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Complaints & Reviews

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Resolved
Quicken Loansscammed

I have been dealing with quicken loans for 4 weeks now to purchase a 2nd home. It has been the most draining, horrible experience that i've ever had as a customer. I feel manipulated, belittled, harassed, abused, violated and even feel persecuted by this company. I was assured for 4 weeks that I was pre-approved for a certain amount. I was also guaranteed that we locked into a 5.375 rate with only having to pay $450 to buy down to that rate, but I told that I was required to put down a $500- deposit to insure the rate and proceed with the loan process, which I agreed to.
I had to pay off $5500- in debt in order to get my debt/ratio down; didn't want to do that, but complied anyway.
Everyday, for 3 weeks, I was asked to provide more and more information... There was always something else. By the 3rd week, I began to get the feeling that they really had no intention of giving me this loan although I continued to ask daily and was assured that everything was on track for a july30, 2009 close date. Well today is july 31st, and surprise surprise... Last night received a phone call from the so called "vice president" and was informed that they had a problem with the loan. The hud statement had already been sent out to the seller and the title company and I had spoken with 2 others who assured me that I would close on july 31, 2009 (Tomorrow)... Needless to say, the vp told me the rate may be a bit higher and I may have to bring more money to the table to buy down even to a higher rate that 1st promised. They now claimed that they would have to bring my husband in on the loan; which I had been assured throughout the entire process that I did qualify by myself for this amount.
So yesterday afternoon, I had to pull together pay stubs for my husband which I emailed over and btw i'm still being promised a closing tomorrow, but after googling "quicken loans fraud" I found this site and to my dismay everyone has had almost the exact same experience as me... I don't find this a coincident... This company obviously has deceitful business tactics and preys on people for the $500 deposit.
In addition, I had to have the power turned on in the condo that I don't own before the appraisal b/c the "senior mortgage broker" told me if I didn't the appraiser may have to come back and charge me an additional $100-.
I cannot reiterate enough of what a terrible experience this has been. To me, the $500.00 is the least of it. I've wasted countless hours trying to provide material that obviously didn't even matter... Wasted the time of lawyers, associate presidents, my agent, the title company, my bank... And the list goes on. I have taken time away from my children in hopes of once we closed "yesterday" that we could enjoy some real quality time. I've taken time away from my business as well.
I am now going to research a class action lawsuit b/c there must be one out there for this company. I'm sure they're dotted their i's and crossed their t's, but this business practice should be illegal. I told the vp before I even read these complaints that if I treated my customers this way I wouldn't be able to sleep at night... And low and behold, I read a ex-employee say, he didn't know how any of them slept at night b/c of the deceiptful tactics and the constant lying to customers.

I had lined up numerous people to help us move in... And now am going to inconvience these people... I feel duped and violated.

I'm very flabergasted and in a state of "this is unbelievable" that this is allowed to happen. This company needs to be investigated and shut down and made to compensate customers for their stolen deposits, stolen time and energy, stolen faith in people, stolen faith in businesses, stolen promises, stolen hopes and stolen market shares from companies who are trying to do the right thing.

Do not go through quicken loans to get a mortgage.

Buyer beware!!!

Scam

Fraud

Should be illegal (If it's not already)

I wish I had found others complaints 4 weeks ago.

Hard working people and deserving people are getting swindled

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    • Ph
      Phil May 24, 2009

      Nothing but loan sharks. They prey on poor people like myself who are in need of financial help. They promise to do everything to help you then when they get your deposit they take it and run. With no way to get your refund back you are out $500. They put down on the Good Faith estimate that my house was worth a lot more than it was. When the appraisal came back lower than that they said they could not finance the home but kept my $500.

      0 Votes
    • Po
      Polo1946 Jun 15, 2009

      FYI, They appraisal is NOT done by a lender, that would be illegal. They order it from a 3rd party. They did not make any profit from it, the appraisal company did. Why should they cover your cost for a product you did not receive from them? That'd be like asking Macy's to pay for your gas there and back even if you didn't purchase an item from their store. Seems obvious to me...

