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Quicken Loans

Posted:    The Man

Scam

Complaint Rating:  50 % with 2 votes
Contact information:
Quicken Loans
United States
I chose to refinance my home loan with 24 years remaining to 15 years. I spoke to a mortgage broker named Derek Hellerman who recommended a VA Loan and was happy to take my $400 deposit. I had a home foreclose in 1992 that was awarded to my ex-wife. I corrected and recovered from my divorce and have no credit problems, no late payments, and make 90K a year. My home was appraised at approximately what I said it would. That meant that I had a minimum of $20, 000 of equity in my home. The VA loan fell through because of the foreclosure, but Quicken didn't even attempt to run an FHA loan on my property. I asked Derek about having my money refunded due to their lack of effort with my loan. He stated that I would get a partial refund minus appraisal fees and credit reports. I'm waiting on that five bucks now...ha!! I went to a local bank and refinanced with no problems (FHA). The bottom line is that closing a home loan is not always a simple process and this company is making lots of money by deliberately disqualifying applicants. I can't wait for the class action lawsuit and hope to run across that litle punk vacationing somewhere.
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 1st of Dec, 2010 by   VAloanexpert 0 Votes
We may be able to help. Visit www.myVArefinance.net. We are a bank and not a broker.
 3rd of Mar, 2011 by   GK in MI 0 Votes
I willingly walked away from my $400 deposit, because I just couldn't handle their ridiculous process and empty promises. The short of it is what you discuss at the on-set will NOT be the version of the final re-financing offer. Don't ever believe their famous last words, "We only need this one more thing...", there will always be another. In the end, I gladly walked away from $400, rather than give them a single penny more. Best advice: don't even engage with Quicken Loans, just don't do it.
 3rd of Mar, 2011 by   GK in MI 0 Votes
Hi Raymond: I just "broke up" with Quicken Loans yesterday, after repeatedly telling them that I was walking away from my $400 deposit and no longer interested in closing the loan (the situation was too repugnant, I had no interest in doing business with them and would rather lose $400 than be stuck with them). I will watch carefully, but i was explicit with them to kill the deal. And yes, they were VERY aggressive, calling me everyday, saying "why would you want to lose the $400?". For me, it's not a loss - my dignity and peace of mind is worth much more than $400. Good bye and good riddance to Quicken Loans. -Gene in Michigan
 14th of Apr, 2011 by   Mike palazzolo 0 Votes
Applied for refinance all was great offer of 3.9% two months no payments.
ooooooo ya loan approved e-mails bunch of documents, then the appraisal there appraiser, Ok 2006 had home ( water front property )appraised @ 177000. there appraisal ...98000.got the call: O were sorry nothing we can do for you at this time appraisal is to low.yep out $350
Quicken Loans scam scam scam scam
 15th of Apr, 2011 by   Sitthisak Phromphuwal 0 Votes
Hi there, I'm also scam from QL. Same story, same siuation amazing. I just wish, we can do something about this bu@#%$.
 29th of May, 2011 by   Altonmartin 0 Votes
Quicken Loans is a total rip-off!! Once they get your deposit you can forget any service. You will deal with a never ending stream of agents, none of whom know what the others are doing. They are idiots. They lose documents you email to them, they don't return phone calls, they ask for ridiculous thing (a scanned copy of the business card of the human resouces VP, for instance). The cap stone was an extremely nasty call from a "resolution specialist" who was a total jack---. I urge you to never deal with these liars under any circumstance!
 17th of Jun, 2011 by   Bethylou 0 Votes
I recently contacted Quicken loans for a refinance with cash out. They asked me to put up a good faith deposit of 400.00. Since, I was trying to get cash out, this hurt a little. Everything was fine, until they sent their appraiser out. she appraised my house for 20, 000.00 less that the appraisal done 3 years ago. I realize the real estate market is down and I could have accepted 10, 000 less but 20!!! She appraised my house for less than any house has sold for in my neighborhood, so she did the comps in an entirely different neighborhood!!! She was not from my city when there are 100's of appraisers available. When I pointed out to quicken that the comps weren't in my neighborhood, they said it was done and nothing they could do about it. Oh and the good faith deposit? gone used on their wonderful appraiser. BEWARE. Stick with local companies and word of mouth.
 11th of Sep, 2011 by   hill county farmer 0 Votes
i got scamed like everone else. everything everyone complains about has been done to me by quicken loans plus a lot more. and they are not done yet. it seems all i can do is let them rape me. made my first loan with them in 2010 and have been trying to collect the benefits they offered since then. all they keep trying to do is scam the equity i have in my home . i am a disabled vet and will never be able to work again. they took advantage of my disability.i may not live long enough to see them get wath they deserve but i will keep trying till the day i die
 6th of Feb, 2012 by   giger 0 Votes
going thur the same crap right now, going to lose my 400.00 plus ohther charges with quicken loans, going to my credit union to have them look over my paper work ! something here does'nt feel right & who would they sell my mortgage too.
 2nd of Mar, 2012 by   jzadoro 0 Votes
I applied, after allot of research on my part, to re-finance our
home on 1/6/2011. I informed the representative after some
discussion, that under no terms was I coming out of pocket with any
money or paying for anything unless he and his company were 100% sure
my loan would go through. I informed him and his director in
numerous conversations that I did not wish to proceed with the process
if I did not have this guarantee. When I was verbally assured by him
and with the approval of his director that it would go through, I gave
a $400 deposit for various fees which were to be returned at closing.
I once again explained that if this was not a sure thing that I did
not want to proceed and once again given assurances that there would
be no issues.
The appraisal came in grossly under valued at $210, 000 which is well
under the range they assured me my home was worth $270, 000-285, 000.
When I asked to see the appraisal I found home sales used as a
comparison were not any where near my home's location, size or age.
After many conversations between a variety of Quicken Employees I
submitted per their request listings that I have found in my area that
are the size and closer to the age of my home. These listing showed a
number of homes to be selling for anywhere from $276, 000 to $350, 000.
There are currently 2 homes for sale in my neighborhood by the same
home builder for $350, 000 and $400, 000 and they are the same size and
age or smaller. I also discovered that a neighbor home sold for
$270, 000 last year which was not considered by the appraisal. All
these prices are are big difference from the insulting appraisal
conducted by Quicken. I then receive the yearly assessed value of my
home and it is $334, 500.
I have submitted my findings to Quicken and to no avail they have not
changed or considered changing their position.
I finally received a credit of $51.00 after waiting for weeks.
I just want everybody to be warned about the poor business practices of this company
so others are not scammed as we were. Don't trust them, go to someone else!
 14th of Mar, 2012 by   nickifellenzer 0 Votes
Let’s start with the fact that I first contacted them in OCTOBER, wishing to refinance the mortgage on my house. It is now MARCH, and I have informed them that I wish to terminate this process and get my money back.

