Quicken Loans review: rip off 9

I am a current employee at Quicken Loans. Just to give you a quick background, I was born and raised in Arizona and have spent most of my life in sales, mostly automotive. I have been at Quicken Loans for just over a year and can honestly say its the worst job I have ever had. I can honestly say that this is a company that is owned, ran, and managed by crooks. Before I get to our illegal daily practices and crooked ownership, I want to start with some of the common practices of the 2 managers that run the call center that I work at in Arizona. Their names are TIM BIRKMEIER and MATT STOFFER. J.

ust to start, these are 2 of the most fowl mouthed managers that I have ever worked for in my entire life. Whether its comments derogatory towards woman or racists jokes aimed towards hispanics and african-american clients, there actions and speech are appalling.

I can't speak for all of the Quicken Loan call centers, but I do know what goes on in this Arizona sweat shop. TIM and MATT work their 150+ loan officers at our site about 60-75 hours per week, and the company does NOT pay overtime, but that labor is mandatory to keep your job. I have copies of schedules that show 10-12 days, 6 days a week. Although they do have the Fair Labor Act poster hung in 3 different spots at the site, I think someone has forgotten to read them thoroughly. But its not as if they hide it, MATT and TIM are quite open about the fact that they want you at work from 8-8 and to work through your lunch hour.

Not only does TIM and MATT screw their employees, but we are also trained to screw our customers. BEWARE, if you are a customer or soon to be a customer of Quicken Loans, please double think your decision. I will be the first to admit that I don't have a lot of mortgage experience, but what we are trained to do, I know is wrong. Besides our base salary that we are paid, we are also paid on premium of the loans we sell, (which is how high we can jack up the customers rate, how much extra money in points we can charge them as well, and if we can convince them to take an adjustable mortgage instead of a fixed). So the higher the rate and fees we give the customer, the more we get paid. How are we trained to do that you ask? TIM and MATT put it by saying 'find the low-level clients that you can make your money off of'. They have never said it in whole site meetings, but in smaller team meetings I have heard both MATT and TIM say things like, 'If your dealing with a redneck from the country or a '*bleep*' from the city, you need to make sure their rates and fees are much higher, thats where you make your money. But if its an educated, rich '*bleep*' from the suburbs, we may not be able to make as much money off the loan. (The two bleeps were racial slurs often used at the office at Quicken Loans). Isn't that why the mortgage industry is so screwed up? How can 100 different people with the same loan, same assets, and same credit score, be given 100 different rates and fee structures. Also, on the loans that we do give the borrowers much higher fees and rates and adjustable, MATT and TIM make sure that we don't fill in the race/ethnicity section at the end of the application, so it doesn't look like we are over charging or screwing one race or class of people vs another. Which in fact is exactly what we are trained to do.

Also, Quicken Loans makes money off of what we call our 'Good Faith Deposit'. It is a non-refundable $500 charge to your credit card that is used to make sure the client is serious about doing business. This is a complete scam. We are trained, even if their is no loan that we can do, the customer doesn't own a house, or they call us up for a loan we don't provide, we take $500, period. Thats where most of the money and profit of the company comes from. I stopped taking deposits shortly after I knew what I was doing, but then was quickly reprimanded by TIM and MATT, and my job shortly threatened thereafter if I didn't continue the deposit process. We are trained to lie and promise customers anything to earn there business. We are told to tell the customers that we will do a free loan for them next time they use us, even thought we may be charging them $10, 000 to do the loan now. Plus another $10, 000 to do the loan the second time, because we can't do free loans. It's all a flat out lie, and a flat out scam!

But despite all this, Quicken Loans was voted the number 2 place to work by Fortune Magazine, in all of the USA... how? I have to call CNN, which I believe owns Fortune Magazine and find out. Maybe its because its owned by Dan Gilbert, and his Michigan State cronies. This is a man that was arrested for illegal gambling and stealing peoples money, but yet he owns the 15th biggest mortgage company in the USA... Go Figure. Maybe its because the entire upper management of the company consists of Michigan State alumni, and old college buddies. Maybe its because they will only hire employees that this would be their first job, and have had no previous employment. It's easier to run a sweat shop when your just out of high school and or college and don't know any better. For all these people know, 75 hours is normal to them.

