- Report: #279570
Complaint Review: Quicken Loans - Livonia Michigan
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Quicken Loans
Livonia, Michigan, U.S.A.
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Quicken $500 Deposit ACUTALLY COSTS MORE IF YOU CLOSE!! BAD! Livonia Michigan
*UPDATE EX-employee responds: I'm not really sure how your math works
*UPDATE EX-employee responds: I'm not really sure how your math works
*UPDATE EX-employee responds: I'm not really sure how your math works
*Consumer Suggestion: Quicken Loans 500 dollars good faith estimate deposit to open your loan or not!!!
*Author of original report: R My math was a little off BUT
*UPDATE EX-employee responds: Direct Lender
Heres a little truth for the people that actually close a loan with quicken, $500 deposit IS NOT refundable at closing. In fact the deposit is actually $1,000 for people who close....how you ask? Easy, when you request the deposit back at the table, they have to increase the loan amount by $500 to cover it.
So if your refinancing, all costs are rolled into the loan....INCLUDING THE APPRAISAL FEE (the apprasial does not have to be paid by the lender after a few days post the loan closing) So you give quicken $500 for good faith, want it back? SURE! we will roll it into the loan and charge you interest on it as well! so here are the main points, The good faith deposit is actually $1000 if your loan closes, the $500 is PURE PROFIT even if the loan does close, and your stuck paying the money they gave you for your deposit back with interest.....
WEAK
Nick
Sterling Heights, Michigan
U.S.A.
So if your refinancing, all costs are rolled into the loan....INCLUDING THE APPRAISAL FEE (the apprasial does not have to be paid by the lender after a few days post the loan closing) So you give quicken $500 for good faith, want it back? SURE! we will roll it into the loan and charge you interest on it as well! so here are the main points, The good faith deposit is actually $1000 if your loan closes, the $500 is PURE PROFIT even if the loan does close, and your stuck paying the money they gave you for your deposit back with interest.....
WEAK
Nick
Sterling Heights, Michigan
U.S.A.
6 Updates & Rebuttals
Steven
Sagamore Hills,Ohio,
U.S.A.
Direct Lender
#2UPDATE EX-employee responds
Sun, October 21, 2007
Point understood, but you said other Direct Lenders? Quicken is not a direct lender as they like to say they are. If they were, when the industry got beat up, they would not have pulled back their rate locks & programs promised to customers. They are nothing but a marketing machine. DO NOT give them $500 if you plan on seeing it again. These deposits have made Gilbert a very wealthy crook. All in all, this company sucks!
Onefortheages07
Warren,Michigan,
U.S.A.
R My math was a little off BUT
#3Author of original report
Fri, October 19, 2007
the fact is that either way you look at it, the deposit is never actually given back to you, cause if it was, the $500 would be credited to your hud-1 and the loan amount should decrease $500 less, but it does not, so you end up paying $500 upfront, then paying it back to the loan when you should have just got it back. point is people....DONT GIVE DEPOSITS TO A LOAN COMPANY, IF YOU BUY A HOUSE, GIVE THEM A CONTRACT DEPOSIT, BUT 90% OF THE BETTER BROKERS OR OTHER DIRECT LENDERS NEVER CHARGE A UPFRONT FEE.
Molina
Allentown,Pennsylvania,
U.S.A.
Quicken Loans 500 dollars good faith estimate deposit to open your loan or not!!!
#4Consumer Suggestion
Fri, October 19, 2007
For those who can not get their 500.00 deposit back I suggest: File a complain with the bbb.org Second send a letter the the so called CEO from Quicken loans and report them also with the Banking department of your state. I did this and got my money back? Of not threaten them with taking them to a small claim court for the rip off An angry Allentown poor mother in Pennsylvannia
R
Livonia,Michigan,
U.S.A.
I'm not really sure how your math works
#5UPDATE EX-employee responds
Thu, October 18, 2007
I used to work for the company, I know how the math works. If you want your $500 back at the end of the loan, yes, the loan amount has to go up by $500. Your HUD-1 statement will show the $500 credit that you paid applied to the loan. If you want that $500 back, then that $500 credit has to be taken away with a corresponding $500 cash in hand. I'm neither defending the company nor promoting it, I'm simply stating how it would have shown up on your HUD-1 statement.
R
Livonia,Michigan,
U.S.A.
I'm not really sure how your math works
#6UPDATE EX-employee responds
Thu, October 18, 2007
I used to work for the company, I know how the math works. If you want your $500 back at the end of the loan, yes, the loan amount has to go up by $500. Your HUD-1 statement will show the $500 credit that you paid applied to the loan. If you want that $500 back, then that $500 credit has to be taken away with a corresponding $500 cash in hand. I'm neither defending the company nor promoting it, I'm simply stating how it would have shown up on your HUD-1 statement.
R
Livonia,Michigan,
U.S.A.
I'm not really sure how your math works
#7UPDATE EX-employee responds
Thu, October 18, 2007
I used to work for the company, I know how the math works. If you want your $500 back at the end of the loan, yes, the loan amount has to go up by $500. Your HUD-1 statement will show the $500 credit that you paid applied to the loan. If you want that $500 back, then that $500 credit has to be taken away with a corresponding $500 cash in hand. I'm neither defending the company nor promoting it, I'm simply stating how it would have shown up on your HUD-1 statement.
