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This thread is an open discussion for anyone who would like to report their complaints against Quicken Loans or their good experiences. I have compiled some other reports around the internet and also some links to help you further get educated about this online lender. Most of what I have found is bad, but there is still a lot of good.
What I am looking for are common complaints and patterns in these stories from pissed off borrowers. This shows me that they are indeed legitimate and that there appears to be some issues that prospective borrowers need to be aware of.
Here is what you should watch out for when doing business with this company:
- Up Front Fees: One of the most common complaints is that prospective borrowers are charged $400-$500 for a Good Faith Estimate or Appraisal Fee and then when the mortgage is denied, they lose their money. It appears that most of the people who are losing thier money are losing money they cannot afford to lose. This is bullshit and needs to stop. If this has happened to you, please comment below.
- Bait and Switch: This is another very common trait in people's comments on the internet. They are told one thing before the fee is paid and the paperwork signed and then later everything changes as they lose their up front money and chances at receiving a new mortgage.
Internet Complaints Found:
Debra of Allentown, NJ January 20, 2010
First of all, closing was supposed to occur by 1/4 - no reason given as to why this didn't happen there was no reason whatsoever. I am so livid, they're liars, cheaters, thieves - they do anything to get that 500 from you. We can not afford to just throw 500 away for nothing. We have refinanced many times through the years and have never dealt with such tactics such as this. This should be against the law. I'm just so angry right now at not only the loss of money but time and aggravation...
Ryan of Wichita, KS February 15, 2010
Terrible customer service. Orginally told that there were no red flags with my refinance and I could expect to close within 45 days. The company would only take action when I called, which was at least 3 times a week. The process was dragged out almost three months and I was within a week of closing.Lawsuits:
56 days ago by RATS
I worked for quicken and have been in the industry for 15 years. These guys really only care about themselves. They sell you hard on the phone and push and push you to think rates are going up in 5 minutes. Stay away everyone. Plus they charge you so much more than anyone else. Just go to the local bank or credit union.By Gabi, Wed Jun 23 2010, 09:30
Good for you. The problem is that they charged me even when the ratified contract was not signed so therefore no contract no deal! This is a scam period no matter how you look at it. How can they justify doing an appraisal without a contract? And yes, I too went thru this process with Wells Fargo, Bank of America, Chevy Chase Bank and USAA bank but Quicken was the only one I had any issues with. Some of the others were very slow but they did not do anything behind my back.Barb of Hawk Point, MO February 12, 2010
Same as all the other complaints that I have read. We were told they could lower our interest rate and shorten our term. They needed 500 for good faith estimate. We were told everything was good and this would cost between 2 and 3 thousand which would be rolled into loan.
The house appraisal came in low and they also said the bank that has our mortgage now wanted an extra 1,000 in interest. That would bring our closing cost to about 6,000. Twice what we were quoted. We asked for the 500 back and were told no, they needed it for processing costs. I'd rather put the 6,000 towards principal on the loan I have now.
Their contracted appraiser did the appraisal on a home for which there was not ratified contract even after me and my realtor specifically told him not to do it.
The bankers at Quicken make you sign documents to see their quote and put you in a contract. They try and slip documents on old loans on to new proposed new loans to charge you even if you sever ties.
The investigator was not trying to solve the issues by obtaining my documenation of communication with their bankers via email. He was simply trying to ensure there wasnt much evidence I had so that he would not have to refund me my money.
They would not reimburse my money without threatening them with legal action.P.S. QUICKEN LOANS DOESN'T NEED YOUR $500 TO SURVIVE.....
BUT I BET SOME OF US ON HERE DO, AND ITS OUR MONEY PERIOD ....... AND THATS THE BOTTOM LINE !!!!!!!!!!!!!
Quicken Loans Inc., a mortgage lender based in Livonia, Michigan, has agreed to settle Federal Trade Commission charges that it failed to provide "adverse action" notices in violation of the Fair Credit Reporting Act (FCRA). The FTC alleges that Quicken Loans failed to comply with the provisions of the Act that require credit grantors who take adverse action
- for example, denial of credit, insurance, employment, or certain other benefits - to notify the consumer when the action is based wholly or partly on the consumer's credit report. The notice is designed to give consumers the opportunity to dispute the accuracy or completeness of the information in the credit report. The proposed consent agreement, announced today for public comment, would require that whenever Quicken Loans takes any adverse action with respect to an application for credit, either in whole or in part because of information contained in a credit report, it must provide to the applicant the notice specified in section 615(a) of the FCRA.
"Consumers who are denied credit or other benefits based on their credit report have a right to know, and lenders have a legal responsibility to tell them," said J. Howard Beales, III, Director of the FTC's Bureau of Consumer Protection. "An adverse action notice is the key to maintaining the accuracy of sensitive personal information and the signal to check your credit report for accuracy."Quicken Loans Inc. is currently the defendant in a class action lawsuit. This was filed against the company on behalf of employees who worked as loan consultants for any Quicken office within the past three years. The suit alleges that Quicken is in violation of the Fair Labor Act for failing to pay the plaintiffs overtime for working beyond a 40-hour work week. The officers of Quicken Loans have denied these claims, and say they are not aware of any such violations of the Fair Labor ActQuicken Loans Inc. is currently the defendant in a class action lawsuit. This was filed against the company on behalf of employees who worked as loan consultants for any Quicken office within the past three years. The suit alleges that Quicken is in violation of the Fair Labor Act for failing to pay the plaintiffs overtime for working beyond a 40-hour work week. The officers of Quicken Loans have denied these claims, and say they are not aware of any such violations of the Fair Labor ActHere is a Quicken Loans Video Response to These Complaints:
Tony Nuckolls, VP of mortgage banking at Quicken Loans talks about Quicken Loans complaints, about how Quicken Loans has been accused of being a scam and a rip-off and putting those complaints into the context of Quicken Loans outstanding record of customer service and experience.
FTC Agreement Containing Consent Order [PDF 15KB]
FTC Complaint [PDF 19KB]
Quicken loans Lender Scam beware!!!
Quicken Loans Complaints - Got me to commit by giving the wrong figures
What has been your experience with Quicken Loans?
We want to hear the good, bad and the ugly