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Quicken Loans / terrible company!

1 2430 Tulip Tree DriveSpringdale, AR, United States Review updated:
Contact information:
Phone: 479-935-9092

I wanted to refinance our home for a better Interest Rate. Steven Frost Executive Mortgage Banker, ran my credit report, assured me we were fine if I would send him copies of Financial papers proving our income, I did... was told we were 'approved'. He locked in our rate... He told me I needed to give him a CC # for a $500.00 refundable deposit. I did. They ordered the appraisal, Insurance and Tax info and the Title search.

Our home was appraised for $389.900 less than a year ago, I know the value has fallen some and was aware of this. We are in an area where the values have not fallen more than 10%. They never ran my credit card thru until an hour before they called to tell me my appraisal came in at 272, 000 and they could not do the loan. (The interest rates began to go back up some) I believe this had something to do with it. He said he would call me in June (due to the fact our home had been up for sale and was only off the market for 2 months or so) We wanted a 198, 000 loan. I was previously told this would not be a problem.

What upsets me is they should not be able to get the 500.00 deposit. He said, he would 'see about' getting us back some of it. It seems they have a practice of doing this to people.

I believe if the loan does not go thru for whatever reason, (Unless I change my mind) they do not get the deposit.

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  • Ka
      17th of Apr, 2008
    0 Votes

    Write a clear factual letter to the FTC. Make sure your letter shows a good time line and attach all support documentation, ie: loan approval letter and other documents you provided to Quicken.

    I have to say that after reading all the blogs from former Quicken employees; I believe that their
    (loan officers) are following the business practices endorsed by the higher level corporate employees. If you do the simple match calculation of the thousands of people they collect their up-front $500 charge, even before they have any idea of whether or not they can help you... they are making a great deal of money from this one avenue of revenue. Let them know that you are writing a letter to the FTC will and maybe theey will have a change of heart about refunding your deposit. Do write to the FTC. This is the only way to put halt to the "fast $500 grab" . You can also post to and /link removed/ Good Luck

  • Bl
      24th of Apr, 2008
    0 Votes

    it is your own fault if your home is worth less than you believe. any lender is going to charge you for an appraisal it has nothing to do with a deposit. you are frustrated and should be, but lets keep the complaints valid and quit depending on our homes for retirement!

  • Fr
      24th of Apr, 2008
    0 Votes

    I think people should stop thinking that the economic problems are to be blamed on the lenders. You should tell Bankers if your home is listed for sale. That is your resposibility. You should also do a little more research as to what your home is worth. Get curious and ask what homes in the neighborhood have sold for. They are only doing their job and try to help when you call them for a loan. You should pay for your appraisal. Did you know that most of these companyes will charge their employees for appraisals if they refund it to you. Every Approval letter states that you are approved based on the information you provided. Good luck next time and be a little curious for your self, don't expect everyone to tell you what you want to hear.

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