Posted on: 09th Sep, 2007 09:24 pm
I have been mortgage shopping and was approved from two mortgage companies so far one of them being Quicken Loans but get this they want me to give them a credit card number and want to charge $500.00 to it before I even find a house! The other mortgage company I don't have to send in the payment until I have found a house and sent in the purchase agreememnt! I have read on the rip off reports that people never get their money back from Quicken Loans either they seem like a rip off to me.
kelly, that's a good comeback. no sooner do i mention that we haven't seen the likes of you, but you come forth. i can't say i see the overall sense in grabbing as much as $500 upfront, but i do certainly understand your rationale. frankly, if i could have forced my clientele to bring their funds on first meeting, i'd have a lot more deals stick.
there's something to be said for that policy, given the fallout rate that we generally experience. actually, back in the day, there used to be an application fee on every deal, with (virtually) every lender - the world was a little less cutthroat then - and people (your parents, kids!) understood it was to be paid or nothing got processed.
those were simpler times, of course. we didn't have the all the competition we have now, and folk were loyal. for those who don't understand the word "loyal" you can google it.
there's something to be said for that policy, given the fallout rate that we generally experience. actually, back in the day, there used to be an application fee on every deal, with (virtually) every lender - the world was a little less cutthroat then - and people (your parents, kids!) understood it was to be paid or nothing got processed.
those were simpler times, of course. we didn't have the all the competition we have now, and folk were loyal. for those who don't understand the word "loyal" you can google it.
Once they get your $500.00 they have succeeded in decieving you.
They have you trapped and have no intention to make you a fair or competitive offer. I cancelled my application within 2 business days and never even had an appraisal. I even offered to split the $500.00 and asked them to refund me $250.00 which was more than they deserved. Of course they said no because they are not interested in being fair or ethical, they just want your money no matter what.
They are the biggest Bull Shit Artists in the business and would steal $500.00 from their own mother if they could get away with it.
Have you heard their TV commercial? They claim to be the loan experts and boast about their policy of honesty. They are offering 4.8% for a 30 year fixed loan.
What they don't tell you is that the closing costs will be at least twice that of all other competitors and that you will have to pay $500.00 up front just on their good word and will never get that money back even if they can't provide a suitable loan contract for you. Their position is simple, either accept our unreasonable offer or loose your $500.00.
There really needs to be enforcement action against them for their deceptive business practices which amount to nothing less than a sofisticated method of stealing money from the hard working public.
What they are getting away with is unconscionable and must be stopped.
They have you trapped and have no intention to make you a fair or competitive offer. I cancelled my application within 2 business days and never even had an appraisal. I even offered to split the $500.00 and asked them to refund me $250.00 which was more than they deserved. Of course they said no because they are not interested in being fair or ethical, they just want your money no matter what.
They are the biggest Bull Shit Artists in the business and would steal $500.00 from their own mother if they could get away with it.
Have you heard their TV commercial? They claim to be the loan experts and boast about their policy of honesty. They are offering 4.8% for a 30 year fixed loan.
What they don't tell you is that the closing costs will be at least twice that of all other competitors and that you will have to pay $500.00 up front just on their good word and will never get that money back even if they can't provide a suitable loan contract for you. Their position is simple, either accept our unreasonable offer or loose your $500.00.
There really needs to be enforcement action against them for their deceptive business practices which amount to nothing less than a sofisticated method of stealing money from the hard working public.
