Complain about a product or service

Quicken Loans

Justin of Lowry, MN November 12, 2007

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 October 21, 2007

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 October 16, 2007

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 October 11, 2007

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 September 21, 2007

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 August 21, 2007

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 May 19, 2007

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 May 18, 2007

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 April 7, 2007

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 February 25, 2007

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.

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