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Joseph of Bronx NY (01/01/09)
I was lied to and the FHA loan that was promised was not deliverd 4 days prior to my closing date of Jan. 5th 2009, fortunately, no money was lost just our dream of being a home owner
Alex of Plano TX (12/23/08)
Charged $550.00 for deposit on refi loan - I was told that if we didn't get the loan or if we did, either way it would be refunded - We did not take their offer, which was different than the one they originally proposed, so Colin S tells us that they money was used to fill out the paperwork for the morgtage - isn't that funny? They are all standard doc's that anyone can Google and fill out themselves
Quicken stole $550.00 from me. I am working with Capital One now to see if there is anything they can do to help me.
Karen of Redmond OR (12/19/08)
Quicken Loans/Rock Financial Inc. Took a deposit for a loan application. The home appraisal came out low (which they know full well is the case in the housing market now) so they add conditions to the loan that I cannot meet and claim I therefore refuse the loan. They keep the $750 deposit. I put a complaint with the BBB and they reply that they will will charge me only the appraisal and credit reprt fee and refund the remainder, then they keep calling and tell me they have written the conditions into the loan and that If I do not accept it they will keep the whole deposit of $750 and send no refund.
They steal deposits from hundreds of people daily. Since experiencing this I have learned and read of hundreds of complaints against this company. I believe we need to stop this robbery and file a class action lawsuit. Before you give them the deposit they are so friendly and helpful, once they have it they call all the shots and even call you names. I had the worst phone conversations and was called names by these bullies.
They are stealing money from hundreds of unsuspecting home owners daily and they know exactly how to manipulate the situation so they keep the deposits every time. Please help.
$750 plus tons of phone conversations and being bullied and called names over the phone. Once they get the deposit they lose all their phone manners and turn downright ugly.
Veronica of Little Egg Harbor NJ (12/18/08)
I applied for a refinance mortgage after I was told by Luke Michels there were no bank points. Later I was told there would be points and that he said points were different from bank points. I was also told that a $500 deposit would be required. After speaking with others and reviewing your site I determined that I wanted to rescind this loan. The day after I signed the loan application I notified Luke I was rescinding my application under NJ three-day rescind law. After Luke received my rescind notice he still charged my account $500. In my opinion this is a bad apple mortgage company that should not be licensed in NJ.
Paul of Cleveland NY (12/02/08)
We spoke with Mr, Markiewcz regading a re-financing loan, in Mid- November 2008....and after taking some intital information, he called back to say that we were approved, and that they would ONLY take the $300 application fee if we were approved. He called us back with in 45 minutes to tell us we were APPROVED....and we agreed to give him $300. He called us just prior to Thanksgiving, asking for more information and told us he would be calling back within a few days stating that he should have the apraisal. He told us we would be closing the first week of December 2008. This morning, I opened an e-mail, saying that they are now unable to offer us a loan.
This has caused us not only to lose $300 when were were assured that we were approved with out any exception, but has caused us a great deal of emotional stress.
Dimaris of Haverhill MA (11/20/08)
I was actually getting pretty good service until the issue about paying an appraisel fee upfront came up. When I backed off a bit Mike got kind of pushy and stated that no one would be able to give me the deal that he was planning on. He wanted $500.00 and when I backed off it went down to $350.00 he refused to go any lower. Why is it necessary to pay that up front. I just don't get it. I don't trust anyone now.
Tabitha of Pikesville MD (11/14/08)
We are in the process of refinancing our loan with another, more reputable mortgage company and Ron from Quicken has been calling for days and I finally answered his call today and it's the same song and dance he's giving me that everyone who has posted here has gotten. He told me that he could get me a better interest rate than what I was getting now and if I just give him 10 min of my time, he'll give me the numbers. Now pay attn here, b/c this is how they are running the scam (and it's all in black and white here, I don't see why no one has filed a suit against them). DO NOT BELIEVE them when they say you're approved and your deposit will be refunded - THAT'S NOTHING BUT A BIG FAT LIE! You are NOT approved. They SHOP the loan around FIRST. They INFLATE your property value well beyond what it's worth. Then, when they CAN'T get the loan approved, they blame it on the appraisal - WHICH BY LAW, THEY HAVE TO GIVE TO YOU. In the meantime, they've taken your $500 or more or less, depending on what, I don't know - he wanted $500 from me - I did not do it. I did the smart thing and called the mortgage company I'm dealing with now and asked if they could match the rate and everything else and he said, there is NO possible way that they can do that for you. And that's when he told me how Quicken Loans works. And I knew he was telling the truth b/c Ron said he'd estimate my home value at $185K (and that is really pushing it) and the mtg person I'm working with said the only way I could get the rate that Ron was quoting me was if my home came in at $185K - and I never told my mtg rep what Ron was trying to estimate my HV at.
PAY ATTN PEOPLE. This is how they are scamming you!! They inflate your HV, LIE about being approved and then use the appraisal as their escape plan when they can't find someone to service the loan. All the while, getting anywhere from $350 to $550 from you that you probably didn't even have in the first place.
I SAY STAY AWAY FROM QUICKEN AND USE A REPUTABLE MTG COMPANY INSTEAD - AN ACTUAL MTG COMPANY AND NOT SOMEONE WHO SHOPS THE LOAN AROUND.
Mark of Mt Laurel NJ (10/28/08)
Quicken Loan was the company I chose to get a mortgage. Scott Shapiro was my main contact at Quicken Loan provided excellent customer service and has been very helpful throughout my mortgage process.
Its important to share both good any bad in this forum and wanted to take this opportunity to shed some good light on a job well done by Quicken Loan and Scott Shapiro.
In the final analysis getting a mortgage is never easy especially now a days. I would like to especially thank Scott for all his support, kindness and professionalism. Now I understand why he is a member of the President's Club Mortgage Banker @ Quicken Loans.
As a consequence from dealing Scott and with Quicken Loan, I can honestly say it was a learning process; but you need to trust someone who is a postion to help you. Thank you Scott for all your help.
Jack of Meadville PA (10/28/08)
I filled out the web-based info to get a quote on a mortgage. This guy called and was helpful at first, but I sensed that he was pressuring me. When he called the next day he definitely pressured me, and when I told him I would call him if I wanted to pursue the loan instead of him calling me, he continued to call three and four times a day. I would NEVER deal with these people again.
Continuous phone harassment. I wouldn't trust these guys with ten cents.
Mark of Mt Laurel NJ (10/18/08)
Two months ago I decided to become a home owner, I have been renting for a couple of years prior. I saved up enough money to put 3% down on a house and start a FHA loan with Quicken Loan.
My primary contact person Scott Shipiro
guided me through their companies processes and I felt comfortable dealing with Quicken Loan and Scott.
That was my first mistake.
First mistake was listening to Scott telling me to wait a little longer as interest rates will go down; we started at 6% FHA 3% down, a goood faith estimate reflected a good deal- closing costs ~ 20K all in all, but this was too good to be true. Now two weeks prior to my closing I was sent three other good faith estimates, two FHA with 6.75 and different closing costs and one 5% conventional loan with 6.375 and lower closing cost with a cover letter from Scott advising me to go with the less expensive closing cost and lower monthly payment. I agreed and locked on a 6.375% 5% down Conventional loan.
Only thing was a very important line was omitted from the good faith estimate hiding an additional $2440.00. On a whim I called Scott to verify the numbers. To my disgust I now find myself two weeks away from closing, out $550 plus $5000.00 deposit to the seller and still dont have a commitment due to the closing cost sky rocketing $2440.00 of additional costs.
My closing costs went from approx $20K to over $25K including closing fees, loan fees and other fees.
I asked for an explanation and was given only excuses and apologies. Mean while Scott's boss jumped on the phone, Jarrad and demanded that I withdraw the deal and go away. He threatened my verbally and got abusive, when I only wanted and insisted on an explanation of why my closing costs were not fully disclosed on the Good Faith Estimates.
