Complain about a product or service

Quicken Loans

Susan of Beaufort, SC April 9, 2009

I contacted Quicken Loans and asked them to refinance my 2nd Home condominium. They responded that it would be no problem due to my excellent credit and the low loan to value ratio. They also said that they close many loans in two weeks! To make a long story short, I spent three months sending them every piece of information that they requested, which was a ton of stuff. I also had to re-write my trust to comply with their requirements, spent a lot of dollars for my attorney and gave Quicken Loans the 500 that they required. All this only to be turned down by because the property was ineligible.

Quicken loans was never able to make the loan they promised, which they could have found that out in the first interview. It took them three months and endless, expensive compliance to their requests, only to be told that the property that I was attempting to refinance was ineligible due to FNMA guidelines; a fact they could have discovered with a quick web search before beginning the loan processing or charging me 500. The fee should have never been charged had they performed any due diligence prior to beginning the loan process.

My credit is excellent, my income is stable and adequate, and the condominium has the necessary value. The only reason this loan was turned down was due to the ineligibility of the property and, as I mentioned, this could have been discovered in the first five minutes of their initial intake, prior to any charges being levied. I would NEVER recommend Quicken Loans to ANYONE and in fact would strongly advise staying away from them altogether.

Joann of Simpsonville, SC April 9, 2009

Mr. Turk took an application for refinancing the mortgage on our home. He asked for a commitment fee of 750.00. I asked if the money was refundable if we decide not to do business with the company. Mr. Turk stated that if we decide not to go through with the loan, he would refund the mopney less a 20 fee for a credit check. He went as far as to accuse me of not telling my husband that I looked into the loan. He was just unreasonable, saying that he has recorded conversations that he can play back to me. I know what was said, and I would not have given him anything if I had not thought I could have the money back.

He refuses to refund the money, my husband did not sign any documents and refuses to do so. So far, we are out the 750.00.

Stan of Richmond, VA April 8, 2009

My loan with my former loan holder was just paid off by Quicken Loans and I want to share my experience. I was contacted without solicitation by Quicken Loans on February 6, 2009 with an offer for refinancing my 5 year ARM expiring 2011. They offered refi terms that intrigued me, so I made a quick Google search to see if it is not a scam. After I read many complaints, I became even more suspicious, so I called my bank to ask them about Quicken Loans. They confirmed that they work with them. In short, I found out, that the bank was improving its balance sheet and cashing in its ARMs.

Very cautiously, checking meticulously all paperwork posted by Quicken in my account, I went on. Like a hunted deer, I was ready to cut and run at the smallest sign of wrong doing. Now that the deal is through, I want to clear my conscience for giving a hard time to my loan officer Darrell Winslow. If it werent for his patient following of the deal, I wouldnt be saving 200/month. I would have closed earlier, had it not been for my diffidence. I want to note that a company is made of individuals and I had luck with this one. I dont want to disparage complaints made by others, who might or might not be right. In essence, my experience was a positive one, with the ability to examine the paperwork on Quickens web site during the process. I did not feel rushed and proceeded at my own pace.

Charles of Newark, OH April 7, 2009

I made the mistake of filling out the on line forms with this company.I then found this site where people were telling of their mishaps with this company. Thank goodness there was such a site to warn people before they lost their hard earned money. I guess I will be getting calls from them and I am hoping they know what no means. I just wanted to say thanks for all these bad experiences.

Michael W. Zink of Auburn, NY April 1, 2009

In 10/2008, I purchased my home from my mother's estate. I'm 51-years-old. My mother has tax exemptions: Premium star, veterans, senior citizen that reduced her taxes, including 0 school tax. Quicken based my tax escrow/monthly payment on the totals from my mother's previous taxes. Then, only 1 month after I purchased the home, they sold the mortgage to Countrywide. In March 2009, I recieved the news that I'm negative in my escrow and my monthly payment has significantly increased.

