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This company makes their money on upfront fees which are never returned regardless of how far into the application process you go. In my case, I worked on an application online and over the phone, and got as far as an electroninc signature. The application was made out in both my name and my husband's and required his signatures as well as mine. The loan broker actually told me while I was filling out the form that I was not seeing the interest rate locked as we had discussed because he could not do that until he had a completed application with all signatures. So, I felt pretty safe giving him some financial information and a credit card number, knowing that the whole deal was dead if my husband didn't sign anything. Less than 24 hours later, we had already told the appraisal company that contacted us that we were not going to go through with the loan application and I contacted the broker telling him the same thing. My husband never signed anything, and we never released authorization for them to gather information on us which was required for underwriting to begin.
Two days later a $500 charge showed up on my credit card. I called and asked for an explanation and for the charge to be reversed. I was told it was too late, they could not refund the money because we had already started the application processing. I said that was impossible because my husband never signed anything. The broker told me that they didn't need his signature because we were married and he was legally bound to any contract I entered into. This is absolute crap and I verified with other mortgage lenders that any document which has a signature line for multiple individuals is worthless without every signature. In fact, a reputable lender operating through the mail will require the signatures to be notarized, not just complete.
I disputed the charge on my card through the credit card company the next day and had to block my credit card and have a new one with a different number issued to me. I haven't seen the credit on my balance yet, so I am still crossing my fingers that I have gotten around this scam.
My advice, if Quicken loans calls you, HANG UP!!!
For those of you considering doing business with this company RUN as fast as you can. I completed an apps with this company at the end of may for a HUD purchase. All documents were sent to to this company, who apparetnly cannot read. Today (June 16th) I was told by one of the client specialist (that's what they call themselves) that it's probably best "we" meaning them & me part because their UW dept would not agree to fund an escrow repair loan for $330, in which the seller was paying me the buyer for the repairs. My agent also spoke with the "client specialist" regarding this and told my agent that they don't work with repair escrow loans. AGAIN they have had the documenta since May and this info is listed on the 1st page of the contract. Needless to say since the specialist felt it was best we part, I asked for a refund of the $500 deposit, he said it was be submitted to accounting. Later in thr evening Iog on to check my email, and see that the coward sent am email basically telling me that since they provided me with access to "view, download, & electroniclly sign anything that required a signature, the deposit covered that. So I guess I paid $500 to look at documents online. Well I'm taking this a step further, because they ahev wasted much valuable time, and now I have to start the process all over with another lender and guess what, they don't require any type of deposits. AGAIN do not deal with Quicken Loans, if at all possible.
I too have been scammed by Quicken Loans. Like all the other complaints against them, mine include being told my income was sufficient to get a 4.5% 15 yr. mortgage with 0 discount points. After scheduling an appraisal, I was notified by the APPRAISER and NOT Quicken that they were told not to proceed. When I called Quicken the next day, they said their underwriters claim my income was too low for this rate at 15 yrs. I said fine and goodbye. The next day I get an unsolicited call from the "Team Leader" saying they had an "alternative": I could get the same rate of 4.5% for 30 yrs with 0 discount pts. When I asked him how he could do this, he stated "because he wanted to keep me as a customer." All of a sudden, he needed mounds of additional documentation which I began to send in as well as documents on their website that needed "E-signing". One was a NY State Interest Rate Disclosure which all of a sudden had 2 discount points added to it which would have cost me almost $4000 more! In the meantime, I had never been able to access the approval letter and Good Faith estimate that supposedly was on the website. In the meantime, interest rates began to rise which is why they no longer wanted to honor the rates they had originally promissed. This company is totally unethical and MUST BE STOPPED! I will begin a class action law suit against them. Anyone interested that has been cheated by this company can contact me at [protected]@aol.com.
Quicken will take your initial call in less than 30 seconds...after that, the further you are in the proce...
This company should be criminally investigated for fraud and predatory tactics. I paid my $500 and asked for a Good Faith Estimate of my loan and Dianna Burk from Quicken loans refused to provide it to me until after I had paid the $500 only to find out that the actual charges of the loan were much higher than what she had quoted to me on the phone for me to move forward with the loan.
Quicken loans scammed me for $500. Shame on them!
Push sales people convince you into something after you say no, the costs are too high essentially insuring...
We contacted Quicken Loans Detroit, MI office to inquire about refinancing and after a couple of weeks of...
Well, we bit on it. Quicken Loans has a beautiful website and I suppose it's designed to elicit trust...
