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Unethical Mortgage Practices
Posted by Buster1980 on 07/17/2008
LIVONIA, MICHIGAN -- I had begun the mortgage process with Quicken Loans in May of 2008. After I had begun the application process my credit card was charged $500 without my consent. When I called Quicken Loans about this they mentioned that it was simply a deposit and that it would be applied to the closing costs of the home.

This sounded legitimate so I allowed them to continue with the process. Everything was going fine until 2 days prior to inspection my loan officer mentioned that the appraiser classified the townhome I was purchasing as a condominium. This would result in a downpayment of 10% rather than the original 5% agreement. I inquired with numerous individuals including my realtor, home inspector and other loan officers and none had ever heard of such a practice. My loan officer said the company made an "acception" in their favor because we must pay association dues every month to cover the cost of the pools, tennis courts and other facilities. He insisted that if I were to go with another mortgage company I would run into the same problem. After this problem had been passed to his superior without change, we decided to go with a mortgage company recommended by our realtor.

Within one day our mortgage application was processed, we were given a rate that was .25% lower than Quicken's and without any points, and our estimated closing costs were $6,000 less when compared with Quicken's costs. (I won’t mention the name of the company but it rhymes with Untree Wide) I later received a phone call from another superior at Quicken Loans. He inquired to the situation and I mentioned how we were now with another company. I mentioned of the better rates and lower closing costs and why theirs were so high. He asked me if they provided me with better offers that would beat my new company and took away their "acception" of a 10% down payment, would I stay with them.

At this point I asked for my $500 deposit back since Quicken was no longer going to be processing the loan / mortgage. He disagreed to the refund and did not give a reason. My suggestion…find another lender.
     
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Posted by moneybags on 2008-07-17:
Protest the $500 to your CC company. Contact your state office of banking (normally regulates and licenses mortgage companies/brokers) and file a complaint. Glad you got with a good one. It's always best to ask your realtor.
Posted by sophie12 on 2008-07-17:
If your new lender is the one sounding like untree wide you may want to look further as according to financial news reports this company is facing serious financial difficulties. Also being investigated by feds for unethical lending practices with subprime loans
Posted by Jose on 2014-03-20:
We applied over the phone for 30year fixed rate mortgage we were approved they also asked us for $500.00!!good. Faith deposit but when a notary showed up one day after Packet with federal law disclosure arrived and after checking Papers turns out they were at adjustable interest rates which would be twice the rate we were told were getting after refusing to sign we were told that a superior would call me !!She did saying that she would offer 30year fixed at this time we said we wanted to cancel and get our. !!good faith deposit we were told a solution counselor would. Call us He did stating that quicken Loans was #1loans in the country bottom line is We don't want nothing to do with them they are deceptive and pulled a bait and switch !!my advice look elsewhere for loans
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Quicken Re Finance Loan. Deceptive Practices
Posted by Marilyndewitte on 07/24/2013
Quicken loans agreed to match another lender with a lower rate. Despite a flawless credit report, and one million dollars of equity in the house, they dragged it out until it was past the locked rate date, which was unbeknownst to me. The appraisal they ordered was also past the lock rate date. Kept my money anyway. They promised a rate they could not deliver, and kept the fees they charged.
     
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False advertisement/bad sales practices
Posted by Dq1000 on 09/14/2010
When I originally contacted Quicken Loans, it was for the purpose of refinancing my existing mortgage. I made it clear in my initial chat conversation with their loan officer that I was looking for a no money down option to refinance my first mortgage. At that point he stated that there would be a $400 deposit required to begin the loan process and that I had the option to get the money back at closing. When asked if any other money would be needed to close, it was stated that no other money would be needed. At that point I gave my credit card information and permission to begin the loan process. During the process an inspection of the house was conducted and it was determined that repairs to the outside of the property and a mold inspection was needed. When asked if these costs would be rolled into the new loan, the answer given was no. I reminded the loan officer of the conversation that we had regarding no money down and that financially I could not afford to spend much money on these repairs. Upon paying for a mold inspection and the repairs, which was an additional $285 out of pocket expense, it was determined that mold treatment was needed. I again asked if this cost could be rolled into the loan and reminded the loan officer of the conversation we had in the beginning regarding no money down. He stated that the expense for the mold treatment would have to be covered by me and could not be rolled into the loan. I feel that the Quicken Loans representative was fraudulent in his advertising of the refinancing option in that I have spent $285 on top of the $400 deposit which I am not able to recover and I was originally told that the only monies needed would be the $400 deposit which would be returned (if I chose) at closing. Had I known that there could be additional expenses for the loan that I was responsible for, I would not have pursued this Quicken Loans product.
     