Certainly I take a degree of blame, I reviewed/signed the papers. But this is Quicken's business. They don't have the professionalism to catch this? Subsequently, had I received the correct estimated cost for my monthly payment of upwards of 800 per month on a 30-year mortgage, I wouldn't have purchased the home. It's a lesson learned. However, at the bottom of each email I received from Quicken was the quote, We are what we repeatedly do. Excellence therefore is not an act but a habit I hope they're not in the habit of these kinds of mistakes.

Cheryl of Granville, MA March 30, 2009

Was contacted by Quicken Loans by e-mail to refinance my home that I've owned since August 08. Was swindled by the Broker/Realtor Tina who served as a dual agent on the sale of the house to begin with. No keys @ closing, just me and my lawyer. Should've opted out. Due to i.d. theft (twice) caused me to go bankrupt and plus bad credit. A balloon payment in 2 years (now 1/and a half) was the reason to refinance. Told Quicken Loans of all this. They did not approve me, have my ss#, and other personal info.

Paid 219,000 for house. Quicken Loans came back with a devalue of 203,000; that within 4 months of purchase! Did not give them money, or sign anything, but to contact QUIZZLE, which i did to find another mortgage lender involved with Quicken Loans. Received an e-mail last nite to go a website to confirm forms from Quicken Loans, too tired, and e-mailed them saying i would tomorrow, which is today.

Phone rang this a.m. with Rita, saying they would fix my credit report for 299.00. I asked, Is there any guarantee? Response: No, we're a mortgage lender, not a credit repair co. (Quizzle said 2 weeks earlier they would fix it for 300.00) I asked about the current mortgage rates -- no response. RED FLAG WENT UP. There was so much muffled noise in the background that I said, It sounds like you're on Wall Street. Response: Yeah, we're really busy. After I said Yeah, you must be with so many scams around. Rita hung up rather quickly. Before that she said they would set me up with my own website to handle credit repair, and it would cost more.

BOTTOM LINE: Went to Website and looked for complaints about Quicken Loans. Couldn't believe what I read. Cannot thank all of you enough. Quicken Loans stands for QUICK END OF YOUR MONEY. (Missing 1.00 from my account.) Very Close Call -- Grateful

Stressed out enough and waiting to see what may happen next.

Jason of Tucson, AZ March 25, 2009

Adam from Quicken Loans said he could give me the best loan and that no other company could get me a better one, So i was working with other loan companys at the same time and i told him that i wanted to look around. Adam tried pressuring me to work with them and repeatly tried get a deposit out of me so that he can continue to work on getting me a loan. I told no that im going to shop around. I found that i was hearing the same stuff about what kind of loan i can get from other companys.

So during this whole shopping around Adam was continously calling and trying to pressure me to go with quicken loans and since i was hearing nothing better from other companys i went ahead and started working with adam from quicken loans. Adam told me the deposit was refundable, But when i found another company that i was still working with was able to do a 60% debt to income ratio and quicken loans can't do that and this other company was able to give me a better deal I called adam from quicken loans and left a message saying that im going with another company. Adam called me back and left a message saying that im sorry to hear that and i hate to see you lose your deposite. When i called adam about the deposit he told me that i couldn't get it back that its not refundable, we argued about it and he said well let me see what i can do.

well i didn't stop working with the other company and went ahead and had an appraisal done on my house and it came back really low do to no comps in the area which means that no loan companys can get me the loan that would do me any good. So when adam called me back I told him about the appraisal and that theres no point in sending another appraiser out to get the same results and since my deposit is not refundable then i would like to do it at another time when the comps in my area get better.

