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Quicken Loans - Is it ripping off consumers?

I have been mortgage shopping and was approved from two mortgage companies so far one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house! The other mortgage company I don't have to send in the payment until I have found a house and sent in the purchase agreememnt! I have read on the rip off reports that people never get their money back from Quicken Loans either they seem like a rip off to me.

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Liaoyu,

Welcome to the forum.

When the Quicken Loans Company is charging you the money even before finding a house, you should not deal with them. Moreover, when you have already found from the rip off report that this company do not return the money to the borrowers, it means that they are scams and there is no point to go ahead with them. Rather you should stay away from such company.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

domainforsale's picture
domainforsale | Joined: September 10, 2007 02:56 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

maybe anytime they ask for money u should know it is a scam..

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Liaoyu,

Welcome to the forum.

I don't understand one thing - why do they need your credit card number? It's better not to give it to the mortgage company. And, it's good that you haven't signed a deal with them yet. I personally feel you should explore loan options offered by some other company. And there's one way out. You can check out their reliability at the Better business Bureau.

hope this helps...

God bless you.

Samantha

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:5877c9210a]I have been mortgage shopping and was approved from two mortgage companies so far one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house! The other mortgage company I don't have to send in the payment until I have found a house and sent in the purchase agreememnt! I have read on the rip off reports that people never get their money back from Quicken Loans either they seem like a rip off to me.[/quote:5877c9210a]

As per laws any service provider cannot ask for money upfront before the service is provided. If any company ask for payment before they have provided any kind of service then it is better to avoid them.

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liaoyu03's picture
liaoyu03 | Joined: September 9, 2007 08:43 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

thank you.
I have never heard of a mortgage company asking for your money before you are even find a home! I think I will stick with my local mortgage lender they don't want the deposit until I have sent in the info for a house I have agreed to purcase.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes Liaoyu,

Even I think it is better if you stick with your local mortgage lender as they have not asked you for the deposit like the quicken loan company. It is better if you avoid such companies that ask for some deposit even before you find the house. I guess Quicken loans company is a scam.

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:3100448bc8]one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house![/quote:3100448bc8]

Did they mention why they need your cc no. and what $500 will be used for?

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lenny's picture
lenny | Joined: September 11, 2007 12:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have heard of Lender taking a application fee or a lock deposit, however this typically does not take place until you have found a home and are ready to move forward with the lender. This is an approach from them to assure they gain your business. Once you have place a large deposit you are not going to be willing to walk away from it. At this point you will find them offering rates no where near what you may have possible originally negotiated on. I recommend going with a local lender who will guarantee your rate and also attend your settlement. Good luck!!

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livinginnky's picture
livinginnky | Joined: September 8, 2007 08:31 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

What do they want the $500 for?

I always require my customers pay for their own appraisal fees upfront and then credit them back at closing. Most companies do this. The reason being is if a home isn't worth what you are trying to purchase or [url=http://www.mortgagefit.com/refinance.html]refinance[/url] it for that is you or your realtors responsibility not mine. I don't want people buying overpriced homes and I don't want to have to pay $200-400 to find out. I am a loan officer not an appraiser.

However I wouldn't require a credit card and I would wait to get the money until the appraisal is actually necessary.

If the money is some sort of application fee...well that is just laughable in this day and age. Too much competition. If you ever are told to pay an application fee it probably means you can't get approved and this guy wants to make a quick salvage buck.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Liaoyu,

I think you should go with your local lender.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

its because quicken fully underwrites the loans prior to you finding a house.... "pre approvals" are worthless because they are not a guarantee of funds -- so you can get "pre approved", go make an offer for a house you THINK you can get financed for, and then what are you going to do as you go through the process and find out you actually can't close on the loan?

this is how it was explained to me when i dealt with Quicken Loans and they told me they can give me a pre approval but it wasn't a guarantee... so i called 3 other lenders, all of them offered a pre approval, but also confirmed pre approvals were not a guarantee... so i called my guy at quicken back and asked him about their full approval...