What they are getting away with is unconscionable and must be stopped.
hello ray - i'm kelly from quicken loans. i've emailed with you and wanted to post a reply to you here as well.
as explained in our reply to the complaint you filed with the better business bureau and the other online posts youve made, our bankers are trained to explain our deposit policy up front at the time of application. we have nothing to hide. potential clients can read how the deposit works on our web site, or they can watch our deposit video on youtube. additionally, each and every client is provided with an interest rate disclosure and deposit agreement that they sign at the time the apply. that agreement provides that if a client chooses not to close their loan for any reason, the deposit is considered non-refundable. accordingly, when you withdrew your loan application, we retained your deposit.
we are certainly sorry if our follow-up calls following your decision to cancel the loan process upset you. we were merely trying to understand what happened that caused you to change you mind and walk away from what we viewed as a beneficial loan program.
once you signed your application, we immediately began working on your loan. we locked your interest rate (which carries a fee on the secondary market), ordered and received various third party items including a title search and your irs tax transcripts, and provided you with a fully underwritten conditional approval letter. if you were not ready to proceed with a loan and/or did not agree to the terms of your deposit, you could have taken more time to make a decision or declined to proceed entirely.
quicken loans is the nation's largest online lender and 5th largest retail lender. we speak to over 3 million people each year. when less than a fraction of a percent of those clients complain, we think we are doing pretty well. all we are asking is that you honor the commitment you made to us when you agreed to proceed with your loan and signed the interest rate disclosure and deposit agreement.
as mentioned in our reply to the better business bureau, as a compromise we are willing to apply the retained deposit towards the closing costs of a future refinance or purchase with quicken loans. if you would like to take advantage of this offer, please contact our client relations team at 800-863-4332 so we can make the necessary arrangements.
thanks.
kelly
quicken loans
[email address deleted as per forum rules. thanks.]
as explained in our reply to the complaint you filed with the better business bureau and the other online posts youve made, our bankers are trained to explain our deposit policy up front at the time of application. we have nothing to hide. potential clients can read how the deposit works on our web site, or they can watch our deposit video on youtube. additionally, each and every client is provided with an interest rate disclosure and deposit agreement that they sign at the time the apply. that agreement provides that if a client chooses not to close their loan for any reason, the deposit is considered non-refundable. accordingly, when you withdrew your loan application, we retained your deposit.
we are certainly sorry if our follow-up calls following your decision to cancel the loan process upset you. we were merely trying to understand what happened that caused you to change you mind and walk away from what we viewed as a beneficial loan program.
once you signed your application, we immediately began working on your loan. we locked your interest rate (which carries a fee on the secondary market), ordered and received various third party items including a title search and your irs tax transcripts, and provided you with a fully underwritten conditional approval letter. if you were not ready to proceed with a loan and/or did not agree to the terms of your deposit, you could have taken more time to make a decision or declined to proceed entirely.
quicken loans is the nation's largest online lender and 5th largest retail lender. we speak to over 3 million people each year. when less than a fraction of a percent of those clients complain, we think we are doing pretty well. all we are asking is that you honor the commitment you made to us when you agreed to proceed with your loan and signed the interest rate disclosure and deposit agreement.
as mentioned in our reply to the better business bureau, as a compromise we are willing to apply the retained deposit towards the closing costs of a future refinance or purchase with quicken loans. if you would like to take advantage of this offer, please contact our client relations team at 800-863-4332 so we can make the necessary arrangements.
thanks.
kelly
quicken loans
[email address deleted as per forum rules. thanks.]
I'm in the process of working with Quicken Loans. So far, my loan officer has been more than helpful. He always gets back to me and answers all of my questions. If he cannot, he will find out what I need to know and get back to me.
This is my first time buying a home, and as you can imagine, I have an abundance of questions. I've tried a few lenders before Quicken, and none were as responsive or helpful. Quicken Loans has been the only one so far that has been able to help me as much as I've needed. I've been very demanding, and I call frequently, but am always met with a quick and friendly response.
I've read this thread, and see a lot of people complaining about the up-front deposit. I think the issue here is people are not understanding what they are agreeing to when they put this money down. My loan officer with Quicken made it extremely clear to me the first day that I called in. It was my understanding that the $400 I pay to them will be applied to my closing costs, should I get that far. If I decide to voluntarily withdraw from the loan process, the $400 becomes non-refundable. If my loan request is denied, I receive my deposit back, less what has been spent on appraisal, title, etc.
I have had a 100% positive experience with Quicken Loans so far. I hope the negative comments from people who misunderstand what they agree to will not deter new people from them in the future. They have done a lot to help me so far, and I look forward to working with them towards closing my loan in the near future!