Good Faith- thats a joke and so is QuickenLoan. Stay away from QuickenLoan at all costs or it will indeed cost you more and you'll be very sorry in the end.
As a result I have to go into more debt trying to get more money that ever stated or else loose not only $550 to QuickenLoan and $5000 to the seller but I gave written notice to my rental landlord telling him 30days notice to leave the house; plus expenses for a house inspection, bug inspection- for a total of about $7100.00- including legal fees from my lawyer for another $650.00. If I had been smarter than a Nobel prize winner I wouldn't have gone down this alley way loaded with dishonest people at QuickLoan. Bait and Switch is the new name for QuickenLoan.
Bernadette of Warren OH (10/18/08)
I applied for a mortgage with quicken and they said i was approved for an FHA loan at 6.5%. After all the information was given he asked me for a credit card to pay for the appraisal and assured me my money would be refunded after my loan went through. I did'nt give him the number but i want you to know after they have ripped off all these consumers they are still attempting to get more money off consumers who cannot afford to lose that money. I am safe do to the complaint website. thank you.
Susan of West Collingswood Heights NJ (10/15/08)
I have just gotten off the phone with Nicholas from The customer complaint department. He informed me that I would not be getting my full $750.00 deposit back from Quicken Loans. There was you see no way to prove my claim that Brad assured me that the money would be refunded to me if the loan didnt go thru. I feel that every one in the company continued to course me into going thru with this loan. Not until I spoke with Heather did she inform me that only some of the money would be returned. .
My loan was denied because the appraiser under valued my home. One house in my neighborhood was flipped. All the other houses listed on his appraisal were for $240,000.00 or more. No one would dispute this for me at your company and now there are houses listed in my neighborhood for much more than your appraisal of my house and the houses are not comparable in size. My surprise came when after speaking with Nicholas I Googled complaints about Quicken Loans..to my amazement (not really) there were more than 5 websites I could have visited and each one had letters written from more than 10 people. The complaints were all very similar to mine all the letter writers were told the same thing while they were pushed to provide a credit card so the application fee could be charged. THE MONIES WOULD BE REFUNED IF THE LOAN DIDNT GO THRU. Buyer beware should be posted on their web site. I was not asking for a sub prime loan, I was not willing to do anything risky with my credit or my home and Brad said he understood that and that going with Quicken would be safe. I must say it is safe for them but not the people who trust enough to believe what is told them just to close a deal.
Im still out $375.55 which I cant afford. The whole point in approaching Lending Tree was to get some relief with my financial commitments.
Mary of Middletown DE (10/04/08)
I was contacted by Quicken through Lending Tree. I was offered a mortgage and decided to lock in the rate. I was asked for a credit card to make a deposit on the home inspection. I pulled out of the loan before any of my documents were submitted and before the home was inspected. Quicken called to inform me that they were still charging the $550 deposit to my credit card. I was not of the understanding that there would be a penalty for pulling out of the deal at such an early date. I had two or three phone calls only with Quicken. David Juan and his manager both called me to inform me that they would charge me for pulling out of the deal. I called customer service and they informed me that there was nothing they could do about the charge. David Juan later called to say that he was in charge of the deposit.
$550 loss. I believe that this is a prime example of what is wrong with mortgage lending in the US today. I believe that what Quicken did was try to force me to take a loan that I didn't want.
Willie of Clarksville TN (10/01/08)
I was contacted by Randee N an quicken loans employee about obtaining a loan from quicken all i had to do was sign the necessary paperwork and i could do that online for an loan approval.He stated there would be a fee for the appraisal 350.00 i ask so what if my loan is not approved will i get my credit card refunded he stated if its below my requested loan amount which were 70,000 dollars then i wouldn't get my money refunded quicken loan sent me an approval letter my loan was approved in fact for over 90,000 dollars then the appraisal was done then the switch
i didn't hear back from quicken in a while and i kept calling them they wouldn't return my call finally i did speak with Randee he stated the appraisal team said i needed work done to my home like a new roof and some more minor work there is absolutely nothing wrong with my roof of course i was missing the 350.00 dollar from my credit card.This is a terrible company and will do anything or say anything to wind you in then will totally RIP you off i wouldn't recommend them to my worst enemy.I have already contacted BBB about them i welcome an attorney to discuss actually suing quicken loan.
I lost my money.
Flor of Weston FL (09/07/08)
About 2 weeks ago I contacted Quicken Home Loan to do a loan for us. I was in Good Faith paid through my VISA card 500.00 sort of a deposit to start a loan application with the promised that it will be refunded when we closed. A week and half after being told that we have a final approval, which is not actually a FINAL APPROVAL but just a Pre-approval which they said from the underwrite.
They finally order an appraisal of the said property. I received an email of the appraised value and because I paid for it. I requested to get a copy of my Appraisal Report, to my surprised Lesley responded that she cannot give a copy, as this is a property of Quicken Home Loans and will not handed until we closed with them. She even said the best she could do is to send a few pages which did not happen. I learned afterward that this company scam a lot of customer through this scheme of demanding 500.00 outright even with minimal work. I will file a complaint to Florida Office of Financial Regulation. because I feel even we did not closed we them I still have the right to the copy of my Appraisal Report. It's next to impossible to refund part of my money, a copy of that Appraisal Report is my right to have.
I am now struggling to get a loan company to closed this property we fell in love with, without losing back to the market if we don't closed in time.
Bill of Harrisonburg VA (08/25/08)
They cold called me trying to sell me a mortgage. Having purchased several homes in the past, I have a decent amount of experience in negotiating a mortgage, (having a long time friend that I grew up with and played hockey with through college and is a now a VP at a major mortgage company certainly helps! Did I mention my father is an attorney and my mom is a real estate agent?) Anyway, the salesrep offered me literally THREE different interest rates on the same mortgage during one phone convo! I said Give me your best rate/APR He said 7.375% no points.
I said you're not even in the ballpark, so I told him about a few of my offers/options and 5 minutes later he's down to 6.875%/no pts, I told him he still was not competitive and why didn't he offer that to me in the first place? So he puts me on hold and lo and behold, rates just came down to 6.625%!! He says rates change all the time! I informed him he still wouldn't win with that quote and then he badmouthed the lower rate saying how they were just ripping me off and there would be catches, etc, etc (not knowing the mortgage broker is the long time friend I mentioned above.)
Then he started talking to me like I had already selected Quicken Loans and was ready to start the process with him. All he needed was my credit card info to get the ball rolling! If you ever here a mortgage company say they need your credit card info, RUN, don't walk, RUN! I knew I was done with this joker so I said well why don't you tell me what you need me to fax over and I'll get that together and send it over, so he listed it all for me and gave me his fax number and I said OK, be on the lookout for it. Fast talkers with slick sales pitches, don't fall for it for a second.
Edward of Gig Harbor WA (08/14/08)
I was quoted a very good rate for a refi on my house. Signed the Washington Interest Rate Disclosure and Good Faith Estimate. The approval came back at a full percentage point higher and higher points. The rep said I didn't qualify for the other loan so they had to restructure. I doubt if the quoted rate ever existed because I was looking for a $400k loan on a house with appraised value of $810k and I have $20k monthly income with a credit rating of 770.
Wasted about 20 hours of my time and another month in the refi process since now I have to start over.
