Complain about a product or service

Quicken Loans

James of Rantoul, IL June 9, 2009

We were interested in a loan subordination (combining our 1st and 2nd mortgages) at a lower interest rate. However, we did not wish to pay off our second mortgage but rather pay it down, so as to keep the line of credit available. I happened to come upon the Quicken Loans web site and was connected to a loan officer (Craig T.). What was initially thought to be a streamlined loan process for a low 4.37 % rate, ended up becoming a nightmare with a 500.00 price tag attached! Craig stated that the 500.00 good faith fee would be refundable at closing. However, he stated nothing about the refundable status if you do not close on your loan, which eventually ended being the case. Also, Quickens appraisal process is questionable at best. The first appraisal was extremely low, given our neighbors (having a similarly valued home) recently had their home locally appraised much higher. Once I conveyed my disappointment with the appraisal, Quicken volunteered to perform a second appraisal, which, interestingly, was a duplicate of the first. I would later learn that this was a common practice of the company. Their appraisal method involved creating a lower loan to home value margin, thus limiting your financing options. This opened the door for them to sell us an FHA loan, literally. Once the FHA loan process was almost complete, we were looking at refinancing a 173,000.00 loan for 185,000.00, plus paying upfront on the first mortgage payment. Needless to say we stopped the entire process and requested a refund of our 500.00 good faith" purported refundable deposit. Craig Thornton stated that they already spent over 2,000.00 on the loan process and would not refund the money. The entire loan process was handled as if administered from the hip. Each new communication with Craig seemed to be accompanied with a new requirement/need (i.e. more cash upfront). Finally, when Craig requested that we would need to bring more cash to the closing, we had enough and stopped the process. I could hardly believe my ears when they refused to refund our good faith deposit. We placed our good faith in the Quicken loan process, but instead of receiving “good faith service we evidently became another victim of their deceptive practices. We would like our 500.00 good faith deposit refunded. It is the very least this company can do.

Anthony of Kennesaw, GA June 18, 2009

Initially I had received an email from Mr. Dwyer stating that he had seen that I submitted a request for home financing. I responded to him stating that I had secured a broker and she assured me that I would be getting a great rate with minimal closing costs. His response to that was “You’re a smart guy I assume. How would adding another person looking to make a cut of the money ever be the best deal.” He went on to say “Don’t get suckered in by a broker.”

Well that kind of scared me so I gave Mr. Dwyer a call. I was providing him with information over the phone and we were cutoff several times. As I was talking with him my wife walked in and asked me to tell him we weren’t interested. As I tried to tell him that -we were cutoff again. I hadn’t given him any kind of permission to run any credit check on my wife and I actually sent him an email stating exactly that right after the call had been dropped again. I never filled any application and did not ever, at anytime during our conversation tell him he could run our credit nor did he state that he was doing so -as we were talking, apparently!

The next day I receive an email from some other QuickLoan department called “Fresh Start” stating that they were sorry that although they weren’t provide to provide me with an immediate home financing solution, and that they’d like to introduce me to their powerful Fresh Start service!

I told Mr. Dwyer not to run our socials and he did so anyway which prompted the email from their other rip-off service. I will never deal with this POS again!!! Now I’m working with our broker trying to explain the hit on our credit!!!

kathleen of prescott, AZ June 13, 2009

quicken loans took all our credit information for a re-finance and, never returned calls or emails. Our credit is excellent and it is a common courtesy to have a call or email returned.

Carol of Berkeley, CA June 1, 2009

I was contacted about refinancing my mortgage after I answered an add that had several lenders. After a low appraisal and several calls and 500 later (or more than that - I haven't checked my credit card yet) I was told they could not find a bank to refinance my house, though originally I was told that THEY were the bank and that was why I should go with them.

The guy who called me first told me he could get me a loan where I'd be paying 300 less than I am now, then suddenly it was 700 more than I am now paying! Finally, they got what they wanted - access to my credit card to put charges on it. I have the appraisal and should have gone with the comments on this site - I'd have not lost that money. There are charges on my business card that are more than I had to pay when I bought my house initially!

Jodi of Scottsbluff, NE June 11, 2009

I had set up to refi my mortgage with my current lender at 5% and 1 point and had put 350 down to lock in the rate. Cody from Quicken called me and offered 4.5% with no points and would refund me the money I put down with my lender. I put 300 down with quicken to get the refi started. They called me a week after the appraisel and told me that my house did not appraise for 170,000 like they had anticipated and that I was out of my 300 I put down plus they wouldn't be refunding me the 350 I put down with my current lender. I asked them to please review my appraisel since comperable houses in my area were selling for 175,000 to over 200,000. I was told the my house wasn't comperable to any houses in my neighborhood. I have requested a copy of my appraisel multiple time and have alway been told it is in the mail well it's been 3 months and despite multiple calls I still have never received my appraisel.