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Posted by herbang on 2010-11-19:
Quicken Loans is the WORST mortgage company I have ever used and will be posting ours and my daughter's experience with the application separately.
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The best place to get a home loan!
Posted by Deniseruff on 08/25/2009
We are first time home buyers and didn't really know what to do. We contacted Quicken Loans and got the best Mortgage banker in the world, Mario Ingraffia. He really knows his stuff. He helped us get started, answered all our questions and made us feel really comfortable with our first home purchase. He called us at least twice a week to see how we were doing and answered any questions that came up. Every time we called we got an answer right away and never had to wait for a call back. The quicken loan website is very easy and very helpful. They keep you up to date and completely aware of what is going on with your loan at all times. I highly recommend quicken loans for all you home loan needs. I also highly recommend Mario Ingraffia as your mortgage banker. The best experience of our life. Thanks Quicken.

     
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Posted by BEJ on 2009-08-25:
Good review--It is nice that there are some folks out there willing to give great customer service!
Posted by herbang on 2010-11-20:
As a first time home buyer, you are probably UNAWARE of how you were probably ripped off by excessive fees charged by Quicken Loan Sharks. Wait till we post our experience, in a few days, then you can re-examine your cost.
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Quicken Loans Scam Artists- BAIT AND SWITCH TACTICS
Posted by Homestyle on 08/06/2009
Quicken Loans qualifies you, approves your loan at specific rates and discount points, then WHAM! they switch rates on you. BAIT AND SWITCH! They are an unethical and misleading company at the very least! Thousands of similar and identical complaints posted throughout the internet on complaint boards. Customer complaints as well as employee complaints. Customer complaints verified by employees!
     
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Posted by saj80 on 2009-08-06:
Quicken did this to me a couple of years ago; I simply told them "no thanks" and will never use them again for a loan. Plus, their fees are somewhat high, making the "convenience" not worth the cost and hassle.
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Bad Experience with Quicken Loans
Posted by KMattSR on 07/07/2009
Quicken Loans operate like the car salesmen of the mortgage world. Every time something came up they had to talk to their "vice president" to see if they could persuade them to approve a request or make some decision. Plus they treated us (with a credit score of 787 and over 20 years with the same employer) like we were high risk customers. Needless to say, we went somewhere else.
     
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Positive Experience
Posted by R.w. on 04/15/2009
Used Quicken Loan on March 25,2009 to refinance my home. By April 25 had refinanced my home with them with not one problem at all. Company was always upfront with all their terms and costs. I was told of the 500 deposit needed to start the refi. process. The money was used for appraisal fees and would be part of a refund after closing(which it was). Investigated their closing costs, which did seem high, but after checking other companies found to be right in line with the rest. I changed the terms of the loan 3 times without the company every getting upset about it.

Everyone I spoke to or came to my home did their job professionally. Would and will keep recommending this firm to anyone interested in refinancing their home.
     
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Unethical Mortgage Practices To Steal $500 Deposit
Posted by Hasci on 02/17/2009
FLORIDA -- I entered into a application with Quicken Loan Mortgage to refinance my home at what I thought was a lower interest rate and was talked into giving them in good faith a $500 deposit to cover the appraisal services with the understanding it would be refunded if they could not get me financed. After getting my deposit they started coming up with more requirements to which I provided in full detail until it came to the final requirement of having 6 month of reserve ( $4500 ) standing by in case my social security ever stopped. I made the mistake of telling them at the start I would not be able to come up with any reserve but I have a credit score of 760 and have made automatic house payment for the last 15 years and all my credit scores are excellent. They knew from the start I could not come up with the $4500 reserve and they set me up to keep my deposit. I could not provide the full $4500 reserve, so my application was rejected. No appraisal was ever done, yet they call my deposit at the end a fee for paperwork processing and refused to refund it.

Do not give them a deposit without a written understanding of what your deposit is for. And they will try to give you a discount during your negotiation by eliminating the appraisal fee, but again make sure your deposit is fully refundable in writing if you cannot get financing for any reason. They will also try to hole your application open after you can not meet there requirements so as to hole on to your deposit if and when you can meet there requirements. If and when can be a long time.

     
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Posted by Anonymous on 2009-02-17:
Some years back, unscrupulous lenders were charging $300-500 as an application fee after the potential borrower had filled out a 'preliminary application' which gave the lender enough info to know the applicant could was not creditworthy...thereby getting an income of $300-500 from each 'unsatisfactory' applicant. Sounds like the same game.
Posted by Sparticus on 2009-02-17:
We just refinanced with GMAC. They were very reputable and kept us in the loop at all times. I would recommend them to anyone.
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