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 just call me dumber than a 10 pound monkey (Guest Post)
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.
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.
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!
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.
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
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.
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.
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!
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."
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