Complain about a product or service

Quicken Loans

Cynthia of Winter, NC March 11, 2008

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 E Vanauken Ii of Vermilion, OH March 5, 2008

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 February 27, 2008

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 February 24, 2008

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 February 22, 2008

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 February 17, 2008

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 January 31, 2008

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 A. Frydenlund of Hayfield, MN January 25, 2008

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 January 25, 2008

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.

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 January 4, 2008

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.

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