Cliff of Lebanon IN (08/14/08)
We were purchasing a home and started with Quicken Loans. Upfront Ryan was very nice and seemed on top of things. After pre-approval he requested $500.00 to start the loan process. I do not usually deal with businesses that request this, but he said assured me that this would not actually be charged until the loan has been approved and we are happy with the terms. He stated that they just run a $1 fee through to start just to make sure the account is active. So I agreed. He had quoted me very reasonable verbal figures, but when the Good Faith estimate came the numbers were quite a bit higher, he assured me they will come down. I kept asking about what the fee's and our interest rate was going to be, he quoted me 6.375 but he was not going to lock it in because he felt rates where going to drop and he wanted to get me the best rate possible. During the next week I saw rates climbing, so I called to make sure we where locked in at the original rate, he had not locked us in but still assured us of the original rate. During this time he also stated that a complete home inspection was included in the fees we are paying. He told me multiple times that someone should be contacting me that day or the next. After over a week of this, and our realtor telling us we only have 15 days to dispute any deficiencies with the property I finally had to schedule an inspector on our own. Ryan did say that we would be credited the inspector fee off of their fees. After two weeks of still not knowing what our rate would be or what their fees were going to be I had enough. I called Steve Peters, who was Ryans boss and told him that I was not comfortable continueing with their services because I did not want suprises at closing. He said that they the $500.00 charge (that did go through on my credit card before that time frame that Ryan originally stated) was not refundable. I stated that I was pulling our because I did not feel they performed as they had originally agreed and their was to much ambiguity with the terms and condiions. He stated that I signed a contract and that it was a done deal I was not getting my $500 back. He actually got very argumentative about the situation. I changed banks and got further in 24 hours with the new bank then 2 weeks with Quicken. DO NOT USE THESE PEOPLE!!
I lost my $500 deposite and lost time with the loan process.
Halley of Pine Brook NJ (08/14/08)
i had applied for a mortgage loan a couple months ago, with quicken as one of the lenders who contacted me. after a brief correspondence, i moved on and secured a mortgage from another lender. since then however i've received 3-5 calls still each day everyday from quicken, even though i said that i had a mortgage already. they call and leave empty voice mails pretty much all day long and it's gotten a bit ridiculous.
does annoyance count as a consequence? it's just an irritating practice of theirs that i wish for them to look into. its near harassment.
Lynne of Clinton ME (07/29/08)
I found no reason why they could not hold to the figures they sent me prior to the time they decided to do our refi through FHA. The start (May 2008) and now over 2 months later (August 30, 2008) they still cannot refi. my loan as it was before they decided to change it to FHA.
They could not tell me if my most recent loan application was approved or denied, and the service I have had throughout this process was not acceptable due to the fact that they did not keep in daily contact with us as website promises, sometimes for a week and a half with no contact, and the extended time it took for them to process this (almost 3 months), and the fact that we did not know they had chosen to change my loan to a FHA loan until they already started reconfiguring it, and now finding out that the result is we cannot get the cash out we agreed to in the beginning. On at least 3 occasions, I was told a figure I would pay would be more than the previous call for various reasons, from the interest rate to the monthly payment amount. I have asked for a refund of the $300 deposit (no appraisal was received by me) but they sent someone to do it.
Amy of Sherman TX (07/25/08)
As many of the other situations posted here, I have also been what I feel as scammed by Quicken Loans. I was approved (not pre-approved with conditions) and needed a credit card for $350.00 for an inspection/appraisal. Well the appraisal came in $10,000.00 less than should have (I had another appraisal done with a local company to find out).
Still almost 3 months later, still haven't received the appraisal which by FHA Guidelines, they are required by law to provide me with this, especially since I paid for the darn thing. I also referred my mother-in-law and a couple of other people because this representative was so nice and seemed to be so informative! Informative enough to scam people. This company is a huge rip off!!!! Would never recommend.
So now I am out $350.00 with them and unable to obtain a FHA Loan because this loser of an appraiser is assigned to my FHA Case Number.
Terri of Saint Augustine FL (07/22/08)
They contacted us as a result of an internet inquiry for refininancing of ARM. We provided verbal information requested to be followed by copies of required documents. Their representative John made verbal representations about interest rate we could get, how we could lower our payments, close within 30 days etc. etc. All sounded great, but I requested they put it in writing as we didn't want any misunderstading.
They then requested a $300.00 fee to lock in the interest rate. I told them we hadn't been asked by any other company for initiation fees. Then they began to pressure us, over and over what credit card do you want to use to charge your $300.00 loan application fee, fully refundable. etc. etc. I re-stated my position again and again. What did they need to do to close this business. I was on the telephone for over 45 minutes with their representative, explaining that I would need to see all verbal represtations in writing and then my husband and I would make a decision.
The guy would not hang up, so I told him I was ending the conversation I had stated my position and I hung up the telephone. He has followed the call with another call and then wrote an e-mail. The most unprofessional e-mail I have ever read ....I would have worked my but (sic) off for you. If this is the caliber of Mortgage Banker they employe then no wonder the mortgage industry is in trouble. I have no doubt I was being strong armed. And this loan probably never would have been approved, with us losing our $300.00.
I have heart problems and after my encounter with this representative I was stressed beyond belief. I suffer from irregular heart arrhythmia and its has certainly worsened since this interchange. I think this man needs to be replaced. His conduct is in serious question in my opinion.
Allana of Sahuarita AZ (07/11/08)
With the housing market in a slump our arm rate had just balloned by $800./month. I contacted Quicken Loans and explained that we were trying to refinance. They did some research and Jarrod Reeves called me back saying the could refinance without having to bring any money to closing.I went ahead and paid the $500. to get an appraisal done and signing and providing all documents needed they went to work on getiing the loan done or so I thought.
After one month of trying to get someone to let let me know where in the process we were I was finally told on 7/11/08 the loan could not go through because the appraisal came in lower than they had anticipated and I was now out of $500. they wanted to know if I could come with $22,000..With the financial constraints of most families out there we are still getting ripped off from these so called lenders is there anyone out there to stop them?
We are still having to pay $2400. a month with no end in sight for refinancing. Companies like Quicken Loans should not be allowed to charge for a service they know to themselves they will not be able to provide.
John of Corona CA (07/11/08)
almost 2 1/2 months ago I had contacted Quicken Loans to refi my mortgage. I was told that I would qualify for a FHA loan and that they could complete it in one month. This loan was to pay off credit card bills. Needless to say, after running into one excuse after another over 2 + months, they did not perform as promised.
Because of what they didn't do, I have suffered a great amount of stress, dealing with past due payments to credit card companies, which has greatly effected my performnce at my job, and disrupted my home life. Effective 7/10/08 I have cancelled my relationship with Quicken & have contacted a debt relief company to try to work out my debt payments.
Because of the verbal promises I received from Quicken Loans,which they did not deliver on, I have suffered stress on my Job, & home life, and greatly damaged my credit rating.
Annie of Philadelphia PA (07/01/08)
I was working with a rep from the company who was very good. I told her what I wanted and she complied. Before we could close the deal she took a job somewhere else.
The woman who took her accounts was a different story. I told her exactly what I was looking for and she started off by telling me that the deal her former co-worker put together was not the best one for me. I should of hung up at that point. After I refused to talk about interest only or other creative loans she said she could no longer help me. I said fine and hung up. She called me back at my place of work and left a nasty message on my voice mail.
I left a complaint with the cusomter saftisfaction department and never heard from anyone. Would never recommend that anyone do business with Quicken Loans.
Stephen of White Bluff TN (06/16/08)
Quicken Loans is the most confusing company I have ever conducted business with. I was told many things and none of them turned out to be true. I was in process of a loan for 8 weeks. I finally had enough. Quicken hit my credit card for $300, telling me that there would be no charge. I had to have my bank contest this charge. I do not feel that Quicken had any right to do this. I would never recommend them to anyone.
Jerard of Bermuda Dunes CA (04/08/08)
We applied for a refinance loan and the property value of our home which was listed on our current mortgage showed
345000.00 When the house was appraised it was appraised at 250000.00. So we did not get the loan, and was charged
550.00 dollars. I find it hard to believe that the lender or the appraisor didnt know this extreme decrease in property value before hand and charged us anyway.