      1 Votes
    • Di
      disgusted greed Feb 20, 2010

      4/09 Quicken Loan is a rip off- I applied for a refinace and being a single mother of 2 this would of helped us financially, I was told many things that were not true and wound up paying $600.00 for their lies- one minute I was approved then after a month I was not and they did not grant me the loan, I feel that they sweet talk you on broken promises to find out in the end that they win anyway- They have the worst customer service I have ever seen- after they get your money you can't even get anyone to call you back or answer your emails- they disgust me and please take the word from the wise and look for another company you will thank me in the end-
      Sincerly disgusted-

      0 Votes

    The complaint has been investigated and
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    Resolved
    Quicken Loansscam artists

    I started looking for a lender for a 2nd home back in February 09'. I decided I was going to go with Countrywide Financial, so I did a goodle search for the phone number. I picked the first website that came up as this company name and called. I was not until I was 1 month into the process that I learned this was actually Quicken Loans. That was my first issue, mis-representation. The first time I called I spoke to Tony Cain which he said he would be my contact from here on out if I had any questions or concerns about my loan. I told Mr. Cain I owned a home and was trying to purchase a 2nd home because it was time to move onto bigger and better and I also told him I wanted to go ahead and do an FHA home loan because I was told the down payment was significantly lower then conventional. He agreed with me and told me I was absolutely correct and yada yada yada. We went through the entire pre-qualification process and he sent me a letter letting me know I was ready to start looking for a home. Which I did. I found a home about 3 months later, contacted Tony and let him know I was ready to start the loan process. He verified my information with me again and let me know that I would have to give them a $400 deposit to start the process that would be refunded to me at closing. I agreed even though I found this odd since everyone I talked to had never heard of this before. Tony assured me after a couple phone conversations that it would be refunded to me at closing unless the loan did not close due to my lack of cooperation. No problem I thought! I gave the deposit and we began the process. There were a couple of issues in the beginning; Tony Cain never would return my calls or emails unless he needed something from me which would sometimes be 2-3 days after I called for an update. I was going to rent out my property I currently own once I got my new house. Mr. Cain said I would have to cash the deposit and rent check from my soon to be renter before they even knew if they were going to be able to move into my house in order to finish my loan in underwriting. I thought this was totally imoral because I was taking money from someone that was not even going to be able to utilize the property for 3 more weeks if not more..I did it anyways because I was backed into a corner. In todays economic times $1200.00 is alot of money to ask a person to give you not knowing if they are going to get the money back if the loan does not go through or when they can even move in. I was promised a closing date of 6/29/09, which did not happen because they found they needed additional information as well as me to pay off a credit card to bring the debt ratio down. I got the information they needed and paid off the credit card and sent this all over to them and then was promised a closing date of 7/2/09. I found out the week of 6/30/09 that Tony Cain was out of the office for the week and would not be returning until 7/7/09. I received a phone call on 7/6/09 from the person covering in Tony absence and he asked me if my current home was FHA and I told him yes...I received a phone call from Tony on 7/7/09 letting me know I would not be getting the loan and I would not be closing on 7/9/09 because you are not allowed to have more then one open FHA account at a time...At no time did Tony ever indicate this would be an issue or even ask me if the home was FHA financed. I spoke with several realtors and lenders and they all agreed this is a known fact among the industry and this should have been one of the top 10 questions he asked me in the very beginning. Now I am fighting to get my $400 back because I feel as though had Tony done his job right or if Quicken Loans had provided the necessary manuscript of questions to him then I would have never even looked for a new home, had my heart set on getting the new home and been waiting 2 additional days to close. I was already packed for crying out loud! Emotionally this lesson was very hard on me and it was no financial walk in the park considering I paid off things that were not necessary for me to pay off right now, cashed a check that I now have to return the entire amount to the individual and help find a new rental property for him and his family. Quicken loans plays with your finances and your emotions, not a good mixture. I hope they decide due to their neglegence to refund my $400.00. I will keep you posted! Unhappyhomebuyer Glendale, Arizona
    U.S.A.

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      The complaint has been investigated and
      resolved to the customer's satisfaction
      Resolved
      Quicken Loanscharging fees without a complete application

      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!!!

