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Quicken Loansbait and switch, illegal & unethical charging of discount points

1
C Review updated:

I too have been scammed by Quicken Loans. Like all the other complaints against them, mine include being told my income was sufficient to get a 4.5% 15 yr. mortgage with 0 discount points. After scheduling an appraisal, I was notified by the APPRAISER and NOT Quicken that they were told not to proceed. When I called Quicken the next day, they said their underwriters claim my income was too low for this rate at 15 yrs. I said fine and goodbye. The next day I get an unsolicited call from the "Team Leader" saying they had an "alternative": I could get the same rate of 4.5% for 30 yrs with 0 discount pts. When I asked him how he could do this, he stated "because he wanted to keep me as a customer." All of a sudden, he needed mounds of additional documentation which I began to send in as well as documents on their website that needed "E-signing". One was a NY State Interest Rate Disclosure which all of a sudden had 2 discount points added to it which would have cost me almost $4000 more! In the meantime, I had never been able to access the approval letter and Good Faith estimate that supposedly was on the website. In the meantime, interest rates began to rise which is why they no longer wanted to honor the rates they had originally promissed. This company is totally unethical and MUST BE STOPPED! I will begin a class action law suit against them. Anyone interested that has been cheated by this company can contact me at [protected]@aol.com.

Responses

  • C
      Jun 16, 2009

    Fight Back! You can complain to the FHA if it was an FHA loan. You can find out the address for the state you are in at www.HUD.gov/offices/hsg/sfh/hoc/hsghocs.cfm

    address your letter of complaint to "Director of Quality Assurance Division". Include in your letter the address of the property, the FHA # and your situation. Also contact me at [protected]@aol.com. We can discuss beginning a class action lawsuit against them. There is strength in numbers: Lets bring this self-proclaimed multi-million dollar business down!

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