Our promise. We provide a buying advantage with verified reviews and unbiased editorial research.
About Quicken Loans Reviews
Quicken Loans is a mortgage lender that provides a variety of home loans and refinancing options through Rocket Mortgage, its online mortgage platform. The company is licensed in all 50 states and is one of the largest mortgage lenders in the country.
Pros & Cons
- Available nationwide
- Multiple mortgage options
- Easy online application
- No USDA loans
- No in-person services
Quicken Loans offers a streamlined online application for home loans and refinancing. Those who want to purchase a home, lower their mortgage payments or get cash out of their home might find its services helpful.
ConsumerAffairs has collected 6,256 reviews and 7,470 ratings.
A link has directed you to this review. Its location on this page may change next time you visit.
- 4,312,281 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Aug. 4, 2009
I refinanced with Quicken Loans. Then, I mailed in a large payment on the principal ($33,000). After over a month, the money still has not been applied to my principal. I already paid interest on the principal that I shouldn't have.
Reviewed Aug. 1, 2009
I have a 775 credit score. I wanted to refinance a $65,000 1st loan on my home. I went on the internet to a group of lenders, and Quicken Loans contacted me, stating they could complete my loan request. The loan rep was Veta, who asked me questions on my home and credit rating. I informed her I had perfect credit and I only owed $65,000 on my home. She verified my credit score and assured me I was more than qualified for the refinance. At that time, Veta stated I needed to pay $500.00 to lock in my loan rate, which I did on my American Express card.
Long story short, my appraisal came in $5,000 above the $160,000 I said my home was worth. I have lived there for 23 years. I was turned down, because they said my association fees were too high. I feel this is a terrible company and their goal is to get $500.00 from every person they can.
Reviewed July 31, 2009
I am a mortgage banker. I have a client who has applied with Quicken Loans. He is being led down the garden path as many here have been. Please be advised that the person on the phone there takes application. They know nothing of lending guidelines and therefore do not ask you necessary questions during your loan interview. Because of the new HVCC law regarding appraisals, all lenders will require a deposit to cover the cost of the appraisal. Many of you are under the old belief that the value of your property has appreciated. Most have not, they have declined in value throughout the country. Do not waste your money on your own appraisal. No lender can accept it. Many refer to values of last year, 2 years ago, 10 years ago. These are ridiculous and obsolete.
Most of you go to the internet to get a loan because a reputable lending company has turned you down. There are many reasons that they have. Quicken Loans has no secrets. They must comply to Fannie Mae, Freddie Mac guidelines. You need to take these complaints to your state regulator and put these types of lenders out of business. Your complaints here only let you blow off steam. These are unethical practices. Please consult a local reputable lender and if they tell that you do not qualify, they will tell you why.
Reviewed July 30, 2009
I recently applied for a refinance of my home and several acres of land through Quicken Loans. When I first talked to their representative, Tony, he asked for information regarding 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 appraisal), I agreed to go ahead and apply. But I specifically told him I wanted whoever had the final say to either approve or disapprove the loan upfront, 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 and Freddie Mac and they had approved everything providing my property was worth what I had told him and there were no encumberment 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 appraisal, title check and 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 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 appraisal and title search, if the deposit was waived. 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, 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 appraisal. The following day, a very young lady called and came by later to do the appraisal. She mentioned that she did lots of appraisals 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 appraisal lasted 24 minutes. She left while I was at the bathroom and I was surprised when I realized she had gone.
I immediately called Quicken Loans and told them how she conducted the appraisal 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 the 400 square foot den and additional laundry room that was added 5 years after the house was built! The appraisal 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 appraisal was adequate and the deed was clear, had changed his mind 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 was 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 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 someone 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 Tuesday, July 28th, a message was left on my voicemail 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 appraisals 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 misunderstood about the deposit and they were going to keep the money. There was nothing I could do about it. At that point, I hung up the phone and started this letter.
I was lied to, misrepresented 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. I did not misunderstand and I went to extreme lengths to make sure there was no chance of misunderstanding before I agreed to apply for this loan and I was still outdone by their sleazy tactics.
Reviewed July 27, 2009
This morning, a gentleman called Alex ** from Quicken Loans, Presidents Club Banker, phone: **, email: **, 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 waiting 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. ** that he can use that kind of "assumptions" with his immediate member of his family or with some of his loser 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 harassment and with your lawyers sitting close to him. For what I am concerned, I don't want to hear from this company for the rest of my natural life.
Reviewed July 27, 2009
They promised us that our loan was a done deal. They never mentioned that we would not get our good faith estimate money ($500.00) 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 first mortgage balance was. Our last appraisal was done 2 years ago and it was around $140,000. We had to borrow the money from family members. I have to work extra to pay back our family for the good faith estimate money.
Reviewed July 25, 2009
I applied for a loan in early May. Scott ** 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 **, 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 website. 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. ** 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. ** 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 numerous complaints against them very similar to mine! I have been adding my complaints to many of these sites 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. I continue to pay hundreds of dollars a month on the credit cards I owe that should have been paid off with the cash-out I was to receive with the loan.
Reviewed July 10, 2009
We wanted to refinance two homes to bring down the interest rate (no cash out only). Home #1, appraised at value was to be expected and Home #2 was appraised lower than currently owed. We knew this to be wrong since Home #2 was 800 sq. ft. larger than Home #1, located in Phoenix as opposed to small town, economically 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 for their "fees".
We have since gotten another appraisal on the #2 property from a reputable company recommended by local realtors and, lo 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.
Reviewed July 9, 2009
I started looking for a lender for a 2nd home back in February 09'. I decided I was going to go with Countrywide Financial, so I did a Google search for the phone number. I picked the first website that came up as this company name and called. It was not until I was 1 month into the process that I learned that this was actually Quicken Loans. That was my first issue, misrepresentation. The first time I called I spoke to Tony **, which he said he would be my contact from here on out if I had any questions or concerns about my loan. I told Mr. Tony that I owned a home and was trying to purchase a 2nd home because it was time to move into bigger and better and I also told him I wanted to go ahead and do an FHA home loan because I was told the downpayment was significantly lower than conventional.
He agreed with me and told me I was absolutely correct and yada yada yada. We went through the entire pre-qualification process and he sent me a letter letting me know I was ready to start looking for a home. Which I did, I found a home about 3 months later, contacted Tony and let him know I was ready to start the loan process. He verified my information with me again and let me know that I would have to give them a $400 deposit to start the process that would be refunded to me at closing. I agreed even though I found this odd since everyone I talked to had never heard of this before. Tony assured me after a couple phone conversations that it would be refunded to me at closing unless the loan did not close due to my lack of cooperation.
No problem, I thought! I gave the deposit and we began the process. There were a couple of issues in the beginning; Tony ** never would return my calls or emails unless he needed something from me, which would sometimes be 2-3 days after I called for an update. I was going to rent out my property I currently own once I got my new house. Tony said I would have to cash the deposit and rent check from my soon to be renter before they even knew if they were going to be able to move into my house in order to finish my loan in underwriting. I thought this was totally immoral because I was taking money from someone that was not even going to be able to utilize the property for 3 more weeks if not more.
I did it anyway because I was backed into a corner. In today’s economic times $1,200.00 is a lot of money to ask a person to give you, not knowing if they are going to get the money back if the loan does not go through or when they can even move in. I was promised a closing date of 6/29/09, which did not happen because they found that they needed additional information as well as me to pay off a credit card to bring the debt ratio down.
I got the information they needed and paid off the credit card and sent this all over to them and then was promised a closing date of 7/2/09. I found out the week of 6/30/09 that Tony ** was out of the office for the week and would not be returning until 7/7/09. I received a phone call on 7/6/09 from the person covering in Tony’s absence and he asked me if my current home was FHA and I told him yes, I received a phone call from Tony on 7/7/09 letting me know I would not be getting the loan and I would not be closing on 7/9/09 because you are not allowed to have more than one open FHA account at a time. At no time did Tony ever indicate that this would be an issue or even ask me if the home was FHA financed. I spoke with several realtors and lenders and they all agreed this is a known fact among the industry and this should have been one of the top 10 questions he asked me in the very beginning.
Now, I am fighting to get my $400 back because I feel as though had Tony done his job right or if Quicken Loans had provided the necessary manuscript of questions to him, then I would have never even looked for a new home, had my heart set on getting the new home and been waiting 2 additional days to close. I was already packed for crying out loud! Emotionally, this lesson was very hard on me and it was no financial walk in the park considering I paid off things that were not necessary for me to pay off right now, cashed a check that I now have to return the entire amount to the individual and help find a new rental property for him and his family. Quicken Loans play with your finances and your emotions, not a good mixture. I hope they decide due to their negligence to refund my $400.00. I will keep you posted! I am so un-trusting and emotionally distraught over this!
Reviewed July 7, 2009
I was contacted by Quicken Loans about a refinance of my existing mortgage. I told them I had already been offered and started the refinance process with another company. In fact, I had the home appraisal already done the morning before they called me. They assured me they could beat the deal I had and would take the appraisal fee I had already paid off their fees if I went with them.
After much discussion, they sent me a good faith estimate. I told them that I needed to run everything past my husband, who was at work and unavailable at the moment, and that I could not compare what I had from them with the offer I had from the other company because my husband had all the paperwork with him at his office. The loan officer said that was no problem and then sent me a loan application, which required electronic signatures from both my self and my husband in no less than 4 places.
As he walked me through the application, he even pointed out that what I was looking at wasn't the accurate offer that we had discussed. He would lock in my rate and send me that actual offer once he had all required signatures. After my husband got home from work, we reviewed both offers in detail and decided to continue with the first offer we had received, not Quicken loans.
I called the loan officer less than 24 hours later and told him that my husband was not going to sign the application, we were not going to give them authorization to proceed or have an appraisal, and thanks for the time. Two days later, a $500 charge from them showed up on my credit card. I called them and told them they never had a completed application and that they couldn't charge me an application fee without that. I wanted the charge reversed.
I was told that since I had provided them with copies of my husband's pay stubs and I had gone through the electronic signatures, they started the loan process and would not return my money. I argued with them that they never had a completed application and that my signature on an application, which wasn't even reflecting the actual terms that we had discussed, was worthless, especially since the entire deal was based on my husband's income because I don't have income or a W2 for the preceding tax year. And I don't qualify for the loan we discussed.
They told me that my signature was all they needed, because we were married; and therefore, I could sign in his place. Again, the documents they sent me had signature lines for both of us on every page, and none of my husband's signatures were ever filled in. I am going to file a dispute of the charge with my credit card company, as I told them I would. We'll see what happens.
Reviewed 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 more per month. Everyone in the process answered my questions fully and in a timely manner. Initially, I balked at the $500 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 **, 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.
Reviewed July 1, 2009
We were looking at a refinance during the middle of April '09. We went with a local credit union and all was going well. When we got our appraisal back $130,000, we were ecstatic to know that we had reached more than the 80%LTV that we needed. However, the bank said that we had failed to lock in when rates were at 4.875%. We were mad, and on principle, paid for that appraisal but said that we would be taking our business elsewhere.
And along came Quicken. I saw an online ad for Quicken Loans with great rates, low closing etc. We paid the $500 "fee" and we were told that it would be applied towards closing costs if we decided to refinance, but if we did not, then they would keep the money. I was still okay with this because I was holding in my hand a 2 week old appraisal from a local, reputable company.
To my surprise, the appraiser that Quicken lined up arrived 4 days later and took all of 25 minutes to perform his appraisal. It came back a week later at $700 under assessed value! That was $17,000 less than our previous, locally done appraisal. I have not checked my CC statement so I do not know if other charges have been made, but needless to say, I am not pleased that they made a "Quicken" $500 off of me.
Reviewed June 18, 2009
Initially, I had received an email from Mr. ** which stated 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? Don't get suckered in by a broker."
Well, that kind of scared me, so I gave Mr. ** a call. I was providing him with information over the phone, and we were cut off 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 cut off 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 received an email from some other Quicken Loans department called Fresh Start which stated that they were sorry that though they weren't able 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. ** 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!
Reviewed 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 was set with realtor based on a bank-owned home that sold in April. I found the buyer and got rid of the realtor. Quicken didn't know how to work without an agent.
