Complaint Review: Quicken Loans - Livonia Michigan

You know I would not be surprised if "Kelly" wasn't a real person...its probably just whoever draws the short straw in PR that day. Remember how they had a nonexistent mortgage banker(I forget the name now) that sent out emails that instructed the "clients" to call him so he could he started on their loan. Meanwhile unknown to them, they were just calling the general number so you had to spend a few awkward minutes at the beginning of the call talking about how "he" was a colleague of yours and you'd be able to help with the loan all while they try to decide if they should trust you and still they are sure they should only talk to "him" (ahh the memories)

And about the customer survey crap, they never mention that they only give those surveys to people who actually close their loans with Quicken. I'd like to see what happened if they gave that survey to everyone who gave a "good faith deposit" bet that would be ugly. When I worked there I routinely would have 8 or so loans that would fall through after taking the deposit. Overpromising to the client was a disease when I was there... Also that survey is at the end of the 25 plus page closing document, at that point who cares, they're probably just glad to move on with their life and not have to be bounced all around Quicken at that point.

you can spew the canned crap all you want kelly, but the facts still remain true. 

Allow me to establish myself.  I worked at Quicken in many parts for 5 years.  The final position was in sales.  I know what the internal workings of the company are as well as all the dark secrets that you try so hard to keep hidden. 

Your company in fact does bait and switch.  You willingly tell people they will get something knowing outright that the odds of it happening are slim to none.  When it doesn't come back approved, you switch to something else selling them on the benefits of it.  Oddly enough, for the last 10 years you've been selling HARD on ARM loans.  People rarely ever wanted a loan that would go up substantially after 5 years.  In fact, many fought hard to not get one, but in the end were persuaded by more "factual lies" that they had nothing to worry about.  "Don't worry Mr Jones, your house should gain about 3% of its value this year again.  In 5 years you're going to be calling me telling me how great it was that I was able to save you all this money and now you want to go into a 15 year fixed with a very low Loan to Value".  It went downhill from there.  Quicken started doing promotions to their order takers to sell the higher risk loans because they made so much more money on them.  7 year balloons, no interest etc...  Quicken is no different than any other company that contributed to this mortgage mess we're currently in.  You can try to spin it, but the fact is that you're hired to do PR control on here.  So save your breath.  No one reading your canned dribble will give it any creedence.  they will see that people like myself and the original poster have been inside, know all about the "green and red bar" and know that the only way to make money at Quicken is to screw people over no matter what it takes. 

Next, you talk about an easy and stressfree approach from Quicken to make the loan.  Let me state outright that that's a LIE.  There's a command center in their sales floor just to monitor how many calls are being made by who and who isn't making enough calls.  You think they don't monitor things like getting the deposit.  heck, when I was in sales training, there was a reward for whoever could get the most deposits.  Fact is that the first 1/4 of the sales process is all about getting information.  it's ended with a preface that when the banker calls back they will go over the options, get the credit card number and proceed.  There is no time for people to think.  the sales process (the Bible to bankers at Quicken Loans) DEMANDS that you not let someone off the phone without countering any stalling or delays and that you always ask for the credit card.  i've heard the sales calls with management, been through the training, been called into one on one sessions to better my skills at getting that card number.  So there is no 'easy, smooth, when you're ready to move call me back' process with Quicken.  oh, if you're stubborn enough and don't give them the number, of course they will hound you till you threaten them with a lawsuit, but easy, convenient, and at the customers pace is the furthest thing from the truth. 

next you spew out facts about how you work with 3 million people a year.  Again...  a lie depending on how you word it.  Do you close 3 million loans a year?  no.  that's 250,000 loans a month closing.  do you process 250,000 loans a month?  no.  you BUY 3,000,000 leads a year.  you don't work with each and every lead.  in fact most are probably skipped over by your bankers.  So quit trying to sound like you're the end all of all mortgage lenders.  From that point on, all your numbers are skewed.  1% of what number?  Your close loans?  Loans that went into process?  Loans that a banker talked to them?  Spouting off big numbers only worsens your situation.  next, you talk about the high and mighty A+ rating from the BBB.  A quick Google search shows that Goldman Sachs also carried an A+ rating.  i'm not so sure that qualifies you for bragging rights right now.  It also states on the rating that your rating is from your ability to respond to complaints reported to the BBB.  All in all, a moot point, and it also has nothing to do with anything stated above. 