no one can approve a loan unless an underwriter certifies your loan and you turn in all of your documentation and have your credit profile checked out... that's a LOT more than just asking someone a few questions over the phone and looking at a credit report... it takes multiple people and is a lot more labor/time intensive... how many companies do you think are going to go through allllll that work when the client isn't even committed to following through on their loan?

long story short, the 500 dollars i paid also paid for my appraisal and title stuff once i did find my house... i was very happy with the company and was glad i got underwritten first... i was originally pre approved by another company for a $400k loan... when i went through the process i found out i could only get $325k because of child support and a 401k loan i was paying back... GOOD THING i didn't waste my time writing offers on 400k size homes because i could have never closed on a home that size anyway.... and there was no way i could have found that out unless i went through the whole process with quicken before hand....

just my two cents!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

p.s. all 500 bucks was credited back to me at closing... not a single penny was kept by quicken

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adamr6cox's picture
adamr6cox | Joined: March 28, 2008 12:43 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it seems like you guys have the same problem we do must be a worldwide trend.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dbobby,

Welcome to our forums.

It's good that you shared your experience with us. may be Quicken Loans have a different way of looking at the mortgage process and that's the reason it underwrites loans prior to the buyer even finding a house. The best thing is, you got through the process and shared the actual information which hopefully will clear any doubts on the minds of the people dealing with them. :)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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...

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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chrishot85's picture
chrishot85 | Joined: November 9, 2009 09:03 pm | Posts: 0 | Location: New Jersey | 00 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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

QUICKEN LOANS SUCK! THEY ARE A FULL SCAM. WE GOT PRE-APPROVED AND THEN APPROVED WITH A VA LOAN. WE HAD TO PAY APPLICATION FEE AND ALOT OF OTHER STUFF IN THE SO CALLED 'GOOD FAITH ESTIMATE'! 2 DAYS BEFORE CLOSING THEY CALL AND LEAVE A MESSAGE SAYING THE UNDERWRITERS WON'T GIVE US THE LOAN BUT WE CAN GET A FHA LOAN AND PUT DOWN 3.5% WHEN WE MAKE WELL OVER $85K... I'M GOING TO JAG/LEGAL ON BASE AND COMPLAINING ABOUT THEM AND I'VE ALREADY WENT TO THE BBB... *** DONT' TRUST THEM!!!***

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Quicken Loans is definately an unethical, disreputable company. They will keep your deposit no matter what. I repeat, they will keep your deposit no matter what. Their customer relations/service department is a very bad joke. Stay away from Quicken Loans. And by doing so, you have done yourself an enormous favor.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

well, this has been instructive. i haven't seen much favorable about quicken here - not even an apologist for the company, which we usually find.

these days, lenders are getting upfront money for appraisals, certainly, but they ought not charge any other fees. credit reports are so cheap anyway.

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kelly1's picture
kelly1 | Joined: January 20, 2010 11:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey everybody - my name is Kelly and I work for Quicken Loans. I realize we're a bit late to the party with responding, but I still think it's important to address some of the concerns.

The biggest issue mentioned here seems to be our deposit. We're very clear about our deposit policy. It is not a scam. Taking a deposit allows us to get started processing your loan. It covers the costs we incur on your behalf, including thins like appraisal, credit reports, title, etc.

The deposit is directly credited back to you when you close your loan. If, for some reason, your loan is denied, we refund any of the money not already spent on your behalf. So, if you gave us $500 as a deposit and your appraisal cost $300, we would refund $200. However, if you review, agree to, and sign your loan application package, and later decide not to go forward with the loan, your application is considered withdrawn and we will retain your deposit. The deposit is completely explained on the application (specifically the document entitled Interest Rate Disclosure & Deposit Agreement) and is never charged until you sign your application, acknowledging and authorizing the charge.

If you'd like more info on our deposit policy, it's clearly explained on our site as well: "https://www.quickenloans.com/about/quicken-loans-deposit"

As a note, we have worked with nearly a million families since 1985. We closed over $25 billion in loans last year. If that doesn't indicate we're not a scam, I don't know what does.