Then the closing date was set for two weeks, since buyer was pre-approved. They decided the buyer needed a co-signer, so the deal extended two weeks. Four weeks later, an appraiser got there. They appraised the 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 was fixed, but that wasn't good enough. Now, they needed a "roof inspection" by a roof inspector. After extended contract with buyer three times, deal has not closed, time ran out, and appraiser has not been back out. This has been the 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 the 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 was less than the identical property 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. I showed them comparable sales on the street in April 2009, but they wouldn't adjust. They appraised less than the tax appraisal. They are rude and have 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. The buyer is backing out of the 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. The loan agent doesn't call back, doesn't listen, and is very rude. I don't get how they stay in business. I 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 the lender, not buyer or seller.
Reviewed June 13, 2009
Quicken Loans took all our credit information for a re-finance and never returned calls or emails. Our credit is excellent and it is a common courtesy to have a call or email returned. I was left with credit inquiry and it caused stress by not hearing anything back.
Reviewed June 11, 2009
I had set up to refi my mortgage with my current lender at 5% and 1 point and had put $350 down to lock in the rate. Cody from Quicken called me and offered 4.5% with no points and would refund me the money I put down with my lender. I put $300 down with Quicken to get the refi started. They called me a week after the appraisal and told me that my house did not appraise for $170,000 like they had anticipated and that I was out of my $300 I put down plus they wouldn't be refunding me the $350 I put down with my current lender. I asked them to please review my appraisal since comparable houses in my area were selling for $175,000 to over $200,000. I was told the my house wasn't comparable to any houses in my neighborhood. I have requested a copy of my appraisal multiple times and have always been told it is in the mail. Well, it's been three months and despite multiple calls, I still have never received my appraisal.
Reviewed June 9, 2009
We were interested in a loan subordination (combining our first and second 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 website and was connected to a loan officer (Craig). What was initially thought to be a streamlined loan process for a low 4.37 % rate, ended up becoming a nightmare with a $500 price tag attached!
Craig stated that the $500 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, Quicken's 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 loan for $185,000, plus paying upfront on the first mortgage payment. Needless to say we stopped the entire process and requested a refund of our $500 good faith purported refundable deposit.
Craig stated that they already spent over $2,000 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 good faith deposit refunded. It is the very least this company can do.
Reviewed June 6, 2009
I contacted Quicken Loans on March 27th, 2009 and spoke with Christopher ** to apply for a mortgage refinance loan. We were initially asking for $417,000. We locked a rate of 4.25% with 1.625 points and I provided the $500.00 they requested. Unfortunately, the appraisal came in much lower than I had hoped, so rate offer and points offer would no longer be valid. This made sense to me. Although I must admit, I was extremely disappointed with the appraised value and to this day, felt it was significantly lower than it should have been. But I understood the reality of today’s declining market with declining home values. On April 30th, Christopher told me that the maximum amount we could borrow was $356,000. Although it was lower than what we wanted, we figured it would be sufficient.
Christopher gave me a verbal rate and closing cost estimate, which we both agreed to. The rate and closing costs were comparable to what I could get at the other institution. So I asked him to write a GFE that reflected his verbal promise. The GFE I received was higher than his verbal promise. I was a bit upset with Christopher and told him of this, the discrepancy between his verbal promise and the GFE. Christopher said he would check his records and if what his verbal offer was what I said it was, he would adjust his GFE to match his verbal estimate. The next day, Christopher was kind enough to email and apologize. Apparently, after review of our conversation, he did learn that his GFE did not reflect what his verbal promise was. He emailed me on May 6th.
The attached GFE was exactly what he quoted on the phone: 4.25% with 1.25 points. After reading his email, I was definitely reassured that we were on the way to closing our loan and put my full trust in Quicken Loan. So, all I needed to do was to wait for the loan to be processed and closed. Well, I hadn’t heard anything back from Christopher for a while, so on May 18th, I emailed Stacey **, our Client Care Specialist and she emailed us and stated our loan looks great and there is nothing needed from you at this time. I emailed Christopher again on May 22nd and received a response that he will be out of the office until May 26th. On May 27th, I emailed and asked for a quick status of our loan. He didn’t respond, so I called a couple of times the following day with no response. So, finally, I had my husband phone him. On May 29th, he responded via email and said he was sorry he missed my call and that he was having his director checking on the status of the loan. I thought, it’s May 29th and he doesn’t know the status of my loan? That was the last I heard from Christopher. I would now be dealing with Scott **, Director of Mortgage Banking.
When I spoke with Scott, he said there was no way that they could offer me the terms Christopher and I had discussed. I asked him why and he said it was because of the value of our house coming in low. His reference to the value of our home at this point in the loan process was irrelevant. The GFE offered on May 6th was based on the fact that both Christopher and I knew what our home was appraised at. Then, he mentioned that they did not have all the documentation that was needed to close the loan. This was a huge surprise to me since I went out of my way to make sure Christopher had everything he needed from me so that I would not be the reason for a delay in closing. I asked Scott what documentation they didn’t have. He said they did not have the payoff amount. The payoff amount was received in the very beginning on the loan process. So, I thought maybe he was referring to the new payoff amount so I called the credit union and they said it is their policy to provide this information within 24 hours. I totally understand that a GFE is only an estimate. But this was a GFE with all the data needed for Quicken Loans to be fully transparent with what you could offer me. I had another reputable financial institution promising me the same rate, but I put my trust in Christopher, after all, he said he was a man of his word.
The ultimate slap in the face was the final email from Scott ** giving me my new offer: $356,800 at 4.5% with 3.375% in discount with a payment (PITI) of $2,340/month and $21,000 cash to close. I would need to come up with $14,000 more to get the same rate we were promised on May 6th. Why are they still in business?
Reviewed June 4, 2009
I arranged to refinance my mortgage with Quicken Loans. I did an "apples to apples" comparison. They said they had the best rates/service, etc. I paid them $500 (only company that requires this). They did an appraisal which cost them $300. The same day, I found several other lenders willing to offer me the identical (term, payment, rate, etc) refinance mortgage for several thousands of dollars less. I told Quicken I wasn't to proceed with their refinance mortgage. The new lender just required them to release my appraisal (which I paid for) and they can enter their name as lender instead of Quicken. Joe **, from the President's office, told me that since I decided not to proceed with them, they won't release MY appraisal or refund my $500. They're keeping my appraisal and money. Now I have to pay for another appraisal even though the original one is only 2 weeks old.
Reviewed June 3, 2009
If you were to substitute the name Matt ** for that of Robert ** in the above charges, you would be describing our case. We were inundated by a vast number of people making multiple requests. None of them bothered to make clear the consequences of cancelling a line of credit which we were planning on for our later life. The line of credit was with Washington Mutual Bank and was for $200,000 and at a 3% interest rate. A fee of 3.5% was charged to open the new loan. Added to this loan were many items which made the settlement charges $4177 on a $63637 loan. In another month, we would not have incurred a $600 penalty for early cancellation.
Reviewed June 3, 2009
We were approved for a 3.99% with 2.87 discount points, paid $500 to offset loan expenses. They took so long, the rate changed but nothing else did. We were handed off to at least four different people. We were told everything was fine, until the last minute then were told we ran out of time, given new rate of 4.25 with same discount fee. When we balked and wished to talk to others, we were told we would forfeit our $500 and had only 24 hours to respond to new loan.
Reviewed June 3, 2009
$500 fee charged to "start" financing process. They gloss over this fee by saying it's fully refundable at the closing. They neglect to tell you that if you do not close the loan with them, the fee is non-refundable. Sure wish I'd read all of the complaints about them first!
Reviewed June 1, 2009
I was contacted about refinancing my mortgage after I answered an ad that had several lenders. After a low appraisal and several calls and $500 later (or more than that - I haven't checked my credit card yet), I was told they could not find a bank to refinance my house, though originally I was told that they were the bank and that was why I should go with them. The guy who called me first told me he could get me a loan where I'd be paying $300 less than I am now, then suddenly it was $700 more than I am now paying! Finally, they got what they wanted - access to my credit card to put charges on it. I have the appraisal and should have gone with the comments on this site, I'd have not lost that money. There are charges on my business card that are more than I had to pay when I bought my house initially!
Reviewed May 28, 2009
I had a bad experience with this company when I was trying to buy my home. I contacted them and was pre-approved (fake approval). I had a letter to take to the realtor when I went looking for homes. I also had a house realtor working with me. I faxed in all the paper work and was set to close. Then, I was asked to come up with more money. I did not understand how could I be ready to close in four days and they needed more money. We were all set with the owners and the title company. After I did not pay the extra money, Rob said we could not get the loan. This is so unfair. Please let me know if any legal actions are being taken against this company. How can they do this? Is this legal? Buying a home is a person's dream; it should not be turned into a nightmare.
Reviewed May 28, 2009
Don't do business with Quicken Loans! They are scam artists. If you call and do business with them, they will ask for a good faith deposit in order to do business with them. This deposit ranges from $350 to $800 which is not refundable! After taking my information down, the original good faith estimate was denied due to a low appraisal. We asked for a copy of the appraisal and by law, under the equal credit opportunity act (section 1691 e), they are required to provide a copy in reasonable timeframe. They did not and came back with another loan that was lower in savings and we would then have to come to closing with more money down in order to close the loan.
Let me warn everybody that reads this. Quicken Loans will have all the information that they need in order to process a loan in the first 20 minutes of the phone conversation. If you give them the credit okay to do so, they will have the comps already pulled up on their computer programs so they will also know what your house is valued at. So don't fall into their game of giving a deposit because after you do so, they will deny your loan for whatever reason they can. Just read the numerous complaints about this happening. It won't be credited to your closing cost like they state in the first phone conversation that you have with them because you won't make it to closing with them.
I was able to follow the advice of another complainant and dispute the charge on my credit card and got the charge reversed. Shortly afterwards, Quicken Loans emailed me stating the loan was denied due to me taking too long to make a decision. So at this point in time, I have received my money back from my credit card company and still waiting on a copy of the appraisal. The reason for getting a copy of the appraisal is Quicken Loans will purposely appraise the value of your house lower than market value because after they do the first good faith estimate and they send that out to their buyers and no one bites on it, Quicken Loans uses the appraisal as their way out of the loan and to take your deposit. Buyers, beware of this company!
Reviewed May 27, 2009
When I was looking to refinance my home, Quicken Loans contacted me and discussed what program would be best for me. I told Chris ** that I was speaking with other lending companies. He was very nice and told me that with their program, there would never be any refinancing fees whatsoever as long as we had the loan, even if the loan was bought out by another company. Now that the rates are lower, I called him and was switched over to Kenon **. When I inquired about refinancing because the rates are so much lower than I have now, he told me it wouldn't make any sense to refinance. I asked why and he said the closing costs would be around $8,000 and it would take many years to recoup that amount.
When I told him that I was promised a no-cost refinancing, he informed me that their company does not and has never offered that. I told him Chris had told me that and that is the only reason I went with their company over a local company. He told me he would address it with Chris and never heard back from them. So I called and left messages for both of them, but no one called me back. I sent many emails to then and have never heard back.
Reviewed May 27, 2009
Do not give them any money! They will ask for $400 or more dollars to process your loan. Below is the email you will receive: "I just want to say thank you for giving us the opportunity to help you with your financing. I am sorry we couldn't match a home loan program with your current needs, but we definitely hope to have the opportunity to help you in the future. As you know, the deposit we obtained at the beginning of the application is a commitment to do business and is used to order the required third party documents associated with your loan. Although we cannot close the loan at this time, we have provided the ability for you to view, download and print the associated documents that were covered by your deposit. These important third party items are ready to be viewed on **."
Reviewed May 25, 2009
I e-mailed the Lending Tree company about refinancing our home. Several weeks later, we were contacted by Quicken Loans. He asked a lot of questions then promised to refinance our home at 4.85% interest. He said it would lower our house payment by $140 a month. He said he needed a $500 deposit to get started so I gave him my credit card information. He called back in about 15 minutes and said that I needed to go online and electronically sign a couple of forms. Not knowing anything about how refinancing worked, I followed his instructions thinking that he was representing me. He led me to the page and guided me to the place where to click to electronically sign the forms. All the time he told me what the forms were saying, like it was no big deal. Up to this point, he was working with a sense of urgency.