Adam said that they couldn't do that and that i should go ahead and have another appraisal and maybe i could get half of it back. I said no i will take to small claims court, no services have been provided. so since then adam and the appraiser keeps calling to get me to go ahead with the appraisal and i said no. I called my credit card company to try to get my deposit back and they are working on it. Quicken loans/Adam G. are scaming people to get a deposit that I will get it back when the loan closes but no where do they verbaly tell you that the deposit is not refundable

Jill of Rock Spring, GA March 21, 2009

We purchased a new home three and a half years ago. I looked around for the best raters and came across Quicken Loans. We were buying a house with one still on the market with a good prospect of selling it. We decided to get an ARM loan which we would convert to a fixed rate after it sold. M. Dominguez was the rep that we dealt with. I told him our situation, and he was more than glad to help us and told us that we would receive the best rate possible through Quicken. My concern was that we wanted a good interest rate when we converted. He told us that our lock-in rate would be as low, if not lower, that the average in the market. No worries. That is until it came time to lock in.

We closed initially right before Katrina. Our house sold and closed within a week of closing on the new house, so we would have been fine without an ARM, but didn't know at the time. Just our luck! After the closings, I called to lock in and was advised by Miguel to wait a while because the rates had gone up, and he felt that they would lower soon. After about 2 months after Katrina, which had caused a spike in rates, I noticed that rates had come down, so I called him to lock in. He drew up the paperwork and faxed it to me, and I noticed that the rate was a point or so higher than the other prevailing rates. I immediately called him about it, and he said that was the best they could get, and that we could buy it down. I was furious! He had been so nice and had assured me that we would get a competitive rate.

Boy, were we stupid to believe anything he said to begin with. I then told him that I had no intention of buying down anything, and that he had promised us a competitive rate which he was not delivering. We had no intention of settling fr this [bad] deal we were being offered. He then got his boss involved, and tried to convince us that this was a good deal. Naturally, we were livid, and I began to look elsewhere. We ended up getting a fixed rate loan through our credit union, and it ended up costing us 7,000 between the lock in rate, and the closing costs we had to pay over again on the new loan.

 I have often thought of filing a complaint or filing suit to get our money back, but I don't know where to begin. I'm afraid if we file suit, it will cost us just as much in attorney's fees to get our money back as we lost. I would love to join a class action suit against Quicken. We're not wealthy people, and losing that much money really hurt us financially. I would love some help with this if possible.

Mike of Smyrna, TN March 17, 2009

DO NOT USE THIS COMPANY! I was given a good faith estimate by this company for a refi I was doing on my home. I filled out a form on an internet-based site that asked, among other questions, the value of my home. My credit card was charged 500, I was told it was for the appraisal fee, and, that I would get the back at closing.

A day before closing, I look at my application on line to make sure all is in order. Without telling me, without notifying me, this company upped the loan discount fee. When I objected, I was told it was not their fault, that the people they get the from had to because my appraisal came in too low.If I still wanted the same deal, I could bring some money to the table!

My appraisal came in within a few thousand dollars of what I estimated on the web site form I filled out. Seth at Quicken loans decided to use a value 60,000 more than what I told him my house was worth to get the discount rate he quoted me. When I told him that this broke the terms of our agreement and I would not do business with a company like this and asked for my back, they refused. When I asked for my appraisal to be released to my new fiance company, they refused. While they will give me a copy, this is of no use to me, it has to be in the name of my new finance company, and must be released by Quicken.

I have to start over with the appraisal process again. I'm out the 500, becuase Quicken chose to change the value of the home to get a better deal and mislead me.

John of Tawas City, MI March 17, 2009

After they offered me a refinancing (I didn't call them, I didn't contact them myself !!!, they called me at home) and the appraisal wasn't good for them, they stole my 500- dollars that they asked me for deposit and they never told me I could lose them and they are refundable, they are a bunch of thieves, the guy Geoff Schmidt, told me he will take my money and he will do what he wants with my account (Credit card)and I won't be able to stop him, he was really unprofessional, nasty and thesame was the guy Baker, they were pathetic, please stay away from this company if you don't want to lose your money !!!!!!.

Short of 500- dollars that could pay many bills in my house.

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