Complaint Review: Quicken Loans I - Livnoia Michigan

Thank you for your kind advice - but I have since walked away from the situation. For while I worked tow jobs, and even under uncertain times, have managed to keep paying down the cards that have plagued me. I have almost paid everyone down (there were five) that I owed money and using another service, where I paid for an inspection, found my house (even in this terrible environment) has gone up double what I paid for the house. Then with this inspection I was able to discharge the PMI insurance, which has in effect paid me back the money that was owed. I would not wish to go through a legal system that I think for the most part is corrupt - how can the highest court in our country rule that a corporation is a person like you or I? Lawyer fees for $500? Doesn't make sense. I have contacted any and all regulatory agencies I can think about but expect nothing to happen there since they are all in Wall Street's pockets. In two years nothing has happened. My only credit card as of this month will be Citibank and soon I hope to have them paid off for good. Once I pay them off I will be FREE and will not give into the lies that created a CONSUMER culture, which is what we all are suffering from - where salaries do not increase and the credit card is the only solution given us - a predatory practice not unlike Quicken Loans. They are EVIL since they want profits more than any thing else and think nothing of destroying a persons life like they almost did with me - this does not sound very human to me?

If you were provided with the original good faith estimate at the lower interest and you have (1) documentation that your rate was locked, (2) your credit score didn't change, (3) there were no additional undisclosed debts or financial obligations, and (4) the house appraised at the necessary value, then they are required by law to return the $500 since they are in breatch of the contract.   If this is in fact the case, provide this documentation to your credit card company and let them know in no uncertain terms if they don't provide charge back to Quicken that they are in violation of their rules regarding disupting credit card transactions and you will write to their VP of customer service.   Also, if you have the documentation I mention above you could file a claim in small claims court - just make sure you have all your ducks lined up to prove breatch of contract.   They will have all sorts of language I'm sure about how any changes in credit score, lower appraisal, etc. changes the rate - but if neither of these is the case and they yanked the rate before the rate lock period expired they MUST refund your money so don't let it go.

On a separate note, just be aware than any loan with a loan to value ratio higher than 80% will require PMI.  Although, depending on the loan type - monthly property tax and insurance escrow are not always required.

The company has had a huge splash in the media recently about more sales than ever before, so maybe they are beginning to honor their commitments? If you haven't already done this file a report to stop the abuse WHEN it begins again:

http://www.ftc.gov/reports/index.shtm

The last post was gracious, and though it is 2010 now, this problem has not gone away - indeed it has deepened. This company took a $500 deposit on an overextended credit limit, knowing that I needed to make this loan work or I would sink fast in the treacherous financial market exacerbated by Quicken Loans policies. The credit card owner Citicorp refused to take back the deposit and this too has stung me! I was thrown into a debt cycle that I still am trying to negotiate, and if I received a fair and honest loan, I would have been out of this problem at this time. This happened in 2009, and I did not have any fees since I withdrew my contract within 24 hours, since what was said and what was offered did not add up.  Unfortunately I did not check this site, or know it existed, and instead chose to look at the BBB rating which is skewed towards business rather than the public. 

Now there is a full-time bimbo named Kelly that is responding to people shafted by the unethical policies of this company. The representative Kelly pretty much writes from a script, which I imagine with a lot of time, and hard work, one can become quite efficient. The people one deals with at Quicken Loans will record your conversation/order, which tells you right away about their product since this is a huge red flag that tells people who purchase this product they may not be happy at all, and Quicken needs to refer back to the old adage that we have your voice confirmation on tape ploy. I know since they did it to me. They also conveniently lost the recording when it came time to review documents to consider a return of my deposit. They now have a new set of policies in place. They will try and get you to keep the product by telling you of all the benefits, extending your paper process period etc. but you will not get back your deposit. If anyone is really considering keeping this gem of a loan, if they call customer service and are firm in their desire to have the loan product, Quicken will be using their inspector to negotiate the cost of your house down to almost nothing. This is a NO WIN situation for the financially strapped customer and a windfall for Quicken Loans.

Please consider sending a detailed report to this government agency:

http://www.ftc.gov/reports/index.shtm

Right about the time that your loan was not honored Quicken Loans made a decision based on the fact that their investors would no longer purchase Jumbo type loans ($417,000 or more), 2nd loans or any stated income loans. This decision covered about 65 million dollars in loans to clients all over the country. This is the figure i overheard and it may be higher or lower. None the less Quicken proceeded to "blow" all the rate locks on these mortgages and deny them all. While ethically i had a big problem with this i was even more disturbed when i was told that i had to contact my clients and not only tell them they no longer had a loan but that their deposits were not going to be refunded. I refused to do this and told my director that he would have to do this himself, which he did. I then called all my clients via my cell phone and explained to them what steps to go through to insure they all received their deposits back. Call your credit card company and dipute the charge, also contact the better business burea and Quicken will almost always give the deposit back because they dont want negative press with the BBB. Thankfully all my clients got their deposits back. This was a very shady thing that was done and when i questioned this i was told to either shut up or resign. This situation was not only terrible for my clients but also terrible for all of us bankers who had written viable deals that worked for our clients and basically got no compensation for the hard work and commitment that we put into our careers. My opinions have definately changed about the Company i work for since the first post i put on here defending quicken loans and some of their practices. I still work there but mainly because jobs in Michigan are tough to come by and i have a family that needs health care. I am basically riding the wave as long as i can but lately it seems my days may even be numbered. Good luck to all, i also want to say that there are some very good bankers who always try to do the right thing for clients a quicken but there are alot of non caring, hard closing robots there too. I would like to think i was one of the good ones. i think i may be off the kool aid and slushies :(

Right about the time that your loan was not honored Quicken Loans made a decision based on the fact that their investors would no longer purchase Jumbo type loans ($417,000 or more), 2nd loans or any stated income loans. This decision covered about 65 million dollars in loans to clients all over the country. This is the figure i overheard and it may be higher or lower. None the less Quicken proceeded to "blow" all the rate locks on these mortgages and deny them all. While ethically i had a big problem with this i was even more disturbed when i was told that i had to contact my clients and not only tell them they no longer had a loan but that their deposits were not going to be refunded. I refused to do this and told my director that he would have to do this himself, which he did. I then called all my clients via my cell phone and explained to them what steps to go through to insure they all received their deposits back. Call your credit card company and dipute the charge, also contact the better business burea and Quicken will almost always give the deposit back because they dont want negative press with the BBB. Thankfully all my clients got their deposits back. This was a very shady thing that was done and when i questioned this i was told to either shut up or resign. This situation was not only terrible for my clients but also terrible for all of us bankers who had written viable deals that worked for our clients and basically got no compensation for the hard work and commitment that we put into our careers. My opinions have definately changed about the Company i work for since the first post i put on here defending quicken loans and some of their practices. I still work there but mainly because jobs in Michigan are tough to come by and i have a family that needs health care. I am basically riding the wave as long as i can but lately it seems my days may even be numbered. Good luck to all, i also want to say that there are some very good bankers who always try to do the right thing for clients a quicken but there are alot of non caring, hard closing robots there too. I would like to think i was one of the good ones. i think i may be off the kool aid and slushies :(

Right about the time that your loan was not honored Quicken Loans made a decision based on the fact that their investors would no longer purchase Jumbo type loans ($417,000 or more), 2nd loans or any stated income loans. This decision covered about 65 million dollars in loans to clients all over the country. This is the figure i overheard and it may be higher or lower. None the less Quicken proceeded to "blow" all the rate locks on these mortgages and deny them all. While ethically i had a big problem with this i was even more disturbed when i was told that i had to contact my clients and not only tell them they no longer had a loan but that their deposits were not going to be refunded. I refused to do this and told my director that he would have to do this himself, which he did. I then called all my clients via my cell phone and explained to them what steps to go through to insure they all received their deposits back. Call your credit card company and dipute the charge, also contact the better business burea and Quicken will almost always give the deposit back because they dont want negative press with the BBB. Thankfully all my clients got their deposits back. This was a very shady thing that was done and when i questioned this i was told to either shut up or resign. This situation was not only terrible for my clients but also terrible for all of us bankers who had written viable deals that worked for our clients and basically got no compensation for the hard work and commitment that we put into our careers. My opinions have definately changed about the Company i work for since the first post i put on here defending quicken loans and some of their practices. I still work there but mainly because jobs in Michigan are tough to come by and i have a family that needs health care. I am basically riding the wave as long as i can but lately it seems my days may even be numbered. Good luck to all, i also want to say that there are some very good bankers who always try to do the right thing for clients a quicken but there are alot of non caring, hard closing robots there too. I would like to think i was one of the good ones. i think i may be off the kool aid and slushies :(

Right about the time that your loan was not honored Quicken Loans made a decision based on the fact that their investors would no longer purchase Jumbo type loans ($417,000 or more), 2nd loans or any stated income loans. This decision covered about 65 million dollars in loans to clients all over the country. This is the figure i overheard and it may be higher or lower. None the less Quicken proceeded to "blow" all the rate locks on these mortgages and deny them all. While ethically i had a big problem with this i was even more disturbed when i was told that i had to contact my clients and not only tell them they no longer had a loan but that their deposits were not going to be refunded. I refused to do this and told my director that he would have to do this himself, which he did. I then called all my clients via my cell phone and explained to them what steps to go through to insure they all received their deposits back. Call your credit card company and dipute the charge, also contact the better business burea and Quicken will almost always give the deposit back because they dont want negative press with the BBB. Thankfully all my clients got their deposits back. This was a very shady thing that was done and when i questioned this i was told to either shut up or resign. This situation was not only terrible for my clients but also terrible for all of us bankers who had written viable deals that worked for our clients and basically got no compensation for the hard work and commitment that we put into our careers. My opinions have definately changed about the Company i work for since the first post i put on here defending quicken loans and some of their practices. I still work there but mainly because jobs in Michigan are tough to come by and i have a family that needs health care. I am basically riding the wave as long as i can but lately it seems my days may even be numbered. Good luck to all, i also want to say that there are some very good bankers who always try to do the right thing for clients a quicken but there are alot of non caring, hard closing robots there too. I would like to think i was one of the good ones. i think i may be off the kool aid and slushies :(

