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Quicken Loans / unethical mortgage practices

1 Livonia, MI, United States Review updated:
Contact information:
Phone: 1-800-251-9080

I had begun the mortgage process with Quicken Loans in May of 2008. After I had begun the application process my credit card was charged $500 without my consent. When I called Quicken Loans about this they mentioned that it was simply a deposit and that it would be applied to the closing costs of the home. This sounded legitimate so I allowed them to continue with the process. Everything was going fine until 2 days prior to inspection my loan officer mentioned that the appraiser classified the townhome I was purchasing as a condominium. This would result in a down payment of 10% rather than the original 5% agreement. I inquired with numerous individuals including my realtor, home inspector and other loan officers and none had ever heard of such a practice. My loan officer said the company made an "acception" in their favor because we must pay association dues every month to cover the cost of the pools, tennis courts and other facilities. He insisted that if I were to go with another mortgage company I would run into the same problem. After this problem had been passed to his superior without change, we decided to go with a mortgage company recommended by our realtor. Within one day our mortgage application was processed, we were given a rate that was .25% lower than Quicken's and without any points, and our estimated closing costs were $6, 000 less when compared with Quicken's costs. (I won’t mention the name of the company but it rhymes with Untree Wide) I later received a phone call from another superior at Quicken Loans. He inquired to the situation and I mentioned how we were now with another company. I mentioned of the better rates and lower closing costs and why theirs were so high. He asked me if they provided me with better offers that would beat my new company and took away their "acception" of a 10% down payment, would I stay with them. At this point I asked for my $500 deposit back since Quicken was no longer going to be processing the loan / mortgage. He disagreed to the refund and did not give a reason. My suggestion... find another lender.

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Comments

  • Re
      23rd of Jul, 2008
    0 Votes

    I agree with everyone on this comment board and I am so sorry to hear about all the trouble that you are all having. This is the reason I started my company. I have helped several people that have mortgages with ASC, Countrywide, and other mortgage companies that don't seem to care if they harass people or suck them dry. The comments I have heard are along the lines of trying to get blood from a stone or turnip, or something like that.

    Contrary to what some people have said on here, I am not trying to be one of those people I mentioned above. My company is a nationwide company that provides services for people that are at the end of their rope. One of the helpful things that we provide is letting you know, before payment for service, if we can assist you and if we can not. If we can not, we tell you why not and what can be done to allow our company to assist you. Most companies won't do that, but we will also give you the reasons why exactly so that, if you should choose a different service, they will not be able to scam you. Now that's a way of saving money too.

    I have a service that actually will take you out of the loop of contact with ASC, or Countrywide or whomever you have servicing your loan. All you have to do is tell me how we can help you. By that I mean, tell us what you are looking for us to do for you and we will pursue the help that you want, no matter what. We have all aspects of the mortgage business covered from being a mortgage mediation company, a title company, a real estate company, all the way to having access to attorneys for litigation or help to avoid foreclosure. No aspect of help is turned away.

    Let me tell you, most of the customers that I deal with have told me about the fear and the frustration of working with mortgage companies that don't seem to care or give them the runaround. To be totally fair, mortgage companies have their ways of dealing with people. Some are good, some are horrible. But one thing all mortgage companies love is being vague. When they are vague, they don't have to give you information until you ASK for it. How does that help you? How can you try to save your home if you don't know how to ask the right questions?

    That’s another reason why I created this company. I take your number out of their "system". When they mail you something, it goes to me. I take the burden away from you so you can live your life without the phone calls and the letters. And the rudeness!!! Oh, man, if I told you some of the stories I have heard...let's just say, it’s not pretty.

    I know that some people are going to look at this comment and go, this guy is trying to drum up business. Well, you're right. But here's the kicker. I used to work in mortgage collections. I used to make the phone calls and send the letters. I used to work around the people that make your lives hell. And I kept asking myself, why? Why are these people not being told about the help that’s readily available? Why are these people not being helped to make payment arrangements that are realistic? Why does this company care more about the money than about customer service when that is supposed to be their primary objective?

    That's why I got out. I can not stand collections. Just because they are hiding behind a company name they think that they can say anything or act anyway they like with the customers, being friendly with one and the next 40-50 they can treat like crap. Where is the customer service?

    I take all that frustration away from you and create solutions that work. I know that it may be hard to swallow, but I do. I have done it for several people. And I can do it for you too. If you want more specifics or just want to talk to me, call my office at 888-453-1518 and check out the website, which is being updated with a few new options available. And this isn't just for people facing foreclosure, people that are current and want to pay off their home early, call me. I can and will help as many people as I am able to. What have you got to lose? Website address is http://www.onlybusiness.com/members/RealtyMediationService...and if not for you, best of luck. In all your endeavors.

  • Jo
      30th of Jul, 2008
    0 Votes

    I am just going through this with quicken loans too. They say they will charge me $500.00 and is not refundable because I canceled with them and that they did not cancel. I canceled within 1 day. I received 2 or 3 calls a day from my quicken loan rep. His name is Warren Coleman, if anyone has dealt with him, please let me know.

    I am in process of doing business with a local company and was told that I should not pay this fee and to go to the Attorney General's office. I will do that today and also there is another place with board of mortgage or something like that.

    My new mortgage company is going to e ail me the link to the email to file this complaint. She is also just sighning up another couple who are experiencing a bad time with Quicken loan too. Everyone, avoid Quicken Loan like the plague.

  • Ki
      25th of Jan, 2012
    0 Votes

    Quicken Loans ripoff $500 on my credit card. Every thing was communicated on the phone and Internet. They said I qualified and approved for refinance. I sent them my income tax return, work income statement, and all my bank financial information. My credit score are excellent, and my current mortgage payment had never been late. My home equity over 40% of the loan. They finally denied my loan and refuse to refund my money. I was very piss off. I want to file a law suit and going to report to police.

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