- Report: #700260
Complaint Review: Quicken Loans Inc - Detroit Michigan
Reported By:
Concerned Consumer -
Garland, Texas, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Quicken Loans Inc
1050 Woodward Ave Detroit, 48226-1906 Michigan, United States of America
Phone:
800-226-6308
Web:
Categories:
Business Rating:
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Quicken Loans Inc Took $500 deposit for an application and did not fulfill the original agreement. Refused to refund deposit. Detroit, Michigan
I spoke to a mortgage banker at Quicken Loans about refinancing my mortgage for a lower interest rate, keeping the payments as close to the current payment as possible, no money at closing, and not to extend the mortgage to a thirty-year mortgage. I told this representative I had another company that could offer what I asked, and he said he could provide me with a better offer, but I would have to pay $500 "good faith " deposit to lock in the lower interest rate of 3.99% and to start the application process.
Once Quicken Loans received the $500 deposit, the initial discussion that convinced me to accept their company's offer changed. Quicken Loans included a clause in the application process that read if the customer stop the loan process he or she forfeit the $500 deposit. They did not include a clause if the customer is given an impossible offer or an offer that can not be agreed to then Quicken Loan will accept responsibility. They only acknowledge if their company refuse.
As the application was processing, info was being disclosed. Everything was not disclosed during the initial discussion. The representative later informed me I needed $11,300 in order to close. Of course, that amount of money was more than discussed, so I refused to accept the loan and therefore lost my $500 deposit. They accepted no responsibility in their inadequacies.
I was not given the opportunity of the three day review before acceptance because the loan was impossible to close on those terms. I feel their business was done unethically due to initially taking money with the pretense to deliver, but yet making it impossible for the customer to accept their offer. They take money for their expenses which is most, if not all of the deposit.
Quicken Loans is a national company that is legally taking money from consumers and not completing reasonable services, therefore not providing the services discussed. Many complaints have been made against this company for similar issues, but yet they continues.
Once Quicken Loans received the $500 deposit, the initial discussion that convinced me to accept their company's offer changed. Quicken Loans included a clause in the application process that read if the customer stop the loan process he or she forfeit the $500 deposit. They did not include a clause if the customer is given an impossible offer or an offer that can not be agreed to then Quicken Loan will accept responsibility. They only acknowledge if their company refuse.
As the application was processing, info was being disclosed. Everything was not disclosed during the initial discussion. The representative later informed me I needed $11,300 in order to close. Of course, that amount of money was more than discussed, so I refused to accept the loan and therefore lost my $500 deposit. They accepted no responsibility in their inadequacies.
I was not given the opportunity of the three day review before acceptance because the loan was impossible to close on those terms. I feel their business was done unethically due to initially taking money with the pretense to deliver, but yet making it impossible for the customer to accept their offer. They take money for their expenses which is most, if not all of the deposit.
Quicken Loans is a national company that is legally taking money from consumers and not completing reasonable services, therefore not providing the services discussed. Many complaints have been made against this company for similar issues, but yet they continues.
4 Updates & Rebuttals
Bman
Philadelphia,Pennsylvania,
United States of America
Kelly Doesn't Give a Rat's Arse About You...
#2Consumer Comment
Sat, April 09, 2011
If you get anything back from this company please post so we all know that they have changed their ways. Of course, this will never happen since Kelly is paid to lie and plant some doubt as to the worthiness of complaints against this sleazy toxic company, where the customer is lied to at every turn, and their practices are more like swine than business people. Please report them to the authorities - there is lots of information throughout the threads about who to contact. I have been scammed too and do not expect any morality of fairness from this greedy company. Sorry that you lost money as we all have from a company that consistently cheats the poor (and the general public).
Kelly at QuickenLoans
Livonia,Michigan,
USA
Response from Quicken Loans
#3UPDATE Employee
Fri, March 25, 2011
Hi, I'm Kelly from Quicken Loans. I'm sorry you didn't have a great experience and we weren't able to close your loan.
While I'm unfamiliar with the specifics of your loan, we do try to be as as transparent as possible about our deposit policy, making sure every client agrees to it on the application before proceeding. It's even available on our website: http://www.quickenloans.com/about/quicken-loans-deposit
If you still have questions, I'd be happy to look into your loan. You can reach me directly: [email protected]. Thanks for considering Quicken Loans!
Hammer
Winter Park,Florida,
United States of America
Never Pay An Application Fee
#4Consumer Comment
Wed, March 16, 2011
As a Mortgage Broker I run up against Quicken and a dozen companies like them. They are usually staffed with under experienced loan officers. They will quote unbeleivably cheap rates and get you to pay their anpplication fee. No one should pay an application fee for a mortgage. It locks you into going with them no matter what rate they can actually give you. After you pay suddenly the rate changes for any number of reasons. Your credit score come in lower, the appraisal came in lower, ecetera. Then they send out a change of circumstance disclosure so RESPA is not violated. Theseb burn and churn outfits are concerned about one thing. Making money on your transaction. No real thought is put into what you needs are. Is extending you loan back out to a 30 year term really in your best interest? If you have an ARM should you really refinance? Depends on your rate and the index. Next time look up the lender on this website and others. See what complaints there are and what the resolution or rebuttals are. And never, never, never pay an application fee! If you want to gamble $500.00 then go to Vegas or play the lottery.
ABC
Phoenix,Arizona,
USA
Deposit refund
#5UPDATE EX-employee responds
Mon, February 28, 2011
I am 99.9% positive that this will work to get your deposit back because of RESPA laws. If they change the terms of the loan to a point where it no longer makes sense to do the refinance, but you can still close, do it anyways. For your primary residence you will get a 3 day rescission period. So go through your closing and then immediately send in the notice to rescind. You are no longer obligated to the refinance and you should get your $500 back.
Do not try this with a second home or investment property since they are not provided a rescision period.
Unfortunately, in most cases the loan will not close because the Quicken loan officer overstated the value of your house. They do this so that they can send out an email to the other employees letting them know they got an application and everyone claps and tells them good job.
