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Quicken Loans / fraud and scam

1 16425 N Pima Rd.Scottsdale, AZ, United States Review updated:
Contact information:
Phone: 800-226-6308

I am a current employee at Quicken Loans. Just to give you a quick background, I was born and raised in Arizona and have spent most of my life in sales, mostly automotive. I have been at Quicken Loans for just over a year and can honestly say its the worst job I have ever had. I can honestly say that this is a company that is owned, ran, and managed by crooks. Before I get to our illegal daily practices and crooked ownership, I want to start with some of the common practices of the 2 managers that run the call center that I work at in Arizona. Their names are TIM BIRKMEIER and MATT STOFFER. Just to start, these are 2 of the most fowl mouthed managers that I have ever worked for in my entire life. Whether its comments derogatory towards woman or racists jokes aimed towards his panics and african-american clients, there actions and speech are appalling.

I can't speak for all of the Quicken Loan call centers, but I do know what goes on in this Arizona sweat shop. TIM and MATT work their 150+ loan officers at our site about 60-75 hours per week, and the company does NOT pay overtime, but that labor is mandatory to keep your job. I have copies of schedules that show 10-12 days, 6 days a week. Although they do have the Fair Labor Act poster hung in 3 different spots at the site, I think someone has forgotten to read them thoroughly. But its not as if they hide it, MATT and TIM are quite open about the fact that they want you at work from 8-8 and to work through your lunch hour.

Not only does TIM and MATT screw their employees, but we are also trained to screw our customers. BEWARE, if you are a customer or soon to be a customer of Quicken Loans, please double think your decision. I will be the first to admit that I don't have alot of mortgage experience, but what we are trained to do, I know is wrong. Besides our base salary that we are paid, we are also paid on premium of the loans we sell, (which is how high we can jack up the customers rate, how much extra money in points we can charge them as well, and if we can convince them to take an adjustable mortgage instead of a fixed). So the higher the rate and fees we give the customer, the more we get paid. How are we trained to do that you ask? TIM and MATT put it by saying 'find the low-level clients that you can make your money off of'. They have never said it in whole site meetings, but in smaller team meetings I have heard both MATT and TIM say things like, 'If your dealing with a redneck from the country or a '*bleep*' from the city, you need to make sure their rates and fees are much higher, thats where you make your money. But if its an educated, rich '*bleep*' from the suburbs, we may not be able to make as much money off the loan. (The two bleeps were racial slurs often used at the office at Quicken Loans). Isn't that why the mortgage industry is so screwed up? How can 100 different people with the same loan, same assets, and same credit score, be given 100 different rates and fee structures. Also, on the loans that we do give the borrowers much higher fees and rates and adjustable, MATT and TIM make sure that we don't fill in the race/ethnicity section at the end of the application, so it doesn't look like we are over charging or screwing one race or class of people vs another. Which in fact is exactly what we are trained to do.

Also, Quicken Loans makes money off of what we call our 'Good Faith Deposit'. It is a non-refundable $500 charge to your credit card that is used to make sure the client is serious about doing business. This is a complete scam. We are trained, even if their is no loan that we can do, the customer doesn't own a house, or they call us up for a loan we don't provide, we take $500, period. Thats where most of the money and profit of the company comes from. I stopped taking deposits shortly after I knew what I was doing, but then was quickly reprimanded by TIM and MATT, and my job shortly threatened thereafter if I didn't continue the deposit process. We are trained to lie and promise customers anything to earn there business. We are told to tell the customers that we will do a free loan for them next time they use us, even thought we may be charging them $10, 000 to do the loan now. Plus another $10, 000 to do the loan the second time, because we can't do free loans. It's all a flat out lie, and a flat out scam!

But despite all this, Quicken Loans was voted the number 2 place to work by Fortune Magazine, in all of the USA... how? I have to call CNN, which I believe owns Fortune Magazina and find out. Maybe its because its owned by Dan Gilbert, and his Michagen State cronies. This is a man that was arrested for illegal gambling and stealing peoples money, but yet he owns the 15th biggest mortgage company in the USA... Go Figure. Maybe its because the entire upper management of the company consists of Michigen State alumni, and old college buddies. Maybe its because they will only hire employees that this would be their first job, and have had no previous employment. It's easier to run a sweat shop when your just out of high school and or college and don't know any better. For all these people know, 75 hours is normal to them.

