Complain about a product or service

Quicken Loans

Angela of Georgiana, AL May 28, 2009

I had a bad experience with this company when I was trying to buy my home. I contacted them and was pre-approved (fake approval). I had a letter to take to the realtor when I went looking for homes. I also had a house realtor working with me. I faxed in all the paper work and was set to close. Then I was asked to come up with more money. I did not understand how could I be ready to close in 4 days and they needed more money.

We were all set with the owners and the title company. After I did not pay the extra money, Rob said we could not get the loan. This is so unfair. Please let me know if any legal actions are being taken against this company. How can they do this? Is this legal? Buying a home is a persons dream, it should not be turned into a nightmare.

Herschel of Kansas City, MO May 22, 2009

My wife and I were in the process of refinancing our house. We contacted Quickenloans to begin the process of securing a loan. They promised a VA certified appraiser would do a thorough inspection of the house and compare its price to sales in the neighborhood.

From the beginning we were weary of the appraiser because although we were told she was local and that she knew our particular neighborhood, she got lost. Her inspection was quick and consisted in a few pictures, a walk around the property and a couple of questions; a little too fast for my liking but I did not question her methods. Two weeks later I contacted Quickenloans for the results of the appraisal and was told it was 145,000, it was not enough, and that the loan process had been cancelled. I had to ask more than 3 times for the original report that I paid for to see what basis was used to arrive to that appraisal price. When I finally got the report my suspicions of a sub-standard service were confirmed within the first few pages

The appraiser quoted a price for the property with little or no justification or reasoning for having arrived at that assumption. I base this off a phrase included in the report that says, “…there were no four bedroom sales available within a one year time frame and within a one mile radius…, …Sales #1,3, 4 were given greatest consideration due to recent sales and least amount of adjustments”. In other words in the appraiser’s opinion she did her comparison with properties of less rooms (3) because similar properties were not available; so she went ahead and used a different set of standards instead of trying to ascertain if addition information was accessible. Also, although she uses Sales 1 and 3 as part of her basis, she does mention that they are Real Estate Owned properties, which normally means repossessed by a Bank and in most cases sold as is because they are a trouble asset. Still she used these and compared them to a house that she herself admits was in good care.

This information that "was not available" was in fact easily accessible because just 2 days after receiving the report we proceeded to a Real Estate agency and were able to find 4 houses with similar characteristics to ours, and in the same neighborhood that were sold in the last year. All properties that we found had a higher final sale price than our property assessment. This means that the statement that no comparable properties were available was either a lie from the appraiser or a lack of effort and care in the service provided. I therefore did not want to pay for a deficient service. If I can walk into a Real Estate office and request sale records, a property assessment specialist that has access to all this information herself should do better.

I contacted Quickenloans about this and they were immediately not receptive about requesting a new appraisal and told me that I would have to pay for a new one if I want to “try and do this again”. I mentioned that I was being charged for a substandard service and that they were being willing participants in what seemed to be a fraud since there were no checks and balances when it came to protecting the customer who was at the mercy of seemingly unqualified service providers. I mentioned the possibility of disputing the charges for the appraisal and I was told that they encouraged that I not take that route and that because there were no 4 bedroom houses to compare mine “… the appraiser had a tough job coming up with the proper value”. Sadly it would seem that the appraiser really didn’t do her job at all because it took me 30 minutes at a real estate office to get the public record on recent sales of comparable properties.

I will not pay for another appraisal, and the unwillingness of Quickenloans to back a client who is given a less than standard service makes me question their business ethic and therefore I am disputing any charges that Quickenloans makes on my credit card because I believe that these predatory practices in the times we are currently going through are ridiculous.

Charley of Broken Arrow, OK May 25, 2009

I e-mailed the Lending Tree company about refiancing our home. Several weeks later We were contacted by Quicken Loans' He asked a lot of questions then promised to refinance our home at 4.85% interest. He said it would lower our house payment by 140 a month.He said he needed a 500 deposit to get started so I gave him my credit card information. He called back in about 15 minutes and said that I needed to go online and electronically sign a couple of forms. Not knowing anything about how refiancing worked I followed his instructions thinking that he was representing me. He led me to the page and guided me to the place where to click to electronically sign the forms.