All that being said, every client matters to us and we realize we're not perfect. I'm more than happy to help anyone if they contact me directly so I can look into their loan. Loan information is highly sensitive and it's difficult for me to comment on any specific situation without knowing the details. I am always available - "Kelly@QuickenLoans.com"

Thanks

Kelly
Quicken Loans

[size=9:d97f335b6b][color=Red:d97f335b6b][Email address and external links deactivated as per forum rules. Thanks.][/color:d97f335b6b][/size:d97f335b6b]

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

kelly, that's a good comeback. no sooner do i mention that we haven't seen the likes of you, but you come forth. i can't say i see the overall sense in grabbing as much as $500 upfront, but i do certainly understand your rationale. frankly, if i could have forced my clientele to bring their funds on first meeting, i'd have a lot more deals stick.

there's something to be said for that policy, given the fallout rate that we generally experience. actually, back in the day, there used to be an application fee on every deal, with (virtually) every lender - the world was a little less cutthroat then - and people (your parents, kids!) understood it was to be paid or nothing got processed.

those were simpler times, of course. we didn't have the all the competition we have now, and folk were loyal. for those who don't understand the word "loyal" you can google it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Once they get your $500.00 they have succeeded in decieving you.
They have you trapped and have no intention to make you a fair or competitive offer. I cancelled my application within 2 business days and never even had an appraisal. I even offered to split the $500.00 and asked them to refund me $250.00 which was more than they deserved. Of course they said no because they are not interested in being fair or ethical, they just want your money no matter what.
They are the biggest Bull Shit Artists in the business and would steal $500.00 from their own mother if they could get away with it.
Have you heard their TV commercial? They claim to be the loan experts and boast about their policy of honesty. They are offering 4.8% for a 30 year fixed loan.
What they don't tell you is that the closing costs will be at least twice that of all other competitors and that you will have to pay $500.00 up front just on their good word and will never get that money back even if they can't provide a suitable loan contract for you. Their position is simple, either accept our unreasonable offer or loose your $500.00.
There really needs to be enforcement action against them for their deceptive business practices which amount to nothing less than a sofisticated method of stealing money from the hard working public.
What they are getting away with is unconscionable and must be stopped.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Ray - I'm Kelly from Quicken Loans. I've emailed with you and wanted to post a reply to you here as well.

As explained in our reply to the complaint you filed with the Better Business Bureau and the other online posts you’ve made, our bankers are trained to explain our deposit policy up front at the time of application. We have nothing to hide. Potential clients can read how the deposit works on our web site, or they can watch our deposit video on Youtube. Additionally, each and every client is provided with an Interest rate Disclosure and Deposit agreement that they sign at the time the apply. That agreement provides that if a client chooses not to close their loan for any reason, the deposit is considered non-refundable. Accordingly, when you withdrew your loan application, we retained your deposit.

We are certainly sorry if our follow-up calls following your decision to cancel the loan process upset you. We were merely trying to understand what happened that caused you to change you mind and walk away from what we viewed as a beneficial loan program.

Once you signed your application, we immediately began working on your loan. We locked your interest rate (which carries a fee on the secondary market), ordered and received various third party items including a title search and your IRS tax transcripts, and provided you with a fully underwritten conditional approval letter. If you were not ready to proceed with a loan and/or did not agree to the terms of your deposit, you could have taken more time to make a decision or declined to proceed entirely.

Quicken Loans is the nation's largest online lender and 5th largest retail lender. We speak to over 3 million people each year. When less than a fraction of a percent of those clients complain, we think we are doing pretty well. All we are asking is that you honor the commitment you made to us when you agreed to proceed with your loan and signed the Interest Rate Disclosure and Deposit Agreement.

As mentioned in our reply to the Better Business Bureau, as a compromise we are willing to apply the retained deposit towards the closing costs of a future [url=http://www.mortgagefit.com/refinance.html]refinance[/url] or purchase with Quicken Loans. If you would like to take advantage of this offer, please contact our Client Relations team at 800-863-4332 so we can make the necessary arrangements.

