In June of 2009, I contacted Quicken for a simple refinance of my present home. I am an older woman, semi-retired graphic artist who works from home. I bought this home nine years ago after my divorce. This home represents a personal triumph for me as it was the first home I bought all on my own, with my own credit and income. Now as a self-employed individual, I don’t show much income. My accountant utilizes the appropriate deductions, etc., with the resulting bottom line being very nominal for tax purposes. In the past, my loans have been “no-docs.” My credit rating is excellent and my cash flow good as verified by my bank statements.
When I contacted Quicken Loans, I explained my self-employment status with low income and the representative assured me that it would not be a problem. I was pre-approved, contract e-signed, Good Faith deposit applied to my credit card, and the nightmare began...
It went on for nearly eight weeks. The underwriters wanted more and more. I faxed, I emailed, I mailed, I documented, I spoke with countless individuals. They determined that I had to add my new husband as a co-signer. I cooperated. I sent more documents. Nothing seemed to be good enough. I was turned down on that first loan contract. I was offered another loan with higher fees/interest rate. As it was not in my best interest, I declined. I was then offered another loan that had the same rates as the first loan. I thought this was odd in light that I had already been refused, but I again e-signed contracts for this new loan. Once again, the underwriters declined. Then again I was offered another loan with higher fees/interest rate which I declined.
I requested a return of my deposit. I was told no. In essence, I had to take any loan that Quicken could offer, good or bad, or never see my deposit again. At this point I was furious with everyone involved. I wanted nothing more to do with Quicken Loans, except, to get my deposit returned.
I received one last phone call from another representative wanting to offer me yet another loan. I told him in no uncertain terms that I would not do business with a company as unethical as Quicken Loans.
But there was still the problem of my Good Faith deposit that had been applied to my credit card. I was informed countless times that Quicken Loans had spent my deposit on the appraisal and credit check and since it was spent, it was gone. So, despite the fact that I was approved for a loan, signed a contract for that loan, and then ultimately, through no fault of my own, never received that loan, not once but twice, was not entitled for a return of my deposit. Really?!!
I have spoken to many Quicken Loans employees, most of whom I have found to be trapped working for a company as unethical as this is. They had little to say in response to my complaints except a parroted corporate response. In my heart I believe they know who they are working for...
I put in a dispute with my Chase credit card in August just barely meeting the eight week minimum deadline for disputes. Months later, I get a letter from Chase stating that they rebilled Quicken Loans. Quickens had mailed them a copy of the bogus contract with the clause about the deposit highlighted. Chase’s letter to me stated that because there was a contract, the same contract Quicken Loans feels validated not to honor, however, feels validated to demand that its consumer honor, Chase would not dispute the charge. Chase’s “fraud protection” did not protect me from Quicken Loans. It seems Chase and Quicken Loans are partners in this venture.
I personally believe that a class actions suit will definitely ensue. There are entirely too many individuals who have been lied to, stolen from, insulted, and made fools of. Myself included.
This is a tough time in the economy for many, many hardworking people. For a major corporation to prey upon so many unsuspecting individuals, is unfathomable. It is common knowledge that Corporations have no conscience. But I’ve never seen it so flagrantly displayed until now.
Speaking for all of those who were ripped off by Quicken Loans, I guess we will have to do with less this Christmas. I know in my case, $400 would have bought many nice gifts.