Quicken Loans - Is it ripping off consumers?

Hi Samanthas,

I understand how frustrated you must be feeling. It's your hard earned money they cannot take without any proper reason. You can contact any attorney who may help you filing the case against them. You can check out http://lawhelp.org/ . Here you can get a list of lawyers of your state who can help you.

Wish you a Merry Christmas.

Thanks

The returned deposit fee is itemized in the amounts returned at closing.
This is standard practice, and I used to work in a Mortgage Dept. A legal contract must have a "consideration," or a payment that is made. The closing estimated, itemizations, and other documents with Quicken clearly show that (in my case) nearly the WHOLE amount is returned at closing. I don't think those who are complaining have much experience! I've closed on three houses in my life, and Quicken's process is the same as the others. It is not helpful to call something a "scam" in such a public forum. But the naivete and ignorance of those posting here (including my own, perhaps) are not doubt responsible for our getting our country into this fix.

In my opinion, the $500 was some type of application fee. Unfortunately, the quicken rep did not fully disclose the fact that this fee was going to be taken up front....or, Samantha did not clearly understand the rep's intentions.

I have heard of Quicken requiring a $500 "application fee" up-front. If you have got a quote from Quicken I would suggest you call a local lender and compare. If you feel as if you're getting a better deal with Quicken, go forth with the loan. I hope this helps...

Quicken charged my credit card 750.00 immediatelky after I told them that I didn't want to move forward witht he loan. I never even signed any documents, nor did I get an appraisel. After weeks of phone calls and complaints I finally received my money back. Unfortunately, 750.00 dollars doesn't justify getting a lawyer. I also discovered that there are pages upon pages of complaints agianst quicken loans at the consumer affairs website.

Quicken Loans promised full refund if my application rejected. However, they charged $350 for processing my application and rejected it. I think, that is how Quicken Loans makes money.

I already reported it to BBB.org.

It is scam. Avoid Quicken Loans

Their explanation of the fee (including a YouTube video) explains that the prepayment ("deposit" as they call it) covers your apprasial, a credit report and other out of pocket costs. If you are denied a loan, you will be refunded what has not beeen expended (not internally allocated - actually paid to a third party like the apprasier). If you are approved and proceed with the loan, you will see the entire amount credited against closing costs on the closing statement.

This does not mean they are a good or bad lender, only that this is NOT an application fee as many have been calling it. It is really an advance on closing costs that you would be paying anyway. I imagine it is their way of keeping window shoppers from wasting their time and money. And as a potential borrower, I would prefer not to subsidize people who are not serious about getting a mortgage.

Why would anyone want to underwrite or guarantee a loan without pre-approval is questionable. Why not see/check if the customer can even qualify for the loan before guaranteeing it? Say, I want a loan for 2% with a credit score of 350 and 0 downpayment and no income. Would you guarantee me a loan? Should I pay you $500 before you can realize that I'm not fit for a loan? This is pure and simple loan-sharking. What they do is that they collect the money regardless of their pre-approval process and guarantee your rate anyway. Then, they turn around and turn you down but they keep the money. What's questionable is that customers pay for that guarantee and nothing else; otherwise, they'd be happy with a pre-approval. It's almost like trying to get someone to buy a car without test-driving it. It doesn't make sense because it doesn't pass the smell taste.

will fowler told me that i was preapproved then after my (good faith money) reached their account did the appraisal, and then after all that they denied my loan. now why would he do all that on the same day. i have heard of nothing good about quicken loans, all they want is your money and then as soon as they get it, they screw you over. will fowler was rude the whole time, he never listened to what i said, he pretty much said just sign your name, or he would change the subject. so if you are thinking about applying with quicken loans i would highly advise you against them, they are only out for the money, then they dont care, i just wish i would of researced a little more, but i did a little too late and now im out all my money. will fowler tried telling me it was my realters fault for going ahead with the appraisal, when he had nothing to do with it, quicken loans is the one that hurried up and wanted to get it done so that they didnt have to pay me back. the loan officer is the one that asked for the appraisal not the realter.,
so PLEASE STAY AWAY FROM QUICKEN LOANS AND ALSO IF YOU GET A GUY BY THE

I too have been taken for a $400. up front good faith amount. I call the agent back within 30 minutes of signing and was told that I could't have the $400 back. So let this be a lesson to anyone that tries to get a loan from quickens loan.

Hi Liaoyu,

If first one mortgage companies provide Quicken Loans but get this they want to charge $500.00 to it before find a house! then don't take loan from this companies. You can take loan from other mortgage company. Just ask to other rules or details of this companies about how to getting Quicken Loans.

QUICKEN LOANS SUCK! THEY ARE A FULL SCAM. WE GOT PRE-APPROVED AND THEN APPROVED WITH A VA LOAN. WE HAD TO PAY APPLICATION FEE AND ALOT OF OTHER STUFF IN THE SO CALLED 'GOOD FAITH ESTIMATE'! 2 DAYS BEFORE CLOSING THEY CALL AND LEAVE A MESSAGE SAYING THE UNDERWRITERS WON'T GIVE US THE LOAN BUT WE CAN GET A FHA LOAN AND PUT DOWN 3.5% WHEN WE MAKE WELL OVER $85K... I'M GOING TO JAG/LEGAL ON BASE AND COMPLAINING ABOUT THEM AND I'VE ALREADY WENT TO THE BBB... *** DONT' TRUST THEM!!!***

Quicken Loans is definately an unethical, disreputable company. They will keep your deposit no matter what. I repeat, they will keep your deposit no matter what. Their customer relations/service department is a very bad joke. Stay away from Quicken Loans. And by doing so, you have done yourself an enormous favor.

well, this has been instructive. i haven't seen much favorable about quicken here - not even an apologist for the company, which we usually find.

these days, lenders are getting upfront money for appraisals, certainly, but they ought not charge any other fees. credit reports are so cheap anyway.

Hey everybody - my name is Kelly and I work for Quicken Loans. I realize we're a bit late to the party with responding, but I still think it's important to address some of the concerns.

The biggest issue mentioned here seems to be our deposit. We're very clear about our deposit policy. It is not a scam. Taking a deposit allows us to get started processing your loan. It covers the costs we incur on your behalf, including thins like appraisal, credit reports, title, etc.

The deposit is directly credited back to you when you close your loan. If, for some reason, your loan is denied, we refund any of the money not already spent on your behalf. So, if you gave us $500 as a deposit and your appraisal cost $300, we would refund $200. However, if you review, agree to, and sign your loan application package, and later decide not to go forward with the loan, your application is considered withdrawn and we will retain your deposit. The deposit is completely explained on the application (specifically the document entitled Interest Rate Disclosure & Deposit Agreement) and is never charged until you sign your application, acknowledging and authorizing the charge.

If you'd like more info on our deposit policy, it's clearly explained on our site as well: "https://www.quickenloans.com/about/quicken-loans-deposit"

As a note, we have worked with nearly a million families since 1985. We closed over $25 billion in loans last year. If that doesn't indicate we're not a scam, I don't know what does.

All that being said, every client matters to us and we realize we're not perfect. I'm more than happy to help anyone if they contact me directly so I can look into their loan. Loan information is highly sensitive and it's difficult for me to comment on any specific situation without knowing the details. I am always available - "Kelly@QuickenLoans.com"

Thanks

Kelly
Quicken Loans

[External links deactivated as per forum rules. Thanks.]