Thanks guys,
Megan
This is my first time buying a home, and as you can imagine, I have an abundance of questions. I've tried a few lenders before Quicken, and none were as responsive or helpful. Quicken Loans has been the only one so far that has been able to help me as much as I've needed. I've been very demanding, and I call frequently, but am always met with a quick and friendly response.
I've read this thread, and see a lot of people complaining about the up-front deposit. I think the issue here is people are not understanding what they are agreeing to when they put this money down. My loan officer with Quicken made it extremely clear to me the first day that I called in. It was my understanding that the $400 I pay to them will be applied to my closing costs, should I get that far. If I decide to voluntarily withdraw from the loan process, the $400 becomes non-refundable. If my loan request is denied, I receive my deposit back, less what has been spent on appraisal, title, etc.
I have had a 100% positive experience with Quicken Loans so far. I hope the negative comments from people who misunderstand what they agree to will not deter new people from them in the future. They have done a lot to help me so far, and I look forward to working with them towards closing my loan in the near future!
Thanks guys,
Megan
Why do people feel the need to complain all the time. Are there not bigger things to worry about?
If you didn have any problems with Quicken Loans you are lucky. But I had huge troubles with them, and as I could find out I wasn't the only one. In order to avoid difficult situation you should read peoples opinion quicken-loans.pissedconsumer.com/ .
We are out $1,000 cuz Nicholas Grant never intended to close our loan with endless requests for documents already sent. Told him from start we were in middle of addition on our home. Said this was not a problem. We are then denied loan based on unfinished addition. Tells us we never told him about addition. When addition done, he orders 2nd appraisal for which we tell him we will not pay for. 2nd appraisal comes in $50,000 less. Tells us it is still high enough for loan to close. Loan is denied & we are charged $500 for 2nd appraisal we did not agree to. Now disputing credit charge.
I've heard several people on this thread say that "in this day and age" a deposit should not be required. The historically low rates and our economic times are EXACTLY why Quicken loans charges a deposit. Quicken wants to make sure they are working with qualified clients who are ready to move forward. Everyone is trying to refinance or take advantage of low purchase prices right now and quite honestly, smart loan officers know that they do not have time to waste on customers who are just 'shopping' or 'looking into it'. You either qualify or yout. And if you do qualify and you are confident in a conservative value for your home, then you should have no hesitation about paying a deposit which lets your lender know you are serious and will follow through. Some of you are correct in that no lender can charge an up-front fee without an approval and a commitment. This is true. Thats why Quicken Loans does not charge your card if you are not approved. Other lenders may not ask for your business as soon as Quicken but get far enough along with any lender and eventually you will be asked to pay a deposit. Lenders are not in the habit of underwriting loans and paying for appraisals and credit reports and tax transcripts without confirmation that the customer is on board.
The accusations on this thread crack me up. We are talking about the #1 online lender in the country with an A+ rating with the BBB. Quicken did not get to this level of success by being a non-reputable company.
going to put it simply here. The people who complain about Quicken not returning their deposit are the people whose loans are denied because something wast disclosed at application. Either their income documents do not match what they told the loan officer or their estimated value was way higher than the appraised value. The loan gets denied and only the difference of the cost of the appraisal and credit report are returned because Quicken paid that money to a third party and the client is angry. They feel cheated. Lending is a lot different than it used to be. If you embellish information up front, the underwriters will catch it and your loan will not close.
Loan officers do not get paid for loans that do not close. It would be asinine for a banker waste time and company money on a loan they know will not close. If a Quicken Loans employee asks for your business and a deposit to get things started it is because the program they have put together for you makes sense and will close as long as the information you provide is verified by the documentation you later provide i.e. paystubs, W2, appraisal.