The lack of work for me has made it difficult to pay all of my bills and was going to use the money to consolidate my bills, but instead costed me even more.
Alice of Grand Canyon AZ (04/08/08)
I applied for a mortage and was approved per Jenifer Jones. I paid $350 to prepay for the house inspection with the verbal confirmation that it was refundable if not used. I was told that I was fully qualified and not just preapproved. I was to have a FHA loan with the seller paying the required down payment (3%) and all closing costs not to exceed 3% of the purchase price. The first letter to my real estate agent( Mr. Harry F) stated that I was approved. After putting in a couple of offers that wasn't accepted, my agent stated that the other agent was 110 % positive that we weren't going to be approved for the loan and it would fall through. After hearing that, I started researching Quicken loans and boy did I get my eyes open. There were 14 complaints this year. With most of them the same complaints that I had. I tried to open the electronically docs that I had signed and couldn't open them online. Luckily, I had printed them. There was the non-refundable deposit. There was a new letter from my second mortage broker, Jason, which now stated that I was conditional and not approved. I also never received a Good Faith estimate at all which is required 3 days after you apply for a mortage. The rate quoted to me was for monthly payment calculations only and not the rate that I thought I was going to get. In fact, they could charge me whatever they want at closing when I have no choice but to say no or take it. I faxed over a request to cancel my loan and have documentation faxed back and yet to hear from them.
Eric of Ravenna OH (04/07/08)
I was in the process of requesting a mortgage refinance through Quicken Loans. I expressed concern during the initial conversations that my home may be upside down (negative equity) due to the market downturn and the fact that I'm in an ARM. Mr. Ericson left me a voicemail stating that because my home was relatively new, he would be able to get a property inspection waiver and put in a home value that was higher than what I had paid for it. I put down $500 to lock the rate at this point and start the loan process. I have an electronic copy of this voicemail as evidence since I use vonage and it sends them electronically to me.
I was then contacted later that week that the underwriting department wanted to do an appraisal anyways. They sent someone out and sure enough, they found negative equity in the home and cancelled the refinance application.
I sent Mr Ericson an e-mail asking him for a refund of my application/rate lock fee (received no reply). Normally these are not refundable, but I feel that Mr Ericson deceived me by promising a property inspection waiver which was not upheld, and after the fact doing an appraisal that I had already voiced concern could damage the loan prospect. I would like my money refunded and have filed a credit card dispute. The way this was handled in my opinion was very deceptive.
Lost out on a $500 deposit.
James of Indianapolis IN (04/03/08)
We had purchased a new home that we could afford, barely, but we could afford. With some additional credit purchases for the new home (furniture, electronics, etc) we needed a consolidation loan to roll the payments into one manageable payment. Quicken called offering help. I informed him that our credit score was 600 and he said NO PROBLEM. Immediately they requested $500 to get started with the process that they KNEW they could do. That $500 was important to us because it was for bills and expenses but do to their positive encouragement we paid it to Quicken.
Within a week they said that they were processing a re-finance of our new mortgage and would write it to cover the debt that we needed consolidated. Another week passed and we began selectively paying bills and expected our debt to be rolled into the refinance from Quicken. Calls were made, Quicken kept saying we're just finalizing the deal. A lady representing Quicken appraised our home, more than we paid. Week later we got a rejection letter. I called and Quicken said ooohhh no, we've approved your loan and just setting the closing date. Week later, Quicken called to reschedule the date. Another rejection letter was received. I called Quicken again, oh that was a mistake... we are scheduling a closing on next Tuesday 2pm. By this time we've gone a month or two and not paid some of the refinanced payments.
I call one last time. Quicken now said we are sorry be we are unable to approve your loan. Well by that time our credit score went from 650 down to 550. We were desperate for consolidating our credit to a manageable payment. Unfortunately due to Quicken's HORRIBLE and DISHONEST service, we are now unable to get the loan ($6000 - $8000) and are digging out.
IF you have perfect credit (i.e. don't need a loan), then Quicken may be a good choice. IF however you have less than perfect credit, DON'T deal with Quicken.
Monica of Attleboro MA (04/03/08)
Quicken loans should be sued! I have had nothing but problems with them. I was told that they needed a $500.00 deposit which would be mine from the begining to end. It was charged to my card so that was not true. Then my reate was 5.25 with 2 points and everyday after that the points went up. I recieved a call from one of their reps calling to over my rates before we closed and the points had gone up to 4. I was so upset I told them they use a bait and switch, that really got them going I am sorry you feel that way, and more garbage. I guess that they have heard that before. Now I just recieved a bill from my city about taxes that are owed. I made a call to Quicken and was transfered to Nick (Manager. although he did not seem like one. Nick told me that the taxes are me responsibility, which they are. I do have everything escrowed so isn't it their responsibility to make sure that it's taken care of as long as I am paying my bill. Nick said that when we re-fied with them the company they use Title Source did not see that we owed any taxes. Let me pass the buck.
Earl of Detroit MI (03/15/08)
I applied for a refinance on my home, I was offered the sub prime rate in which my house payment was low for two years then they doubled it. He put me in a second mortgage with a franklin credit co which was also on a high interest rate. He had his own appraisal co. which appraised the house at a lot more than it's worth.
I had to subornate the loan to keep my house but by me having two loans my house payment is still almost doubled. I cannot afford it, I'm about to lose my home which is causing me hardship and depression. I have asked popular mortgage several times to please help but they said it's nothing they can do. Please give me some advise on what to do, I've already filed chapter 7. I can't handle this problem. I've run out of options.
Cynthia of Winter NC (03/11/08)
I refinanced with Quicken Loans for a cash out refinance. I had a lot of equity in my home at the time. I had applied through Lending Tree online and was contacted almost immediately by Quicken. I did not want to commit right then and there so I could see what other companies had to offer. They were extremely pushy and persistent and wanted me to put $700.00 on my credit card to get the process started. I couldn't do it because the card was maxed so they rolled it over into the refinance reluctantly. Quicken's interest rates weren't any better than anyone else's but they did offer a refinance at anytime in the future for the life of your loan at no cost to you program. Which that sounded great to me since the rates really weren't very low at the time. I asked what the catch was and they said there wasn't one. It was absolutely no cost to me.
Everything went very smoothly and I was happy with my payment until January when I got my mortgage statement from Countrywide that I had no escrow and now my payment was $374.00 per month higher. I called them and they said that Quicken had only calculated a little over $14.00 per month for taxes and insurance. Taxes per year are about $2,000.00 and insurance is a little over $600.00 per year. You tell me how they got $14.00 per month out of $2,600.00! I called Adam Kresch at Quicken Loans to take him up on the no cost to me refinance. He says he can't give me any better rate than I had already (which was over 6.5%). When I told him another company could offer me 5.375%, he said he could give me that too, if I paid all the closing costs. ( there's your catch) Or he offered to give me an interest only loan to give me a lower payment. The ole' Bait and Switch. I filed a complaint with BBB and have been going 'round and 'round with them. I told them I wanted all my closing costs back from this loan company I had to go with to clean up their mess, plus I wanted all the closing costs back from refinancing with them since they defrauded me. They still are responding with they tried to help me by offering an interest only loan but they didn't touch on the error they made with the escrow.
My mortgage payment went up $375.00 per month because of what they did. Plus cost me over $5,000.00 in closing costs with another mortgage company to undo their mess, thus taking another $5,000.00 out of the equity of my home. I not only want closing costs back - but, now I want my home paid off in full on their dime. I want Quicken Loans put out of business.
Dale of Vermilion OH (03/05/08)
For personal reasons I decided to take an existing mortgage and car note and refinance them back out to 30 years. On the net I saw an advertisement for a 3.8 fixed rate. I filled out the request for quotes and it seems like in a flash I was contacted by quicken loans. Even though I was just trying to get a quote this guy jumped on me like white on rice. Before my head could stop spinning I was locked in on a 5.875 fixed rate 30 year mortgage with this guy knowing all my personal information and 500 dollars out of my checking account. Which, by the way, was supposed to be refunded if the deal didn't go through. We did all the paperwork online and had an appraisal appointment set up. Nothing was written in stone and I could back out any time.
