Consumers Beware Of Quicken Loans

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.

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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

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

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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!

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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.

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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.

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April 18, 20080 found this helpful

My husband and I went through the same experience, however, they made us jump through every hoop they could come up with including providing us with a loan "approval" letter with a few conditions that they then kept changing on a daily basis. Our horror story is posted on "pissedoff.com" I have sent letters to basically the same agencies as you and hopefully they will, again, be investigated. Hopefully, many more will also contact these agencies.

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April 20, 20080 found this helpful

Perhaps Quicken should make a couple of changes:

l. Name change from "Quicken" to "Sicken" Due to all the spinning you around they do.

2. Provide prospects a "Truth in Lying" statement in lieu of a "Truth in Lending" statement

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April 23, 20080 found this helpful

Victoria,

I have also sent a detailed letter along with all supporting documentation to the same agencies except for Quicken. I don't know if you have researched other sites but there are so many complaints of the same nature that someone has to put a stop to them. If you haven't been to Ripp Off Report or Pissed Consumer you should have a look.

I hope that the FTC will go after them since they have already taken them to court once.

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April 25, 20080 found this helpful

What's crazy is that I was charged $500.00 and I didn't even have a house to appraise! They told me $500.00 was just for an appraisal but how can I be charged for an appraisal when I don't have a house to appraise. A big waste of time and money!

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August 17, 20080 found this helpful

I have dealt with Quicken Loans on a refinance for my home several times, and through all the complaints I've seen here, not one person admitted to their mistake of signing documents based on that "Appraisal" or whatever else you say they lied to you all about. I can almost GUARANTEE that not one of us would be on this forum had your appraisal came in high enough.

It sounds like everyone on here knew their home was not going to appraise for that and probably thought Quicken had their own way of appraising and will give you a higher value for working with them, so the greed in you makes you go for it, and do NOT say you didn't know, because even if you're rushed through the phone conversation, you still have more than enough time to read your documentation. You must understand something, Quicken Loans, or any other lender are NOT the experts on the value of your home, and can only go by online valuations and comps in your area.

I have done 7 loans with them in the past 6 years, and NEVER have their estimated appraisals came in low except for the last 2 years.

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January 21, 20090 found this helpful

Quicken is horrible. We were sucked in. Our appraisal came back 30,000 lower in 3 months. They couldn't do the loan. We then had a new appraisal done. Came right in where we were as our market is steady. Come to find out fha won't use the new appraisal, so the life was sucked right out of us.

BE WARE.The percent that make it through is slim. They make there money on the 300-750 they get from people to start the loan. I swear they are in cahoots with an appriaser that will lower the appraisal.

please be careful..

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September 9, 20100 found this helpful

I love people who don't even know the difference between a broker and a lender. Brokers cannot lock the interest rate. Not only that, but only you don't understand that the people writing these mortgages don't guarantee appraisal values.

If your house is over valued, then don't try and refinance, or just get an appraisal and tell the county tax people to lower your taxes. It's a win-win situation. Quicken Loans is not the enemy, they just have to follow the rules.

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October 30, 20100 found this helpful

This noxious company has stung me for $500! I was told to in order to lock in a great rate, before I received an inspection, or any work was completed, that I must rush my documents to them and sign a contract. After I did this I realized what Abby Wynsch (of their President's Club Banker status) had promised me was not what was in the papers I was rushed through. This was my first experience ever trying this process. I admit ignorance and did not check online for complaints, a foolish mistake. I expected a company with such a stellar reputation to be ethical and really provide a service to me. I rescinded after showing the documents to a real estate broker friend who observed that the fees were $7000 more than I was quoted, and that there was no cash out (I was told there would be $20,000). I asked that the process be stopped and she assured me that this would happen. Only they cashed the deposit after the contract was made null and void. The papers also first reflected that there would be no deposit, and after I signed them they were returned with $500 typed in. I have a thread where I thanked her for being so kind given my tight financial situation. I felt that they were in the deposit taking business rather than giving me a serious loan. I just read online that this nasty company had more sales this past September than any month in their 35 years. Want to read more stories about this company check out Ripoff Report.

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March 5, 20130 found this helpful

Wow! I thought I was the only one scammed by Quicken Loans - cannot believe there is a pattern of behavior involved here. Their high-pressured sales pitch to collect the deposit immediately along with their mis-representation of facts about this deposit is truly the behavior of a company that totally lacks integrity.

They told me it was fully refundable. They never told me it is used to pay for the appraisal or that I would be responsible for the costs if we do not close. Quite the contrary, the sales guy (because he is definitely not a banker - as he calls himself) does not care about the truth - only about collecting that deposit. Then he is gone . . . on to the next victim - and who cares what happens with this customer.

Amazing that this company is surviving with such low integrity. Stay away. Stick to your bank. When it comes to financial transactions, integrity trumps everything including speed - and these guys have zero integrity.

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