And last but not least, you probably guessed it. How many jobs do you think TIM and MATT had before joining Quicken Loans? You guessed it, a combined total of NONE. Oh well, next time I hear one of them get of the phone, I always picture them saying 'Would you like fries with that mortgage'?

I always read reviews before buying, but this time I got bit. I was in an ARM and it was coming due. In order to get the best deal, I wanted to go with 2 lenders and take the best one. I knew that appraisals could vary, but I was in for a shock! Lender #1: A local bank had a higher interest rate, but the appraisal was $330. The appraisal amount came in at $244k. The previous appraisal was $248k, three years ago. Not bad.

Lender #2: Quicken Loans charged $550 for their appraisal. The appraisal came in at $206k! Almost $40k less then Lender #1. The agent wanted me to accept a second appraisal. If it came in less then $240k, then I would pay for it, otherwise; he would credit the amount at closing. Uhmmm... I guess I must have sounded really stupid if he thought I was going to accept that!

Bottom line: Always review before you buy. If it doesn't feel right, don't do it!

Had I followed my own rule, I wouldn't have lost $550. I just hope I can keep others from doing the same.

I was told over the phone that we could get a 85% LTV on my home at a fixed rate conventional 4.63% because of my good rating. The application they sent hinged on a LTV of 70% and they wanted points also. This was getting more expensive all the time.

A real estate freind informed me I would best case get a FHA and pay insurance so I backed out of the loan. When I confronted the agent he acknowledged that his back up plan was to go with FHA and I would be able to deduct the insurance. I quickly informed him my AIG was over the government allowance for deducting mortgage insurance.

I should have listend to the Bank of America loan agent who told me I was dreaming if I thouht I could get 270, 000 apraisal in my area. I got duped. I am going to call American Express and see if I can get this 500.00 off my card.

I was interested in refinancing mortgage for lower rates. Before collecting $500.00 the rep said there would be no problem because of good credit. Provided all info requested. All a facade because the bottom line was their appraisers gave false low ratings so as not to approve loan.

I wish I had read all the complaints before getting ripped off. Talk about a SCAM.

Anwar Caliph, Stephanie Summers and Jay Sloan - the team I was in contact with Quicken Loans. I wanted to refinance my mortgage loan and Anwar started the process. He collected $500 for appraisal that never happened. He promised I will get back a check for the appraisal on closing but Jay Sloan said I will not get a check but instead it will be credited on the total amount. Our phone conversation got heated on one occasion when I started hearing different total loan amount. I repeated my question and Stephanie cut me and raised her voice and sounded very annoyed. I told her that she don't know how to listen. That is when Jay Sloan came to the picture and eventually pressured me and just like Stephanie was rude on the phone. I canceled my contract and demanded my money back and Jay Sloan sent me an e-mail saying I will not get my money back.

1 year later they are still pulling the same tricks. I wish I read this before I got involved with them !

I worked with quicken loans in the past and you have to sign a deposit agreement that states if you back out of the loan you will forfeit the $500 good faith deposit. I got mine credited to my loan at closing just like they said.

You should ask them to review the appraisal if you believe the given value is not fair.. you also have a right to receive a copy of that appraisal report.

If you are in California, we might be able to help you... please contact sales@crestico.com and one our Mortgage Specialist will be happy to review the appraisal for you.

www.crestico.com
www.cresticorealty.com
www.cresticofunding.com

Thank you so much for this information - it is much appreciated. I called Quicken this weekend (08/08/2008) wanting some information about refinancing only $100K and they wasted couple hours of my time, only to come back with that my closing costs would be a mere $5000! - when I questioned that, they indicated it was to pay down points even though the fixed interest rate they quoted me was the current going rate. And yes, they tried to get me to put down $500. Since that day/Saturday, I have been "harrassed" with numerous e-mails and another phone call today from them.

Needless to say, I will not be doing business with them & after reading your info, even if they did have a good deal, I certainly wouldn't want to be associated with a company that has this type of management or treats their employees & customers as you described. Yes, the Fortune 500 company I work for often wins similar awards for how great they are to work for & I can tell you - they don't give two you-know-whats about their employees. These types of crappy Corporate America companies need to be exposed. So, thanks so much again for the information.