- Report: #762960
Complaint Review: Quicken Loans - Internet
Reported By:
Joe -
Branson, Missouri, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Quicken Loans
1050 Woodward Ave, Detroit, MI Internet, United States of America
Phone:
Web:
www.quickenloans.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Quicken Loans Home Loan Ripoff Internet
When a company such as Quicken Loans decides to
start in a social network as Facebook, you are asking for current customers and
future customers to express their opinions. Lets start fresh shall we? 1st.
I speak with Mustafa Tahoun a Mortgage Broker. I send this gentleman all but shy of 100
pages of information on behalf of my wife and myself. This information covers
all employment, bank statements etcThree weeks ago we get our approval letter
after Quicken Loans runs our credit. At this time, all seems to be a OK! My wife and I proceed to find a house and put down the earnest
money. All seems fine and we even pay to have a home inspection done, that was $300.00
out of our pocket.
Just a few days go by and we get a telephone call
from Mustafa that you cannot process our loan without proof of my wifes child support
income. I state that we cannot do that as her ex-husband has no paper trail to
prove his transactions. However, I do express to Mustafa that I forgot to
include a per diem check that I receive every week that is just shy of the child
support payments. I wait over the weekend to hear from Mustafa. As Monday
approaches I understand the underwriters will not accept my per diem check.
Why? He tells me the underwriter needs 36 consecutive months of this check. OK,
I have been getting these checks since I started 4 years ago and as long as I am
away from my own home I receive these. The IRS gives credit of $ 54.00 per day
for per diem. I gave my last two months of paychecks, however, all my payroll
checks are not consecutive as I do take layoff for a month or two in the winter.
Why is my paychecks OK and my per diem is not?
I called and talked to a representative this morning
and she told me the issue was not all about the child support payment but that
my wifes student loans are not on deferment for the next 12 months. Really???
Because I thought I had explained that my wife signed a contract for PUBLIC
SERVICE FORGIVENESS LOAN. What does this mean? Well, if I have to explain it
then perhaps Mustafa needs to be retrained. She signed a contract that she will
teach in her school district for the next 3 remaining years. She has to make
120 consecutive payments of $ 41.50. After fighting with Quicken Loans I went
to ask the bank this morningthe banker said Your credit has been run 5 times
in the last month through this company and dropped your score 30 points. Sorry,
we cant help you at this time for an FHA loan.
As you can see, I am slightly pissed off that I
have to talk to a middleman Mustafa then talk to someone who is competent!
And I quote from Quicken Our under-writers do not talk to customers. Maybe
they should so we are all on the same playing field!! Not to mention the money
and time I have lost!!!
Ohand lets not forget the $400.00 he so politly
asked me for and never mentioned as he needs this money to Lock in our
mortgage rate???!!! Excuse me??!!! I have been talking to you for three weeks
and not ONE d**n time did you mention I had to pay you $400.00. Lets me clearno,
lets be crystal clear!! Your communication sucks and your loan department must
be doing so good that sh**ting on us small people doesnt make a d**n! My
complaint to the Attorney Generals office I am sure wont mean much; of course
unless you get many from people around the state then they investigate. Soin
conclusion I wish you the best and I am sure a black mark through RipOff Report
and the state wont make much difference.
start in a social network as Facebook, you are asking for current customers and
future customers to express their opinions. Lets start fresh shall we? 1st.
I speak with Mustafa Tahoun a Mortgage Broker. I send this gentleman all but shy of 100
pages of information on behalf of my wife and myself. This information covers
all employment, bank statements etcThree weeks ago we get our approval letter
after Quicken Loans runs our credit. At this time, all seems to be a OK! My wife and I proceed to find a house and put down the earnest
money. All seems fine and we even pay to have a home inspection done, that was $300.00
out of our pocket.
Just a few days go by and we get a telephone call
from Mustafa that you cannot process our loan without proof of my wifes child support
income. I state that we cannot do that as her ex-husband has no paper trail to
prove his transactions. However, I do express to Mustafa that I forgot to
include a per diem check that I receive every week that is just shy of the child
support payments. I wait over the weekend to hear from Mustafa. As Monday
approaches I understand the underwriters will not accept my per diem check.
Why? He tells me the underwriter needs 36 consecutive months of this check. OK,
I have been getting these checks since I started 4 years ago and as long as I am
away from my own home I receive these. The IRS gives credit of $ 54.00 per day
for per diem. I gave my last two months of paychecks, however, all my payroll
checks are not consecutive as I do take layoff for a month or two in the winter.
Why is my paychecks OK and my per diem is not?
I called and talked to a representative this morning
and she told me the issue was not all about the child support payment but that
my wifes student loans are not on deferment for the next 12 months. Really???
Because I thought I had explained that my wife signed a contract for PUBLIC
SERVICE FORGIVENESS LOAN. What does this mean? Well, if I have to explain it
then perhaps Mustafa needs to be retrained. She signed a contract that she will
teach in her school district for the next 3 remaining years. She has to make
120 consecutive payments of $ 41.50. After fighting with Quicken Loans I went
to ask the bank this morningthe banker said Your credit has been run 5 times
in the last month through this company and dropped your score 30 points. Sorry,
we cant help you at this time for an FHA loan.
