12/5/2018
To whom it may concern (if anyone):
I am a current customer and have been with Quicken Loans for many years. I have faithfully given my business solely to your company based on past experiences. That all changed within the last month. We are moving, and as usual, turned to quicken loans for a quick pre-approval for a new loan for which to move my family. We sold our current home in 10 days for full asking price but the buyer needed a quick close (12/20/2018). We felt confident in our existing history with quicken loans that a new mortgage would be no issue. Boy, were we wrong!
The mortgage loan representative, Collin Schwe, was very polite and courteous, as well as 100% certain that we were going to get our within a couple days. Throughout the process, he kept saying, "I should be calling you back with good news!" He even told me on several occasions that my score on the credit reports was low, but not be an issue stating "If it were 1 point lower, we wouldn't be able to proceed, but we will get it through." I get it, we want to stay positive and try to earn business, but on our end, it is more than business - IT IS LIFE!
I have always been very diligent in keeping a high credit score and always have paid my bills on time outside of a few minor issues, which we called the creditor to arrange a catch up plan. On all occasions, we were paid up within 30 days. Paying on time is not the issue; the amount of credit/debt is the reason for the lower credit score. Maybe there should be more consideration of on time payments than strictly debt to income. If a person can make payments, does it matter the amount of debt they have? Circumstances should play a part as well in my opinion. Although our debt is high, we pay our bills. We have high debt mainly because we are caring for a child with a disability and several medical conditions that take priority one in our life! I would have it no other way! I am very upset that your company, whom we trusted and been a valued customer for many years, would mislead us in the way you did. As a result, we are now basically homeless, selling our home in 20 days, unable to obtain a mortgage from another company, and not sure how to explain to our children what we are going to do! You have not only turned away a valued customer, you have put an immense burden on a very good family who values respect, honor, trust, and caring for people. I know this will fall on deaf ears and the proper people, such as the CEO, COO, and Board of Director's will never see or hear about this.
I could detail more of the process, but don't think it will matter as it will not change the situation. I am extremely disappointed in your company, the processes in place, and your inability to see through some of the data to notice truly good people with extremely high ethical values may need a little help/support in cases where they become burdened by doing the right things, in our case, caring for our son with every ounce of love, caring, sacrificing, and yes, money, to make sure he can be successful in his life. I will not be returning to Quicken Loans for any future business, and I will make sure that my children do the same, regardless of how big you become or how good your offers are once we restore credit. Which, by the way, we will be paying off between $60-$70, 000 of our debt once we sell the home - surely that will put our credit score back in line. Again, something that may have been considered in the final decision? The information was provided to Collin, but again, scores are more important than factual payment history?
I appreciate the business partnership we held in the past, but am simply distraught at the misleading information, the processing of our current application, and fact that we are not being granted a loan when we have had such a good standing account within your company. Big companies only care about profitability, and that is very evident throughout this last loan application. People are much more important - and we should do everything within our power to help people whenever and wherever possible! Misleading and misrepresentation is not Ethical Behaviors!
A once satisfied client,
Paul Hupp