Then as soon as I signed, his demeanor changed and I felt that I had just been scammed. I downloaded the forms to find out to my amazement that he lied on the good faith estimate. He had the home value at way more than what I had told him plus there was way too much closing cost. Knowing that our home would never appraise for that much money, I knew that we would not be approved for the loan and we would lose our $500 deposit so I immediately emailed and canceled the loan.
I was contacted the next day by another Quicken representative who tried to pressure me to accept the loan.Then I emailed both Quicken Loan representatives and canceled the loan application a second time.Then I mailed a written cancellation letter. After several more emails to Quicken Loans who would not even tell me if I was going to get a refund of my $500, finally, they sent me an email saying I would not get a refund. I then contacted customer relations who also said there would be no refund.
Reviewed May 22, 2009
I was contacted by Sara from Quicken Loans. She said that the government has a new refinance program for people who have made their payments on time, "as like for a reward". Sara said it was basically a free loan. She asked for my husband’s SSN and said she would call me back. When she called me back about an hour later, she said, "I have great news. We can get your interest rate down to 5%.” She told me what my monthly payments would be, and they sounded great. I told her I would need to speak with my husband first and I would call her back. She said to hurry so she could lock in the interest rate. I called her back and said yes. Sara said I only need a $400 deposit to lock in this rate. She said I would get it all back but about $60.
I gave her my debit card number. She said she was going to e-mail paperwork and we needed to e-sign it as soon as possible. We got the paperwork, and the good faith estimate said our closing cost would be $154.86, and our interest rate was 5%. She never mentioned closing cost on the phone, but $154 isn't bad, so we signed. About one week later, the Closer called and said he needed to go over the closing details. He said we needed 1,200 to 1,500 dollars at closing. I told him Sara never said anything about closing cost. He said he would call Sara and work something out. I got an e-mail a few days later showing my closing cost was down to about $600, but my interest rate was up to 5.5%. Now, they won't give me my $400 back that I gave them to lock in the 5% interest rate.
Reviewed May 22, 2009
My wife and I were in the process of refinancing our house. We contacted Quicken Loans to begin the process of securing a loan. They promised a VA-certified appraiser would do a thorough inspection of the house and compare its price to sales in the neighborhood.
From the beginning we were wary of the appraiser because although we were told she was local and that she knew our particular neighborhood, she got lost. Her inspection was quick and consisted in a few pictures, a walk around the property and a couple of questions; a little too fast for my liking but I did not question her methods. Two weeks later, I contacted Quicken Loans for the results of the appraisal and was told it was $145,000. It was not enough, and that the loan process had been cancelled. I had to ask more than 3 times for the original report that I paid for to see what basis was used to arrive to that appraisal price. When I finally got the report, my suspicions of a sub-standard service were confirmed within the first few pages.
The appraiser quoted a price for the property with little or no justification or reasoning for having arrived at that assumption. I base this off a phrase included in the report that says, "There were no four bedroom sales available within a one-year time frame and within a one mile radius, sales #1,3, 4 were given greatest consideration due to recent sales and least amount of adjustments." In other words, in the appraiser's opinion, she did her comparison with properties of less rooms (3) because similar properties were not available. So she went ahead and used a different set of standards instead of trying to ascertain if additional information was accessible. Also, although she uses Sales 1 and 3 as part of her basis, she does mention that they are Real Estate Owned properties, which normally means repossessed by a Bank and in most cases sold as is because they are a trouble asset. Still, she used these and compared them to a house that she herself admits was in good care.
This information that "was not available" was, in fact, easily accessible because just 2 days after receiving the report, we proceeded to a Real Estate agency and were able to find 4 houses with similar characteristics to ours, and in the same neighborhood that were sold in the last year. All properties that we found had a higher final sale price than our property assessment. This means that the statement that no comparable properties were available was either a lie from the appraiser or a lack of effort and care in the service provided. I therefore did not want to pay for a deficient service. If I can walk into a Real Estate office and request sale records, a property assessment specialist that has access to all this information herself should do better.
I contacted Quicken Loans about this and they were immediately not receptive about requesting a new appraisal and told me that I would have to pay for a new one if I want to try and do this again. I mentioned that I was being charged for a substandard service and that they were being willing participants in what seemed to be a fraud since there were no checks and balances when it came to protecting the customer who was at the mercy of seemingly unqualified service providers. I mentioned the possibility of disputing the charges for the appraisal and I was told that they encouraged that I not take that route and that because there were no 4-bedroom houses to compare mine, the appraiser had a tough job coming up with the proper value. Sadly it would seem that the appraiser really didn't do her job at all because it took me 30 minutes at a real estate office to get the public record on recent sales of comparable properties.
I will not pay for another appraisal, and the unwillingness of Quicken Loans to back a client who is given a less than standard service makes me question their business ethic and therefore I am disputing any charges that Quicken Loans makes on my credit card because I believe that these predatory practices in the times we are currently going through are ridiculous.
Reviewed May 19, 2009
A month back, I was quoted a mortgage refinancing and was contacted by Steve ** from Quicken Loans. I told him I was looking for 0 closing cost refinancing only. On May 14, Steve gave me a call saying they could offer 4.5% interest rate. Since it was the best, so I said I would process. He asked for my credit card number. Then he sent me an email asking me to sign it online. After reading good faith estimate, I noticed that there was no lender credit. I called back stating it. He said they could not do 4.5% at 0 closing cost, but could do at 4.625%. I felt unhappy but still did not reject. After reviewing changed documents online, I still did not see lender credit. Steve then said there was first month pay skip which I did not understand. But he said it was 0 closing cost. So I signed the documents.
But the next day (May 15), I figured it was not 0 closing cost. My current loan outstanding is near $230K and with Quicken Loans, the new loan amount will be $232K (plus $2K closing cost). Assume it is closed on June 1, I will not pay in June, but if I would like to pay $2K in June, on July 1, my new loan will be $230K. Sounds great, right. Let's take another real 0 closing cost loan closing at July 1. I would still pay $2K for the current loan but what is the outstanding on July 1? It will not be $230K but it will be $229K because $2K paid in June also reduces your loan principal. Do you see the difference? And they refuse to refund my $500 application fee. Now I only believe mortgage agency referred by my friends. You cannot expect an individual smarter than them on this business. Even if you are, do you want to do business with a dishonest, misleading party?
Reviewed May 18, 2009
I contacted Quicken Loans via the internet, and now, I can't get them to stop calling me! I talked with a representative and told them both by phone and by mail that I was not interested and to stop calling. I have had as many as 8 phone calls in one day. It is at all hours and on weekends. This is becoming harassment. I just want it to stop!
Reviewed May 18, 2009
I was contacted by Quicken Loans on refinancing to lower rate. I was quoted an FHA loan by Geoff **. He pulled our credit and I told him what a recent Zillow report indicated our home value was but I was uncertain due to housing market. I felt it was not worth the cost to do it, so I told Geoff we did not want to do it. He said it would be crazy not to do it when we could and put the hard sell on. He claimed costs would be recouped quickly. I had market condition concerns. Value would be enough to consolidate both our first and second mortgage loans. He looked up values in our county and said values were not dropping as elsewhere. He looked at comparables and said there would be no problem getting the appraised value. We decided to proceed.
It wasn't until this point I found out about $500 deposit, a commitment to do business and would get back at closing. I thought we would lose only if we backed out of the loan. He did not provide all required information or misrepresented information. I provided honest, complete information. I would not have risked money if I knew he had provided all information so I knew what my risk was. I was not told FHA required two appraisals and was not aware second appraisal was required until I got a call to schedule. Second appraisal came in low. I was told appraiser refused to change value on appeal and appraisal review team agreed.
Geoff had indicated when I had serious concerns before scheduling the second appraisal that it wouldn't be a problem. The comparables were there to get the value and they could submit an appeal to get it changed. It appeared a foreclosed home was used. This would have been on the list Geoff was able to look at. It appeared most similar and sold well under what we needed the value to be. It appears unlikely we had enough equity to do this and this would have been clear before we started if I had been given the correct information. With this information, our ability to refinance was grossly misrepresented.
After we decided not to do loan, Geoff misled, gave incomplete information, did not disclose risk of losing money, and gave assurances that should not have made all in an effort to make a commission. With complete and true information, I would not have started this process and be out money for deposit. The true costs of the loan and risk of losing deposit was not explained and disclosed. I attempted to resolve with no success. They are practicing predatory lending involving failure to disclose. Lenders have the legal responsibility to fully disclose and completely explain each and every aspect of the mortgage that is applied for.
Reviewed May 15, 2009
I called Quicken Loans on behalf of a buyer who was told by the lender to ask seller for credits towards closing costs. Because the seller is a devout Muslim whose religion prohibits mortgages, loans and interest rates, I specifically asked Quicken Loans if there are going to be any discount or origination fees. He said no, and he even confirmed it in an email.
By the time we were closing and we looked at the credits that they wanted to apply towards buyer's closing costs, Quicken Loans, to come up with 3 % in closing costs and to buy down the buyer's loan, charged 1% origination fees and 0.75% loan discount points (is there a difference?), as well as one full month's interest on the new loan. The seller was horrified and refused to pay those specific fees. Had they itemized fees for other credits, the seller would have agreed. So I had to find a way to cover the expense for the discount/loan origination fees that the Quicken Loans lender said he would not charge! Liar!
Reviewed May 13, 2009
I filled out an online refinance questionnaire and early the next morning, Alan ** of Quicken mortgage called me. We talked for a bit to see what my goals for refinancing were and what I was looking for. After a few minutes talking, he said he will call me back in ten minutes. Sure enough, ten minutes later, he called me back with some numbers that sounded real good. I told him I need to talk it over with my wife. He said, "But if you were the one making this decision, you would do it right." Rush, rush, rush. "I need your $500.00 deposit to lock you before rates go up." I said, "I will get back to you when I talked to my wife." Two hours later, he called. I didn't answer and sure enough, 20 minutes later, he called back.
I answered and told him I didn't like his strong arm, hurry-up and give-me $500.00 deposit ways. He said he didn't mean to sound that way. I told him I was also checking with Capital Mortgage. He said, "I just googled Capital Mortgage," he said he found no matches. Please google Capital Mortgage and tell me what you find. Plenty of matches. These people are scam artists. Thank you for this website. I did not lose any money to these scam artists. Please stay away from this company.
Reviewed May 12, 2009
I had requested for mortgage refinance 15 year quotes from various lenders. Quicken Loans responded with their quote along with some other vendors. I had filled in an online application for prequalification. The agent at Quicken Loans began calling me about the loan asking me what I was waiting for and to go ahead and sign the loan documents electronically. I mentioned that I was still awaiting rates from other vendors and would have something by early next week. This was on a Thursday/Friday. The agent called me Saturday morning asking me whether I had reviewed the documents and signed them, while I was on my way out for the weekend with the kids. He convinced me that I could back out of the loan if I ever got cold feet without any penalties, and made me get on my PC and sign the documents.
On Monday/Tuesday, I got a call from my local credit union with an excellent rate. I sent a message immediately to the agent at Quicken Loans asking him to withdraw the loan application. Now I am being told that a deposit of $550 will be levied as a penalty for withdrawing the loan. I explained to them what had transpired between me and the agent, and now they are saying it could be a miscommunication. If I knew this is how they did their business, I would certainly have looked elsewhere.
Reviewed May 11, 2009
I made an inquiry to Quicken Loans by internet on Thursday, 5-07-09. I was contacted by an agent of theirs on Friday, the next day. I received a package next day mail containing some loan docs. I read them and everything seemed alright. During the weekend, things changed on my side (employment). I got a call from Mike **, the Quicken agent on Monday, the 11th, at around 2:30. I informed him that thing had gone bad and that I would not be able to go through with the loan. Almost immediately, Mike became very loud and aggressive over the phone. He told me that if I hung up on him again, he was going to take $400 out of my Mastercard and he could do it because I had given him my number. Needless to say, I'm not worried but everybody needs to know about this mortgage company's unprofessionalism and bullying tactics that are out there. At first they are very much the pros that you would expect but this is a facade. I would not recommend them to anyone!
Reviewed May 7, 2009
Quicken Loans is a company to avoid at all costs. This is a predatory company which uses contact information online related to President Obama and the new laws to find new victims. When prompted to get information about refinancing, Quicken Loans was one of the first company to contact me.
