Complain about a product or service

Quicken Loans

Allana Lloyd-Hills of Sahuarita, AZ July 11, 2008

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 J. Fizdale of Corona, CA July 11, 2008

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 July 1, 2008

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 June 16, 2008

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 April 8, 2008

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 Waterstraw-Ponyah of Grand Canyon, AZ April 8, 2008

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 April 7, 2008

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 April 3, 2008

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 April 3, 2008

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 March 15, 2008

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.

Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.

Share		Follow us on Twitter.

Back to the top |