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Quicken Loans / deceived me and kept my deposit

1 United States Review updated:

Consumers beware!! Get everything in writing before giving your deposit.

I dealt with a certain loan officer who took my $500 deposit after lying to me about key details and leaving out valuable information/burying points into to the cost of the loan and saying "closing costs are standard and non-negotiable" when I questioned him again about the high closing costs he finally came clean because we were closing the next day and figured it was too late to do anything but it is never too late.

I then cancelled the loan because I don't do business with dishonest people. I was told by the loan officer on our initial phone conversation that my deposit would be returned "if anything happened" and after I put down the $500 (Double checking again it would be returned if something happened) shortly there after I received paperwork stating different.

After arguing back & forth via e-mail he apparently forwarded my complaint to his director. His director contacted me to see if there was anything he could do to give quicken another chance - even offering to extend the rate lock and lower my rate another 1/4% because he was worried his loan officer lied/omitted details and was very concerned about quickens reputation (Not concerned enough to do the right thing and return my deposit though) and he should be because it only takes a few bad experiences and negative word of mouth costs them potential customers.

After not receiving my deposit back and trying to get them to the right thing I gave up and went with sure point and you know what... I got a better rate and way lower closing costs because the gentleman there was honest about everything.

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  • Bu
      2nd of Feb, 2011
    +1 Votes

    I feel your pain. I just lost my $500 deposit to Quicken Loans. My son refinanced with New American Funding 800-426-5626 X-247 and got a much better deal. He did not need to put any deposit down and the loan closed in just 2 weeks at a lower interest rate and with lower closing costs. There are many reputable companies out there that do not require a deposit and have lower closing costs. There is even an appraisal waiver form they can fill out to see if an appraisal is even needed on the government refinancing loans but Quicken Loans won't mention this to you because they want to make a fast buck keeping your $500 deposit for an appraisal that should be their cost of doing business for the loans that don't qualify because of a low appraisal.
    I also got a letter from Quicken Loans stating they would match or do better than anyone else but when you call them on it they just give you excuses for charging more money than someone else. The point I would like to make is please do not just go to Quicken Loans and give them a deposit before checking out other companies and comparing costs. It is sad that a company this size that is making a killing on loans they approve has to keep the small deposits from those that are struggling to keep their homes but did not get approved. C0mplaints that cannot be resolved with Quicken Loans should be filed with the Attorney General. If Quicken Loans has to respond to enough complaints to the Attorney General maybe their corporate policy will change.

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