When I applied to Quicken Loans to refinance my mortgage, I was initially very satisfied. I got the rate I was looking for, closing costs were exactly what I was quoted, the whole process. application to closing took only 2 1/2 weeks. My one concern was the selling of the note. I did not want to be bounced around every few months. My contact, Doug Laska, assured me that Quickens held the note and that I would be able to refinance at a later date or switch to a 15 year note if I so desired, at no additional cost. Imagine my surprise and anger when I got the letter telling me my mortgag had been sold. Before I even made the first payment!!! They will lie and tell you anything you want to hear in order to get your business. Once you find out they lied you are no longer their customer anyway and too bad for you.
Consumers beware!! Get everything in writing before giving your deposit.
I dealt with a certain loan officer who took my $500 deposit after lying to me about key details and leaving out valuable information/burying points into to the cost of the loan and saying "closing costs are standard and non-negotiable" when I questioned him again about the high closing costs he finally came clean because we were closing the next day and figured it was too late to do anything but it is never too late.
I then cancelled the loan because I don't do business with dishonest people. I was told by the loan officer on our initial phone conversation that my deposit would be returned "if anything happened" and after I put down the $500 (Double checking again it would be returned if something happened) shortly there after I received paperwork stating different.
After arguing back & forth via e-mail he apparently forwarded my complaint to his director. His director contacted me to see if there was anything he could do to give quicken another chance - even offering to extend the rate lock and lower my rate another 1/4% because he was worried his loan officer lied/omitted details and was very concerned about quickens reputation (Not concerned enough to do the right thing and return my deposit though) and he should be because it only takes a few bad experiences and negative word of mouth costs them potential customers.
After not receiving my deposit back and trying to get them to the right thing I gave up and went with sure point and you know what... I got a better rate and way lower closing costs because the gentleman there was honest about everything.
Sets up loan packs supposedly takes an application fee then when the numbers get tight because no one is giving fair appraisals any longer they don't return calls or emails. They stall giving the consumers the facts as they learn them which puts the borrower behind the curtain of truth. Was tole before Christmas the appraisal came back lower but would still be Okay. 2 weeks later almost still being told I would close first week of the year but all along lender knew it would not happen without additional funds from me but waited until almost three weeks after getting appraisal to put the numbers to me then could not give me the rate. Also found out from a different lender the real truth is in my situation the FHA will not even write a loan package with what they 'Claim' would get it done due to new guidelines that took effect 1/1/09. Lied all along to me but dragged it out to prejudice my options and try and act like it was progressing normally. RIPOFF from the get go!!! NOT ONE WORD OF TRUTH FROM 12/23/08-1/05/09.
I was contacted by these people after filling out a request for loan information on lending tree. I was trying to refinance my 10/1 ARM which is around 190K. I have 5 years left before the rate could possibly go up but since rates are low now, I figured it was a good time to get out of the ARM.
Anyway, I had a hard time getting any information out of these people and they wanted me to give them my credit card for a good faith deposit of $750 which I would get back at closing. I did not want to give my Credit card to them and they would not give me any firm information without it. I did manage to find out that the rate was 4.99 fixed but that it was going to cost me 1 point for origination fees and 1 point for Fannie Mae fees and then they had some other charges including the usual legal fees and home appraisal etc. The longer I talked to this character on the phone, the more I was finding out that I didn't trust the guy. When I was finished writing down everything he told me on the phone it added up to nearly 7K to refinance my mortgage.
Then I did some investigating. I called the bank where I got my last mortgage (The 10/1 ARM) and got a fixed rate 1/4 point lower (4.75) on the same loan amount with 1 point and they waved several of the fees because I am a repeat customer and my daughter is in the process of getting her 1st mortgage with them. The Quicken Loans 1 point Fannie Mae fee is nonsense. It is only charged if you are cashing out and if your credit score is over 720 (which mine is) then the actual fannie mae fee is only .25 points not 1 point.
These Quicken loan people are fast talking and try to suck you in by having you pay this "Good Faith" deposit. In fact, you will be the only one acting in "Good Faith" and based on what I have read, you will never see your "Good Faith" deposit again whether you get the loan or not. After deciding NOT to use Quicken Loans, they called me and e-mailed me continually for the next several days trying to tell me that I was going to get stuck in my home and the value was going to go down and my mortgage was going to go up $600 per month and blah blah. Eventually, the guy pretty much told me I was stupid for not dealing with them. But then I told him that his Fannie Mae fee was BS and that I was going to report them for fraud and I have not heard from them since.