This whole time I was leery about the whole thing, so I did some investigating. I checked with other lenders with no hassles and was given much better offers. Did I forget to mention quicken loans wanted me to pay $10,000 in closing costs. I called quicken loans and told them I wanted to cancel the deal and cancel the appraisal and that I wanted my 500 dollars back. Reluctantly they finally said o.k. I thought that was that. When the day came that the canceled appraisal would have been done, she showed up! My wife and I were not home, however my son and daughter were. My son didn't know anything about it but when my daughter saw her in the house (after she did 1/2 of the appraisal) she asked her to leave, that the appraisal had been canceled.The appraiser said she didn't get word of the cancellation, but she left. Here's where we are now....Quicken loans said we may have to pay for the appraisal and some other fees so I'm guessing we will never see our 500 dollars again.
We were already in a bind financially, that is why we are trying to refinance with consolidation. The 500 dollars out of my account was not extra cash, it was slated for bills. And who knows what might happen with my account#, ssn#, and w2form that I had to fax them. These people are predatory lenders, they take advantage of people who are desperately in search of some kind of financial relief. They should be punished somehow.
Kristin of Seattle WA (02/27/08)
I decided to refinance my condo and was shopping around for a low interest rate 30-year fixed mortgage. Quicken Loans sent me an initial estimate of 5.99% interest rate with $4,488.00 closing cost fees. I was then contacted via phone by Donald L. Grabow, Senior Mortgage Consultant / Advisor. Mr. Grabow then said he had a rate of 5.85%, but I would have to qualify first. In order to qualify, Quicken Loans would need to authorize a charge of $500.00 for a credit check. Mr. Grabow said I would get the $500 back if I didn't qualify. If I did qualify, I was told this money would go toward the closing costs. I agreed and gave Mr. Grabow my Visa card number. He ran it and called me back saying that I did indeed qualify, and he would email me the good faith estimate for me to sign and return.
After this point all communication was strictly email. I received his good faith estimate, in which the closing costs had now changed to $6000. I told him I was concerned about the closing costs and asked him why they were so high. He told me my credit was really bad, and therefore I was considered high risk; this is why the closing costs were high. I asked him for a copy of my credit scores; he said he didn't have authority to give that to me. I asked him for the numbers of my credit scores. He said my credit scores were 556, 569 and 563. This didn't sound right to me, so I went online and paid $50 to check my scores, in actuality my scores were 666, 651 and 641. I then emailed him confronting him regarding his deception and potential illegal behavior. I demanded back both my $500, plus the $50 I spent checking my scores.
I cc'd my attorney on this email. Mr. Grabow then said he would reimburse the $500....I asked for a copy of the credit scores, and he then refused to communicate with me and referred me to customer service. My attorney then emailed him advising him that kickbacks and/or fraudulent representations are potentially violations of 18 U.S.C. 1344, as well as Washington State's Consumer Protection Act. I called Quicken Customer Service, and they launched an internal investigation. They concluded it was a case of human error. I am not satisfied with their conclusion and am hoping filing a complaint with you will help potential future victims of this illegal behavior.
I spent many hours dealing this and got an attorney involved.
Mortgage of Los Angeles CA (02/24/08)
If there is anything that Quicken did wrong, they did not disclose the fact that no financing is guaranteed unless income, liquid assets, credit scores, and SUFFICIENT APPRAISAL VALUE meets lending standards. On the flipside of the coin, the problem also comes from you the homeowners. From what I am gathering from most of these comments, it seems that most of you were expecting Quicken to guarantee the value of your homes. If they could do that or anyone in this business, we would not be originating loans, instead we would flip properties for a living guaranteeing ourselves a marked up value. Let's face it, majority of the homeowners here overestimated their values and some of you expect us to work for free. I hate dealing with unrealistic people like this who's motives are clearly driven by greed. I hear it all day - I want a 5.25% 30 year fixed with no closing costs. You could be the CEO of Countrywide and you will not be able to get that! Some of you even expect us to pay out of our own pocket to originate a loan for you. Do you guys work for free for your employers? Will you be willing to cut my lawn with no charge for the next 5 years?
Ron of Riverside RI (02/22/08)
I recently called for information regarding a possible refinance on my current mortgage. The individual that called from Quicken proved to be pushy, arrogant and completely unable or unwilling to address what I was asking for (information). He was interested in slamming me into a mortgage and disregarded my reminders that I was simply asking for information. He even implied that my credit might be bad because I was unwilling to have him check my credit rating. I decided to terminate the conversation at that point. Clearly Quickens interest is not being a competitive mortgage broker but is motivated by locking a potential borrower into a financial commitment regardless of the individuals needs.
Corinna of South Lake Tahoe CA (02/17/08)
I was contacted by Quicken Loans for a loan based on an inquiry I had. I wanted to refinance my 2nd mortgage and consolidate debt. Interest rates were going down at the time so Dustin Linenger, my rep from Quicken, thought I should refinance my home as well. He indicated that I needed to leave a good faith deposit of $500. I was very apprehensive and told him unless this deposit is completely refundable I was not interested. He insisted this deposit will be refunded at the closing or if the process did not come to fruition. NEVER did he state that this would be the cost toward the appraisal. He was so convincing and pushy that I had agreed to the good faith deposit. He literally called me numerous times throughout the day telling me we need to lock in the rate and can't do so until he receives the deposit. Well, the loan did not come to fruition and the deposit was not refunded. The reason the loan did not go through was due to the market not doing well on the appraisal. Needless to say, I was completely swindles by this unethical person. I will never do business with Quicken Loans nor any other affiliates of this company.
So, I am now out $500 which is not something that comes easily with the mounting medical bills I have incurred in the last year. It just leaves a bad taste in my mouth that people of this nature exist. Down right lying to me on the phone to make a buck! There should be a class action filed against this company.
Laura of Shelton CT (01/31/08)
During the summer of 07, my husband and I purchased a new home. I saw the commercial for Quicken Loans and thought I would give them a call. After speaking to Marco, he immediately wanted a $300.00 deposit on our credit card. My husband thought this was not right and did not want me to continue with them. I should have listened. At that time the rates were at their highest, so Marco assured us, when the rates dropped he would lock us in. At this point we had time, because we were building a new home, and renting a condo for a couple of months.
Marco called us back with the best rate possible at 6.38 percent. We were nervous that they might go up again, so we then locked in at that rate. The day before our closing, we received all of our paper work via email. ( it was almost impossible to read ) The closing costs were over $8,0000.00 dollars. When I called Marco the day of the closing, he went down the list of fees, and one that stood out was points (4 points) that we agreed on paying. We told him that points were never discussed. He then got angry on the phone and told me and my husband that he recorded all of the phone conversations and was going to pull the tapes. My husband told him to do this because he knew that Marco was lying. At this point our hands were tied. We were due to close that afternoon. We thought about canceling the whole thing, but we could not lease anymore, and it would take another 4 to 5 weeks to get another mortgage. The kids were starting school and we wanted to get into our new house.
Marco never retrieved those tapes, and our lawyer told us what they did was not legal. We had to borrow money from a family member, which will take us years to pay off. We thought that we could trust Marco and that he was helping us out. If you are out their looking for a mortgage, DO not use them. They throw out these fees on the day of the closing, knowing that, their clients have no choice but to continue.
This experience had left us $4,000.00 in the hole!
Paul of Hayfield MN (01/25/08)
I put my name out on the internet asking for mortgage lendors to contact me for a re-finance. John Kubas from Quicken Loans called back and quickly gave me a rate which I thought was ok at 5.25% for a 15 year first mortgage. He then asked for $500 that he said would be refunded if we DID NOT go through with the appraisal. I did not do the appraisal with Quicken because I received an offer of 5.25% from Heartland Home Mortgage.