Typical Quicken, they spent the refi boom making tons of money off loans. Now with the market changing, they may lose a few bucks on some loans, so they change the terms during the process. God forbid, Dan Gilbert has to honor his word. Screw the consumer who was promised a deal. I wonder if the rates went down after a loan was locked if Gilbert would lower the rate on the loan? We all know that answer. I just quit and they tried screwing over my client last minute. Luckily he knew the Attorney General in Ohio and also the editor of our local paper, the Plain Dealer. They reluctantly honored the deal they had with him. They are so crooked it makes me sick to think that I ever worked there. If I were you, I would personally email Tom Walsh from the local Detroit paper, contact the Attorney General and keep calling the banker and his supervisor and get escalated if you don't get the answer you want. Complain to local tv stations, etc. You should be able to get your $500 back.

Typical Quicken, they spent the refi boom making tons of money off loans. Now with the market changing, they may lose a few bucks on some loans, so they change the terms during the process. God forbid, Dan Gilbert has to honor his word. Screw the consumer who was promised a deal. I wonder if the rates went down after a loan was locked if Gilbert would lower the rate on the loan? We all know that answer. I just quit and they tried screwing over my client last minute. Luckily he knew the Attorney General in Ohio and also the editor of our local paper, the Plain Dealer. They reluctantly honored the deal they had with him. They are so crooked it makes me sick to think that I ever worked there. If I were you, I would personally email Tom Walsh from the local Detroit paper, contact the Attorney General and keep calling the banker and his supervisor and get escalated if you don't get the answer you want. Complain to local tv stations, etc. You should be able to get your $500 back.

Typical Quicken, they spent the refi boom making tons of money off loans. Now with the market changing, they may lose a few bucks on some loans, so they change the terms during the process. God forbid, Dan Gilbert has to honor his word. Screw the consumer who was promised a deal. I wonder if the rates went down after a loan was locked if Gilbert would lower the rate on the loan? We all know that answer. I just quit and they tried screwing over my client last minute. Luckily he knew the Attorney General in Ohio and also the editor of our local paper, the Plain Dealer. They reluctantly honored the deal they had with him. They are so crooked it makes me sick to think that I ever worked there. If I were you, I would personally email Tom Walsh from the local Detroit paper, contact the Attorney General and keep calling the banker and his supervisor and get escalated if you don't get the answer you want. Complain to local tv stations, etc. You should be able to get your $500 back.

Typical Quicken, they spent the refi boom making tons of money off loans. Now with the market changing, they may lose a few bucks on some loans, so they change the terms during the process. God forbid, Dan Gilbert has to honor his word. Screw the consumer who was promised a deal. I wonder if the rates went down after a loan was locked if Gilbert would lower the rate on the loan? We all know that answer. I just quit and they tried screwing over my client last minute. Luckily he knew the Attorney General in Ohio and also the editor of our local paper, the Plain Dealer. They reluctantly honored the deal they had with him. They are so crooked it makes me sick to think that I ever worked there. If I were you, I would personally email Tom Walsh from the local Detroit paper, contact the Attorney General and keep calling the banker and his supervisor and get escalated if you don't get the answer you want. Complain to local tv stations, etc. You should be able to get your $500 back.

A major source of revenue for Quicken Loans is the thousands of $500 deposits that they take on a daily basis. There are currently 2000 mortgage bankers. Each Mortgage Banker is required to have at least 15 loans per month. That is 30,000 loans per month. 30,000 loans x $500 = $15,000,000 per month ($180,000,000/annually)in deposit fees. As a former mortgage banker at Quicken Loans we are constantly harrassed by are directors to get a credit card number. They actually walk up and down the sales aisles with their headsets on listening to our sales calls screaming at us to get their $500 deposit. We even have constant sales meetings emphasizing that the most important item we need to do is obtain a credit card number. Personally I think it is a shame that we have to take someone's money even if they will never qualify for the loan. Unless the thousands of consumers who have had their deposits taken from them write the State of Michigan's Attorney General complaining about this practice nothing will happen and consumers such as yourself will continue to be stiffed. Just google "attorney general state of michigan" and you can complete the complaint on line. Good Luck, however you do need to follow through with your complaint.