And last but not least, you probably guessed it. How many jobs do you think TIM and MATT had before joining Quicken Loans? You guessed it, a combined total of NONE. Oh well, next time I hear one of them get of the phone, I always picture them saying 'Would you like fries with that mortgage'?

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  • Va
      11th of Aug, 2008
    0 Votes
    Quicken Loans - Fraud and theft
    Quicken Loans
    United States

    I too have been scammed by Quicken and I want all to beware these crooks. I paid $300.00 for an appraisal. All was going well until two days from closing they tell me they can not do new construction loans. There is nothing on there web page that says they can not do such. I have a home packed up and nowhere to go.

  • Da
      15th of Sep, 2008
    +1 Votes

    I worked for TIM BIRKMEIER in Livonia before he moved out to AZ and I agree 100% with everything you said. Awful company that encourages awful practices. You don't even need your GED or high school diploma to work there. As long as you can compromise your values, you're in.

  • Mo
      18th of Feb, 2009
    0 Votes
    Quicken Loans - unfair charges
    Quicken Loans
    United States

    They solicited us to apply for a loan and charged us to give us a quote. When we decided that their upfront fees of $16, 000. was too steep for our budget, they stuck us with $500.00 charges!

  • Qu
      5th of Jun, 2009
    0 Votes Beware of Quicken Loans! After 6 months and many promises that we are going to close next week they cannot be trusted. When it was time to close they called me to let me know that everything was ready BUT.. I need to pay an additional $20, 000 to get the same rate from only 15 days prior since they did not lock it in. They misrepresented and tried to fraud me. They also promised $7, 000 in lender fees and when it was time to close they changed it to $2100. DO NOT LET THEM SCREW YOU!

  • An
      22nd of Jun, 2009
    0 Votes

    Quicken Loans responded to our internet request for quotes from lenders regarding the refinancing of our mortgage. After some discussion, we decided to proceed and give them our detailed financial information so they could put together the numbers for us.

    At one point we made the decision to refinance with Quicken. The loan rep Delante McGrew emailed us the loan application and asked us to e-sign the documents. We still have dial up internet service so it took quite awhile to download the documents. Time was running short as I had to pick our daughter from school. My bad, but I went ahead and esigned the application and said that I would read through it later that evening.

    Once I got to the Good Faith Estimate, I immediately realized that the figures on this form were different from the ones Delante quoted me earlier in the process that I wrote down in a notebook. The Loan Discount Fee was incorrect, there was an Additional Endorsement added in with no description as to what it was for. There was an $80.00 fee for TSI Appraisal Services as well as a $350.00 appraisal fee.

    My intuition told me this was'nt the company I thought it was going to be. I called our credit card company and found out that Quicken had already charged our credit card $500 for a Good Faith Commitment. Delante told me this wouldn't be done until the appraisal had been completed. I told him then that we would not be doing business with them because of the change in the good faith numbers.

    When I pointed out that the Loan Discount Fee was higher than what it should be, he couldn't understand why I would quibble over $300. He had no clue as to what the $80.00 fee to TSI Appraisal Services was for or what the Additional Endorsement was.

    I tried to work with Ann O'Neil from the same office to get our money back. In my final conversation with her I also told her that I had recently discovered that Delante lied about the length of my husbands employment on the application. Ann told me that the length of a persons employment has no bearing whatsoever on the loan. Why do lenders ask for this information then??? They refuse to refund our $500 but I'll never rest until it's finished!

  • If
      24th of Jun, 2009
    0 Votes

    I had been talking to Quicken Loans about refinancing my house. I then saw all the complaints about them so I told them to forget it. They also asked me to commit to the $500 deposit.

  • El
      17th of Jul, 2009
    +2 Votes

    I would like to know who posted this, To be honest half of it is fake- haha I am not friends with either of those people talked about above- but I can tell you this person was probably fired for stealing printer paper or something- Get a life. I’m sure you are used to saying " would you like fries with that " by now right?