Now after talking to John Kubas, I am told that I need to send the Lock Rate Disclosure form from the lender I am going with. I have sent the form requested to them. They now refuse to talk to me! What a scam they have! I am still pursuing this but after reading countless entries about how Quicken forces and then steals money from individuals with no resolutions, I fear that I have become a victim. Paul Frydenlund
$500 loss for something I shouldn't have sent......
Jennifer of Millinocket ME (01/25/08)
I wish I had gone to this site before I started refinancing with Quicken Loans. I, too, passed over the $500.00 as a deposit, putting my faith in a large business that obviously cares only about getting people's money. I have been trying to get back the refund they promised me for two weeks now. Yesterday they told me the transaction had been completed. I called my credit card company and there isn't even anything pending. What can I do? Is this it? Do they just get away with it? I was assured my appraisal would be fine. It actaully came in 10,000 too little. Now I have a useless appraisal that is not even accuarate and Quicken owns it. I can't even use it to try to refinance with another company. Unbelievable. I don't know how they sleep at night.
I am out the $500.00 and my faith in people I don't know is gone.
Earlean of Lithonia GA (01/21/08)
I am about to complete a loan with Quicken Loans. I believe I have already electronically signed all documents. Before I complete the transaction, I wanted to see if I could find any other information on this company other than the fact that they were introduced to me through Sallie Mae, my student loan company. I am over $90,000 in dept due to loss of employment for over 2 years. I have worked temp. jobs and used my credit cards to pay mortgages on two homes, and along with other life expenses, it didn't take long to use my credit card limit. I now have a job, but it only pays $28,000; and when Sallie Mae introduced me to Quicken Loans I felt this was the answer.
After reading the complaints by other consumers, I want to discontinue the relationship with this company. It feels like it would make my situation worse. I want out of this relationship. They approved 2 loans, they charged me a fee of $350.00 for each loan, charging it to my credit card which already has a large balance.
I am now so afraid that I am making a great mistake with using this company, and I'm not sure how to get out of this situation. Could you please provide me with some feedback? Please get back to me.
Richard of Battle Lake MN (01/04/08)
In May of 2007, I was looking at several companies to refinance my home for a lower rate and remodel/addition cost. I had spoken to Quicken Loans a couple of times. On May 21st Blake Barck from Quicken Loans called me to see if I had made any decisions yet. I informed him I was still waiting for a quote from another company. When I gave him the name of the other company he became very adamant that I apply with him because they had the best rate. We proceeded with the loan application which included 7 pages of of documentation which he e-mailed me during the conversion. He instructed me to scroll down the bottom of each page and electronically sign them. When he asked me for $500, I asked if I could send a check. He said no, that he needed a credit card. I told him I was concerned about losing it. He assured me It would be applied to my closing cost and they need the $500 to get the appraisal. He never once mentioned the $500 was not refundable should I cancel the loan.
I did cancel the loan within 2 days and because the other company I was working with in fact did have a better rate. When I asked Blake for a refund He said one of the forms I electronically signed had a paragraph in it stating my Deposit was not refundable. When I rechecked all of the 7 pages I did in fact find that clause. My contention is WHY DID HE NOT TELL ME THAT WHEN WE HAD A SPECIFIC CONVERSATION ABOUT MY CONCERN OF LOSING THAT $500. I immediately called my credit card company, Capitol One. I asked if the $500 had hit my account. They said no. I ask what could I do? They said I could freeze my account and that would prevent the $500 from hitting. I froze it immediately. I thought I was lucky to save the $500 charge. A month later I received my Capitol One statement and there is the $500 charge. Ever since then, I have had numerous mailings and phone calls to Capitol One and Quicken Loans. As of Januay 2008, that bill is still on my credit card and Quicken loans will not credit my account. I have filed a complaint the the Minnesota Department of Commerce who License Mortgage companies, Insurance companies etc. to do business in Minnesota.
A $500 charge on my Capitol One card that is now over $600. I refuse to pay it because it is fraud and I froze my account. I had my Capitol One Card for years with no other problems. I keep mailing my statement back to them with a note to that effect.
Justin of Lowry MN (11/12/07)
I sent a money order to Quicken Loans for deposit for my application, and my mortgage banker Troy didn't apply it to the application. He later called me on his cell phone after I closed my loan with them, said the money order (three months previously), and to have my bank issue a new one made out to his full name: Troy Robinson.
I thought this was not right, so I called his supervisor David McGuire and tried to explain this to him, but he didn't want to talk about it and quickly transfered me to Troy's work phone. Troy was angry that I told David and said I should have contacted him by his cell phone. I knew this was fraudulent. I am still waiting for the money order to get to me because Troy claims that the money order is made out to Quicken Troy, and I know for a fact that I had it written out to Quicken Loans because the bank has a copy. I want to bring this to Law Enforcement if it was forged by Troy.
Elaine of Owings Mills MD (10/21/07)
I was distraught and not thinking when I electronically signed papers with Quicken Loan--without reading them first. I was hurried through by Bethanie and forked over $500 which I was told would be refunded at closing. I was trying to refinance my home. When I read the paperwork and saw that I was being swindled, I contacted BBB, who then contacted Quicken. Quicken refused to refund my $500, although all they did was some paperwork which other lenders would have done for free. I let myself get taken advantage of. Stay away from Quicken loans!
You lose a $500 non-refundable fee if you decide to discontinue working with them--even if Quicken has done nothing but minor paperwork.
Catherine of Indio CA (10/16/07)
After Quicken Loans took three $500 deposits, I was assured that my homes would appraise at the least the medium value, and I would meet the loan requirements. Just before closing, I was suddenly told that the appraisal was actually much lower and the loans and monthly payments would be higher. When I refused to close under the new conditions, I was only refunded the partial amounts of $427.30 and I have been fighting with my credit card company ever since.
Essentially, Quicken Loans stole over a $1,000 from me and have tried to force ridiculous new loans on me.
Cyntia of Winchester TN (10/11/07)
This so called quick loan couldn't be further from the truth. I began my experience with an approval from Quicken Loans, from that a power buy advantage. Power buy, means actually, in the Quicken Loans dictionary, An opportunity to shop around for a home, for purchase, with the amount qualified for. Upon finding the property, I submitted a find to Quicken. Contacted the realtor involved, and submitted a bid for the property. This in turn, brought on, evidently, another phase of purchasing the property. I submitted to them all requirements, confirmation, accounts, assets, debt payments obligations, personal information, and proof of employment etc.
I was constantly reassigned a different representative, as of today, I am on my fourth rep. Every time I thought, and was assured they received what they were needing. I had to deal with a different representative.
This must be procedure for these people, because I have read several complaints on this web site of the same experiences.
I have faxed and submitted informataion to numerous representatives.
As of today, a day before closing, I feel I am no closer than I was a week ago. I am under contract, costing me 100.00 a day, every addition day until the close.
I intend to contact the Better Business Bureau on these people.
Rhonda of Sebastian FL (09/21/07)
We were told by quicken loans there would be no out of pocket expense. We were charged for an appraisal which, in fact, they had just done one 3 months ago and it was 155. The second one on the lower refinance interest rate of course was only 144.We were denied because my husbands guess of our house value was not close enough. When I told them I could come up with the closing costs, pay on my principal to get to 95% of under the appraisal which were conditions we were not told about, they still would not give us the 5.8. They didnt say we were pre-approved at the beginning, they said officially approved and you can also get as much extra cash as you want. Of course we still paid the 375. for the appraisal and will probably never se the 125. out of the 500 that they take everyone for!