The accusations on this thread crack me up. We are talking about the #1 online lender in the country with an A+ rating with the BBB. Quicken did not get to this level of success by being a non-reputable company.
going to put it simply here. The people who complain about Quicken not returning their deposit are the people whose loans are denied because something wast disclosed at application. Either their income documents do not match what they told the loan officer or their estimated value was way higher than the appraised value. The loan gets denied and only the difference of the cost of the appraisal and credit report are returned because Quicken paid that money to a third party and the client is angry. They feel cheated. Lending is a lot different than it used to be. If you embellish information up front, the underwriters will catch it and your loan will not close.
Loan officers do not get paid for loans that do not close. It would be asinine for a banker waste time and company money on a loan they know will not close. If a Quicken Loans employee asks for your business and a deposit to get things started it is because the program they have put together for you makes sense and will close as long as the information you provide is verified by the documentation you later provide i.e. paystubs, W2, appraisal.
Hey Jimbo - do you even bother to take in & digest any of the valid complaints consumers have about your company? No, you are just a jerk who likes to talk down to people & never answer the real question. Even your little quote of "the customer is rarely right" is highly condescending. As for the phony BBB grade, it is now known Quicken has paid them (also called a bribe) to keep them at an A. Why don't you do us all a favor & find something productive to do rather than defend this pathetic excuse of a lender. And really, just stop trying to invalidate consumer's complaints.
I am also unhappy with Quicken Loans. Since our loan on our new home was messed up, I had to refi to get it straightened out or face an increased payment of about $400 per month. As Quicken Loans is also my customer, I believed there rating as a great company. I paid them a lot of money to fix a problem, then guess what, one year later, I have the same problem. When I call them (you know, customer for a lifetime, call us with any problems or questions) they of course won't even attempt to help me. Yes, the service up to closing was pretty good even though the whole time I kept thinking I could get better deal elsewhere. But 'service after the sale' is nonexistent. You pay them a lot of money to correct a problem and they in turn screw it up, giving you the same problem you had. Its too bad, I have and do bend over backwards to give them excellent service but I don't get it back in return. I guess its one of Michigan's best places to work, but not one of Michigan's best for service. The worst part is, I know Dan Gilbert would not tolerate the service, but I have not said much since it is not my desire to get them fired or put the company I work for in jeopardy for future business.
:evil:
Quicken loans will lie to you. This is how they will rip you off. First they don't tell you that you will have to pay an "origination" fee and it may be as high as $700. Then they will send out an "appraiser" who magically and conveniently decide you have no equity in your house. Oh WELL. They then keep your $700. It is a total scam. We wrote the state and the feds and Quicken loans must have some connection to a senator or something because nothing happened. DO NOT refinance or get a loan with these people. They are like the Mafia.
Quicken loans will lie to you. This is how they will rip you off. First they don't tell you that you will have to pay an "origination" fee and it may be as high as $700. Then they will send out an "appraiser" who magically and conveniently decide you have no equity in your house. Oh WELL. They then keep your $700. It is a total scam. We wrote the state and the feds and Quicken loans must have some connection to a senator or something because nothing happened. DO NOT refinance or get a loan with these people. They are like the Mafia.
What a bunch of pablum up top there. Deposit? My as. We did not get a dime back. Guess someone needed to pay off their new car that day.
The courts call it "arbitrary and capricious" you morons. This is how you operate. I understand there is an attorney fishing around for a Class Action Lawsuit. We will certainly participate.
The courts call it "arbitrary and capricious" you morons. This is how you operate. I understand there is an attorney fishing around for a Class Action Lawsuit. We will certainly participate.
Stay far away from Quicken Loans they are a big rip off there name should be Quick to take your money
Thanks jeb, for sharing your opinion. Your opinion will definitely help others to take the right decision.
Sounds like your intuition is probably right about not laying the money out. I work at a mortgage marketing company, and most of our clients use data lists to send a targeted advertisement to candidates that are likely to meet their underwriting guidelines. Unfortunately, there are millions of people that have been underwater on their loans and unable to refinance - new programs like the updated FHA MIP program and HARP 2.0 have helped many people refinance.
Best of luck with your situation,
Jared
Best of luck with your situation,
Jared