Let’s continue with the fact that I have a credit score most people would envy (781 at last check), a six-figure income, and a steady, secure job. Do I strike anyone as the type to run out on my fiscal responsibilities? And yet, after several weeks of waiting for approval, James Lawrence called and told me I was considered an unacceptable risk, because my property is a rental, and not a primary residence. Apparently, he calculated my loan as a conforming loan, even though I told him specifically from the first time I spoke to him that the house was a rental property and NOT my primary residence. But after quoting me a great rate for a conforming loan, rather than a non-conforming one, he changed it weeks later, claiming Freddie Mac considered me too high of a risk because my home is an investment property, and Freddie Mac doesn't do non-conforming loans. Shouldn't he have known this from the beginning?

I'm convinced that he intentionally quoted me the better, lower rate and closing costs in order to rope me into this deal. After a few weeks, he conveniently told me that the loan was a no-go.

Nonetheless, he called back a few days later and informed me that I could still refinance, but only AFTER they jacked up my closing costs by nearly $2000! A pretty phenomenal bait-and-switch from the initial conversation I had about my refinance with Mr. Lawrence.

I decided to take the deal anyway – even though the closing costs were approaching a ridiculous level. But then came the next level of incompetence.

I had sent every piece of paper they asked for, including TWELVE MONTHS’ worth of bank statements to “prove” that I was the one making payments on this home. Tax returns, W-2s, bank statements, retirement account statements, copies of mortgage notes… In most cases (aside from one mortgage note, which took me a couple of weeks to receive, because the mortgage company couldn’t find a copy), I sent everything they wanted either the same day, or the following day.

But that was apparently not good enough.

Another call came telling me that because it’s been more than 90 days (THEIR fault, not mine), I now had to send yet another bank statement. Oh, and in addition to that, I had to sign yet MORE paperwork, confirming that I hadn’t opened any new credit accounts.

The next bit of idiocy was yet another staff member calling me and telling me that my loan wasn’t coming up as approved in her system. This lady named Dana Gold was competent and diligent, but by this time, it had been three months since I started this process, and the level of ridiculous had reached record heights. I once again had to send her pay stubs. I once again had to confirm how much money I had in my retirement accounts, because somehow something was calculated incorrectly. Oh, and by the way… someone had to confirm that I was still working at my second job (despite the fact that I sent a current pay stub), and that I had been working there for at least two years (despite the fact that I had sent my tax returns from 2009 forward.)

However, after several back-and-forths, she somehow got my refinance approved.

One would think this would be over, but noooooooo……

The next call was a request for a conference call with the current mortgage company to confirm that there were no late payments during the past year. DO YOU THINK I’D HAVE A CREDIT SCORE THIS HIGH IF THERE WERE??????

Then came a call from yet another staff member, requesting paperwork that I had already sent.

So I have wasted FOUR AND A HALF months of my life on this now, had my closing costs jacked up to ridiculous levels. On March 14th, I’d had it. After numerous phone conversations with a number of people at Quicken Loans, I told them today to stop the process and go away. I’ve gotten apologies. I’ve gotten calls from leadership, and the outcome is: they’re still incompetent, and I would be willing to bet that the initial used car salesman who sold me Quicken Loans and the subsequent moron who held on to my paperwork for several months are still employed and happily defrauding other potential customers.

I am getting my money back, and I’m going to a bank that is actually competent and honest.

That is NOT Quicken Loans, and I would advise everyone who is even considering dealing with them to just. say. no.
 4th of Jul, 2014 by   jerry knox 0 Votes
Quicken Loans using shady appraiser totally blowing up the deal by adding thousands of dollars to closing. Stay away from these crooks.

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