  • Te
      25th of Sep, 2009
    0 Votes

    The people at Quicken Loans are nothing more than stalkers. I submitted an Internet inquiry (I know, I know, STUPID) on a home refinance about two months ago and ever since, the Quicken stalkers have been calling, on average two times per day, six days a week. Apparently they rest on Sundays. Other than burning up my mobile minutes, I find their persistence (despite the lack of a response) amusing. Someone should tell Quicken that this type of behavior is not exactly what I would call good customer PR, not to mention it screams desperation.

  • Ra
      13th of Feb, 2010
    -1 Votes

    Yes, he is absolutely correct in his discription about these two low lifes that have only worked for one company there whole life. Without an education and no morals this job fits them to the tee!
    These salesman at Quicken would scam their own mother out of $500.00 if they could.
    They sit at a telephone stealing money from hardworking americans and have no conscious about it.
    God bless you! You had the courage to stand up for what is right and expose these slimy worms.

  • Di
      10th of Jul, 2010
    0 Votes

    Thank you for this post. I was a potential customer, but there is no way I will do business with a company represented by managers that you have described. I am also in sales, so I am very familiar with their type.

    What a nightmare job that sounds like! I am so sorry that anyone puts up with that type of work environment. It really sets a low quality standard for the types of jobs available to enrty-level employees. If you still work there, you need to put your foot down and at the very least file harrassment complaints with HR.

    Thank you again for the heads up.

  • An
      29th of Jul, 2010
    +1 Votes

    If you are an honest person, you will report these practices to the government as you are protected by the Whistleblowers Act. Anyone who is working for this company and aware of these illegal practices is guilty themselves. Silence is permission and you are allowing them to continue to scam the public and als violate employment laws. Overtime is required for anyone working more than 40 hours per week. I doubt your job is exempt if you are a phone jockey. Stand up for the very people you claim to want to protect by exposing these thugs for what they are. If you don't, you are just as guilty if not moreso. Good luck.

  • Ga
      30th of Jun, 2017
    0 Votes

    @AnnieMack1956 Quicken loans probably works hand in hand with the government.

  • No
      10th of Aug, 2010
    0 Votes

    there are federal agencies available to report this kind of fraud. Take advantage of the Better Business Bureau... I checked online and there are resolved complaints regarding quickenloans...
    do not give up, that is your hard earned $500, do what is necessary to get it back!

    CONSUMERS DO HAVE RIGHTS! report QUICKENLOANS to the BBB its fast and easy and more consumers check out the better business bureau then this website...
    your state also has an attorney general to protect the consumer... file a complaint within your state =) good luck

  • Tw
      8th of Oct, 2010
    0 Votes
    Quicken Loans - Refusal to refund part of deposit
    Quicken Loans/Rock financial
    United States

    Rep for company said loan would cost us only $ 308.00 remander of $500.00 deposit would be refunded in full.
    Company ordered appraisal than changed the amount they would loan and denied the Mtg. loan. No real
    reason given. Requested balance of deposit to be returned and Quicken refused to comply.

  • Mc
      2nd of Mar, 2011
    +2 Votes

    Well, to be honest, this was a post from 2 years ago. With SAFE, RESPA, and all the other regulations that have stepped in, a lot of the "sleaseball sales tactics" are irrelevant. I wasn't working at this company when this was posted, but I did work there for the last year and half. I was fired for production in January. Do I agree with this? Not in the slightest. Sales are sales no matter where you go. Is the amount you get paid as a base worth the hours? No. Is there potential to make a great income? Sure. You don't need to listen to the sales bs and meeting jargon. It's the same at EVERY company. The individuals who do the best are the ones who ignore this noise and become their own salesmen with their own devoted clientelle. At the end of the day, Quicken is a good company for a single, young individual to work at, but it's tough to balance anything else. Personal hobbies, relationships, and what have you. Tim moved on to a different area of the company when I worked there, but I stand 100% for Matt Stoffer. Matt is a man of integrity and he'll let you make your own conclusions and choices, for better or worse, on what you need to do to succeed. But if you make the better choices, he'll be much more of a help to you.

    Bottom line, our industry is much too regulated for bankers to do any damage. They are a little more spendy than most places, but they will close your loan faster than most places too. Average in the industry today is 90 - 120 days to close.

