Complain about a product or service

Quicken Loans

Gokul of Lutz, FL May 12, 2009

I had requested for mortgage refinance 15 year quotes from various lenders. Quicken Loans responded with their quote along with some other vendors. I had filled in an online application for pre-qualification. The agent at Quicken Loans began calling me about the loan asking me what I was waiting for and to go ahead and sign the loan documents electronically. I mentioned that I was still awaiting rates from other vendors and would have something by early next week. This was on a Thursday/Friday. The agent calls me Saturday morning asking me whether I had reviewed the documents and sign them, while I was on my way out for the weekend with the kids. He convinced me that I could backout of the loan if I ever got cold feet without any penalties, and made me get on my PC and sign the documents. Monday/Tuesday I got a call from my local credit union with an excellent rate. I sent a message immediately to the agent at Quicken Loans asking him to withdraw the loan application. Now I am being told that a deposit of 550/- will be levied as a penalty for withdrawing the loan. I explained to them what had transpired between me and the agent, and now they are saying it could be a mis-communication. If I knew this is how they did their business, I would certainly have looked elsewhere.

Joe of Santa Fe Springs , CA May 11, 2009

I made an inquire to Quicken loan by internet on thurs.5-07-09, I was contacted by an agent of theirs on friday the next day. I received a package next day mail containing some loan docs. I read them and everything seemed alright. During the weekend things changed on my side (employment). I got a call from M. Mantua the Quicken agent Monday the 11th at around 2:30. I informed him that thing had gone bad and that I would not be able to go through with the loan. Almost immediately M. became very loud and aggressive over the phone. He told me that if I hung up on Him again that He was going to take 400 out of my Mastercard and could do it because I had given him my number.

Needless to say I'm not worried but everybody needs to know about this Mortgage company's unprofessionalism and bullying tactics are out there. At first they are very much the pros. that you would expect but this is a facade. I would not recommend them them to anyone! I've had to change my card and put them on alert for posible fraud.

Michael of Hermiston, OR April 29, 2009

I went online and asked to be contacted regarding a refinance mortgage. I was contacted by A. Carrasco Executive Mortgage Banker - President's Club | Quicken Loans He was freindly and helpful and I gave him all the personal information he asked for. He gave me a verbal Good Faith Estimate and wanted me to pay the application fee that moment. When I told him I wanted to get another GFE he became agreesive. I asked him to send me a GFE in writing but he wanted me to get another one and send that to him first.

I got another one and sent it to him and never received one from him or heard from him again. I beleive Oregon has a law of within 72 hours a written GFE has to be provided. I am pasting a trail of emials.

Greg of Roanoke, VA April 22, 2009

Quicken Loans called me upon filling in brief information about refinancing on Bankrate. Thier offer was great initially, but the faster the salesman spoke the more i became confused, but he seemed to make it all come together; very talented silver tongue. They offered a rate of 4.5% with 1 point buy in, and closing costs seemed reasonalbe. We initiated a deposit from my debit card over the phone, and then he sent the final good faith estimate, but the numbers where completely off from our conversation, and i decided to freeze the deal right there. I politely asked them to abstain from taking the deposit on account of a misunderstanding. They complied.

Four days later my bank calls me to inform me that my debit card has been compromised. Someone apparently tried to purchase airline tickets to Mexico from my debit number. Fortunately my bank declined the purchase on the spot. My wife called Quicken Loans back to inquire about our debit card, the so called senior loan manager however said our salesman was not in, he was on vacation in Mexico! Needless to say we've filed a report with our local police, and our bank is running an investigation. But I'm not sure what else we can do.

Steffani of Uniontown, OH April 21, 2009

My husband and I applied online for information about refinancing our home loan. We currently have a conventional loan. We received a phone call right away. The sales rep. looked up our credit history and said there would be no problems, he just needed 500 as a guarantee that we want to work with them. He also said we would get a 5% loan, which is 1.75% lower than we currently have. We gave him the money, filled out all the proper papers, and he said everything looks good. He said we would have to have a house appraisal done. No problem. A man came out, took pictures, and said everything looked good.

A few days later our rep. called us and said everything looked great, the appraisal came in great, but in order to get the rate he promised us, we would have to go FHA, and they require 2 appraisals. So, about 10 days later, another man came through our house, took pictures, etc.

A few days after that, our sales rep. called and said he had bad news. The appraisal didn't come back high enough. My husband asked him how that can be since the first one came back fine. He said we only had one done. The rep. refuses to acknowledge that 2 appraisals were done, with one of them coming in high enough. He said there is nothing else we can do. I would highly recommend no one ever try to get a loan through Quicken Loans. We have lost out on our money.