Abby ** was the contact person who claimed to able to give me all I wanted. I wanted to get rid of my credit card debt, refinance my mortgage, lower the rate, and then get some money out to finish my house. She claimed that I would get $25,000 cash out, I would be able to pay my mortgage, pay off my credit card debt, and save $800 a month. She failed to reveal the cost I would pay in points and assured me I would be able to get my money back during tax time. Is saying this legal?
So when I received the papers, which I was encouraged to sign immediately, I later noticed missing is the $25,000 cash out and I had an additional closing cost fee of $7,500! Unfortunately, I signed the papers, and the Good Faith Estimate did not quite add up. I then after two days chose to reject the offer, and expected everything to be over. During this process, I had given Ms. Abby ** my credit card account number. And the day after the loan was stopped and I was assured it was over, there was $500 taken out of my Citicorp account. Worse, since taking this amount out of this account, it has caused problems in my financial stability. Now Abby has added to my credit card debt and in so doing, left me worse off than when I started the process.
If they provide no service, how is it that they can keep my deposit, and how can this be (as they claim) the law? They line their pockets with our money, leave us worse off than before, waste our time, and cannot be trusted. They refuse to be transparent, and take advantage of those who do not know better, like me.
Let this be a lesson to those looking for potential funding to get out of debt. This company has no problem, even when they are aware of your situation, in growing the consumer in front of a train as they tell you, "I am taking way too much money from you but look how much you will save!" One is left less than when one began, yet a little bit wiser and scrambling to correct the problems this company has put into your life. This is the evil empire that Bush should have been talking about!
Reviewed May 6, 2009
I applied for a refinance loan and was told at first when Robert called me back we were going to get a 4.5 % interest. Then when I was looking over my loan papers, it was 5%. Robert emailed me and changed it to 4.5%. Today, I was told it was 5% and you never get anywhere with them. They tell you one thing, then it's different.
Reviewed April 29, 2009
I went online and asked to be contacted regarding a refinance mortgage. I was contacted by Adam **, Executive Mortgage Banker - President's Club, Quicken Loans. He was friendly and helpful and I gave him all the personal information he asked for. He gave me a verbal Good Faith Estimate and wanted me to pay the application fee that moment. When I told him I wanted to get another GFE, he became aggressive. I asked him to send me a GFE in writing but he wanted me to get another one and send that to him first. I got another one and sent it to him and never received one from him or heard from him again. I believe Oregon has a law of within 72 hours, a written GFE has to be provided. I am pasting a trail of emails. If this isn't the right place to report this, please let me know where the correct place is. Thank you.
Reviewed April 22, 2009
Quicken Loans called me upon filling in brief information about refinancing on Bankrate.com. Needless to say, their offer was great initially. But the faster the salesman spoke, the more I became confused. But he seemed to make it all come together. He's a very talented silver tongue. They offered a rate of 4.5% with 1 point buy in, and closing costs seemed reasonable. We initiated a deposit from my debit card over the phone, and then he sent the final good faith estimate. But the numbers were completely off from our conversation. I decided to freeze the deal right there.
I politely asked them to abstain from taking the deposit on account of a misunderstanding. They complied. Four days later, my bank called me to inform me that my debit card had been compromised. Someone apparently tried to purchase airline tickets to Mexico from my debit number. Fortunately, my bank declined the purchase on the spot. My wife called Quicken Loans back to inquire about our debit card. The so-called senior loan manager however said our salesman was not in - he was on vacation in Mexico! Needless to say, we've filed a report with our local police, and our bank is running an investigation. But I'm not sure what else we can do.
Reviewed April 21, 2009
My husband and I applied online for information about refinancing our home loan. We currently have a conventional loan. We received a phone call right away. The sales rep looked up our credit history and said there would be no problem, he just needed $500 as a guarantee that we want to work with them. He also said we would get a 5% loan, which is 1.75% lower than we currently have. We gave him the money, filled out all the proper papers, and he said, "Everything looks good." He said we would have to have a house appraisal done. No problem. A man came out, took pictures, and said that everything looked good.
A few days later, our rep called us and said everything looked great. The appraisal came in great, but in order to get the rate he promised us, we would have to go FHA, and they require 2 appraisals. So, about 10 days later, another man came through our house, took pictures, etc. A few days after that, our sales rep called and said he had bad news. The appraisal didn't come back high enough. My husband asked him how that can be since the first one came back fine. He said we only had one done. The rep refuses to acknowledge that 2 appraisals were done, with one of them coming in high enough. He said there was nothing else we can do.
I would highly recommend no one ever try to get a loan through Quicken Loans.
Reviewed April 17, 2009
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 30-year 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 conventional loan, plus, we received someone else's paper. We were reading our papers as we signed them and 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 Ron ** contacted me offering us a lower rate than before. I asked him why offer it now and why did he not offer it at the beginning. Since he offered a lower rate, we decided to try again. I was told that the $400 that we paid was for an appraisal but now he is saying that I cannot 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. Ronald 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!
Reviewed April 16, 2009
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.
Reviewed April 15, 2009
I wanted to refinance and used Bankrate.com. I was referred to Quicken Loans. Matt was quite a talker and 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 online 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 and how safe they are, but when I physically got all the documents and noticed the point, I called them right away. Unfortunately, my closing was the next day (everything is very rush). I read that if I did not close, I would lose the $500.
So I closed and 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 and 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.
Reviewed April 9, 2009
I contacted Quicken Loans and asked them to refinance my 2nd home condominium. They responded that it would be no problem due to my excellent credit and the low loan to value ratio. They also said that they close many loans in two weeks! To make a long story short, I spent three months sending them every piece of information that they requested, which was a ton of stuff. I also had to rewrite my trust to comply with their requirements, spent a lot of dollars for my attorney and gave Quicken Loans the $500 that they required. All this only to be turned down because the property was ineligible.
Quicken loans was never able to make the loan they promised, which they could have found out in the first interview. It took them three months and endless, expensive compliance to their requests, only to be told that the property that I was attempting to refinance was ineligible due to FNMA guidelines - a fact they could have discovered with a quick web search before beginning the loan processing or charging me $500. The fee should have never been charged had they performed any due diligence prior to beginning the loan process.
My credit is excellent, my income is stable and adequate, and the condominium has the necessary value. The only reason this loan was turned down was due to the ineligibility of the property and as I mentioned, this could have been discovered in the first five minutes of their initial intake prior to any charges being levied. I would never recommend Quicken Loans to anyone and in fact, would strongly advise staying away from them altogether.
Reviewed April 9, 2009
Mr. ** took an application for refinancing the mortgage on our home. He asked for a commitment fee of $750.00. I asked if the money was refundable if we decided not to do business with the company. Mr. ** stated that if we decided not to go through with the loan, he would refund the money less a $20 fee for a credit check. He went as far as to accuse me of not telling my husband that I looked into the loan. He was just unreasonable, saying that he has recorded conversations that he can play back to me. I know what was said and I would not have given him anything if I had not thought I could have the money back. He refuses to refund the money. My husband did not sign any documents and refuses to do so. So far, we are out the $750.00.
Reviewed April 8, 2009
My loan with my former loan holder was just paid off by Quicken Loans and I want to share my experience. I was contacted without solicitation by Quicken Loans on February 6, 2009 with an offer for refinancing my 5-year ARM expiring 2011. They offered refinance terms that intrigued me, so I made a quick Google search to see if it is not a scam. After I read many complaints, I became even more suspicious so I called my bank to ask them about Quicken Loans. They confirmed that they work with them. In short, I found out that the bank was improving its balance sheet and cashing in its ARMs. Very cautiously, checking meticulously all paperwork posted by Quicken in my account, I went on. Like a hunted deer, I was ready to cut and run at the smallest sign of wrongdoing.
Now that the deal is through, I want to clear my conscience for giving a hard time to my loan officer Darrell **. If it weren't for his patient following of the deal, I wouldn't be saving $200/month. I would have closed earlier had it not been for my diffidence. I want to note that a company is made of individuals and I had luck with this one. I don't want to disparage complaints made by others, who might or might not be right. In essence, my experience was a positive one with the ability to examine the paperwork on Quicken's website during the process. I did not feel rushed and proceeded at my own pace.
Reviewed April 7, 2009
I made the mistake of filling out the online forms with this company. I then found this site where people were telling of their mishaps with this company. Thank goodness, there is such a site to warn people before they lost their hard-earned money. I guess I will be getting calls from them, and I am hoping they know what no means. I just wanted to say thanks for all these bad experiences.
Reviewed April 1, 2009
In 10/2008, I purchased my home from my mother's estate. I'm 51 years old. My mother has tax exemptions - premium star, veterans and senior citizen - that reduced her taxes including 0 school tax. Quicken based my tax escrow/monthly payment on the totals from my mother's previous taxes. Then only 1 month after I purchased the home, they sold the mortgage to Countrywide. In March 2009, I received the news that I'm negative in my escrow and my monthly payment has significantly increased. Certainly I take a degree of blame. I reviewed/signed the papers, but this is Quicken's business. They don't have the professionalism to catch this?
Subsequently, had I received the correct estimated cost for my monthly payment of upwards of $800 per month on a 30-year mortgage, I wouldn't have purchased the home. It's a lesson learned. However, at the bottom of each email I received from Quicken was the quote "We are what we repeatedly do. Excellence therefore is not an act but a habit." I hope they're not in the habit of these kinds of mistakes.
Reviewed March 30, 2009
Reviewed March 30, 2009
Reviewed March 25, 2009
Reviewed March 21, 2009
Reviewed March 17, 2009
Reviewed March 17, 2009
Reviewed March 15, 2009
Reviewed Feb. 24, 2009
In 2006, I was approved for a refinance agreement, but only after my income/debt ratio was found to be too great. The appraisal value was increased in order for the home equity line loan to be approved. The HE loan was to make payments on the loan that I couldn't afford, per Quicken. It's 3 years later and I am freaking out! Payments are not reasonable and I cannot keep scrimping to make ends meet with these loans.
Reviewed Feb. 23, 2009
Reviewed Feb. 22, 2009
Reviewed Feb. 21, 2009
Reviewed Feb. 19, 2009
High pressure sales, closing costs way too high and non refundable $500 fee.
Reviewed Feb. 17, 2009
I had sent in an internet inquiry after seeing an advertisement online in regard to low interest home refinancing/consolidation loan. I had barely clicked send and my phone began to ring with a fast talking, smooth talker, promising all these wonderful rates and how everything could be consolidated 'just like that', over the phone, over the net. Yep, they would send an appraiser out, 'wrap things up' within 20 days or less, with only a $400.00 fee which would be returned to me after the loan is set. Persistent little guy he is!
My phone won't stop ringing. He doesn't know why I would want to talk to my banker when I said I wanted to run it by him. He says there is nothing wrong with the loan; he is pushing down my throat. Thank God, and the internet... I put him off one more phone call. I called my banker who advised me to Google Quicken Loans and BE AWARE. I was moments away from telling mr-aggressive-with-all-the-answers that we would go with his loan UNTIL I found this website with all the negative publicity from people who had the exact experience I was about to fall for. THANK YOU all for the insight! I just saved myself a TON of money and stress! Thankfully, I had not gone with the scheme he had going. I may be paying higher interest and have to find a new lender, but it will NOT be QUICKEN LOANS.
Reviewed Feb. 16, 2009
On January 7, 2009, I inquired online about a refinance of my home at Quicken Loans. I called the 800 number and talked with a female representative, Jennifer **. I was told that a loan initiation fee of $400 was required to get things going. I was told this sum would be applied to my closing costs. I was referred to loan officer Edward **. Everyone was personable and pleasant... at first. After nearly 3 weeks and a home appraisal, I was told that my home did not qualify because it was a mobile home! Now, I've lived in this home since 2004 and it most certainly is not a mobile home. It is listed with the assessor's office in Franklin County, MO as a ranch style conventionally built home of frame construction.
This wasn't good enough for Mr. **. He said he called the assessor's office and spoke to an as yet unnamed person there and was told my home was a manufactured home with an addition built onto it. So they considered it a mobile home and they would not loan me the promised VA refinance. I immediately contacted my Visa card company and put a hold on the sum. I also called the Better Business Bureau. Every time I send documentation that unequivocally identifies my home as a stick built home, Mr. ** counters with, “that's not what we have on record”. Yet he offers no verification to corroborate his assertion. I'd take my assessor's written document over some third party unsubstantiated claim any day.