Thanks.

Kelly
Quicken Loans

[size=9:21129d5492][color=Red:21129d5492][Email address deleted as per forum rules. Thanks.][/color:21129d5492][/size:21129d5492]

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm in the process of working with Quicken Loans. So far, my loan officer has been more than helpful. He always gets back to me and answers all of my questions. If he cannot, he will find out what I need to know and get back to me.

This is my first time buying a home, and as you can imagine, I have an abundance of questions. I've tried a few lenders before Quicken, and none were as responsive or helpful. Quicken Loans has been the only one so far that has been able to help me as much as I've needed. I've been very demanding, and I call frequently, but am always met with a quick and friendly response.

I've read this thread, and see a lot of people complaining about the up-front deposit. I think the issue here is people are not understanding what they are agreeing to when they put this money down. My loan officer with Quicken made it extremely clear to me the first day that I called in. It was my understanding that the $400 I pay to them will be applied to my closing costs, should I get that far. If I decide to voluntarily withdraw from the loan process, the $400 becomes non-refundable. If my loan request is denied, I receive my deposit back, less what has been spent on appraisal, title, etc.

I have had a 100% positive experience with Quicken Loans so far. I hope the negative comments from people who misunderstand what they agree to will not deter new people from them in the future. They have done a lot to help me so far, and I look forward to working with them towards closing my loan in the near future!

Thanks guys,
Megan

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Why do people feel the need to complain all the time. Are there not bigger things to worry about?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you didn’t have any problems with Quicken Loans you are lucky. But I had huge troubles with them, and as I could find out I wasn't the only one. In order to avoid difficult situation you should read peoples opinion quicken-loans.pissedconsumer.com/ .

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are out $1,000 cuz Nicholas Grant never intended to close our loan with endless requests for documents already sent. Told him from start we were in middle of addition on our home. Said this was not a problem. We are then denied loan based on unfinished addition. Tells us we never told him about addition. When addition done, he orders 2nd appraisal for which we tell him we will not pay for. 2nd appraisal comes in $50,000 less. Tells us it is still high enough for loan to close. Loan is denied & we are charged $500 for 2nd appraisal we did not agree to. Now disputing credit charge.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've heard several people on this thread say that "in this day and age" a deposit should not be required. The historically low rates and our economic times are EXACTLY why Quicken loans charges a deposit. Quicken wants to make sure they are working with qualified clients who are ready to move forward. Everyone is trying to refinance or take advantage of low purchase prices right now and quite honestly, smart loan officers know that they do not have time to waste on customers who are just 'shopping' or 'looking into it'. You either qualify or you don’t. And if you do qualify and you are confident in a conservative value for your home, then you should have no hesitation about paying a deposit which lets your lender know you are serious and will follow through. Some of you are correct in that no lender can charge an up-front fee without an approval and a commitment. This is true. That’s why Quicken Loans does not charge your card if you are not approved. Other lenders may not ask for your business as soon as Quicken but get far enough along with any lender and eventually you will be asked to pay a deposit. Lenders are not in the habit of underwriting loans and paying for appraisals and credit reports and tax transcripts without confirmation that the customer is on board.
The ‘scam’ accusations on this thread crack me up. We are talking about the #1 online lender in the country with an A+ rating with the BBB. Quicken did not get to this level of success by being a non-reputable company.
I’m going to put it simply here. The people who complain about Quicken not returning their deposit are the people whose loans are denied because something wasn’t disclosed at application. Either their income documents do not match what they told the loan officer or their estimated value was way higher than the appraised value. The loan gets denied and only the difference of the cost of the appraisal and credit report are returned because Quicken paid that money to a third party and the client is angry. They feel cheated. Lending is a lot different than it used to be. If you embellish information up front, the underwriters will catch it and your loan will not close.
Loan officers do not get paid for loans that do not close. It would be asinine for a banker waste time and company money on a loan they know will not close. If a Quicken Loans employee asks for your business and a deposit to get things started it is because the program they have put together for you makes sense and will close as long as the information you provide is verified by the documentation you later provide i.e. paystubs, W2’s, appraisal.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Jimbo - do you even bother to take in & digest any of the valid complaints consumers have about your company? No, you are just a jerk who likes to talk down to people & never answer the real question. Even your little quote of "the customer is rarely right" is highly condescending. As for the phony BBB grade, it is now known Quicken has paid them (also called a bribe) to keep them at an A. Why don't you do us all a favor & find something productive to do rather than defend this pathetic excuse of a lender. And really, just stop trying to invalidate consumer's complaints.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am also unhappy with Quicken Loans. Since our loan on our new home was messed up, I had to refi to get it straightened out or face an increased payment of about $400 per month. As Quicken Loans is also my customer, I believed there rating as a great company. I paid them a lot of money to fix a problem, then guess what, one year later, I have the same problem. When I call them (you know, customer for a lifetime, call us with any problems or questions) they of course won't even attempt to help me. Yes, the service up to closing was pretty good even though the whole time I kept thinking I could get better deal elsewhere. But 'service after the sale' is nonexistent. You pay them a lot of money to correct a problem and they in turn screw it up, giving you the same problem you had. Its too bad, I have and do bend over backwards to give them excellent service but I don't get it back in return. I guess its one of Michigan's best places to work, but not one of Michigan's best for service. The worst part is, I know Dan Gilbert would not tolerate the service, but I have not said much since it is not my desire to get them fired or put the company I work for in jeopardy for future business.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