All the time tell me what the forms were saying like it was no big deal.Up to this point he was working with a sense of ergency.Then as soon as I signed his demner changed and I felt that I had just been scammed. I downloaded the forms to find out to my amazment that he lied on the good faith estimate. He had the home value at way more than what I had told him. Plus there was way to much closing cost. Knowing that our home would never appraise for that much money I knew that we would not be approved for the loan and we would lose our 500 deposit so I immediately e-mailed and canceled the loan. I was contacted the next day by another Quicken representive who tried to pressure me to accept the loan.

Then I emailed both Quicken Loan Representives and canceled the loan application a second time.Then I mailed a written cancellation letter. After several more e-mails to Quicken Loans who would not even tell me if I was going to get a refund of my 500 finally sent me an e-mail saying I would not get a refund. I then contacted customer relations who also said there would be no refund.

Jim of 1115 W Eaton Ct., IL May 19, 2009

A month back I was quoting mortgage refinancing and was contacted by Steve Cook from Quicken Loan. I told him I was looking for 0 closing cost refinancing only. On May 14, Steve gave me a call, saying they could offer 4.5% int. rate. Since it was the best so I said I would process. He asked my credit card number. Then he sent me an email, asking me to sign it online. After reading good faith estimate, I noticed that there was not lender credit, I called back stating it. He said they could not do 4.5% at 0 closing cost, but could do at 4.625%. I felt unhappen but still did not reject. After reviewing changed docuements online, I still did not see lender credit. Steve then said there was first month pay skip which I did not understand. But he said it was 0 closing cost. So I signed docuements.

But next day (May 15), I figured it was not 0 closing cost. My current loan outstanding is near 230K, with Quicken Loan, the new loan amount will be 232K( plus 2K closing cost). Assume it is closed on June 1, I will not pay in June, but if I would like to pay 2K in June, on July 1, my new loan will be 230K. Sounds great, right. Let's take another real 0 closing cost loan closing at July 1. I would still pay 2K for the current loan, but what is the outstanding on July 1, it will not be 230K, it will be 229K, because 2K paid in June also reduce your loan principla. Do you see the difference? And they refuse to refund my 500 application fee.

Now I only believe mortgage agency refered by my friends. You cannot expect an indivial smarter then them on this business. Even if you are, do you want to do business with a dishonest, misleading party?

Amy of Williamston, SC May 22, 2009

I was contacted by Sara from Quicken Loans. She said that the government has a new refinance program for people who have made their payments on time, "as like for a reward". Sara said it was basically a free loan. She asked for my husbands ssn and said she would call me back. When she called me back about an hour later, she said, "I have great news, we can get your interest rate down to 5%." She told me what my monthly payments would be and they sounded great. I told her I would need to speak with my husband first and I would call her back. She said to hurry so she could lock in the interest rate.

I called her back and said yes. Sara said I Only need a 400 deposit to lock in this rate. She said I would get it all back but about 60. I gave her my debit card number. She said she was going to e-mail paper work and we needed to e- sign it as soon as possible. We got the paper work, and the good faith estimate said our closing cost would be 154.86, and our interest rate was 5%. She never mentioned closing cost on the phone, but 154 isn't bad, so we signed.

About one week later, the Closer called, and said he needed to go over the closing details. He said we needed 1200 to 1500 dollars at closing. I told him Sara never said anything about closing cost. He said he would call Sara and work something out. I got an e-mail a few days later showing my closing cost was down to about 600, but my interest rate was up to 5.5%. Now they won't give me my 400 back that I gave them to lock in the 5% interest rate.

Norris of Newark , DE May 13, 2009

I filled out an online refi questionaire and early the next morning a. isham of quicken mortgage calls me. we talk for a bit to see what my goals for refinacing were and what i was looking for, after a few mins talking he says he will call me back in ten mins. sure enough ten mins later he calls me back with some numbers that sound real good. i tell him i need to talk it over with my wife, he says but if you were the one making this decision you would do it right. rush rush rush i need your 500.00 deposit to lock you before rates go up. i said i will get back to you when i talk to my wife.