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        • Be
          berrweng Jul 09, 2009

          Why would you sign documents yourself then? You knew ahead of time that you gave $500, and nobody told you it would not be charged if only one of you signed. It seems understandable to be upset that you are out $500, but that is because you made a poor judgement call, not becasue Quicken Loans is unethical though or mistreating you, they followed through with exactly what they said they would do.

          -1 Votes
        • Kc
          kc9mx59 Aug 18, 2015

          I Agree with complaint, Ive been there. I went through the Mortgage process and they went through the contract with me, not mentioning the charges, when they ask to have your debit or credit card, they tell you just to have it on file, as she went through the contract I was signing it, after I got off the phone, my wife was signing her contract, then noticing that a Good Faith Deposit of 400.00 was to be withdrawn from the card, I stopped and called, they told me I get it back at closing, I cut the cord immediately because they are hiding something if they cant tell you about the charges up front or voice them, especially when you ask, instead they stick it in the middle of a 50 page contract and will not tell you when you ask about being charged anything. They are crooks and today, even after stopping the Mortgage about 2 weeks ago, there is a charge of 15.07 on my debit card. I dont give a crap if we didnt look at it closely or not, the fact is, THEY MISLEAD YOU!!! When I ask why they need my card and if they are going to charge it, and they straight out tell me no, THATS MISLEADING!!! Crooks!! Now im under in my bank account for personal reasons after they told me they werent going to charge anything! CROOKS!

          0 Votes

        The complaint has been investigated and
        resolved to the customer's satisfaction
        Resolved
        Quicken Loansthieves (stole deposit

        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.

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          Quicken Loansbait and switch, illegal & unethical charging of discount points

          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.

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            • Ch
              Cheated Jun 16, 2009

              Fight Back! You can complain to the FHA if it was an FHA loan. You can find out the address for the state you are in at www.HUD.gov/offices/hsg/sfh/hoc/hsghocs.cfm

              address your letter of complaint to "Director of Quality Assurance Division". Include in your letter the address of the property, the FHA # and your situation. Also contact me at [protected]@aol.com. We can discuss beginning a class action lawsuit against them. There is strength in numbers: Lets bring this self-proclaimed multi-million dollar business down!

              0 Votes

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            Quicken Loans Mortgage — jack up of closing fees last minute

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            Quicken Loansdeceived me and kept my deposit

            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.

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              • Bu
                Burnt in AZ Feb 02, 2011

                I feel your pain. I just lost my $500 deposit to Quicken Loans. My son refinanced with New American Funding [protected] X-247 and got a much better deal. He did not need to put any deposit down and the loan closed in just 2 weeks at a lower interest rate and with lower closing costs. There are many reputable companies out there that do not require a deposit and have lower closing costs. There is even an appraisal waiver form they can fill out to see if an appraisal is even needed on the government refinancing loans but Quicken Loans won't mention this to you because they want to make a fast buck keeping your $500 deposit for an appraisal that should be their cost of doing business for the loans that don't qualify because of a low appraisal.
                I also got a letter from Quicken Loans stating they would match or do better than anyone else but when you call them on it they just give you excuses for charging more money than someone else. The point I would like to make is please do not just go to Quicken Loans and give them a deposit before checking out other companies and comparing costs. It is sad that a company this size that is making a killing on loans they approve has to keep the small deposits from those that are struggling to keep their homes but did not get approved. C0mplaints that cannot be resolved with Quicken Loans should be filed with the Attorney General. If Quicken Loans has to respond to enough complaints to the Attorney General maybe their corporate policy will change.

                1 Votes

              The complaint has been investigated and
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              Quicken Loansloans fee scam

              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.

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                The complaint has been investigated and
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                Quicken LoansI would not deal with these people

                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.

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                  • Qu
                    Quickenbegone Dec 19, 2010

                    I had a bad experience with Quicken Loans, where I documented thoroughly in [redacted]s. Go to this site to read how many complaints there are against this company. I was defrauded of a $500 deposit, luckily before they did their usual "bait and switch" act! I have gone online to complain and have found that too many sites are controlled by the money these jerks have thrown into their public relations using a noxious vixen named Kelly. They took money from me and have endless excuses as to why they are right and the customer is always wrong. They are pigs masquerading as business people - OINK OINK!

