QUICKEN LOANS - quickenloans.com Will take your 500 dollar deposit and refuse to give it back Internet
I just wanted to let a few of you know what happened to a potential borrower that was dealing with Quicken. He was asked for a 500 dollar good faith deposit and was told that it was to be used for the appraisal.
After checking out this website, he decided not to move forward with them after all. When he called to cancle and asked about the refund as he did not have the house appraised he was told to read the fine print. READ BELOW.
From: Roberts, Isaac [mailto:IsaacRoberts@QuickenLoans.com]
Sent: Monday, May 10, 2010 5:52 PM To: Richard Weaver Subject:
RE: Money Richard, The deposit agreement which was signed electronically was very specific on the refund policy for the earnest money deposit. I have my hands tied with this one. If you would like me to fax you the copy of the agreement I can do that however I cannot process a refund for any loan.
So basically after you pay your deposit you are stuck. I can not believe that this is still going on in this business. Before you do anything with quicken loans please do your home work.
3 Updates & Rebuttals
Bman
Philadelphia,Pennsylvania,
United States of America
Use this possibility...
#4Consumer Comment
Wed, September 15, 2010
Use the same writing and prepare a report an send to:
http://www.ftc.gov/reports/index.htm
Bman
Philadelphia,Pennsylvania,
United States of America
Very Nasty Policy
#4Consumer Comment
Mon, July 19, 2010
Kelly you and Quicken Loans are in business to collect deposits not provide a service with policies like this in place. You are pigs masquerading as logical people.
Kelly at QuickenLoans
Livonia,Michigan,
USA
Response from Quicken Loans
#4UPDATE Employee
Fri, May 21, 2010
While I try to only respond to clients themselves, I am familiar with the client and loan mentioned, so I have a some feedback.
First off, our deposit policy is very well publicized and we only charge the deposit when the client signs their application, agreeing to and authorizing the deposit. The deposit info is located on the document entitled "Interest Rate Disclosure and Deposit Agreement." The policy is also spelled out on our website: https://www.quickenloans.com/about/quicken-loans-deposit and we've even got a YouTube video explaining it: http://www.youtube.com/watch?v=YNumQBaCWMM
Secondly, after doing some research on this loan, I've learned that Richard is getting his deposit back, minus the cost we incurred for his credit report. So this report is completely inaccurate and was probably posted without the client's knowledge and before they talked to their banker about the loan and deposit.
If anyone has any questions, feel free to contact me directly: Kelly@QuickenLoans.com
Thanks!
Kelly
Quicken Loans
Kelly@QuickenLoans.com