Quicken Loan Reviews

Tip: Consumers Beware Of Quicken Loans

March 12, 2008

If anyone is researching companies to refinance to get a loan on the equity in your home, do not use Quicken Loans, Inc. The company is misleading from the first conversation and you will end up losing any money they request ($300 - $750) for a "Good Faith Estimate", not to be charged until your home is appraised once you have been approved.

You are rushed through the process so fast by them in order to "lock in the rate" that you have no time to really look at the paperwork. The broker will tell you that you have already been approved, sets up a date for the appraiser of their choice (TSI Appraisals) and charges your card. Of course, you are told that this will be refunded at closing, if you make it that far. If you question anything, you are suddenly unable to speak with anyone there in relation to your loan and then you get a letter saying the loan is denied without refunding your Good Faith Estimate ($550.00 in our case). You get no documentation of anything pertaining to an appraisal, just a copy of a bill with 3 different amounts on it. Stay away from Quicken Loans, Inc.

Source: This happened to us and we are taking action through the following: Federal Trade Commission (www.ftc.gov), State Attorney General in my state (PA) and Quicken Loans, Inc. (MI), AmericansForFairnessinLending.org, www.occ.treas.gov (Ofc of Comptroller of Currency), Small Claims with ConsumerAffairs.com for their Predatory Mortgage Lending practices and misrepresentation.

By Victoria from Newberry Township, PA

Comments

Jennifer Nelson
Bronze Feedback Medal for All Time! 196 Feedbacks

March 12, 20080 found this helpful

Bravo Victoria!

I was warned about this company by two separate mortgage brokers, I am supprised Quicken Loans is still in business since the brokers told me this was fairly well known. They could have been talking about people in the business though.

Hopefully if anyone else who has fallen prey to their scam they will follow the path you are taking.

I'm so sorry they "got you" and it could have happened to me. Thank goodness I was warned and I hope you "get them back."

Good luck and please keep us posted.

Jennifer
Northern Virginia

By Kathy (Guest Post)

March 12, 20080 found this helpful

My husband had some dealings with them also. The guy hurried him through as well and when it came down to it he used a much higher price for our house than what my husband had told him it was worth to get the payment down where we wanted it. When my husband told him that our house would not appraise that high he tried to raise the payment and DH told him to forget it. We were charged somewhere around $15. I guess we got off easy compared to you though. Bottom line is I agree - STAY AWAY FROM QUICKEN LOANS!

Janice C.
Silver Feedback Medal for All Time! 418 Feedbacks

March 13, 20080 found this helpful

Wow. I just heard an ad for them on local radio this a.m.

I hope you notified the Better Business Bureau too. On their website, you can check any company. People need to be warned about them.

Good luck to you.

By Scammed-Too (Guest Post)

April 4, 20080 found this helpful

I have similar Quicken Loan complaint. I told my broker the value of my house was $290K (twice the SEV). He said that was always wrong, so he said he would talk to real estate agents in my area. With my house info, he then came up with values between $315K to $335K. I gave him the $500 to lock in a great rate. The first appraisal came in at $275K. My broker said he would have his management try a "value appeal" loan. That didn't fly so he ordered a second appraisal. It came in at $274K. To top it off, my mortgage company says I owe $20 because of a sign-off letter for Quicken Loans. Why I don't know, since we never got past the appraisal and I told them repeatedly that everything depended on the appraisal. I've found over 20 similar complaints online. Somebody needs to do something to stop these crooks.