I not only may lose my $400 deposit but I am also paying a higher percentage rate for my home, the reason for the refinance. Further, I purchased a 3-year old vehicle and this was attached to my home as a second mortgage. My plan all along had been to refinance both the home and the vehicle under the VA loan, and my payment would not only stay the same but I'd have no truck payment. I'd also have the taxes and insurance placed into equity so I wouldn't have to pay these as they came due throughout the year.
I am highly incensed over this turn of events, and I want to place my complaint along with the myriad of others who complained about this company's unethical business practices. In short, Quicken Loans has no proof, no written documentation from a legal source to back up their claims for refusing my loan application and subsequent loan approval. My thinking is this is how Quicken Loans makes their profit, by declining loans and keeping the fees.
Reviewed Feb. 6, 2009
Quicken Loans contacted me via email about a great interest rate. I had been looking to refinance the house like many other people, and like many others, Quicken Loans walked away with my deposit, after an appraisal that was about $50,000 lower than the value of the home. This company is smooth. They operate just within the guidelines of the law. I was approved for $231,000 cash out refinance that I brought down to a 4.375% interest at 2.5 points on a 30-year fixed mortgage. That is what I thought I was doing. Jason said that all he needed to get the process started was a "goodwill deposit" of $350, to be paid only by credit card, and that this deposit would be refunded to me at the closing of the loan.
Well, after I spent time and money preparing all the documents and faxing information to them, a month later, 2 appraisers came to the house and did what for the most part was a normal appraisal, except they seemed very nervous. A couple of days later, I was contacted by Jason stating my application was denied because the appraisal value came in at $250,000. That is about $50,000 to $60,000 lower than the value of the house. So, of course, I wanted my "goodwill deposit" refunded. He said that it paid for the appraisal and processing of documents and it was non-refundable. I spoke with their customer service dept. and received the same explanation. I have nearly perfect credit and credentials for the loan and anticipated no problems.
This company is fraudulent, deceptive and crooked. It should be shut down. This is a multimillion dollar scam. I wonder what percentage of applications even make it to closing? I would wager it's an extremely small percentage, just enough to make it appear they are operating legally. Since the deposit was made on a credit card, I turned in a dispute claim for the deposit with my credit card company. The outcome is still pending, but after speaking personally with the agent that is handling the case, he seemed confident after reviewing the information that I would have that deposit credited back to that account.
What a mess, and that company has all of my very personal account numbers and information. Is it good for a fraudulent company to have that information? No, they could steal that info to even more dishonest people. I'm in the process of changing all accounts that they could potentially pilfer.
Reviewed Feb. 3, 2009
Basically, it's the same story. I called to refinance, with a good faith holding fee, got terrible service and then when I ended it, I was forfeiting my fee; it's all legal, etc., etc. They can spend my money responding to complaints logged with the following: Quicken Loans is owned by Quicken Inc. and Intuit Inc. which have software products that we can choose to use or not. Let them know that you don't appreciate being ripped off especially during difficult times. Also, log complaints with your Attorney General, Better Business Bureau, The Federal Trade Commission, The Office of Financial & Insurance Services and The U.S. Department of Housing and Urban Development.
Reviewed Feb. 1, 2009
I was preapproved for a loan with great terms in Dec. 2008. It was supposed to include discounts and rebates for being referred by Sallie Mae's Upromise website although as things went along, they only got worse. I was never shown any discounts and when asked about them, I only got vague answers. Jessica stopped returning my phone calls about mid-Dec. when my loan was sent into closing. After that, the only way I could communicate with her was through email. Almost 60 days after starting the loan, on the day I thought we were going to close, I received an email saying the loan she had promised me I no longer qualified for. I was then moved into a loan I did qualify for but had outrageous costs. I told her I wasn't going to pay those costs and that the loan didn't make sense for me.
After emailing her a couple times and getting extremely frustrated, I finally told her I wanted my deposit back. I was then told it wasn't refundable. I explained to her that I was promised at the very beginning that if I wasn't approved for the loan, it was refundable. Please stay away from this company even though they are a part of the Upromise Sallie Mae website.
Reviewed Jan. 28, 2009
I wanted to refinance my loan. Erin ** called me and suggested that she could get me a quick loan and help me out. She was so nice and helpful (I would be too if I could get $750 free dollars) and began the loan process. After a day of thinking about it, I emailed her stating that I was going to stop the process because my wife had been laid off and we were going to talk to our current mortgage company and see if they would lower the payment. Erin convinces me to stay, saying that she had invested all this time and that when she called back within the next 24 hours, that I would be pleased with what she was going to come up with for me.
Well, she called back and I must admit I was pleased. She said she could get my $160,000 loan raised up to $180,000, pay off all my debt and it would only cost me $100 more a month. Wow! I was going to save about $600 a month. I was jumping for joy. Then she told me that my $160,000 house would need to approve for $190,000 to get the loan. I quickly said that there is no way that my house will be appraised for that much. She said, "Are you an expert? Do you know for a fact that it will not approve for that much?" I said, "No, I am not an expert. But the housing market has really taken a hit and I just don't see getting that much." She told me, "Ah, let's just go for it and see what happens."
I agreed. Then she told me that it was going to cost me $750 to lock in the interest rate at 5.5%. I said, "Wait, I don't have $750 extra to spend." She responded, "You will get the money back at closing, so you don't have to worry about it." Okay, no worries. Well, guess what? Three weeks later I am here with $750 more on my credit card and no loan. The appraisal came back at $155,000 for the first one and $170,000 for the second. I tried to be nice to them to get my money back, but when the last lady called me back, she was very short and told me there was no wrongdoing - that it was all legal. When I told her I would have to take this to another level, she said that I was more than welcome to do so.
Reviewed Jan. 28, 2009
The price for the loan changed from what was originally agreed upon for reasons I do not understand even though my lock in was good till February 24th. It smelled like a rat to me so I backed out and I will go elsewhere.
Reviewed Jan. 27, 2009
I was contacted by Quicken Loans through my application with LendingTree. My initial conversation with the agent was okay; however, when I asked for the offer in email, a second person listening on the line jumped in with a rude attitude. He did not even introduce himself and started pressuring me. He went so far as to yell at me when I refused to sign. Please stay away from this company. They are probably the worst out there. I am surprised at LendingTree for having such unreputable lenders in their list.
Reviewed Jan. 27, 2009
I had a great experience with Quicken Loans, and I have to say I was very apprehensive after giving them my $500 and then viewing all the negative reviews. Our refinance went seamlessly. We got the appraisal, cash and closing within 28 days. Lawyer came to the house and did the closing; it really couldn't have been easier. We got a great rate and lowered our interest rate. I am just thrilled. I know a lot of people got scammed from this company, but I have to say, we asked the right questions, got the right deal and got the best refinance for us.
Reviewed Jan. 26, 2009
We dealt with Quicken for a refinance on our home recently. Everything went smoothly and within acceptable parameters until a week before it was time to make our first payment. I received a notification that my account has been sent out for servicing. What it really sounded like was that Quicken took our loan and turned around and sold it to GMAC. In fairness, they let us know that this could happen, but I never expected it to happen before our first payment was ever made!
I suppose it could have been worse. GMAC is a rather large and reputable institution. They should be getting their rather large bailout from the government too. You'd think a company in financial trouble wouldn't be going around and buying up loans. I just hope my loan doesn't change hands again. I feel as though I was tricked into a loan with Quicken and pawned off onto GMAC. I'll be more wary in the future of large transactions of this type.
Reviewed Jan. 21, 2009
My wife and I applied for a refinancing loan on our home in hopes to lower the mortgage payment in the current economic situation. First they set it up as a FHA loan, then switched to a VA loan and then it ended up as a conventional loan. They required $500 to lock in the rate and ordered the appraisal. At that time, I told Mr. ** that we tried another mortgage company and the appraisal came back low-balled. The house appraised 11 months earlier for $230,000 and now it is in the $180s. There has been a lot of trouble with Quicken having to send documents several times, not returning phone calls.
I finally received a call from Mr. ** today telling me that they cannot do the loan because the appraisal came in too low, but earlier today, my wife received an automated call from Quicken telling us that everything is a go; they want to close but they need a few additional documents. At this point, I have no idea as to whether we will ever see the $500 again. After I told Mr. ** about the automated call, he ended our phone conversation quickly and promised to call me back. I won't hold my breath.
Reviewed Jan. 18, 2009
I went on the internet to check interest rates. Quicken Loans called to give me their numbers and what they could do for me. Alex called several days in a row, sometimes 2 or 3 times a day pressuring me to lock in my rate. To lock in, I needed to provide him a credit card number and $500 was charged to my account. I gave this number at 1 pm on Thursday, Jan. 8, 2009. On Monday, Jan.12, 2009, I called to cancel my loan application because the closing costs were too much. No one returned my calls for several days and now they keep telling me how stupid I am not to refinance with them. They are using my husband's information but I was permitted to sign all the e-papers. I just want my $500 back. No appraisal was ever done.
Reviewed Jan. 15, 2009
My husband and I have been pre-approved by Quicken Loans for a house purchase. Our offer of $136K was accepted by the bank for a REO, but the bank was shy to deal with Quicken Loans. The bank called the agent and the agent never returned their call. The agent is not returning our calls either. We lost the bid for the house which was depending on a call from Quicken to the bank. The bank didn't receive the call, so they went with the second offer. Also, we paid over $400 in pre-approval fees for a service that was not provided.
Reviewed Jan. 15, 2009
When this person called me to refinance my loan, I asked him about the appraisal charge. He said there is no charge for the appraisal. The $500 is to lock the interest rate. I told him the market is low now but he promised me a good rate. When the appraisal took place, it was low and my application was not approved. I requested my $500 back and he told me the $500 cover the appraisal and legal paperwork. What? I told him, "You told me there is no charge for that." He just said, "I'm sorry but you signed the paperwork."
Reviewed Jan. 13, 2009
I contacted Quicken Loans via internet. Immediately contacted by Mr. Darryl **. After introduction, he requested my Social Security number and birth date (needed for credit report). He had our credit report immediately and said he would get back to us the next day. After three days, I contacted Mr. ** and he said he needed our credit card number for a good faith deposit. He got his $300.00 and the phone calls ceased to come forth. When I phoned him, he would promise to call back. I'm still waiting for the first call from mid-December. We even received an email letter stating "you have been approved." When I called two days later, there was a problem with the home property (whatever that means). He then admitted that because the home was a manufactured home, the loan could not be processed. It was almost a month before the subject of what type home it was came up.
Anyway, they got their $300.00 on our credit card and our loan is no longer approved. I'm one of the many who have fallen to the schemes of Quicken Loans. I'm all for starting a class action suit against Quicken Loans. They need to be stopped.
Reviewed Jan. 13, 2009
On Dec. 12 of 2008, I was given a call from Quicken Loans by one of their mortgage bankers, Tahani ** and was given an offer to refinance my loan with a fixed rate of 4.875% for 30 years and .125% loan discount fees (points) . At the time, I had another offer for a 5.00% interest rate from a different lender. However the Quicken Loans rep did a good job on her end and provided me very quickly with a "good faith estimate letter", which seemed to have reasonable closing costs (believe it or not, for NY, you could call $7000 in refinance closing costs fairly reasonable).
I agreed with their terms and was asked to pay a $350 commitment fee which I was told will be credited towards my loan at the closing time (this is stated as well in writing on the "Good Faith Estimate" letter). Within the same day (which was on a Friday, by the way), I provided them with all the requested information, so they could go ahead and start the processing and verification of my account.
On the following week, December the 16th of 2008 I got conditionally approved, pending the following: 1) satisfactory verification of employment, 2) satisfactory verification of homeowners insurance, 3) a payoff letter from current letter & 4) title search indicating who owns the property. The loan was assigned to a client care specialist; her name is Megan ** and I was given even a personalized web page on their web site Myquickenloans.com where I could view all my documents and as well the status of my loan.