Rocco of Seattle, WA April 18, 2009

The complaints posted here seem to be generally on the same subject, that is, a difference in quoted verses actual price of the loan and the subsequent loss of deposit. I think Quicken is working to change this situation. The very same thing happened to me only my deposit was 750, which included a charge for the appraisal (400). I was considerably upset when the mortgage came back at a higher price (points) than originally quoted, after my appraisal. This was because the house had appraised much lower than I had guessed due to the current market.

Because of my upset, I then called a couple of other mortgage companies and lo-and-behold, they were lower than Quicken. Therefore, I told Quicken I wanted to cancel my mortgage with them and based it on what I had been told initially. There were a few heated words when I was told my deposit was nownon-refundable. From that point on however, I was called by higher-ups in the company, on their ownn initiative, to try to resolve the issue with me.

The first person to call me, my salesman's boss, listened diligently to tapes of our conversation and said I had not heard exactly what I thought I had. What he repeated to me jogged my memory and he was correct. The final call was from a VP of Customer Service who said that indeed my deposit was NOT refundable and unfortunately, since my initial call to them, the interest rates had gone up so now the loan would be even more expensive. Everybody was very professional - the service from Quicken was always great - but my deposit was not refundable, thank you.

End of story or so I thought but recently, checking a disparity on my credit card charges, I discovered Quicken had refunded 400 of my deposit. A pleasant surprise to me. It wasn't the full amount but then they had paid for the cost of an appraisal. My recommendation is to check with a few mortgage brokers or companies BEFORE making a deposit with any of them and asking exactly what items will impact the costs of the mortgage, i.e., FICO, loan to value, etc.

A. Walton of Memphis, TN April 17, 2009

We were trying to refinance with Quicken but they kept giving us different rates. The first time we tried to refinance we told them that we wanted a 30yr fix FHA loan. They gave us a good faith estimate online and we signed online but when we received our papers they were for a convention loan PLUS we recieved someone else's paper. We were reading our papers as we signed them that is when we realized that it was a conventional loan. The person that we were working with did not bother to tell us that is what they did. He said that he thought it was best and I told him that is not what we asked for.

Then R. Trumball contacted me offering us a lower rate than before. I asked him why offer it now why you did not offer it at the beginning. Since he offered a lower rate we decided to try again. I was told that the 400.00 that we paid was for an appraisal but now he is saying that I can not get it back. He keeps lying and changing his story. He even sent an email to my sister saying that we will be paying more for a lower rate.

R. even said that we need to refinance more than any client that he has right now. I emailed him and told him that we found that to be an insult. STAY AWAY FROM QUICKEN LOANS! THEY ARE A FRAUD!PLEASE CONTACT THE BETTER BUSINESS BUREAU AND YOUR ATTORNEY GENERAL!

Stephen of Highlands Ranch, CO April 16, 2009

BEWARE OF QUICKEN LOANS!!! They purposely under-estimate the value of your property (choosing a lower value than the appraisal) then charge a full extra point (4200 for my loan) for mortgage insurance. They refused to send me a copy of my own appraisal. No refund on the 500 application fee and three weeks wasted, though I WILL get it back somehow from my credit card company. BEWARE and STAY AWAY - this is NOT a reputable company.

500 in upfront fees A lot of time, talk, and aggravation

Robert of Shirley, NY April 15, 2009

I contacted Quicken loans on March 25, 2009 able refinancing my home loan. By April 25 I had refinaced my loan with them for a new lower fixed rate for ten years. I am writing to say I have never had a better experience with a mortgage company than with them. Everyone I talked to or came to my home were polite and always willing to help. I highly recommend them to anyone who is looking to refinance. I am sure there are many people who have been ripped off in one way or another, but for myself I could not ask for a better company to deal with.

Mary of Bel Air, MD April 15, 2009

I wanted to refi, used bankrate.com & was referred to Quicken Loans. Matt was quite a talker & very friendly. I told him I did NOT want to pay points. He agreed and set me up with an interest rate with no points. Then he had me go on line and electronically sign all these documents that I assumed said the same thing he verbalized. I was wrong. Also I put down a 500 deposit. There was supposedly a quarter point that I agreed to.

I don't know much about electronic signatures & how safe they are, but when I physically got all the documents & noticed the point I called them right away. Unfortunately my closing was the next day (everything is very rush rush). I read that if I did not close I would lose the 500. So I closed & wrote them a very long letter explaining the problem. I even included documentation from other lenders who offered me a lower interest rate and no points. Why would I have gone with Quicken to pay points? They didn't even have the courtesy to call me about this.

I emailed them at least 4 times. I finally got a call this morning & was told too bad, you signed the paper. I strongly recommend that you do not use this lender. Find someone you can trust to handle your mortgage. These people are out to trick you to make you pay more. I would never use them again and wouldn't have used them this time but I would have lost my 500 deposit.

I lost roughly 800 in the quarter point and I paid a higher interest rate.

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