect that if I had gone with Quicken, I would have experienced things similar to other reviewers, such as the rate might creep up, my credit may have crept down, the final cost may have increased, and there may have been an endless number of documentation requests. I'll give you a hint. Look for deals with credit unions if you have excellent credit! Personally I don't believe Quicken is set up for people with excellent credit.
We used Quicken Loans to refinance our mortgage. When looking at interest rates Quicken came in with a low rate. We were also looking at refinancing from a 30 year to a 15 year mortgage. I was very impressed with customer service. They kept us up to date on what was happening. The process was not that long. The best part is we were able to sign the paperwork right at home.
I was not the usual customer. I have assets, not a job with a weekly income. I think there should have been a different process for applicants like me. I was getting frustrated not understanding why and what was needed to make the process less stressful. I got my mortgage, all is good. The people I dealt with were kept their cool, I'm happy.
Long story short, I was denied a loan as soon as I was asked "where I was born?" I said Mexico, and they told me I couldn't qualify if I wasn't a citizen according to "Oklahoma State Law," I am legal and have everything a citizen has... They even told me that my credit report couldn't be pulled up since I wasn't a citizen. I even spoke to about three employees and they all contradicted each other. Extremely racist! But guess what! I just bought a house in Oklahoma as a resident!
It was sold to Bank of America soon after me got the mortgage, Haven't had any issues with BOA either, so far. If I got another mortgage I would select Quicken Loans again.
The experience with Quicken Loans was extremely Pleasant and helpful. A far cry better than my personal bank or mortgage company. Would highly recommend Quicken Loans.
Staff were firstly interested in collecting prepay fee ($300) non refundable for a refi; not knowledgeable in assisting me to meet city requirements for a house with an in-law apt. Told me I was taking too long and closed the process. Would not recommend this mortgage service.
Great experience in refinance. Contact was mostly by phone and with some emails. Very competitive rates. Knowledgeable people. Process of closing was most convenient. They came to our home not us to their location.
Closing was done at home at our convenience. They called to inform when and who would do the closing. All details of the loan and closing were made by phone.
Applied for a refi in June. They offered a great rate and low closing costs. By Sept. the loan had still not closed. Kept asking for the same income verification info multiple times. Sent out an appraiser that compared my home (4 br. 3 car gar. upscale neighborhood etc to 3 br. 1 car gar out of neighborhood). This indicated value of less than 50K under previous appraisal done less than 1 month before. I have an outstanding credit score and other mortgages I have applied for thru the years have all taken under 30 days to close with less paperwork required. Told them I was no longer interested in their offer. Horrible experience. DO NOT USE!!!
Have dealt with Quicken several times and had very comprehensive and responsive assistance. Felt they knew what they were doing and had confidence in their knowledge.
Quicken Loans expert review by ConsumerAffairs
Quicken Loans is an online mortgage lending company. Founded as Rock Financial in 1985, Quicken changed course in the 1990s to focus on online lending and has since become a leading mortgage lender.
Refinance information: Quicken’s website has a host of information for consumers looking to refinance their mortgages. A list of frequently asked questions, a direct line to a home loan expert, a list of required documents for refinancing and numerous other bits of advice are all located easily on the front page.
Dedicated HARP page: Because HARP is in effect until September 2017, consumers still have the opportunity to see if they qualify for HARP refinancing. Quicken provides a comprehensive guide to HARP loan modification including eligibility information and answers to frequently asked questions.
Zing blog: Quicken’s featured Zing blog contains relevant articles not only about home ownership and mortgage refinancing but also about lifestyle topics like gardening and technology. Quicken regularly updates this blog to keep information current and topics varied.
Online calculators: Whether a consumer wants to refinance their home loan, is looking for a new home or wants to see the impact of making additional payments on their existing loan, Quicken offers free online tools to calculate estimated savings and expenses. The online mortgage, refinancing and amortization calculators are easy to use and provide instant financial estimates.
Mortgage comparisons: Quicken provides a loan comparison chart, so consumers can see the various loans Quicken offers at a glance. The chart has brief descriptions of the loans with links to more information and application pages for each loan.
Best for: Quicken is best for consumers looking for instant information about mortgage refinancing.
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
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