Take it from someone who has had 5 mortgages, 2 refinances and several construction loans since buying their fist home in 1982. These people are snake-oil salesman. Go to your local bank and ask the mortgage officer for information on locally available programs and stay away from these guys. Shame on Lending Tree for recommending such people.
This company is pure corporate greed. Stay away from them. Take my warning and go to another mortgage lender. Other mortgage lenders will have lower closing costs and can get a better rate. Trust me and call a local mortgage company or bank that you trust. Do not give Quicken Loans your credit card information because you never see your $500 again.
If you want a taste of the "smooth" talking sales people that I am talking about, then call Quicken Loans and ask for Jim Chepes. Really you can talk to anyone there because they are all from the same mold of sleezy liars. Unfortunately the mold didn't break yet. Hopefully the government or some fair business investigation will find that this company is the low of the low.
I hope to save at least one person's $500 since I lost mine.
We received a good faith estimate from Quicken loans promising a 4.99 % rate on a 15 year loan. We were asked to put up 500 which would be applied to closing costs and would subsequently be refunded if the loan did not go through.
However, yesterday we were told the company would not honor the 4.99% 15 year mortgage term. Jim Duffy called and asked how our Christmas shopping was going. We told him that we had not been doing any shopping this year. Next, he told us that they would not honor the good faith estimate provided and told us that the loan terms were going to change. I advised Mr. Duffy that this was not was provided in writing to us. I told him he had lost our business and asked that he refund our money as was promised before. We were told that they would not provide a refund. We advised them that we would get an attorney and would pursue this in court, because this was not what the company promised.
I recently had a loan with Lehman Bros that was purchased by OCWEN, Quicken loans called to say that the institution wanted to do a refinance at better terms than my original loan and that I would not have to pay quicken anything to do this. As always I asked why and the officer stated that if the terms were better the a default would be less likely and the lendor was willing to pay all of the fees. I did the refi but not only did the amounts not match, quicken wrapped there fees into the lower payoff amount and then the previous mortgage company 1099 me as income for the difference. Now I owe taxes as income on an amount I did not have the benefit of using. It will take me two years to breakeven on the taxes paid to offset the lower payment given.
I was thinking about looking into this and like a dummy filled out an online form. They called my home about an hour after that and haven’t stopped since. I never answered any of their calls or even spoke with anybody and still get up to 3 calls a day. If you enjoy personal privacy in your home “STAY AWAY” from these vultures. They will harass you to no end if you show just the least amount of interest.
In my dealings with Quicken Loans here's what I've concluded is the major problem: They do not offer to send you a Good Faith Estimate that includes the loan amount, term, rate and the closing costs <b>BEFORE</b> they ask you to provide the $500 deposit to start the loan. What appears to happen then is the old <b>bait and switch</b>. Meaning, the consumer pays the $500 then, later in the process, the consumer receives loan paperwork with loan info or closing costs different than what was originaly quoted. And guess what, if the customer then decides to cancel, Quicken Loans keeps your deposit. <b>THEREFORE, DO NOT PAY ANY DEPOSIT UNTIL THEY SEND YOU A GOOD FAITH ESTIMATE.</b> However, this only offers some protection because if the costs or loan info comes out different after you've paid the deposit, the Quicken Loans deposit refund policy don't state that that the deposit will be refunded in these cases.
Anyway, below is a letter I wrote to the president of Quicken Loans and his executive team about my dealing with them. At the end of the letter, I've provided the email addresses of the Quicken Loans executive team.
QuickenLoans Executive Team,
While I appreciated the call from your Corporate office yesterday to respond to my e-mail complaint of 1/8, I'm still very concerned about Quicken Loans' lending practices. If your company listens to the recording of my conversation with your representative, you'll confirm the following:
<b>1) The representative told me that there was no way to find out what were the best rates offered without pulling my credit reports.</b> Because I didn't want a needless credit inquiry on my credit report (which lowers my score) I asked him if there was a way to simply tell me what would be the best rate offered by Quicken Loans with someone with good credit. (Other mortgage companies I've shopped were able to do this - of course with the understanding that the rate may be sightly different once they ran the credit, if I decided to go forward). The representative said this was not possible because the computer generates the rates once the credit score is populated. Based on my experience and my point #2 below, I don't believe this. Needless to say, I now have a wasted credit inquiry on my credit report to receive a rate that I would not have chosen had I known it up-front. Which leads to the next point.