Amy of Cadyville, NY May 27, 2009

When I was looking to refinance my home, Quicken Loans contacted me and discussed what program would be best for me. I told Chris Patrias that I was speaking with other lending companies. He was very nice, but told me that with their program, there would NEVER be any refinancing fees what so ever as long as we had the loan, even if the loan was bought out by another company. Now that the rates are lower, I called him, I was switched over to K. Pointer.

When I inquired about refinancing because the rates are so much lower than I have now, he told me it wouldn't make any sense to refinance. I asked why and he said the closing costs would be around 8,000.00 and it would take many years to recoop that amount. When I told him that I was promised a no cost refinancing, he informed me that their company does not and never have offered that. I told him Chris had told me that, and that is the only reason I went with their company over a local company and he told me he would address it with Chris.

I never heard back from them, so I called and left messages for both of them, no one called me back. I sent many e mails to then, never heard back. I just feel like I was taken advantage of. I do not like being LIED to.

Allan of Palm Harbor, FL June 4, 2009

I arranged to refinance my mortgage with Quicken Loans. Did an "apples to apples" comparison, they said they had the best rates / service, etc. I paid them 500 (only company that requires this). They did an appraisal which cost them 300. The same day, I found several other lenders willing to offer me the identical (term, payment, rate, etc) refi mortgage for SEVERAL thousands of dollars less. I told Quicken I wasn't proceed with their refi mortgage. The new lender just required them to release my appraisal (which I paid for) and they can enter their name as lender instead of Quicken. Joe Dudeck, from the President's office told me that since I decided not to proceed with them, they won't release MY appraisal or refund my 500. They're keeping my appraisal and money. Now I have to pay for another appraisal even though the original one is only 2 weeks old.

adam of yorktown , VA May 28, 2009

If you call and do business with them they will ask for a good faith deposit in order to do business with them, this deposit ranges from 350.00 to 800.00 which is not refundable! After taking my information down the original good faith est was denied due to a low apprasial, for which we asked for a copy of the apprasial and by law under the equal credit opportunity act they are required under this law (section 1691 e) to provide a copy in reasonable time frame. They did not and came back with another loan that was lower in savings and we would then have to come to closing with more money down in order to close the loan.

Let me warn everybody that reads this quicken loans will have all the infomation that they need inorder to process a loan in the first 20 of the phone conversation, if you give them the credit ok to do so, they will have the comps already pulled up on their computer programs so they will also know what your house is valued at. So don't fall into their game of giving a deposit b/c after you do so they will deny your loan for whatever reason they can, just read the numerous complaints about this happening. It won't be credited to your closing cost like they state in the first phone conversation that you have with them b/c you won't make it to closing with them.

I was able to follow the advice of another complaint and dispute the charge on my credit card and got the charge reversed, shortly afterwards quicken loans emailed me stating the loan was denied due to me taking to long to make a decision. So at this point in time I have received my money back from my credit card company and still waiting on a copy of the apprasial.

The reason for getting a copy of the appraisal is quicken loans will purposly appraise the value of your house lower than market value b/c after they due the first good faith est and they send that out to their buyers and no one bites on it, quicken loans uses the appraisal as their way out of the loan and to take your deposit. Buyer beware with this company!

John of Diamond Springs, CA June 3, 2009

If you were to substitute the name Matt Hughes for that of Robert Peoples in the above charges, you would be describing our case. We were inundated by a vast number of people making multiple requests. None of them bothered to make clear the consequences of cancelling a line of credit which we were planning on for our later life. The line of credit was with Washington Mutual Bank and was for 200,000 and at a 3% interest rate.

A fee of 3.5% was charged to open the new loan. Added to this loan were many items which made the settlement charges 4177 on a 63637 loan. In another month, we would not have incurred a 600 penalty for early cincellation.

Thomas of Hopewell, VA June 3, 2009

WE were approved for a 3.99 percent with 2.87 discount points; paid 500 to offset loan expenses; they took so long, the rate changed, but nothing else did. We were handed off to at least four different people; we were told everything was fine, until the last minute; then were told we ran out of time; given new rate of 4.25 with same discount fee; when we balked and wished to talk to others we were told we would forfeit our 500 and had only 24 hours to respond to new loan.

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