I called Megan on December the 17th of 2008 to see if there was anything else needed on my end and I was told that I didn't need to do anything else, but wait for all the third-party items to be received by them, at which time they would be ready to set up a closing date. At this time, I asked for another "good faith estimate" letter from Megan. I was just trying to reassure myself that everything was okay. Not too many changes were done, the lending fee was still at .125%, the underwriting fee was slightly increased, but that was not very worrisome; everything else looked okay.
On December the 29th of 2008, I called Megan to ask for the status of my loan, but was not able to reach her. However, on the same day, I received a call from Tahani, my mortgage banker, stating that they were having trouble confirming my homeowner's insurance at which point I offered to help, so I scanned a statement and emailed that to Megan. I called back to assure myself that they were okay and the process was moving along well. However, every time I called Megan, I was transferred to her voice mail with an option to be further transferred to one of her team members, which of course, not having any other choice, I complied and that day I spoke with two of her team members, Jared and Amanda.
Surprisingly, I was told that I would have to raise the premium on my homeowner's to cover the loan amount, even though I had $40k more coverage than the total loan amount. I was under the impression that they were the ones who were supposed to know all the details of the business. Apparently, in this case, I had to do their homework by myself. I called my insurance then called Quicken Loans back and translated to them the statement after which they dropped this request.
At this time, I started to suspect that things were not going the right way, and I started calling/emailing at least once a day. With each call or email, I was assured by Megan, or her team members that there was only one item left, and that was the "real estate" property taxes verification and then a final underwriting review before the closing could be scheduled. This went on for a week, starting with Monday, January 5th of 2009.
The lock rate was about to expire on January 12th of 2009, so on Thursday morning (on the 8th), I called again and this time, I got to speak with Megan who even at that point was trying to convince me that we were on target and we should be able to close before or on the 12th! I even offered to help and was able to email them with "Quarterly statements from Department of Finance, NY" with my property taxes and with a copy of my "escrow account history", which showed clearly that everything has been paid on time and there was no any balance due to the County of NY.
Once I provided this info to them, I called them again and explained to them that I was ready for a closing at any time, even on Sunday, if necessary. On Friday, the 9th, at 6:15 pm, I was left a message by Megan ** stating that everything was completed and to call her back asap. I called back within 10 minutes, but of course, I got to her voice mail again, so I was transferred to another team member, Chris, who acknowledged her message, but when he ran the numbers again I thought that I didn't hear very well, now the closing costs were somewhere around $10,000 (not including the prepaid interest and escrow amounts).
I was very puzzled and I asked for an explanation, and he told me that the loan discount fee was no longer .125% but .75% which was an increase of $1,500 from $300 to $1800 and to be honest that was enough for me, I didn't even want to listen to the rest of it.
That night I sent Megan an email stating that I was not buying this and if they don't readjust the fees as per the initial agreement, I was not signing for this loan. Her reply was to get in touch with Michal **, who was now my mortgage banker (replacing Tahani who seemed to me was the only honest staff from Quicken Loans).
I got a call from him only on Monday (the 12th which was the last day of the lock-in period) and which is today, and he did try to negotiate with me, going even to a point where he would reduce the lending fees to .375%, and which of course I did not agree to! I asked them to honor their initial offer. He tried to sell me different versions of the story, which of course at this time I could not trust a word of what he was saying!
Reviewed Jan. 12, 2009
In the fall of 08, a rep. from Quicken Loan said he could get us a mortgage refinanced. We told him the house was underwater; we owe more than it's worth. He said, "Oh, that doesn't matter; we do our own set of appraisals." He was very pressuring & made repeated phone calls. We had to take the phone off the hook.
Reviewed Jan. 2, 2009
I was told that if my appraisal for my home came in low I would be refunded the deposit of 350 dollars which was not true.
Reviewed Jan. 1, 2009
I was lied to and the FHA loan that was promised was not delivered 4 days prior to my closing date of Jan. 5th, 2009. Fortunately, no money was lost, just our dream of being a home owner.
Reviewed Dec. 23, 2008
Reviewed Dec. 19, 2008
Reviewed Dec. 18, 2008
Reviewed Dec. 2, 2008
Reviewed Nov. 20, 2008
Reviewed Nov. 14, 2008
Reviewed Oct. 28, 2008
Reviewed Oct. 28, 2008
Reviewed Oct. 18, 2008
Two months ago I decided to become a homeowner. I have been renting for a couple of years prior. I saved up enough money to put 3% down on a house and start a FHA loan with Quicken Loan. My primary contact person Scott **guided me through their companies processes and I felt comfortable dealing with Quicken Loan and Scott. That was my first mistake.
First mistake was listening to Scott telling me to wait a little longer as interest rates will go down. We started at 6% FHA 3% down, a good faith estimate reflected a good deal - closing costs ~20K all in all, but this was too good to be true. Now two weeks prior to my closing I was sent three other good faith estimates, two FHA with 6.75 and different closing costs and one 5% conventional loan with 6.375 and lower closing cost with a cover letter from Scott advising me to go with the less expensive closing cost and lower monthly payment. I agreed and locked on a 6.375% 5% down Conventional loan.
Only thing was a very important line was omitted from the good faith estimate hiding an additional $2440.00. On a whim I called Scott to verify the numbers. To my disgust I now find myself two weeks away from closing, out $550 plus $5000.00 deposit to the seller and still don't have a commitment due to the closing cost skyrocketing $2440.00 of additional costs. My closing costs went from approx $20K to over $25K including closing fees, loan fees and other fees.
I asked for an explanation and was given only excuses and apologies. Meanwhile Scott's boss jumped on the phone, Jarrad and demanded that I withdraw the deal and go away. He threatened me verbally and got abusive, when I only wanted and insisted on an explanation of why my closing costs were not fully disclosed on the Good Faith Estimates. Good Faith- that’s a joke and so is Quicken Loan. Stay away from Quicken Loan at all costs or it will indeed cost you more and you'll be very sorry in the end.
As a result I have to go into more debt trying to get more money that ever stated or else lose not only $550 to Quicken Loan and $5000 to the seller. But I gave written notice to my rental landlord telling him 30 days’ notice to leave the house; plus expenses for a house inspection, bug inspection - for a total of about $7100.00, including legal fees from my lawyer for another $650.00. If I had been smarter than a Nobel Prize winner I wouldn't have gone down this alley way loaded with dishonest people at Quicken Loan. Bait and Switch is the new name for Quicken Loan.
Reviewed Oct. 18, 2008
I applied for a mortgage with Quicken and they said I was approved for an FHA loan at 6.5%. After all the information was given he asked me for a credit card to pay for the appraisal and assured me my money would be refunded after my loan went through. I didn't give him the number but I want you to know after they have ripped off all these consumers they are still attempting to get more money off consumers who cannot afford to lose that money. I am safe due to the complaint website. Thank you.
Reviewed Oct. 15, 2008
I have just gotten off the phone with Nicholas ** from The customer complaint department. He informed me that I would not be getting my full $750.00 deposit back from Quicken Loans. There was you see no way to prove my claim that Brad ** assured me that the money would be refunded to me if the loan didn't go thru. I feel that everyone in the company continued to course me into going thru with this loan. Not until I spoke with Heather did she inform me that only some of the money would be returned.
My loan was denied because the appraiser undervalued my home. One house in my neighborhood was flipped. All the other houses listed on his appraisal were for $240,000.00 or more. No one would dispute this for me at your company and now there are houses listed in my neighborhood for much more than your appraisal of my house and the houses are not comparable in size. My surprise came when after speaking with Nicholas, I Googled complaints about Quicken Loans. To my amazement (not really), there were more than 5 websites I could have visited and each one had letters written from more than 10 people. The complaints were all very similar to mine all the letter writers were told the same thing while they were pushed to provide a credit card so the application fee could be charged. THE MONIES WOULD BE REFUNDED IF THE LOAN DIDN'T GO THRU.
The money I'm asking to be refunded is a small amount compared to the money Quicken Loans makes from lying and cheating people. Buyer beware should be posted on their website. I was not asking for a subprime loan. I was not willing to do anything risky with my credit or my home and Brad said he understood that and that going with Quicken would be safe. I must say it is safe for them but not the people who trust enough to believe what is told them just to close a deal.
Reviewed Oct. 4, 2008
I was contacted by Quicken through Lending Tree. I was offered a mortgage and decided to lock in the rate. I was asked for a credit card to make a deposit on the home inspection. I pulled out of the loan before any of my documents were submitted and before the home was inspected. Quicken called to inform me that they were still charging the $550 deposit to my credit card. I was not of the understanding that there would be a penalty for pulling out of the deal at such an early date.
I had two or three phone calls only with Quicken. David ** and his manager both called me to inform me that they would charge me for pulling out of the deal. I called customer service and they informed me that there was nothing they could do about the charge. David ** later called to say that he was in charge of the deposit.
Reviewed Oct. 1, 2008
I was contacted by Randee **, a Quicken Loans employee, about obtaining a loan from Quicken. All I had to do was sign the necessary paperwork and I could do that online for a loan approval. He stated there would be a fee for the appraisal, 350.00. I ask, "So what if my loan is not approved, will I get my credit card refunded?" He stated if it's below my requested loan amount which were 70,000 dollars then I wouldn't get my money refunded. Quicken Loan sent me an approval letter. My loan was approved in fact for over 90,000 dollars. Then the appraisal was done then the switch. I didn't hear back from Quicken in a while and I kept calling them. They wouldn't return my call.
Finally I did speak with Randee **. He stated the appraisal team said I needed work done to my home like a new roof and some more minor work. There is absolutely nothing wrong with my roof. Of course I was missing the 350.00 dollar from my credit card. This is a terrible company and will do anything or say anything to wind you and then will totally RIP you off. I wouldn't recommend them to my worst enemy. I have already contacted BBB about them. I welcome an attorney to discuss actually suing Quicken Loan.
Reviewed Sept. 7, 2008
About 2 weeks ago I contacted Quicken Home Loan to do a loan for us. I was in Good Faith paid through my VISA card 500.00 sort of a deposit to start a loan application with the promised that it will be refunded when we closed. A week and half after being told that we have a final approval, which is not actually a FINAL APPROVAL but just a Pre-approval which they said from the underwrite.
They finally order an appraisal of the said property. I received an email of the appraised value and because I paid for it. I requested to get a copy of my Appraisal Report, to my surprised Lesley responded that she cannot give a copy, as this is a property of Quicken Home Loans and will not handed until we closed with them. She even said the best she could do is to send a few pages which did not happen. I learned afterward that this company scam a lot of customer through this scheme of demanding 500.00 outright even with minimal work. I will file a complaint to Florida Office of Financial Regulation. because I feel even we did not closed we them I still have the right to the copy of my Appraisal Report. It's next to impossible to refund part of my money, a copy of that Appraisal Report is my right to have.
I am now struggling to get a loan company to closed this property we fell in love with, without losing back to the market if we don't closed in time.
Reviewed Aug. 25, 2008
They cold called me trying to sell me a mortgage. Having purchased several homes in the past, I have a decent amount of experience in negotiating a mortgage, (having a long time friend that I grew up with and played hockey with through college and is a now a VP at a major mortgage company certainly helps! Did I mention my father is an attorney and my mom is a real estate agent?) Anyway, the salesrep offered me literally THREE different interest rates on the same mortgage during one phone convo! I said Give me your best rate/APR He said 7.375% no points.
I said you're not even in the ballpark, so I told him about a few of my offers/options and 5 minutes later he's down to 6.875%/no pts, I told him he still was not competitive and why didn't he offer that to me in the first place? So he puts me on hold and lo and behold, rates just came down to 6.625%!! He says rates change all the time! I informed him he still wouldn't win with that quote and then he badmouthed the lower rate saying how they were just ripping me off and there would be catches, etc, etc (not knowing the mortgage broker is the long time friend I mentioned above.)
Then he started talking to me like I had already selected Quicken Loans and was ready to start the process with him. All he needed was my credit card info to get the ball rolling! If you ever here a mortgage company say they need your credit card info, RUN, don't walk, RUN! I knew I was done with this joker so I said well why don't you tell me what you need me to fax over and I'll get that together and send it over, so he listed it all for me and gave me his fax number and I said OK, be on the lookout for it. Fast talkers with slick sales pitches, don't fall for it for a second.
