Quicken Loans Waste of Time and Money Livonia Michigan
My husband and I wanted to turn our 30 year mortgage and line of credit into a 15 year mortgage. We went to Lending Tree and Lower Your Bills.com and filled in the information. Quicken Loans happened to get to us first. Robert Antaya seemed nice enough.
We had just had an appraisal on our home within the last four months so we knew what our home was worth. Quicken sent another appraiser who looked at the house and took a few pictures totaling 10 minutes and then sat in our living room for 2-1/2 hours talking about his upcoming vacation, previous vacations, etc. Later we find out that his appraisal was $65,000 less than the one four months previous and we had upgraded a few things since then so the appraisal should have gone up, not down.
I have since read that this is Quicken's practice. They send people they know will appraise exactly the way they want so you'll have to come up with more fees, etc. to close the loan.
We have excellent credit and live in a highly desirable area in the north Georgia mountains. We have 16 acres. Robert Antaya tried to tell me that this section of our state is highly depressed right now and house prices are falling like leaves. HA. Not true. This is the section of Georgia everyone wants to move to. Nowhere near the pollution and smog of Atlanta yet you can work in the Atlanta area and live in the mountains. Mr. Antaya told me he could find no comparable sales which is not surprising since not too many people have acreage as we do.
Mr. Antaya also say they need money, in our case $500, to start the loan process and we will get the money back at closing. Now we are told we aren't getting a dime back.
I have contacted the Better Business Bureau and my credit card company to try to recoup some of this $500 because, being a cancer survivor, I'm not used to just giving my money away.
Stay away from Quicken Loans or you might find yourself in the same situation as myself and the legion of others who made the same mistake I did - tried to deal with Quicken Loans.
Carolyn
Ellijay, Georgia
U.S.A.
5 Updates & Rebuttals
Bman
Philadelphia,Pennsylvania,
United States of America
Always an Excuse why everyone is wrong but Quicken and Kelly...
#6Consumer Comment
Sat, October 23, 2010
I have been scammed like you have been and I am quite angry. Please, even if you are over this, file a report and send it to this government agency:
http://www.ftc.gov/reports/index.htm
Kelly At Quicken Loans
Livonia,Michigan,
U.S.A.
Response from Quicken Loans
#6UPDATE Employee
Mon, June 29, 2009
Hi Carolyn! Thanks for explaining your experience. My name is Kelly and I'm from Quicken Loans. I'd like to try and shed a little light on this.
Our regular practice is certainly not under-valuing homes, keeping deposits and bait and switch. Our goal is always to help a client get a mortgage that is right for them and close the loan with a happy client.
Based on what you've written, it sounds like your home appraisal did not come in at the right value for us to give you a loan that made sense for you. While it's not an ideal situation, it is very common in today's market. Appraisals are always done by an independent 3rd party and we (or any lender) can, in no way, influence the value at all. It is illegal.
As far as the deposit goes, we generally take $500 at loan application to begin moving forward on your loan. If you signed your application, you read and agreed to our deposit policy on your application, specifically the document titled "Interest Rate Disclosure." That particular document would have also noted whether your rate was floating or locked, which would prevent any "bait and switch," had you instructed your banker to lock your rate. Rates are extremely volatile right now and have been changing up to a few times a day in recent months.
Since your appraisal came in too low, your loan would have been categorized as "denied." When a denial takes place, it is our policy to refund any of the deposit money that was not already spent on your behalf. In your case, we likely paid for the appraisal and a credit report. If there was any money left, it would have been returned to you. Since I'm unfamiliar with your particular loan, I'm unsure of what money remained, if any. You are also entitled to a copy of your appraisal, given that you paid for it. If you did not receive an invoice for deposit money spent or a copy of your appraisal, I would be happy to get it for you.
If you (or anyone) need more info on our deposit, please check out our site where we explain it fully - https://www.quickenloans.com/about/quicken-loans-deposit
Again, I'm sorry for your experience. We work very hard to close our clients' loans and leave them happy. Unfortunately, it's very difficult to predict home values until the appraiser actually visits the home. The appraisal is one of the most critical pieces in determining whether the loan will be able to move forward as-is. If it comes in low, then everything has to be reworked. While it may not be much consolation, I can tell you that many of our own employees have experienced lower than expected home values during a refinance. In some cases, they may have not even qualified for a loan because of it. So we really do understand how frustrating it can be.
Like I said, I'm not familiar with the details of your particular loan. If you have more questions, I'd be happy to investigate if you can contact me directly - Kelly@QuickenLoans.com.
Thanks again for considering working with us. Please let me know if I can be of any more assistance.
Kelly
Carolyn
Ellijay,Georgia,
U.S.A.
Forgot to Mention Bait and Switch
#6Author of original report
Tue, June 23, 2009
As with others on this site, I was told the original interest rate of 4.25% which is why we stayed with Quicken. This was the lowest rate we were quoted.
Of course, after they had the $500 suddenly the rate changed to 4.875. Mr. Antaya said the rates had gone up "just then." We would have to go with the 4.875%.
FYI, another gentleman contacted us about our mortgage. We told him we were already working with another company. He asked which one and I said Quicken. He told me they were going to raise the original interest rate and under-value our home via their appraisal process. These things, unfortunately came true.
I would not wish Quicken Loans on my worst enemy!
Carolyn
Ellijay,Georgia,
U.S.A.
Forgot to Mention Bait and Switch
#6Author of original report
Tue, June 23, 2009
As with others on this site, I was told the original interest rate of 4.25% which is why we stayed with Quicken. This was the lowest rate we were quoted.
Of course, after they had the $500 suddenly the rate changed to 4.875. Mr. Antaya said the rates had gone up "just then." We would have to go with the 4.875%.
FYI, another gentleman contacted us about our mortgage. We told him we were already working with another company. He asked which one and I said Quicken. He told me they were going to raise the original interest rate and under-value our home via their appraisal process. These things, unfortunately came true.
I would not wish Quicken Loans on my worst enemy!
Carolyn
Ellijay,Georgia,
U.S.A.
Forgot to Mention Bait and Switch
#6Author of original report
Tue, June 23, 2009
As with others on this site, I was told the original interest rate of 4.25% which is why we stayed with Quicken. This was the lowest rate we were quoted.
Of course, after they had the $500 suddenly the rate changed to 4.875. Mr. Antaya said the rates had gone up "just then." We would have to go with the 4.875%.
FYI, another gentleman contacted us about our mortgage. We told him we were already working with another company. He asked which one and I said Quicken. He told me they were going to raise the original interest rate and under-value our home via their appraisal process. These things, unfortunately came true.
I would not wish Quicken Loans on my worst enemy!