:evil:

Quicken loans will lie to you. This is how they will rip you off. First they don't tell you that you will have to pay an "origination" fee and it may be as high as $700. Then they will send out an "appraiser" who magically and conveniently decide you have no equity in your house. Oh WELL. They then keep your $700. It is a total scam. We wrote the state and the feds and Quicken loans must have some connection to a senator or something because nothing happened. DO NOT refinance or get a loan with these people. They are like the Mafia.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What a bunch of pablum up top there. Deposit? My as. We did not get a dime back. Guess someone needed to pay off their new car that day.
The courts call it "arbitrary and capricious" you morons. This is how you operate. I understand there is an attorney fishing around for a Class Action Lawsuit. We will certainly participate.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Stay far away from Quicken Loans they are a big rip off there name should be Quick to take your money

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks jeb, for sharing your opinion. Your opinion will definitely help others to take the right decision.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:32 | Post subject:

jared1's picture
jared1 | Joined: October 15, 2012 12:50 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sounds like your intuition is probably right about not laying the money out. I work at a mortgage marketing company, and most of our clients use data lists to send a targeted advertisement to candidates that are likely to meet their underwriting guidelines. Unfortunately, there are millions of people that have been underwater on their loans and unable to refinance - new programs like the updated FHA MIP program and HARP 2.0 have helped many people refinance.

Best of luck with your situation,
Jared

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

quicken loans will steal your money.don't get involved with them.I 'm in the process of filing complints with the bbb and new York state attornty general and my sue.they promise the worl and the sell you blind.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Thanks for sharing this in the forums. This will help lot of people in deciding whether or not they would go with Quicken Loans.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I read much on quicken tonight after having difficulties with my loan process. My wife and I have impecable credit. I got involve with Quicken because I needed preapproval to make an offer on a house, and was told QL was fast. After the offer was accepted it seemed logical to continue. I won't reiterate all the issues already stated, and I've experienced many of the same. My purpose is to reply specifically to the posters who apparently work for QL, and defending their company. I can tell "Kelly" I've been lied to with regard to the deposit. Iwas told it was refundable. Later during the process I discovered that the type of loan I requested (a 0 point loan) as discussed in the beginning phases was being processed with points. Add all the frustration of multiple document requests has made the process a more negative than positive one. QL employees, take heed. You need some independent monitoring of your systems that can't be altered internally to restore consumer confidence.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to the forums!

Thanks a ton for sharing your experience with Quicken Loan.

Sussane

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