Quicken Loans Complaint - Unethical Mortgage Practices To Steal $500 Deposit
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.