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Quicken Loans / $500.00 deposit

1 CT, United States Review updated:

Raymond Manna
47 Harkins Lane
Meriden, CT 06450
February 4, 2010
Quicken Loans, Inc
20555 Victor Parkway
Livonia, MI 48152

To whom it may concern,

Despite my specific written instructions to Jonathan Soronen of Quicken Loans (see faxes sent on Feb.1 and 2 and attached to this letter) to Withdraw my loan application, Quicken Loans continued to call me and send emails, blatantly ignoring my instructions and totally disrespecting my wishes.
In the message left on my home phone on Feb 3 a salesman by the name of Scott (no last name given) expressed his apparent concern about my loosing the $500.00 deposit.
Also during my 1and ¾ hour telephone conversation with Jonathan Soronen he kept repeatedly emphasizing how he cared about me and therefore didn’t want me to spend extra money unnecessarily.
If these two salesmen are so genuinely caring then why did they go ahead and bill my credit card for $500.00?
Now here is their golden opportunity to show how concerned they are about their customers and to demonstrate a genuine desire to treat their customers fairly and respectfully.
In order to resolve this dispute I suggest Quicken do the following:
Place a credit back onto my credit card for at least $250.00. This will more than cover the cost of running my credit report and reviewing my loan application.
I did not authorize you to proceed with my loan application or to order third party documents! Splitting the cost with me is much more than fair considering it costs no where near $500.00 to perform those two simple items.
How can you claim to be so concerned for my financial needs and then zap me for $500.00?
In summary Quicken Loans salesman deliberately ignored my faxes and continued badgering me by phone and emails in order to justify scamming me out of $500.00.
Your treatment of customers is indicative of an unscrupulous Predatory Lender.
This is your opportunity to show fairness and respect for your customer’s wishes.
In conclusion I am once again directing Quicken Loans to stop any further contact with me except by letter.


Very Truly Yours,


Raymond Manna

cc: Chase Merchant Disputes

By Ray, Sun Feb 7 2010, 14:08
Please learn from my experience with Quicken (quick Change Artist's) Loans. I made the foolish mistake of authorizing them to take a deposit for $500.00 from my credit card. BIG MISTAKE!!!
When I did my homework I quickly learned that they were offering me a refinance that was the very highest in both closing costs and APR. I was offered many other refinance loans from at least 12 other companys.
Specifically, Quicken Loans offered me only a half point lower than my current interest rate with closing costs of $3100.00. As all of you know it makes no sense to refinance unless you are at least one percentage point lower. When I confronted them with my findings they said they could give me a 0.8 % lower if I pay points for a total closing cost of $6900.
I explained that I could get at least one percent lower with only $3100 in closing costs without paying points.
My agent, Jonathan Soronin insisted that this information was simply not true and refused to be at all flexible.
I couldn't go through with this unreasonable deal and instructed Quicken Loans in writing to cancell my contract.
Jonathan Soronin and his sales team refused to acknowledge my instructions and continued to call me and badgered me on the phone, denying me the right to cancell and insisting I accept their unreasonable offer.
When I sent them a second written notice to stop the loan process another salesman by the name of Scott called and left a message to call him because he felt so bad to see me loose my $500.00 deposit.
In fact he felt so bad that when I didn't call him back he charged my credit card for the $500.00.
Please don't give them your money, when I have more time I will write another comment explaining how you can beat them at their own game!!!
If you would like to contact me my email is raym1953@att.net.
BTW just type in your zip code on Bankrate.com and you will see a list of all the lenders in your area, then you will have a better idea what I am talking about.
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Comments

  • Ke
      18th of Feb, 2010
    -1 Votes

    Hi Raymond - my name is Kelly with Quicken Loans and I wanted to try to shed some light on this for you.

    As explained in our reply to the complaint you filed with the Better Business Bureau, our bankers are trained to explain our deposit policy up front at the time of application. We have nothing to hide. Potential clients can read how the deposit works on our web site:https://www.quickenloans.com/about/quicken-loans-deposit, or they can watch a video on Youtube - http://www.youtube.com/watch?v=Nd0vm707bwg. Additionally, each and every client is provided with an Interest rate Disclosure and Deposit agreement that they sign at the time the apply. That agreement provides that if a client chooses not to close their loan for any reason, the deposit is considered non-refundable. Accordingly, when you withdrew your loan application, we retained your deposit.

    We are certainly sorry if our follow-up calls following your decision to cancel the loan process upset you. We were merely trying to understand what happened that caused you to change you mind and walk away from what we viewed as a beneficial loan program.

    Once you signed your application, we immediately began working on your loan. We locked your interest rate (which carries a fee on the secondary market), ordered and received various third party items including a title search and your IRS tax transcripts, and provided you with a fully underwritten conditional approval letter. If you were not ready to proceed with a loan and/or did not agree to the terms of your deposit, you could have taken more time to make a decision or declined to proceed entirely. But you did sign your loan application, authorizing all of it to happen and indicating you understood our deposit policy.

    Quicken Loans is the nation's largest online lender and 5th largest retail lender. We speak to over 3 million people each year. When less than a fraction of a percent of those clients complain, we think we are doing pretty well. All we are asking is that you honor the commitment you made to us when you agreed to proceed with your loan and signed the Interest Rate Disclosure and Deposit Agreement.

    As mentioned in our reply to the Better Business Bureau, as a compromise we are willing to apply the retained deposit towards the closing costs of a future refinance or purchase with Quicken Loans. If you would like to take advantage of this offer, please contact our Client Relations team at 800-863-4332 so we can make the necessary arrangements.

    If you have any other questions, feel free to contact me directly. Kelly@QuickenLoans.com

    Thanks,

    Kelly
    Quicken Loans
    Kelly@QuickenLoans.com

  • Do
      24th of May, 2011
    0 Votes

    DO NOT GO THROUGH QUICKEN LOANS OF YOU REALLY WANT A LOAN!
    STOP! THEY ARE THE MOST UNPROFESSIONAL, UNEDUCATED, HAVE ABSOLUTELY NO IDEA WHAT THEY ARE DOING.
    IF YOU WANT TO GET A LOAN DO NOT GO THROUGH THEM. I PROMISE YOU IT WILL BE THE BEST DECISION YOU WILL EVER MAKE.
    I AM SUPRISED THEY ARE STILL IN BUSINESS. THESE IDIOTS DO NOT EVEN GIVE LOANS. THEY JUST TAKE YOUR APPLICATION FEE.
    BELIEVE ME AS A REAL ESTATE AGENT AND A CONSUMER DO NOT GO WITH THESE LOSERS.
    DO YOURSELF A FAVOR GO TO A DIFFERENT MORTGAGE BROKER. I DO NOT THINK THESE [censored] ARE EVEN OLD ENOUGH TO GET THEIR OWN LOANS. THEY HAVE RUINED MY CLIENTS DEAL BY LYING AND WASTING TIME. THESE PEOPLE NEED TO BE PUT OUT OF BUSINESS. SOMEONE NEEDS TO SUIT THEM. SERIOUSLY THEY SUCK.

  • Kn
      5th of May, 2016
    0 Votes

    Are there any good comments about this company?I'll take my business elsewhere...Thanks for the "heads up" warning.I wonder how much business they've lost. I'm just amazed that there are no good comments?WOW!!!

  • Th
      23rd of Mar, 2018
    0 Votes

    I did not have a loan with quicken loan and they took 500 dollars out of my bank. as they had no authorizing to do so.

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