                    0 Votes
                  • R9
                    r985beaver Aug 17, 2011

                    I walked away one day before closing. "truth in lending" did not match actual closing documents ( Not even close. which I got 1 day pryor to closing) Problem with this company, you never taklk to the same person twice. If you call with a question you never know which 19 year old you will be talking to . All said in done, they keep my 500 dollars and I got a better deal at my local bank.

                    0 Votes

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                  Quicken Loansstay away from this company

                  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.

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                    • Da
                      Dave Feb 07, 2009

                      I would have to agree with you on the sleazy liar part. I tried to get some information out of these people on loan rates after they contacted me from an application I filled out on Lending Tree. The guy I spoke to was fast-talking and loaded with pleasantries about how great his company was and how they were the top lender and blah, blah...

                      Then he started talking about 1 point for this and 1 point for Fannie Mae and by the time he was done, he had me paying ~7K to refinance a 190, 000 loan. And all I had to do was give him my credit card for a good faith deposit of $750.00 (yeah right).

                      Fortunately, I did not give them any money or sign and agreements with them but I did check with my local banker and got a fixed rate that was 1/4 point lower than QL and the fees were more than 50% less.

                      I got an ill feeling when I was speaking to this fast-talking snake-oil salesman at Quicken Loans and decided to go elsewhere. However, they badgered me by phone and through e-mail for several days afterwards until I called them out on the Fannie Mae fee which you don't pay unless you are taking cash out. I told them they were full of BS. Since then, they have left me alone fortunately. I have done 5 mortgages and couple of re-finances and construction loans and never run across anything like this before.

                      They try to get you to sign with them right away by telling you that you must lock in the rate or it will go up. But the truth is they are trying to hook you in so you can't go someplace else once you discover you are being hood-winked by these people.

                      0 Votes
                    • Ho
                      Honest Senor Jun 02, 2009

                      Thanks for saving me 500.00...I got the same snake oil dude you did JPPI..sent him your article..did not stop him from trying, trying and esculating to other salespeople..who scolded me for not doing business!!!

                      0 Votes

                    The complaint has been investigated and
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                    Resolved
                    Quicken Loansfraud and cheating

                    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.

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                      The complaint has been investigated and
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                      Quicken Loansfalse refinance information

                      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.

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                        Resolved
                        Quicken Loans — endless harassment

                        I was thinking about looking into this and like a dummy filled out an online form. They called my home about...

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                        Quicken Loansapparent bait and switch

                        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.
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                        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.
                        <p>
                        QuickenLoans Executive Team,
                        <p>
                        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:
                        <p>
                        <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.
                        <p>
                        <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.
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                        <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.
                        <p>
                        <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?)
                        <p>
                        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.

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                          • Ho
                            Hope Smith Mar 24, 2009

                            Thank you, You have kept me from making a huge mistake. Jason Thompson was so smooth on the phone assuring us that they were the # 1 company for F.H.A. loans and that they did not resale mortages, which I was amazed to discover with my present mortage company. Where do we turn to fine an honest mortage company today? Are they all so money hungry that they do not care whom they hurt? Or do they assume that John Q. Puplic is so stupid that he or she will not do any home work. I told him up front that I would, he promply responded that they had a few complaints as any company does but that they we strickly ligit.!!! He qouted a 5% mortage (FHA) rate, which he stated was the going rate of the housing market today. I've been told that it is a low as 3%. How did our Government allow this fraudulent tactics to exit and ruin our economy? They know who these people are and yet they are not brought up on criminal charges. They are as bad if not worst than the so called MOB. This is long sharking if it ever existed in any form of the worst kind. Taking advantage of people when the Country is already in a downward state, and they are claiming that they are representing the Government and assisting in getting us back in a better state! How do they sleep at night? And why dosen't someone stop them?

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                          Quicken Loans and Rock Financial — 500.00 no permission given deposit stolen from me.

                          I was mislead about the price of closing...I should say LIED to. They STOLE 500.00 from me. I did not give...