Complaint Review: Quicken Loans - Livonia Wayne Michigan

The only thing you said correctly is that "someone at Quicken may not have explained the process properly." In the bankers defense, 95% of the company is in their first few months since everyone leaves or is fired before they are there a year. Most live with mom or dad, and the succesful ones rent. They never have owned a home. No concept for the importance of a home purchase. Most management have 3 years or less. Consumers: Do yourself a favor and find someone to work with who knows what the hell they are doing. Quicken claims to be the home loan experts which is very misleading. They are only a marketing machine that charges higher rates and churns and burns clients and employees.

The only thing you said correctly is that "someone at Quicken may not have explained the process properly." In the bankers defense, 95% of the company is in their first few months since everyone leaves or is fired before they are there a year. Most live with mom or dad, and the succesful ones rent. They never have owned a home. No concept for the importance of a home purchase. Most management have 3 years or less. Consumers: Do yourself a favor and find someone to work with who knows what the hell they are doing. Quicken claims to be the home loan experts which is very misleading. They are only a marketing machine that charges higher rates and churns and burns clients and employees.

Again, another Quicken employee shows the real attitude of the bankers there. Referring to clients as idiots...that shows the level of respect at the company. Also, how can you assume that the information that this consumer provided to the banker is actually what was entered into lakewood? Have you NEVER seen a banker overstate things like income or property value? It happened ALL THE TIME. So I see that you live in Goodrich, which means you probably work in the Troy office. What's your real name "Thetruth"? I'd love to see if you were really putting up the numbers you say you are.

Victim777, I currently work at Quicken Loans and do you really believe that Quicken caused this problem? Being a 1st time home buyer you may not know how things work. Also it is possible that someone at Quicken did not handle this properly or properly explain what was happening. When you are purchasing a home lets say for $100,000, and the appraisal comes in at $90,000. The only way you can still buy the home is if you bring the difference to close. Quicken was actually trying to protect you here is how: Let's say we do a loan for you for $100,000 but the actual value of the home is $90,000 per the appraisal that was completed on your home from an independent 3rd party appraiser. If the housing market continues to fall then 6 months or a year from now your home will be worth even less then the $90,000, maybe it has went down in value to $80,000. Now you owe $100,000 on a home that is worth $80,000 and is still in a declining market and economy. Lets say you have to try to sell the house for whatever reason? Please explain how you would be able to do so? At that point you would lose your house and you would then be a statistic and another person losing their house to the housing market. Quicken WAS PROTECTING YOU AS A BUYER. You may not have realized it because you are a first time home buyer and it should have been properly explained to you but think about it??? The FACTS ARE THE FACTS!!! As to why you were not refunded the deposit read below: I currently work for Quicken Loans and have for 3 years. You probably were approved for a loan based on the information that YOU told the loan officer. If you over estimate your appraised value, then of course you may not get approved for the loan and the loan will be denied. On top of that the company completed 2 appraisals for you and so they could try to close YOUR loan. Quicken Loans does not own appraisal companies, so if you are dumb enough to over state your appraised value, a professional 3rd party appraiser will appraise your home for the correct value. Of course you had to pay $500. Let me ask you this, did you pay even a penny to the appraiser? No you didn't, an appraisal will cost anywhere from $275 to $400 depending on your location, it's higher in some cases for instance if you live in a remote area and the appraiser has to drive several hours to get to your house. If you multiply these numbers x2 you get $550 up to $800 that was spent trying to CLOSE your loan. If you were only charged $500 consider yourself lucky as appraisers do not magically pay themselves. They are a 3rd party who are paid for services provided. Quicken actually lost money on this attempted transaction because you were over stating your homes value. Also on the interest rate disclosure and the advanced fees notice it clearly says that you will not be refunded the $500. It PAYS the appraiser for doing work to appraise the home that you over valued. When your loan closes you receive the $500 back as a credit to the costs or cash(check) at closing. All of you people on this site bitching that you lost money because Quicken could not get you approved because the appraisal would not work out have to be complete idiots. There is a reason why you are not giving any money to the appraiser. Because Quicken is paying for it on your behalf. Hence the $500 commitment to work together. If we pay for an appraisal for you and then you decide you do not want to proceed with the loan, should Quicken be responsible for your appraisal? The one that you now own and receive a copy of? If you truly think the answer of this question is yes, then you ALL need a reality check. Find me a complaint from someone that actually closed a loan? Wait you won't find one because they were accurate with their homes estimated value and we were able to close their loan because they were truthful with information when filling out the application. If you live in a state where home values are dropping, then you may not want to assume that your home is the same value as it was when we were in the middle of the housing boom. You people are the reason that the country is in shambles right now, you all have an additude of entitlement and when something doesn't work out for you, then you might as well b***h and moan and try to get something for free. Hell why should you have to pay for an appraisal (or 2 in this case) that you agreed to and let the appraiser in your house, when Quicken Loans is a multi billion dollar company and even though I told them a value that I felt my house was worth but now that it hasn't appraised for that, I do not want to have to pay. Get a clue, when services are rendered by an appraisal or any service company YOU FOR THE BILL. You should feel lucky that Quicken didn't charge you more for the appraisals because due to you over estimating your homes value, Quicken actually LOST MONEY TRYING TO HELP YOU OUT. Anyone that thinks Quicken makes any money on these deposits is just as dumb as all these loser bankers on here bitching about Quicken because they couldn't cut it. If only 1 appraisal is done and the value comes in lower then where you estimated and you do not want to complete a 2nd appraisal which is always done through a different company so we can hopefully get the value that YOU FELT SO CONFIDENT ABOUT, then you are refunded the deposit less cost of the appraisal and credit report. So can someone please tell me how Quicken is making a profit off of this? We are in the business to close loans and help people but you will pay for services that are provided to you through 3rd parties i.e. appraisal and credit. Does anyone really believe this is fraud? All of you loser former employees on here please respond back and explain how this is fraud? I would love to hear how many more lies you can tell. How did that article in the FREEP work out for you? Wait, it actually praised Quicken Loans for being a company that cares about the people they work with and as Danny G would say: "it does the right thing". I know u guys get off on people dropping ISMs on here so there is one for you.