As you can see, I am slightly pissed off that I
have to talk to a middleman Mustafa then talk to someone who is competent!
And I quote from Quicken Our under-writers do not talk to customers. Maybe
they should so we are all on the same playing field!! Not to mention the money
and time I have lost!!!
Ohand lets not forget the $400.00 he so politly
asked me for and never mentioned as he needs this money to Lock in our
mortgage rate???!!! Excuse me??!!! I have been talking to you for three weeks
and not ONE d**n time did you mention I had to pay you $400.00. Lets me clearno,
lets be crystal clear!! Your communication sucks and your loan department must
be doing so good that sh**ting on us small people doesnt make a d**n! My
complaint to the Attorney Generals office I am sure wont mean much; of course
unless you get many from people around the state then they investigate. Soin
conclusion I wish you the best and I am sure a black mark through RipOff Report
and the state wont make much difference.
1 Updates & Rebuttals
Tagurit
Plano,Texas,
USA
Not sure if this will help - but
#2Consumer Comment
Fri, October 14, 2011
This was a posting on another thread by an ex Quicken Employee - these are not my words but theirs. At the end are some comments about getting your money back. Not sure if this will work for you or not and it seems that in general his post is educational and informative.
I think that letters to the Attorney General, the BBB etc are likely a waste of your time (i will get into this in part 2 in further detail)
1. When you apply for a mortgage at Quicken (or anywhere else) it is really important to have accurate information to give to the loan officer. Let me explain what I mean by accurate because i fear that most consumers definition of accurate and the actual definition are not the same
INCOME- When they ask you how much you make please give your salary or hourly wage, don't include BONOUS, OVERTIME, SELF EMPLOYMENT, or COMISSIONS. When they ask you how many hours you work be specific with that as well. IF you need Bonus, Overtime, Self Employment, or Commissions to qualify your banker WILL need TAX RETURNS all pages, all schedules (for self employed they will need business returns too!!!) OK now I know we all think we know how to read a tax return but the average person doesn't know how to do in the way an underwriter does. Mortgage companies tally up all of the income and then subtract ALL expenses. This means if you write off a home office, a rental property, mortgage payments on a rental property etc you are likely screwed. Sorry kiddies, but liars are a thing of the past, as they should be and mortgage companies will only give you credit for the income you show to the government.
ALSO if you are a part time employee, they will use a 2 year average of your income. IF you have less then 2 on the job sorry it doesn't count. Part time is anything under 36hours/week.
If you are making less this year then last, sorry Charlie you can't use your bonus, over time, commissions, or second job to qualify.
ASSETS give the banker asset info, exactly how much is in your checking TODAY, savings TODAY, retirement TODAY, etc. If you cant cash it out, it doesn't count. SORRY that's just how it is.
YOUR PROPERTY In light of the recent market, ALMOST all of our homes are worth less then they were last year. SORRY the mortgage company wants your appraisal to come in high, if it doesn't they are just as mad as you are because they get paid for closing loans. Check your neighborhood, see what has sold, remember that Granite countertops DO NOT improve your appraisal, neither dose a finished basement, new hardwood floors etc. APPRAISERS don't care about upgrades. Sorry they just don't. So be cautious when you estimate your value.
YOUR CREDIT if you have rough credit, be prepared for A LOT of work. It's tough for <720 scores to get a loan today, not to say you can't but it is HARD!!!
FINALLY read your DOCUMENTS, is your income correct (that means base should be separate from all other income types defined about) are your assets accurate? What about the value are they what you said they are, if not DON'T sign!!! This is a sure sign that the banker is pushing things in hopes to push your loan through the system. Get them corrected before you sign. THIS IS YOUR ONLY hope to fight for a returned deposit.
IS YOUR RATE LOCKED. IF not don't sign, don't let a banker talk you into floating TRUST ME it isn't worth the .125 you could gain if they go down, because you will loose!!!
OK so you did all this and you want your deposit back? GOOD FOR YOU!! Follow these steps, it will improve your chances.
1.send an e-mail to your banker, Dan Gilbert, William Emerson, Jay Farner and anyone else you have spoken to thought the process, as well as [email protected] Put the afore mentioned people in the To; line and anyone else in the CC line in your e-mail box. (everyone at quicken has the same e-mail format their name @quickenloans.com use these peoples names first and last and add @quickenloans.com to the end.)
2.Make sure your e-mail only contains FACTS, don't demand things, don't be emotional, don't make threats. REMEMBER it is a lot like the playground people will play with the nice kids and pick on the mean ones. Use phrases like I would appreciate it if my calls were reviewed, I FEEL that I gave banker X accurate information upfront, and was told I would be approved.
3.USE EXACT DATES if at all possible.
4.report ANY unreturned phone calls (this is cause for termination)