<b>2) The representative quoted me an incorrect rate.</b> For a 30 year fixed, he quoted me the 0 point rate and a rate of 4.375% with 1 point. (The next day when Quicken Loans Corporate checked in response to my complaint, that rate did not exist - the rate was in fact 4.375% with <b>2</b> points.) On the call with the representative, I entered the 1 point rate into an Excel spreadsheet and I read him back the calculated results of what the point would be and the resulting loan balance (which included the point). The representative agreed with my calculation. I also discussed with him the comparison of the 1 point cost to 0 point option as it relates to the No Cost Refinance option. Therefore, if he had incorrectly given me the wrong point information, he had multiple times during the conversation to realize his mistake. Also, I asked him to send me an e-mail with the rates he quoted me, and he did, however, he only included the 0 pt rate - not the 1 point rate. Therefore, because he didn't include this rate in his e-mail, this strengthens my conclusion that the Quicken Loans representative purposely quoted me a lower rate to get me to "commit, " and this commitment had to be in the form of the non-refundable $500 deposit. Which leads to the next point.
<b>3) Both the representative and his supervisor told me that the $500 Good Faith Deposit was non-refundable under any circumstances.</b> (When you listen to the phone recording, you'll hear the supervisor telling me this.) Of course this information is incorrect. So, had I acted on the incorrect rate information the representative gave me, and paid the $500 non-refundable fee, I would have been surprised when I eventually (this is the operative word) received the loan paperwork showing a 4.375% loan with 2 points - versus 1 pt. Once I would have seen this error, I would have, of course, asked to cancel the deal, and then I would have been informed that I would not be able to get my deposit back. This scenario seems to match other scenarios that have been reported on the Internet by other dissatisfied Quicken Laons customers. If Quicken Loans followed a process where the customer was able to receive and review a document containing the quoted rate plus all closing costs, many of your bad customer experiences would be eliminated. Which leads me to my last point.
<b>4) I was not able to get properly documented loan and closing cost information before being asked to pay the non-refundable deposit.</b> When I asked the representative to send me information on what he had communicated to me, he stated that he didn't want to spend time putting together information unless I was "committed" to the loan. (With commitment being paying the $500 deposit.) In fact, I was later informed by Quicken Loans that they were "passing on my business" due to me asking for additional information. This is counter to proper industry practices. Prospective borrowers should, per RESPA, receive a Good Faith Estimate (GFE) that details the loan and closing cost information before they commit to entering a loan. Yesterday, Quicken Loans Corporate stated that the Quicken Loans process does include sending a customer the GFE before asking for the deposit. However, in the "Seven Step Process" on the QuickenLoans website, there is absolutely no mention of the consumer receiving documentation of the loan information or closing costs before the application process starts. (Please see Attachment A at the end of this e-mail for my suggested changes to the Quicken Loans website and practice.) Therefore, if the official, documented process doesn't include this step, how are the front-line representatives expected to follow this process with customers? (Additionally, I saw a post on the Internet where a Quicken Loans employee complained that they had to prepare GFEs after hours. If this is the case, it appears then that representatives do not have the ability to send a customer a GFE while they are on the line with a customer for the first time?)
In sum, as you'll see from my points above, there are a litany of mistakes and erroneous practices uncovered in just one phone call with Quicken Loans. This could be indicative of poor training, or it could be a result of a corporate management style that emphasizes volume and revenue over accuracy and customer consideration. Regarding the latter, it was unscrupulous mortgage banking and lending practices that caused many of the financial problems this nation is currently facing, and sadly, it appears that companies in the mortgage industry remain more focused on their bottomline than ensuring that the same mistakes are not made again.
I was mislead about the price of closing...I should say LIED to. They STOLE 500.00 from me. I did not give...
Be very careful if you're looking to refinance with Quicken Loans. I was connected to them through Lending Tree. I had obtained a quote which is supposed to be free. Next thing I know, they send me loan documents and harrass me every day with calls and
E-mails up to 6-7 times per day for almost 2 weeks, saying they want to lock my rate in, move forward with the loan and such. And then they bill me!!!
FOR WHAT?????? I had signed no papers and we had no agreements because the documents they wanted me to sign was "A LOT" different than what we had discussed on the phone. Also, don't give them your credit card info. They try to get your credit card info in advance so the process goes "quickly" forward after the inspection on the house is done, etc. But, you'll be "quickly" charged for services you didn't recieve.
I wanted to refinance my home and closed a deal with Quicken Loan at 3 points and 6%. Next day Countrywide...