Quicken Loans - Rock Financial Interest Rate Bait & Switch - Good Faith turns to Bad Faith Internet
I wanted to refinance my home and through good timing and negotiation I was able to get a very good interest rate through Quicken Loans, or so I thought! I gave them $300 to lock the interest rate (and supposedly to pay for the home appraisal) and they were supposed to proceed to process the loan. Appearantly, they only locked the rate for 30 days, which I am told in today's underwriting situation is not enough time to close a loan, so when the loan wasn't done in 30 days, they told me they could not give me the original interest rate. They never bothered to tell me that they had raised the rate on the loan proposal by 3/4 of a percent. This equates to a huge amount of money on a mortgate!
They offered me cash to go ahead and take the higher interest rate and got quite perturbed with me when I told them to stick it! Bottom line, I am out $300 which was a good faith deposit and Quicken Loans won't make good on the interest rate that they promised me! Stay Away from Quicken Loans, also known as Rock Financial!
Kenneth
Ashland, Ohio
U.S.A.
1 Updates & Rebuttals
Kurt
Apollo Beach,Florida,
U.S.A.
Quicken Loans/Rock Financial Fraud, Predatory Lending, Bait and Switch Stay Away!!!
#2Consumer Suggestion
Mon, March 17, 2008
Stay away from Quicken/Rock Financial they will steal your money!!!
Quicken Loans how to avoid problems and get you money back!!!
What to do when you have problems with Quicken Loans!!
Please follow these steps to resolve problems at Quicken Loans:
1. Contact the Banking department of your state where they have licence to operate
2. Report them with the better business bureau at bbb.org
3. Send a letter to their CEO and avoid the Directors and Bankers. Go above their heads right to Client relations or the CEO and tell them you were lied to
4. Threaten to take them to a small claims court.
5. Contact your state attorney generals office and file a complaint, just google 'attorney general state of michigan' and you can complete the complaint on line.
6. Call your credit card company and dipute the charge.
7. Demand them to listen to the call clip -- ALL CALLS are recorded
8. Contact the Banking department of your state where they have licence to operate:
Detroit Alliance for Fair Banking
76 Lothrop
Detroit, MI 48202
(313) 871-9050
9. I would personally email Tom Walsh from the local Detroit paper.
10. Complain to local tv stations and consumer protection agencies for the state and county.
11. Contact Teresa Drexler at NKA at 612.256.3268. They are in the beginning stages of a class action law suit against Quicken Loans about this very thing, bait and switching loans, not disclosing fees etc. If the APR that they quoted you is more than 1/8th off - they HAVE to get you all new paperwork. They are excited to hear from you.
12. Demand to see the invoice from the appraiser and demand the difference back. And do NOT pay for any QLSS or any other junk fee. Screw it, call the appraiser direct and ask for a copy of the invoice.
13. Tell your friends and family not to do business with them.
14. All of this will not cost you a penny and in most cases you will get your money fully refunded.
15. Predatory Lending HOT Line - 1-800-SOLVE88 for the state of Michigan.
Also file a complaint with the FTC
http://www.ftc.gov/ Make sure you complain with this Government Agency and they will investigate Quicken Loans as the database grows with complaints.
Other Contacts to complain to about Quicken Loans!!!
FBI Contacts: Search the website
Neil Power, Chief of the FBI economic crimes unit
Bill Carter, an FBI spokesman
Kenneth Kaiser, FBI assistant director for the Criminal Investigative Division
The Securities and Exchange Commission
More places to file a complaint about Quicken Loans
Office of the Comptroller of the Currency
http://www.occ.treas.gov
Customer Assistance Group
1301 McKinney Street
Suite 3450
Houston, TX 77010
FAX: 713-336-4301
Federal Reserve Board
www.federalreserve.gov
Board of Governors of the Federal Reserve System
Division of Consumer and Community Affairs
20th and C Streets, NW, Stop 801
Washington, DC 20551
(202) 452-3693
Americans for Fairness in Lending
http://www.affil.org/get_active/complaint.php?gclid=CJ3E6aaR5ZECFQGysgodxFRRew
Thank you