Peter of Wood Dale AZ (08/21/07)
After extracting a $500 deposit, I was assured that my house appraisal had met loan requirements. At closing, I was suddenly told that the appraisal was actually much lower and the closing costs would now double as well as the monthly payments would be higher.
When I refused to close under the new conditions, my case was abandoned and they were on to new clients.
Joseph of Morristown NJ (05/19/07)
Quicken Loans took a $400 dollar deposit from me and the rep, Brian, stated that I was pre-approved for my loan. Then, Brian called back after he had my deposit and did a credit run stating that he made a mistake in the calculation and that my monthly payment would be $600 extra a month. He stated, I made a mistake, I'm man enough to admit it. This should have been my warning sign. As I went through the process, Brian was often MIA during crucial times, like the appraisal. He was often unavailable to speak with, so I escalated it to his boss, David. Working with David was only 10% better. 3 days before closing, David was unavailable for any work because of a training session. This was more important than helping customers. ,p>I tried calling Brian, the original rep. No response. I finally get in touch with David. After expressing my frustration and concern about Quicken and their ability to respond, David informed me that Brian (who I had not had contact with for almost a week) was out for personal reasons. I turned the heat up on David and also had my Realtor call them. That seemed to make a difference! The last thing Quicken wants is a bad reputation with realtors. The ball was moving towards the close and I thought we were in the stretch to closing, everything was done, all the underwriting was complete and then...the house inspection! With 99% of the loan process complete, My wife and I attended the home inspection to find a radon level above the state standard. This concerned us because of our newborn, so we decided to hold off on the particular house and keep the home search going. When Quicken learned that we were not going to go through with the loan for this property, they sent me a letter stating that my loan was not approved. I immediately called David, Brian's boss. David stated, Hey, the only 2 people that know about that letter is you and me...it doesn't mean anything, but our system has to send out something in order to put a status on your account. I was terrified. Suddenly, because the property was going through based on my decision, I was less of a customer (not that I ever felt like a cared for customer with Quicken). To make matters worse, Brian finally called me to say that in the future, they would not be able to offer 100% financing. So, I called Quicken again as me, but with a different rep...the rep was prepared to offer me a better package! Last week, I sent David an email asking for a status of my account since they still have $400 of my money. I put a REAd receipt on my email and 4 days later I find that the email was deleted without reading. Thanks, David and Brian. You cost us a home and I question your integrity, honesty and knowledge. I turns out that Quicken is NOT A BANK and despite all their claims, the blanks that do the loans are 3rd party vendors. Quicken just links them together for a loan.
Wayne of Syracuse NY (05/18/07)
In late March 2007, I had contacted Quicken Loans to obtain a free quote on a mortgage for a second home in the amount of $150,000. A woman contacted me and, after checking my credit scores-which were excellent (triple 800+), informed me that I easily qualified for a 30-year fixed mortage. She then requested my credit card number so that I could put in a good faith deposit of $500 on the application. I refused, as I did not wish to plunk down $500 for a free quote. She called a few more times and I kept refusing to provide the number. On April 11, 2007, Mr. Joe R of Quicken Loans contacted me and wanted to know why I had not provided a good faith deposit to their company. I explained that I was uncertain about working with their company and was exploring all of my options. In addition, I had already provided another company (Home Mortgage Solutions) a good faith deposit of $500 for foreclosure listings. Mr. R (of Quicken Loans) advised me that his company would reimburse Home Morgage Solutions amount to me in my closing costs and that all but $50 of Quicken's fee would also be reimbursed. For every objection that I made, Mr. R had an immediate response and solution. He further assured me that Quicken Loans was the best and largest mortgage company in the country that no other companies could possibly compete with. He then directed me to Quicken's on-line customer approval page and had me electronically agree to the $500 fee. About a week later, I located a local mortgage broker in my own area who was willing to provide a mortgage at a lower APR than Quicken's and with no company fees. I'm afraid that I have become the victim of fast-talking loan sharks in dealing with Quicken Loans and Home Mortgage Solutions.
I have lost $1,000 of hard-earned money for the privilege of obtaining free mortage quotes from Quicken Loans and forelosure lists from Home Mortgage Solutions.
Darcy of Medford, OR (04/07/07)
I contacted quicken loans to refinance my home ARM and get a fixed mortgage. The rep I spoke to took my information, ran a credit report and told me that I qualified for a 5.99% 30 yr fixed mortgage. He asked for a $350 deposit which he said would be refunded to me.
An appraisal was done and at that point they told me that I did not meet the requirements and that I only qualified for a higher interest rate loan with payments $400 higher than originally discussed. They had never informed me of the stipulations on the originally discussed loan nor was it in any of the paperwork which they confirmed.
I told them I was not going to accept the later loan and to refund my deposit. They refused. I lost $350, wasted time, and my credit score reduced due to them pulling my credit.
P of Derry NH (02/25/07)
Quicken Loans was a company referred to me by LendingTree.com who quoted the refinance on my home. The representative I dealt with, Grant, told me the monthly payment I would be making and how much money I would get back at the closing. They asked me for a large down payment, which I made. When I was contacted to set up a date for closing, I was told the amount I would receive back at closing was only 7% of what I was originally told by Grant.
Donzelle of Schertz TX (11/07/06)
This company will not refund my good faith money of 500.00. I understand that it's good faith but they did not deliver on a promise to close quickly and my payments rose from 1250.00 to 1680.00 in one month. I started out trying to get re-financing from an adjustable to a fixed. This was 3 months ago. All I get is voice mail and everytime they do return my calls, the monthly mortgage payment goes up. I am at my wits end.
I was told to skip OCT mortgage payment because we would close soon. Needless to say, we haven't closed yet, I had to pay Oct payment and now we are suppose to close in 2 days and they are telling me to bring 1400.00 at closing. This is new information and I'm not prepared. I want to cancel since we haven't closed but I can't afford to give away 500.00 for nothing.
Eugene of Decatur GA (07/21/06)
This is in regards to a recent application for a second mortgage, and refinance of a first mortgage, initiated by your employee, Nick ********. I was very reluctant with proceeding with the application; however, Mr. ******** made it seem as if he wouldn't know what I would actually qualify for - unless I proceeded with the processing by paying a $750 deposit. The deposit verbiage contradicted with Mr. ********’ translation. He assured me that the deposit was refundable, should I decide not to proceed with the loan. If you record your phone conversations, as do most financial institutions, you will hear him state that. I cancelled the process within 24 hours, as my bank offered a more favorable solution that Quicken could not.
My bank also informed me of several infractions committed on your company’s behalf in regards to my experience – including industry practices and procedures relating to the Fannie Mae guidelines. Initially, I tried to cancel by calling Mr. ******** directly, but he became very irate and at one point stated, “If I knew that you were going to waste my time, I wouldn’t have helped you.” That statement was a direct reflection on how Quicken values their customers. My mother was on the other line, and can attest to Mr. ******** demeanor.
On the telephone, Mr. ******** would not accept “no” as an answer, but instead replied with fast-talking retorts, accusations, and excuses. As a result, I had no choice but to cancel in writing and fax it directly to his office. Also in the letter, I clearly asked for him to cancel the appraisal service. Later that day, I called the appraisers to ensure that the service was cancelled, but it hadn’t – so I cancelled the service myself. The next day, Mr. ********’ supervisor inappropriately called me at my place of employment – posing under the assumption of a “quality-assurance” follow-up call. It was not a “quality assurance” call, but rather a threatening and overwhelming attempt to defend Mr. ********’ character and a desperate attempt for me not to cancel.
