Quicken Loans - Is it ripping off consumers?

Guest

SIMPLE...I DIDNT SIGN ANYTHING...THE LOAN OFFICER SCOFFED AT ME AFTER HE TOLD ME THAT I NEEDED TO GIVE HIM MY CREDIT CARD IN ORDER FOR MY APPLICATION TO GO TO UNDERWRITING BUT WOULD NOT BE CHARGED UNTIL THE LOAN IS COMPLETED..THIS IS SUCH A SCAM...THEY STOLE 500.00 THE VERY NEXT DAY. IF YOU ARE A LAWYER PLEASE CONTACT ME. I AM HAPPY TO START A CLASS ACTION LAWSUIT AGAINST THIS COMPANY. I KNOW IT IS HAPPENING TO A LOT OF OTHERS. WE ARE IN AN ADJUSTABLE MORTGAGE AND THEY SEEMED LIKE THEY WERENT LYING BUT THEY ARE BIG TIME LYERS...THEY EVEN LIED ABOUT WHAT THE CLOSING COSTS WERE GOING TO BE. I BACKED OUT BUT THEY TOOK MY MONEY. I HAVE REPORTED WITH THE BBB...DONT WORK WITH THEM...THEY ARE A SCAM. SORRY SO LOUD BUT THIS IS A SHOUT OUT TO EVERYONE WHO IS EVEN THINKING ABOUT DOING BUSINESS WITH THEM. THEY ARE GREAT WITH VERBAGE TOO.

jameshogg · Posted: Wed Dec 24, 2008 10:32 pm Post subject:

Hi Samanthas,

I understand how frustrated you must be feeling. It's your hard earned money they cannot take without any proper reason. You can contact any attorney who may help you filing the case against them. You can check out http://lawhelp.org/ . Here you can get a list of lawyers of your state who can help you.

Wish you a Merry Christmas.

Thanks

Guest

The returned deposit fee is itemized in the amounts returned at closing.
This is standard practice, and I used to work in a Mortgage Dept. A legal contract must have a "consideration," or a payment that is made. The closing estimated, itemizations, and other documents with Quicken clearly show that (in my case) nearly the WHOLE amount is returned at closing. I don't think those who are complaining have much experience! I've closed on three houses in my life, and Quicken's process is the same as the others. It is not helpful to call something a "scam" in such a public forum. But the naivete and ignorance of those posting here (including my own, perhaps) are not doubt responsible for our getting our country into this fix.

eric1 · Posted: Fri Feb 06, 2009 7:58 pm Post subject:

In my opinion, the $500 was some type of application fee. Unfortunately, the quicken rep did not fully disclose the fact that this fee was going to be taken up front....or, Samantha did not clearly understand the rep's intentions.

JKennedySLG · Posted: Mon May 04, 2009 7:28 pm Post subject:

I have heard of Quicken requiring a $500 "application fee" up-front. If you have got a quote from Quicken I would suggest you call a local lender and compare. If you feel as if you're getting a better deal with Quicken, go forth with the loan. I hope this helps...

Guest

Quicken charged my credit card 750.00 immediatelky after I told them that I didn't want to move forward witht he loan. I never even signed any documents, nor did I get an appraisel. After weeks of phone calls and complaints I finally received my money back. Unfortunately, 750.00 dollars doesn't justify getting a lawyer. I also discovered that there are pages upon pages of complaints agianst quicken loans at the consumer affairs website.

Guest

Quicken Loans promised full refund if my application rejected. However, they charged $350 for processing my application and rejected it. I think, that is how Quicken Loans makes money.

I already reported it to BBB.org.

It is scam. Avoid Quicken Loans

Guest

Their explanation of the fee (including a YouTube video) explains that the prepayment ("deposit" as they call it) covers your apprasial, a credit report and other out of pocket costs. If you are denied a loan, you will be refunded what has not beeen expended (not internally allocated - actually paid to a third party like the apprasier). If you are approved and proceed with the loan, you will see the entire amount credited against closing costs on the closing statement.

This does not mean they are a good or bad lender, only that this is NOT an application fee as many have been calling it. It is really an advance on closing costs that you would be paying anyway. I imagine it is their way of keeping window shoppers from wasting their time and money. And as a potential borrower, I would prefer not to subsidize people who are not serious about getting a mortgage.

Guest

Why would anyone want to underwrite or guarantee a loan without pre-approval is questionable. Why not see/check if the customer can even qualify for the loan before guaranteeing it? Say, I want a loan for 2% with a credit score of 350 and 0 downpayment and no income. Would you guarantee me a loan? Should I pay you $500 before you can realize that I'm not fit for a loan? This is pure and simple loan-sharking. What they do is that they collect the money regardless of their pre-approval process and guarantee your rate anyway. Then, they turn around and turn you down but they keep the money. What's questionable is that customers pay for that guarantee and nothing else; otherwise, they'd be happy with a pre-approval. It's almost like trying to get someone to buy a car without test-driving it. It doesn't make sense because it doesn't pass the smell taste.

Guest

will fowler told me that i was preapproved then after my (good faith money) reached their account did the appraisal, and then after all that they denied my loan. now why would he do all that on the same day. i have heard of nothing good about quicken loans, all they want is your money and then as soon as they get it, they screw you over. will fowler was rude the whole time, he never listened to what i said, he pretty much said just sign your name, or he would change the subject. so if you are thinking about applying with quicken loans i would highly advise you against them, they are only out for the money, then they dont care, i just wish i would of researced a little more, but i did a little too late and now im out all my money. will fowler tried telling me it was my realters fault for going ahead with the appraisal, when he had nothing to do with it, quicken loans is the one that hurried up and wanted to get it done so that they didnt have to pay me back. the loan officer is the one that asked for the appraisal not the realter.,
so PLEASE STAY AWAY FROM QUICKEN LOANS AND ALSO IF YOU GET A GUY BY THE

Guest

I too have been taken for a $400. up front good faith amount. I call the agent back within 30 minutes of signing and was told that I could't have the $400 back. So let this be a lesson to anyone that tries to get a loan from quickens loan.

chrishot85 · Joined: 09 Nov 2009 Posts: 16 3.30 Dollars($)

Hi Liaoyu,

If first one mortgage companies provide Quicken Loans but get this they want to charge $500.00 to it before find a house! then don't take loan from this companies. You can take loan from other mortgage company. Just ask to other rules or details of this companies about how to getting Quicken Loans.

All times are GMT - 7 Hours
Previous 1 2
Page 2 of 2