    Some facts: (as of January 2011)
    Quicken averages a closing in about 30 days. 50% of the loans that go in to process make it to the closing table. The most common reason for denial is low appraisal (which we can't coach the client legally on estimating their property's value even if we knew what it was). The second is for inconsistent or incorrect income (usually the client has too much in write offs, URBEs, or their YTD doesn't match with what they claim over the phone). The banker is on the clients side. 95% of the bankers working at the AZ location are scared to death that their clients are going to be misled on policies, regulations and laws. If a client's account is botched, it certainly isn't from a deceitful nature most of the time. The $500 deposit that the company is "making most of their money" (??) That's the most ridiculous thing in this garbage review. First. The company has hit multi-billion dollar sales months. That's not from $500 deposits, that's from getting clients closed and if they aren't happy when they're signing closing documents, then there's no loan closed, now is there? 10 - 15k loans are closed every month company wide. If a deposit is lost, typically about $350 - $400 (depending on your area) pays for the appraisal of the home. $8 goes toward the Tri-Merge credit report to buy your credit report you get a copy of. You get the rest back to you.

    Now, there are some bad bunches in the group (bankers) from time to time. They usually get weeded out pretty quick. But you always have the option to dispute your deposit. Make sure when you sign your deposit agreement you understand what it's saying. One of three scenarios will always take place. 1. You get reimbursed or your deposit gets credited to your closing costs at the closing table. 2. The loan is denied (Usually due to appraisal) and you're reimbursed whatever's left after appraisal and credit report costs. 3. You decide to walk away from the transaction and your deposit is non-refundable. note: Your banker doesn't get a dime of that deposit directly if you walk away. It goes to QL's operating expenses account to pay for the 17 - 25 odd individuals payrolls that were wasted on processing a loan for a client that invariably decided to walk.
    Come on guys. Be serious about when you read these reviews. I got fired from the company so I've got my own beefs, but spewing this garbage is wrong. I’ve taken my beefs to the people who can do something about it. Do the right thing...

  • Co
      10th of Mar, 2011
    0 Votes

    I see that Quicken Loans was hit with a $3 million judgment, which included punitive damages for misrepresentation (to put it mildly). Sadly, $3 mil is probably a drop in the bucket for these guys. A legitimate lender would not take $500 up front. We just refinanced - to shorten the length of the loan and reduce interest to 3.75% fixed. But we did not pay $500 up front, and would never do so. Companies like this prey on people who can least afford it. There should be stronger regulation of these companies, but that won't happen anytime soon.

  • Te
      22nd of Apr, 2011
    0 Votes
    Quicken Loans - sold back to GMAC LLC
    Round Rock
    United States

    I asked to go to any place in the world, except GMAC .
    DUH, they sold my service to them.
    the customer service stated.. could not guarantee that .
    I am exersizing one of my options...
    the house is for sale! !

  • Ja
      12th of May, 2011
    0 Votes

    I recently interacted with one of the unfortunates working at the Arizona center and, based on my limited dealings with the saleswoman, every word of this employees' account rings true. She played every game she could think of to get me to give her my credit card without ever once offering to provide a written offer. Some of the terms she offered were garbled and I wasn't sure what she was offering. Ironically, she played hard to get by putting off telling me what the rates were at least twice before finally giving me the "good news" about what she could offer me. This is a business that takes advantage of people's desire to pay low rates, and they trap people with outright lies about their offers. Quicken is also a lender, so it drags its feet when processing the loans, probably in an attempt to try to get people to drop off when they don't want to lend to someone with dark spots on their profiles.

  • Ji
      8th of Jun, 2011
    0 Votes
    Quicken Loans - Deposit fraud
    Quicken Loans
    United States

    I contacted Quicken Loans for a possible refinance. I was told that everything looked good and I should qualify with no problems. I gave them a $500.00 deposit. After my home was appraised and they reported that I heat my home with wood along with a backup propane heater, they denied my loan. They said they do not make loans on homes that are heated with wood. They took my $500.00. This is a crime.

  • Mo
      8th of Jun, 2011
    0 Votes

    Did your paperwork say your deposit was non refundable if you didn't qualify?

  • Ji
      8th of Jun, 2011
    +1 Votes

    Yes, I do not have a leg to stand on. That's just how this company works. They should have asked me how I heat my home but they never did. Other than that, I completely qualified for the loan. I do not have the time or money to try to recoup this loss. My representatives name is Nick Cliff. His number is 248-796-6003. He took my money with no problems.

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