I listened to his Supervisor’s condescending demands, but I still declined to proceed. It was obvious, from a consumer perspective, that these gentlemen had little or no regard towards my interests, but rather indulged in their own greed towards commissions. Prior to my knowledge, my mother had initially contacted Quicken Loans (trying to be of help), and they had given her access to all of my credit information. Although I didn't mind my mother accessing it; the fact is: Mr. ******** had knowingly violated the Fair Credit Reporting Act. I haven’t contacted the Federal Trade Commission as of yet, but I would see it in your best interests to refund my credit card $500 – or else I will proceed with my case to the FTC for violation of the Fair Credit Reporting Act, as well as anything else I can find. My time is very limited, however, I reserve plenty of time for unfair practices. I hope to resolve this matter in a diplomatic manner. Best Regards,...
I was charged $500 on my credit card and a victim of Quicken Loan's fast talking robots.
Carolina of Georgetown SC (07/18/06)
I wish I had read the complaints at this web site against Quicken loans before I tried to do business with them. I wanted to refinance my home at a lower rate and I also wanted to remove the mortgage insurance from my payment. The homes in my area have increased in price. The staff were friendly and social at first. I allowed them bill my credit card $400.00 which included the appraisal. They sent the person out to do the appraisal. He measured my house 20 square feet smaller than previous appraisals done on this home. The house next door to me was being appraised the same day by a different company. This house is 125 square feet larger than mine. My house appraised $41,000 less than the neighbors house.
I live in a small community on the South Carolina coast. I live 2 blocks from the bay and the park that is on the bay. The man that appraised my house used comparables at the other end of town (the low income area) near the steel mill. The neighbors house appraiser used comparable houses that are near the marsh but are still less than 2 miles from my house. Quicken loans told me to come up with comparables which I did and then I appealed. The appraiser refused to reconsider his faulty appraisal of my home.
Quicken loan refused to pay for another appraisal from another company. They kept saying it had to be unbiased. I was upset that I had to pay for an poor appraisal and that they provided no recourse to me. They wanted to still do business with me but would not take off the mortgage insurance and they also increased the interest rate. I thought it would be stupid for me to do this. They are keeping my $400.00 and are unwilling to pay for another appraisal or to reimburse me for the bad appraisal.
Gregg of Oak Grove MO (07/10/06)
I contacted Quicken Loans for a refinance on my second mortgage. After speaking to a representative and making a decision to go forward I was asked to provide $500 to them to pay for the processing of my loan which would be deducted from the $1700 closing costs. They clearly stated that should the loan not go through or if I changed my mind that the $500 would be refunded immediately. At that point I provided them with my Providian Visa account number and they made the charge. It should be clearly noted that prior to making my decision to proceed that Quicken loans ran a credit check. After they received the report they clearly indicated that my FICO score was 690-plus and I was more than qualified for the refinance.
Weeks went by after the appraisal was made on my home. On or about May 15, 2006 the representative called and said that in order to complete the loan so payoff could be expedited that I had to go to their website. He walked me through the contract section saying to click this and click that- each ‘click’ representing my signature to the contract. When this was completed he said the loan was now finalized and it would take several weeks for the funds to be disbursed. More time passed and when I called them to determine the status they said that the loan could not be made due to a disputed account on my credit report from five years ago. I informed them that this was a disputed hospital account and that I was not going to pay it as the charge was not legitimate. I also told them that I was financed for my $249,000 home a year prior through Countrywide and was not required to pay off this $1500 entry as it had been disputed.
The Quicken Loans representative insisted that this disputed amount of $1500 be paid before the funds could be made. When I refused Quicken Loan said the loan would not be made and refused to refund my $500 deposit.
George of Rehoboth Beach DE (01/02/06)
After reading an advertsiment for Quicken, I gave them a call to refinance. The service was poor at best. Our appraiser never stepped into the house. It was almost a drive by apprasial. Of course, it was lower than one I had done three years prior. So Quicken calls to offer me a deal.....meaning a higher interest rate and more points to buy. If I wanted a better apprasial, then I would have to find 3 houses which sold in the last year within one mile of me for a higher price. Which almost every house sold was for more?
I asked why they would not accept the apprasial from CountryWide done three years prior. I also added that I had done a $36,000 flooring and appliance update since last year. When I contacted them again, to see if they could use the old apparaisal, the interest rate and type of loan I could quailify for had gone up again. We used another company but had to pay Quicken Loans $500 for the apprasial. The whole time I felt like the appraisal was used to upsell me.
I lost my $500.
Charlotte of Pearl City HI (08/01/05)
I paid $500 as an advancement toward a mortgage with Quicken on May 30, 2003. After waiting three months, I was never even contacted that my loan date had expired and was canceled. Scott claimed that my appraiser was late in handing in his report therefore the loan was denied. After going to another company E-Trade and closing, I found out that if it is not the consumer's fault, the company should have refunded me the $500.
Marietta of Berrien Springs MI (10/12/04):
Around May of 2004, I decided to refinance my mortgage because I was paying 7.5% interest rate. I called Quicken Loans and James H was my loan counselor. He told me that before I can start with the refinancing, I had to have my condominium appraised. He said that it would cost me $500.00 to have the place appraised, but he will credit that back to me regardless if I decided to have my mortgage refinanced or not. Since I felt that I had nothing to lose, I agreed.
About a month after my condo was appraised, I decided not to continue with the refinancing because with closing fees and other fees, I would still end up paying the same mortgage amount per month. I asked for a credit back on my account, and Mr. Hamilton insisted that I go on with the refinancing. I refused, and so he emailed me promising to credit the $500.00 back to my account (I have the copy of the email he sent me if you need to see it).
I wrote Discover card after a month the charge was posted on my account disputing the charge, but the problem could not be solved because Quicken Loans insisted that I had signed papers online, which I never did. I re-disputed this charge about a month and a half ago with the copy of the email Mr. H sent me, but on Oct. 5, 2004, the charge was back on my account. I don’t know what else to do.
Lloyd of Clinton MS (10/8/04):
I completed an online refiance application. The next day at work, Kari R of Quicken Loans contacted me and we discussed my present mortgage, interest rate and initial home appraisal which was done three years ago. That appraisal was for $170,000. She then send some good faith forms showing a loan of $153,000 which I signed and sent back in. She required a deposit of $500 to get an appraisal started.
A few days later a man came to the house to appraise it but my wife said he only looked at two rooms and didn't ask any questions as to how many rooms etc. A week went by and logged onto their web site to check the loan. The new loan value was $124,000 instead of the $153,000.
It should be noted that I changed to another mortgage company that did a new appraisal of $174,000. Since they knew exactly the circumstances before sending the first good faith loan forms, they knew that an appraisal of less than $170,000 would be unacceptable. I have yet to be told who did the appraisal or to show it to me.
Kenneth of Ayden NC (8/7/04):
I talked to Jeffery S about refinancing my home mortgage. He asked me how much my current balance was and how much the property was worth. I gave him the balance and the last appraisal value. He asked me if he could do a credit check. After he checked, he said my credit was excellent. He said that we definitely could work a deal. He told me he needed $500 to start the process.
He sent an appraiser out to my property. The appraiser came and did a quick appraisal, which was not thorough or very professional at all. The appraisal came in $25,000 lower than the last appraisal that I had gotten with the North Carolina State Credit Union just over a year ago. The appraiser completed the appraisal and had it back to Quicken Loans in less than 24 hours, which was not adequate time to do comparable property searches. Jeffery and I conversed about the appraisal and both agreed that something was wrong. He contacted the appraisal department and they said they had to stick with what they had.
He told me if I sent him more money he could send another appraiser out. I told him that I could not send him any more money and I thought this was very unprofessional. I asked him to send my money back; he said he could not. I asked him to send the appraisal back and I have not received anything. I have contacted them several times about this issue and have had no results.
Stephen of Birmingham AL (4/24/04):
I received a good faith estimate on a refinance and was asked for a $500 good faith deposit with my understanding being the deposit was to be refunded it the loan wasn't closed. I was declined and the deposit wasn't refunded. I went thru proper channnels to try and settle this with no avail. Futhermore I closed the exact same loan with another lender within 2 weeks of Quicken Loans' decline.
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