 Next you talk about your "reviews" that you receive from clients.  the same review that bankers BEG for a lvl 5 because if a banker gets anything below that, well, it's time to have a talk with them about it.  Again, internal practices do not bode well for your arguments as again, what to a commoner would look like great information is nothing more than smoke and mirrors.  Or if you would like, a bait and switch tactic in PR. 

 And finally, you talk about the sacred rating from Forbes.  Again, if you're on the outside reading that it would look really impressive.  Except that I've been there, taken the surveys.  Received the emails prior to the rollout of the survey stating that 'Quicken would greatly appreciate your help in keeping us at the top again this year".  It's not mandatory stuff, but honestly, who working there isn't going to rate it high.  They want to keep their jobs.  Before you spew out that the surveys are private etc... remember you're dealing with Human Nature here.  Your PR stunts mean nothing.  I don't care who you are, you're more inclined to mark all top marks than be honest.  Now if Forbes really wanted to show off who is great to work for they would ask the former employees to be honest about it.  I bet you wouldn't be so keen on that becuase "they would just give us bad marks out of spite".  And in saying that, you'd prove my point. 

 So a recap.  You just put out a canned response that means nothing.  Has no solid defense against the fact that you have people who have been in your environment who are willing to talk about it.  A quick look online shows that you have two very large lawsuits against you right now. (((Redacted))) has them listed there.  These aren't fly by night lawsuits either.  they've been in process a very long time.  So you're essentially blowing smoke up everyone's a*s by being on here.  Save yourself the embarrassment of arguing these points. 

I can assure you that Quicken Loans being voted as one of the "Best Places to Work For"  is the biggest joke amongst mortgage bankers. The joke is that "Fortune must only interview non-bankers, because if they had interviewed bankers, Quicken would be no where near that list. 

Just stop trying to put a spin on the banking position at Quicken already! Bottom line is this: you can make a very good living, but you WILL WORK VERY LONG HOURS. You will be guilted by others to work each and every weekend "if you want to be the best!" There are a handful of bankers that have been there 7+ years, but I can assure you that these folks are NOT the majority there. The hours are just too much.

Hi - I'm Kelly with Quicken Loans. I wanted to take some time to reply to all of your postings about us across the internet.

The one thing to know about Quicken Loans is that there is no bait and switch with our clients. We have been in business for 25 years and if that's the kind of business we ran, we wouldn't be around anymore. It's pretty clear the market changes in the last couple years have weeded out anybody who wasn't doing good business.

When it comes to working with clients, we try to make it as easy and convenient as possible. We gather information from the client, explain what options are available to them and when they're ready to move forward, we accept a deposit and begin to process the loan. Clients always sign an application, agreeing to and authorizing our deposit. Our deposit policy is also available on our website: https://www.quickenloans.com/about/quicken-loans-deposit  We are extremely transparent in our process - more so than any other lender.

Unfortunately, closing a loan is contingent on many things. The most difficult one in this market is making sure the home appraises for what the client says it's worth. It's widely known that home values have dropped and that is a huge factor in ensuring the client qualifies. However, if a client's home doesn't appraise and we have to deny the loan, we keep nothing. It does not benefit us to work with clients we can't help. We would much rather have happy clients and close loans.

For a little bit of context, complaints are a very small portion of the feedback we get. We work with over 3 million people a year and less than a fraction of 1% ever complain. 94% of our clients would recommend us to their friends and family - a statistic we find to be one of the greatest compliments ever. We also maintain an "A+" with the BBB.

That being said, you will never find a single fake review about Quicken Loans. We have never and will never do something like that. Good or bad, the feedback we get from clients is truly priceless and we use it to make to learn and improve.

Despite all that you've said that is untrue, I'm sorry you did not enjoy your time here. Those sort of feelings are rare - we've been on FORTUNE Magazine's Best Companies To Work For in America for 7 years running. Our turnover rate is one of the lowest in the industry.

As far as banker experience, we offer the most comprehensive training of any lender - over 200 hours before working with any clients. We try to keep new bankers together and offer them guidance from more seasoned bankers to give them the best experience possible. We find that when our team members are happy, they'll make our clients happy. Win-win, I say.

In regards to what you said about PR/why I respond to people or "manage our image" - the reason I'm here is to help our clients. As a online company, we know that offering client service online is vital to our business in this day and age. It's also important to provide context to people like you who simply don't tell the truth.

If you've got any questions or if there's anything I can do for you, feel free to get in touch with me. I'm happy to help in any way I can.

Thanks,

Kelly
Quicken Loans
[email protected]