Reviewed Aug. 14, 2008
I was quoted a very good rate for a refi on my house. Signed the Washington Interest Rate Disclosure and Good Faith Estimate. The approval came back at a full percentage point higher and higher points. The rep said I didn't qualify for the other loan so they had to restructure. I doubt if the quoted rate ever existed because I was looking for a $400k loan on a house with appraised value of $810k and I have $20k monthly income with a credit rating of 770.
Wasted about 20 hours of my time and another month in the refi process since now I have to start over.
Reviewed Aug. 14, 2008
We were purchasing a home and started with Quicken Loans. Upfront Ryan was very nice and seemed on top of things. After pre-approval he requested $500.00 to start the loan process. I do not usually deal with businesses that request this, but he said assured me that this would not actually be charged until the loan has been approved and we are happy with the terms. He stated that they just run a $1 fee through to start just to make sure the account is active. So I agreed.
He had quoted me very reasonable verbal figures, but when the Good Faith estimate came the numbers were quite a bit higher, he assured me they will come down. I kept asking about what the fee's and our interest rate was going to be, he quoted me 6.375 but he was not going to lock it in because he felt rates where going to drop and he wanted to get me the best rate possible. During the next week I saw rates climbing, so I called to make sure we where locked in at the original rate, he had not locked us in but still assured us of the original rate.
During this time he also stated that a complete home inspection was included in the fees we are paying. He told me multiple times that someone should be contacting me that day or the next. After over a week of this, and our realtor telling us we only have 15 days to dispute any deficiencies with the property I finally had to schedule an inspector on our own. Ryan did say that we would be credited the inspector fee off of their fees. After two weeks of still not knowing what our rate would be or what their fees were going to be I had enough. I called Steve Peters, who was Ryans boss and told him that I was not comfortable continueing with their services because I did not want suprises at closing. He said that they the $500.00 charge (that did go through on my credit card before that time frame that Ryan originally stated) was not refundable.
I stated that I was pulling our because I did not feel they performed as they had originally agreed and their was to much ambiguity with the terms and condiions. He stated that I signed a contract and that it was a done deal I was not getting my $500 back. He actually got very argumentative about the situation. I changed banks and got further in 24 hours with the new bank then 2 weeks with Quicken. DO NOT USE THESE PEOPLE!!
I lost my $500 deposite and lost time with the loan process.
Reviewed Aug. 14, 2008
i had applied for a mortgage loan a couple months ago, with quicken as one of the lenders who contacted me. after a brief correspondence, i moved on and secured a mortgage from another lender. since then however i've received 3-5 calls still each day everyday from quicken, even though i said that i had a mortgage already. they call and leave empty voice mails pretty much all day long and it's gotten a bit ridiculous.
does annoyance count as a consequence? it's just an irritating practice of theirs that i wish for them to look into. its near harassment.
Reviewed Aug. 2, 2008
WITH THE MORTGAGE CRISIS AS it and the mogtgage company. I had sold my mortgage to another mortgage company in june and they have raise my mortgage twice. I will be in forclosure if I don't get help now. I'M IN A FIX MORTGAGE AND I tried TO GET A FIXED MORGTGAGE RATE WITH Quicken Loan who said that they could help me after they gather all my information. had the house appraised, I get a call back and was told that because my house didn't appraise for $275.000. if I could come up with additional $17.000 and I'm thinking if my house appraused for what it was worth why can't they help me because it was appraise for a lest. that I don't know but maybe they did the right Thing. I just want to be for sure
Reviewed July 29, 2008
I found no reason why they could not hold to the figures they sent me prior to the time they decided to do our refi through FHA. The start (May 2008) and now over 2 months later (August 30, 2008) they still cannot refi. my loan as it was before they decided to change it to FHA.
They could not tell me if my most recent loan application was approved or denied, and the service I have had throughout this process was not acceptable due to the fact that they did not keep in daily contact with us as website promises, sometimes for a week and a half with no contact, and the extended time it took for them to process this (almost 3 months), and the fact that we did not know they had chosen to change my loan to a FHA loan until they already started reconfiguring it, and now finding out that the result is we cannot get the cash out we agreed to in the beginning. On at least 3 occasions, I was told a figure I would pay would be more than the previous call for various reasons, from the interest rate to the monthly payment amount. I have asked for a refund of the $300 deposit (no appraisal was received by me) but they sent someone to do it.
Reviewed July 25, 2008
As many of the other situations posted here, I have also been what I feel as scammed by Quicken Loans. I was approved (not pre-approved with conditions) and needed a credit card for $350.00 for an inspection/appraisal. Well the appraisal came in $10,000.00 less than should have (I had another appraisal done with a local company to find out).
Still almost 3 months later, still haven't received the appraisal which by FHA Guidelines, they are required by law to provide me with this, especially since I paid for the darn thing. I also referred my mother-in-law and a couple of other people because this representative was so nice and seemed to be so informative! Informative enough to scam people. This company is a huge rip off!!!! Would never recommend.
So now I am out $350.00 with them and unable to obtain a FHA Loan because this loser of an appraiser is assigned to my FHA Case Number.
Reviewed July 23, 2008
I worked with Quicken Loans for a pre-approval for a home loan, and paid a $300 deposit that the first rep, Dejan R., assured me was refundable (he also assured me that Quicken Loans is a bank, not a brokerage, which seems to be a lie.) These people are very hard to get ahold of, and after not being able to get ahold of Dejan, I was passed off to another rep, Dan C. I found a home, made an offer, and got a purchase contract. I sent the contract to Dan C. and he told me that the bank would not accept it since it had a provision for funds to be escrowed in order to pay for a roof replacement. He stated that I would have to get the contract rewritten, and he would not convert to a purchase until it was.
So I did some checking locally. A real estate attorney, and every bank I went to, saw no problem with the purchase contract as written. Several banks pointed out that such an arrangement for a major repair is both common and easy to handle... for a bank. A boiler room brokerage such as Quicken Loans can't deal with it. So I applied and was approved for a loan from my local bank. 30 year fixed at 6.1% with no closing costs (state backed program. The VP at the bank really did look at every possibility and found the best one.)
I asked Dan C. at Quicken for a refund of my deposit and he said he would not refund the money. After telling me the purchase contract was unacceptable as written, and forcing me to look elsewhere, he now says he went ahead and converted anyways, and claims the appraisal was pre-paid. So what? No appraisal was ever done. Does he expect me to believe that an appraiser can strong-arm a billion dollar company out of an appraisal fee? I'm disputing the charge with my credit card bank, and I have filed a complaint with the Better Business Bureau. I'll see what else I can do to get my money bank.
But frankly I am grateful the problem cropped up. I'm a first time homebuyer and failed in due diligence as far as investigating Quicken before I became involved with them. Quicken was ready and waiting to rob me of thousands of dollars in closing costs, trying to force me into a 7 year ARM rather than a fixed rate loan, and the fixed rate they quoted was 6.875%. Quicken Loans is a boiler room brokerage, not a mortgage bank. Avoid them at all costs. For being so clueless and inattentive, I got off easy; even if the $300 is gone. I want the money back, but considering the thousands I saved I'm not going to get all weepy over it.
Reviewed July 22, 2008
They contacted us as a result of an internet inquiry for refininancing of ARM. We provided verbal information requested to be followed by copies of required documents. Their representative John made verbal representations about interest rate we could get, how we could lower our payments, close within 30 days etc. etc. All sounded great, but I requested they put it in writing as we didn't want any misunderstading.
They then requested a $300.00 fee to lock in the interest rate. I told them we hadn't been asked by any other company for initiation fees. Then they began to pressure us, over and over what credit card do you want to use to charge your $300.00 loan application fee, fully refundable. etc. etc. I re-stated my position again and again. What did they need to do to close this business. I was on the telephone for over 45 minutes with their representative, explaining that I would need to see all verbal represtations in writing and then my husband and I would make a decision.
The guy would not hang up, so I told him I was ending the conversation I had stated my position and I hung up the telephone. He has followed the call with another call and then wrote an e-mail. The most unprofessional e-mail I have ever read ....I would have worked my but (sic) off for you. If this is the caliber of Mortgage Banker they employe then no wonder the mortgage industry is in trouble. I have no doubt I was being strong armed. And this loan probably never would have been approved, with us losing our $300.00.
I have heart problems and after my encounter with this representative I was stressed beyond belief. I suffer from irregular heart arrhythmia and its has certainly worsened since this interchange. I think this man needs to be replaced. His conduct is in serious question in my opinion.
Reviewed July 11, 2008
With the housing market in a slump our arm rate had just balloned by $800./month. I contacted Quicken Loans and explained that we were trying to refinance. They did some research and Jarrod Reeves called me back saying the could refinance without having to bring any money to closing.I went ahead and paid the $500. to get an appraisal done and signing and providing all documents needed they went to work on getiing the loan done or so I thought.
After one month of trying to get someone to let let me know where in the process we were I was finally told on 7/11/08 the loan could not go through because the appraisal came in lower than they had anticipated and I was now out of $500. they wanted to know if I could come with $22,000..With the financial constraints of most families out there we are still getting ripped off from these so called lenders is there anyone out there to stop them?
We are still having to pay $2400. a month with no end in sight for refinancing. Companies like Quicken Loans should not be allowed to charge for a service they know to themselves they will not be able to provide.
Reviewed July 11, 2008
almost 2 1/2 months ago I had contacted Quicken Loans to refi my mortgage. I was told that I would qualify for a FHA loan and that they could complete it in one month. This loan was to pay off credit card bills. Needless to say, after running into one excuse after another over 2 + months, they did not perform as promised.
Because of what they didn't do, I have suffered a great amount of stress, dealing with past due payments to credit card companies, which has greatly effected my performnce at my job, and disrupted my home life. Effective 7/10/08 I have cancelled my relationship with Quicken & have contacted a debt relief company to try to work out my debt payments.
Because of the verbal promises I received from Quicken Loans,which they did not deliver on, I have suffered stress on my Job, & home life, and greatly damaged my credit rating.
Reviewed July 1, 2008
I was working with a rep from the company who was very good. I told her what I wanted and she complied. Before we could close the deal she took a job somewhere else.
The woman who took her accounts was a different story. I told her exactly what I was looking for and she started off by telling me that the deal her former co-worker put together was not the best one for me. I should of hung up at that point. After I refused to talk about interest only or other creative loans she said she could no longer help me. I said fine and hung up. She called me back at my place of work and left a nasty message on my voice mail.
I left a complaint with the cusomter saftisfaction department and never heard from anyone. Would never recommend that anyone do business with Quicken Loans.
Reviewed June 23, 2008
I filled out an online form with Lending Tree because I needed to refinance my house and pay off my huge credit card balances becaue I was trying to live on one income and was almost on the verge of bankruptcy. My husband is in a nursing home now with Alzheimers Disease and I am not anywhere near retirement age yet.
I immediately got an email and then a call from Beverly at Quicken Loans. She sounded so bubbly and asked me about the value of my home and what I was paying for mortgage right now and how much I wanted to pay off with the refinancing. She told me that I should have no trouble at all.She sounded like she really cared. She then asked me for the $500 that everyone seemed to end up losing. I reluctantly gave her my CC number. AND THEN I typed in Quicken Loans on Google and found all of these scam stories on this website. I was so shocked and almost sick to my stomach because this was not something I needed to happen to me right now in my life. I called the credit card company to stop the transaction and was told that they couldn't because I had given Q L a verbal ok to process it.
I waited for Beverly to call me again and then told her about what I had discovered about her company. I told her outright that I was not pleased with the complaints and if that was what was going to happen with me then we could just end our conversation right now. She was quick to inform me that they weren't the only loan company out there that had bad marks and that there were some disgruntled former employees that were spreading rumors about them. She said also that some consumers think their houses are more valuable than they actually are so when the appraiser comes in with a lower amount then they can't finish the loan.
Also that the company did fire some employees that were doing some dishonest transactions. So to make a long story short. I was able to go through this refinancing without any problems at all. I am not sure if it was because I asked about the scam complaints outright or if they got rid of the idiots that were ruining peoples lives in all of the previous scams. I had no problems and was refinanced and closed within the same month. The appraiser came and appraised it at more than what I told them it was valued. I guess I was one of the lucky ones. The two people I dealt with at Quicken Loans were amazing and I would highly recommend them to everyone. Beverly B and Manny C were their names. They truly seemed to care about me and my life story and were glad they could help me get on with my life. Just ask for Beverly and make sure your estimate of the value of your home is nearer to the truth if you can.Also tell her I highly recommended her.
