- Report: #844640
Complaint Review: Quicken Loans - Detroit Michigan
Reported By:
Chris -
Hazelton, Idaho, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Quicken Loans
1050 Woodward Avenue Detroit, 48226 Michigan, United States of America
Phone:
800-226-6308
Web:
Categories:
Business Rating:
(0)
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Quicken Loans scammed out of 500.00 Detroit, Michigan
Quicken loans called me repeatedly telling me that I could save money by refinancing my home. They said that it would not cost me anything to do this, and that I would be able to lower my payment by hundreds of dollars per month. This was a high pressure sales pitch. I told them no and they still kept calling.
When I finally said that I would look at the numbers Quicken loans said that they need a credit card number for a $500.00 deposit that would be credited back to me at closing.
The appraisal was done and came back $63,000.00 lower than it was 18 months earlier. The appraisel company was chosen by Quicken loans. The apraiser was told that he could not talk to the home owner who is paying for the appraisel, and that he could not use comparables from a certian area. The comparables were taken from an area that the median income is the lowest in the state and the unemployment rate is one of the highest. The last two appraisels that were done on my home the comparables came from the county that Quicken loans told the apraiser that he couldn't use.
This now made it so that I would have to pay for PMI from a company that quicken loans owns. If I wanted to go ahead with the loan or lose $500.00 deposit that I paid for a completly bogus appraisel. I feel that quicken loans purposley has the appraisel come in really low so that they can trap you into a loan with PMI, longer terms, and more fees. This is due to the fact that I didn't qualify for the origional loan offer.
This is predatory lending!!!!! When are we going to be able to put a stop to these crooks praying on people. This should be illegal.
When I finally said that I would look at the numbers Quicken loans said that they need a credit card number for a $500.00 deposit that would be credited back to me at closing.
The appraisal was done and came back $63,000.00 lower than it was 18 months earlier. The appraisel company was chosen by Quicken loans. The apraiser was told that he could not talk to the home owner who is paying for the appraisel, and that he could not use comparables from a certian area. The comparables were taken from an area that the median income is the lowest in the state and the unemployment rate is one of the highest. The last two appraisels that were done on my home the comparables came from the county that Quicken loans told the apraiser that he couldn't use.
This now made it so that I would have to pay for PMI from a company that quicken loans owns. If I wanted to go ahead with the loan or lose $500.00 deposit that I paid for a completly bogus appraisel. I feel that quicken loans purposley has the appraisel come in really low so that they can trap you into a loan with PMI, longer terms, and more fees. This is due to the fact that I didn't qualify for the origional loan offer.
This is predatory lending!!!!! When are we going to be able to put a stop to these crooks praying on people. This should be illegal.
2 Updates & Rebuttals
MochaG
Springfield,Virginia,
United States of America
Normally
#2Consumer Comment
Fri, March 30, 2012
No home owner would believe or want to hear that their home value is lower than it used to be. In this case, it is possible because the effect of real estate value is all over the U.S. Some may be affected before the others. Even though it seems to come back a bit (my home is appraised higher this year), it does not mean that it happens everywhere at the same time.
I am wondered that most people who complain about this type always have multiple phone calls from the same company before they decided to go for. It seems to be a pattern here. I do get many phone calls (and mails) for lowering mortgage but am always sceptical because there is no such charity on for-profit business especially this type.
Regardless you are mentioned about the contract, you are responsible to read the contract. Anyway, I hope you get some money back even though it is not going to be the full amount as the employee reply stated the reason.
Kelly at QuickenLoans
Livonia,Michigan,
USA
Response from Quicken Loans
#3UPDATE Employee
Thu, March 29, 2012
My name is Jason and I work for Quicken Loans. If you'd like us to reach out to you and go further into the specifics of your loan, feel free to email us at [email protected].
Our deposit policy is clearly explained on the application that all clients sign prior to us beginning work on their loan. If your mortgage application is denied, or if you decide not to go forward with your loan, well refund your deposit minus any outside costs weve incurred up to that point.
For example, if you gave us a $500 deposit, and we spent $300 on an appraisal and $10 on a credit report, you will be refunded the difference of $190. Youll receive a copy of your credit report and appraisals, assuming both have been completed. This information is also available on our website: http://www.quickenloans.com/about/quicken-loans-deposit
If your appraisal came in low, we would refund your deposit, minus costs we incur on your behalf (appraisal/credit report). We do not make any money at all.
Quicken Loans, as well as all other lenders are in no way affiliated with the value of your appraisal or the appraiser selected for your home. Quicken Loans can place the order for an appraisal but cannot perform the actual appraisal. It is typically handled through the Appraisal Management Company (AMC) and appraisers are often selected from their affiliated network. More information is available on our website: http://www.quickenloans.com/about/appraisal-process
The success of our company is based on clients who are able to close a loan with us. There is no benefit (financial or otherwise) for us if a loan cant be processed due to a low appraisal.
If you have further questions - feel free to contact us at [email protected]. We'd be happy to have one of our team members reach out to you.
