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Quicken Loans / misleading and rude

1 SC, United States Review updated:

My name is Eric Boyer and I would like to share my experiences with Quicken Loans. I applied for a VA refinance earlier this year. I had my current loan through Wells Fargo, but wanted to give Quicken a chance since they sent many correspondences in the mail. I would like to say, my refinance experience was anything but pleasant, terrible and costly. When I first started, they told me about the process and what could be expected, so I thought just a refinance, I’m not selling the property. How hard could that be?? Boy was I wrong. It was a total nightmare. The documentation needed was unlike I’ve ever experienced and I’ve owned four homes, two of which were refinanced. I faxed so much paperwork it wasn’t funny. They kept calling asking for more and sometimes I had to resend the same documents. The terms of my loan was a 20 year fixed rate at 3.8% with and est. closing costs of $67.00 at first. That sounded good to me. Well, after my credit report was checked, supposedly my debit to income ratio was not good, so that changed everything. Also, my appraisal came back very low. I questioned the company that conducted this because I have checked other homes in my area and what they appraised for and mine was not even close. Two months later after numerous inspections, i.e. ac/heating, termite and fireplace, and more paperwork, my numbers changed. Now, I had to bring close to $4, 000.00 to closing and I could not roll over any costs associated into the loan. Add to that, I’m out $400.00 to Quicken for processing the loan and their costs out of pocket for the inspections. I dealt with Doug XXXXX and Melissa XXXXX who could take lessons on providing the best customer service for clients. I became so frustrated that I checked with my current lender to see if they could match or do better and they stepped up to the plate. They offered me a 20 year fixed rate at 3.50% and $500.00 due at closing that was rolled into the cost of the loan. They only required 5 documents, the customer service was excellent and they were quick and thorough, (closed in 30 days). A very pleasurable experience and I wish I had checked prior to going with Quicken. What confused me was my current lender used the same credit report, same income to debt ratio and other factors to give me the best deal possible. Also, my monthly payment is $50.00 less than what Quicken quoted. When I spoke to Doug to see if they could match Wells Fargo, they blew me off and didn’t even attempt to match or try to keep my business. I wish I would have done my homework before I dealt with Quicken, so please check before you give Quicken one cent. Shop around before you commit to any loan process. This was an expensive lesson but one well learned.

Ms
May 19, 2013
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Comments

  • Be
      25th of Jun, 2013
    0 Votes

    Fully agree with this frustration. In forty years, we have financed and refinanced numerous properties without this much red tape and patronizing behavior from a company. We've been jumping through hoops for almost one month and the end is not in sight. I cannot believe their latest email asked for our 2012 tax documents. One would think this would be required right out of the gate! The QL representative opened up with all sorts of wonderful compliments and promises. Beware. Once the "team" gets hold of your time, you will spend hours rifling through your files looking for documents that they vaguely name...not the legal terms which would help. Yesterday I drove 70 miles round trip to our county courthouse for a record. Come on Quicken Loans! Get your act and your team educated and do your reviews of our important documents in a logical sequence. If there's one more day of this !@#$ we will need to sell our precious investments to buy into a senior long term care community where my 100% disabled veteran husband needs help and I may end up in assisted living due simply to stress.

  • Ms
      4th of Aug, 2013
    +1 Votes

    I agree with you, the process is outrageous, expensive a sham. I wish you the best and hope things work out for you.

    Eric

  • Ya
      17th of Aug, 2013
    0 Votes

    I live in Oklahoma and Quicken Loans does truly amaze me, JD Powers #1, really??? I refinanced my home a year ago and for their lower interest and a reduced payment. That was all a bunch of lies...payment even more. This bunch of "professionals" are liars and cheats they should be put out of business. Quicken loans just fleeces escrow money out of people. They DO NOT help anyone with any with anything. I am truly sorry I ever refinanced with this company and I thought Bank of America was bad...I now find out I should have stayed with them. I anyone out there really needs to refinance...DO Not use Quicken Loans...they are the most dis-honest mortgage company there is.

    Janie

  • Ms
      17th of Aug, 2013
    0 Votes

    Janie,
    I am in total agreement with your post. I don't know how they received that JD Powers rating of number 1???? I hope sites like this will alert consumers about their business practices before they part with their money and time.

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