2 hours he calls, i dont answer, sure enough 20 mins later he calls back, i answer and tell him i didnt like his strong arm hurry up give me 500.00 deposit ways, he says he didnt mean to sound that way. i tell him i am also checking with capitol mortgage. he says i just googled capital mortgage, he said he found no matches (please google capital mortgage) and tell me what you find. plenty of matches. these people are scam artist. thank you for this website i did not lose any money to these scam artist. Please stay away from this company.

Diane of Tulsa, OK May 18, 2009

I contacted Quicken Loans via the internet and now I can't get them to stop calling me! I talked with a representative and told them both by phone and by mail that I was not interested to stop calling.

Kari of Salem, OR May 18, 2009

I was contacted by Quicken Loans on refinancing to lower rate. I was quoted an FHA loan by Geoff Samet. He pulled our credit and I told him what a recent Zillow report indicated our home value was but I was uncertain due to housing market. I felt it was not worth the cost to do it so told Geoff we did not want to do it. He said would be crazy not to do it when could and put the hard sell on. He claimed costs would be recouped quickly. I had market condition concerns value would be enough to consolidate both our first and second mortgage loans. He looked up values in our county and said values were not dropping as elsewhere, looked at comparables and said there would be no problem getting the appraised value. We decided to proceed.

It wasn’t until this point I found out about 500 deposit, "a commitment to do business" and "would get back at closing". I thought we would lose only if backed out of the loan, did not provide all required information or misrepresented information. I provided honest, complete information. I would not have risked money if I knew he had provided all information so I knew what my risk was. I was not told FHA required 2 appraisals and was not aware 2nd appraisal was required until got a call to schedule. 2nd appraisal came in low. I was told appraiser refused to change value on appeal and appraisal review team agreed. Geoff had indicated when I had serious concerns before scheduling the second appraisal that it wouldn’t be a problem, the comparables were there to get the value and they could submit an appeal to get it changed. It appeared a foreclosed home was used. This would have been on list Geoff able to look at, appeared most similar and sold well under what we needed the value be. It appears unlikely we had enough equity to do this and this would have been clear before we started if I had been given the correct information. With this information, our ability to refinance was grossly misrepresented. After decided not to do loan, Geoff misled, gave incomplete information, not disclose risk of losing money, and gave assurances that should not have made all in an effort to make a commission.

With complete and true information, would not have started this process and be out money for deposit. The true costs of the loan and risk of losing deposit not explained and disclosed. I attempted resolve with no success. They are practicing predatory lending involving failure to disclose. Lenders have the legal responsibility to fully disclose and completely explain each and every aspect of the mortgage that is applied for.

Donald of lafayette, IN May 6, 2009

will I apply for a refinance loan and was told at first when Robert called me back we where going to get a 4.5 % ints. then when I was looking over my loan papers it was 5% Robert e-mail me and changed it to 4.5. today I was told it was 5% and you never get any where with them. they tell you one thing them its different. 400.00

Pacita of Alameda, CA May 15, 2009

I called Quicken Loans on behalf of a buyer who was told bythe lender to ask seller for credits towards closing costs. Because the seller is a devout Muslim whose religion prohibits mortgages, loans and interest rates, I specifically asked Quicken Loans if there are going to be any discount or origination fees. He said no, and he even confimed it in an email.

By the time we were closing and we looked at the credits that they wanted to apply towards buyer's closing costs, Quicken Loans, to come up with 3 % in closing costs and to buy down the buyer's loan, charged 1% origination fees and .75% loan discount points (is there a difference?), as well as one full month's interest on the new loan. The seller was horrified and refused to pay those specific fees. Had they itemized fees for other credits, the seller would have agreed. So I had to find a way to cover the expense for the discount/loan origination fees that th Quicken Loans lender said he would not charge!

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