Reviewed June 16, 2008
Quicken Loans is the most confusing company I have ever conducted business with. I was told many things and none of them turned out to be true. I was in process of a loan for 8 weeks. I finally had enough. Quicken hit my credit card for $300, telling me that there would be no charge. I had to have my bank contest this charge. I do not feel that Quicken had any right to do this. I would never recommend them to anyone.
Reviewed June 16, 2008
Quicken Loans is the most confusing company I have ever conducted business with. I was told many things and none of them turned out to be true. I was in process of a loan for 8 weeks. I finally had enough.
Quicken hit my credit card for $300, telling me that there would be no charge. I had to have my bank contest this charge. I do not feel that Quicken had any right to do this. I would never recommend them to anyone.
Reviewed May 27, 2008
We started looking around to refinance our property to obtain a lower interest rate. From the moment we fist spoke on the phone, Quicken was fast to react and tell us there would be no issues. Our credit score was extremely high. We paid $350 for another appraisal (previous was less than a year old for a new build. After the appraisal, we heard nothing more from them. Of course, they state they called us, sent e-mails, but truthfully, they did neither. The appraisal came in nearly $70K less than the original. They keep trying to tell me I live in a mobile home, which the fact is, not even close. Mobile homes do not appraise for over $225K.
I had to call and speak to this guys manager, who was just as irritating and unknowledgeable has his underling. All I was able to get was more lies and stories. Per Quicken, the appraisal was not even completed, yet they will not reimburse my money. The only thing quick about this company is they are really just 'fast talkers' and are out to make money illegally and not providing the services promised. The appraisal company they used was not knowledgeable either, or they would have known how to appraise properly.
I now have a property they have devalued for no apparent reason. The promised to pay my insurance which was coming due. The did not pay the insurance. Now I have to come up wiht additional funds to cover this, as well as another house payment I was not to make, so not only did they cost me $350, but an additional $2K that was not supposed to be. With this said, I may as well add another $70K to my losses thanks to their unethical and immoral business practices.
Reviewed April 13, 2008
I am writing this letter in hopes that it will shed some light on the continuing mortgage crises and those mortgage companies that have found a new avenue of revenue at the expense of homeowners who are attempting to ride out this downturn and remain one of those who are still able to contribute the our national economy. I say a very lucrative avenue of revenue if one does the math.
It would appear that Quicken takes an average of $500 a crack for 1,000 people from any one state. Most appraisals cost an average of $350, however, when an appraiser is given a great deal of volume from one lender, the charge may be less, but we will use the $350 figure. It is a violation of the law for a lender to receive a kick back from a vendor but it is not illegal for a vendor to charge less when given large volumes of business.
I am also not accounting for the appraisals that are never even performed which is more net profit to Quicken. The fee for a credit report is approximately $12.00. This is an out-of-pocket expense to Quicken of $362 which leaves a fee to Quicken of $138. This is a conservative figure. Now, we take $138 x 1000 people (l state) and this a net monthly income of $138,000. In that Quicken operates in, I believe, 50 states, lets do the math. 1000x50 is 50,000 x 138 is a staggering 6.9 million. This does not even touch the fees and points charged for loans approved.
My husband and I purchased a home almost two years ago prior to the height of the downturn in the economy. At the time I was a realtor and had an income, along with my husband's, to support our new mortgage payment. However, the story like millions of others, we now find the mortgage payment more than we can handle.
Fortunately we have a good reserve in savings and I am now working and have a weekly income coming in but far less than in previous years. So what do we do? In that we probably would be unable to sell our home at this time we thought that a refi would put us back on track. Our credit scores are still excellent high 700's and we have a good cash reserve, but it is dwindling. By refinancing at a lower rate and paying off some credit cards, we would be in a more stable and manageable position financially. This is where my story begins.
I went on line and saw that "Quicken Loans" was offering a very good rate. I filled out the online application and was subsequently contacted by a Mr.***** who would become our Quicken Loans "mortgage banker". I was told by ****** that the rate reflected in Quicken's online add was just a "teaser" rate to attract interest and would not be available for us. However, he could still get us a very attractive rate providing we let him run a credit report and take our application by phone.
We did a phone application with him after a lengthy discussion about what we wanted to accomplish with the refi. Upon his initial review of our information he told us what the rate would be which was acceptable to us and that based on the initial information he had at that point, this would be a "slam dunk" loan but he immediately needed an upfront fee of $500.00 charged on our charge card to start the process and that would be credited to us at closing. We then went online and signed the paperwork. This was on March 19, 2008.
We were told by ****** that "Quicken" charges a total flat fee of $980.00 to refinance. The next day the interest rate Mr. ****** quoted us went up as well as there was now a .25% point added that we would also have to pay up front and he claimed there was nothing he could do about this. I told him that I was beginning to feel uncomfortable with all the misinformation and would look around.
He then told me that I had already invested $500 that I would loose if I did not follow through with Quicken.
On March 20, we were asked to provide documentation of our current mortgage payoff amount, yearly taxes owed as well as proof and amount of homeowners insurance all of which were faxed that evening to Mr. ****** along with signed authorizations that Quicken could also get the information directly from the source. Later in the day on March 20, we received an "approval" letter not pre-approval, stating the finance amount and the charge cards and accounts that would be paid in full at closing.
The letter stated exactly what Quicken would need from us prior to closing the loan and providing the appraisal was adequate. Mr. ***** assured us that these would be the only conditions? subject to closing. We provided all information requested and were assured by Mr. ***** that we would soon be getting a closing date.
On March 24, we received a call from Mr. ****** stating there was a small problem and another "condition" had been added to close the loan. He told us we must make two additional car payments immediately to pay down the length of the car note. We were not happy with another condition, but immediately went on line and made the two additional payments that meant we were forced to make three car payments in one months time. He again assured us that this was the last "condition" in order to close.
A few days later we get a call from Mr. ***** with "oh dear" we have another condition? that needs to be met. We were co-signers for our son's car. Our son has always made the car payments and this was disclosed from the start of application on March 19. In that our son makes his payments on line and could not provide cancelled checks, Quicken wanted copies of our son's bank statements showing each and every car payment made from his account for the last twelve months. Our son provided the requested documentation and we were told by Mr. ***** that we would be closing by April 15.
In between the time frame of this request and the date that we faxed our son's bank statements to Quicken, we received another call from Mr. ****** stating there was now an issue with the rental property we own which was disclosed and discussed at loan app.
We have always had a reliable tenant with a lease and with which we could provide proof of her rental payments each month. At this point, Mr. ***** would always contact us by cell phone and said he did not like using his office phone even when he was in his office. If I called him on the office phone he would ask to call me right back on his cell. I thought this was odd but the whole Quicken experience to this point was odd. He told me that I now needed to provide a lease showing a monthly rental amount of $1,850. I told him that he knew we did not receive $1,850 nor could this ever be substantiated with proof.
Mr. ***** informed me that they would never want proof and just change the amount of the lease from $1,120 that we receive to $1,850 and know one would know the difference. This was all that I had to do as we were so close to closing the loan. At this point I informed Mr. ***** that I would not be willing to do this and I did not understand why the conditions kept changing. We provided Quicken with the lease agreement unaltered.
Of course the next request from Quicken was to provide them our bank statements showing each and every rental payment that had been deposited to our account and once this information had been verified we would proceed to closing and just hang in there?. I informed Mr. ***** that had I done what he suggested I could have been in serious trouble aside from the fact I would have been denied a loan. Mr. ***** informed me he was very puzzled as this had never happened in his 17 year mortgage banking career.
I told him that at this point I did not wish to do business with Quicken and I wanted a refund of my $500. He said that we would be approved and to "hang in there". This information was faxed the next day to Quicken and again we were assured by Mr. ***** that we would be closing by the April 15.
Well closing did not happen, we then received yet another "condition". We must provide Quicken with a 2007 tax return. As I had explained to Mr. ***** several times, we filed for an extension and did not have a tax return to provide. We were informed by Mr. ***** that we must have our tax return immediately prepared by our preparer and submit it to Quicken within the week's end.
Again, this was more money we had to spend out of our pocket to have our tax person prepare the newly requested tax info. He again assured us that this was the very last condition? so we could close on the loan. He sent us an email instructing us as to what the tax return must show which we sent to our tax preparer. As instructed we had the tax return prepared and faxed it to Mr. ***** on April 10.
I informed Mr. ***** that I was now working in a field wherein I had prior experience and why not just use my income as additional compensation. I informed him that I am considered part-time but work 32 hours per week. Mr. *****informed me that that the mortgage guidelines had changed and did not allow mortgage companies to use part-time employment income.
Mr. ***** then suggested that if I could get my company to write a letter stating I was full time Quicken could then consider use of my income. I told him I would not have my company write such a letter, however, I was paid weekly and could provide my pay stubs showing 32 hours. I was told this was not acceptable.
The next day we received a call from Mr. ***** stating that he had made a "mistake" and that he did not need the pages of the tax return he had requested of us by email but just page 1 of schedule "E". We again called our tax preparer and got Quicken the information requested.
A day later, which I can provide, we received a "good news/bad news" email from Mr. ***** with regard to our loan. Quicken has just received the payoff of our current mortgage and he had miscalculated our escrows and mortgage payoff and they could not do the loan based on the original terms. Please bear in mind that on March 20, we had provided written proof with the proper documents of all escrow and payoff amounts.
I asked him what in the world he was taking about as he had this information since March 20?? His response, by email was if we didn't like working with him, he would pass us on to his supervisor. I told him that I was demanding a refund of the $500.
He claimed that they could still possibly do a loan for us but we would have to do a refi which would cost us more now and we could not payoff any debts. I asked him other than Quicken making money on the loan how does this benefit us? I informed him that it would take us almost three years to just break even on these "new" loan terms.
Again I requested a refund of my money. His response was he would check in to it but if we were refusing a loan that we were not entitled to a refund. I informed him that I was refusing a loan with terms completely altered from the original Good Faith Estimate provided by him and that would not benefit us in any way.
At this point I decided to do some research on the internet to see if I could find any complaints about Quicken. To my horror, I found hundreds of complaints of the same nature even down to the mortgage bankers only speaking with customers by means of their "cell" phones. When I told him I believed that Quicken had come up with a real nifty means of revenue his response was do you think we get rich off of $500, get real?.
My belief is yes, they do?.
I plan to send this information to any agency that would be willing to investigate this company. Any help you could provide me would be very much appreciated. Those of us who are still trying to stay afloat should not be subjected to the unethical and possible illegal methods of loan sharking.
Reviewed April 8, 2008
We applied for a refinance loan and the property value of our home which was listed on our current mortgage showed
345000.00 When the house was appraised it was appraised at 250000.00. So we did not get the loan, and was charged
550.00 dollars. I find it hard to believe that the lender or the appraisor didnt know this extreme decrease in property value before hand and charged us anyway.
The lack of work for me has made it difficult to pay all of my bills and was going to use the money to consolidate my bills, but instead costed me even more.
Reviewed April 8, 2008
I applied for a mortage and was approved per Jenifer Jones. I paid $350 to prepay for the house inspection with the verbal confirmation that it was refundable if not used. I was told that I was fully qualified and not just preapproved. I was to have a FHA loan with the seller paying the required down payment (3%) and all closing costs not to exceed 3% of the purchase price.
The first letter to my real estate agent( Mr. Harry F) stated that I was approved. After putting in a couple of offers that wasn't accepted, my agent stated that the other agent was 110 % positive that we weren't going to be approved for the loan and it would fall through. After hearing that, I started researching Quicken loans and boy did I get my eyes open. There were 14 complaints this year. With most of them the same complaints that I had.
I tried to open the electronically docs that I had signed and couldn't open them online. Luckily, I had printed them. There was the non-refundable deposit. There was a new letter from my second mortage broker, Jason, which now stated that I was conditional and not approved. I also never received a Good Faith estimate at all which is required 3 days after you apply for a mortage. The rate quoted to me was for monthly payment calculations only and not the rate that I thought I was going to get. In fact, they could charge me whatever they want at closing when I have no choice but to say no or take it. I faxed over a request to cancel my loan and have documentation faxed back and yet to hear from them.