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Complaints Against Quicken Loans

Discussion in 'Quicken Loans' started by Moe, Sep 7, 2010.

  1. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    LoanSafe.org is an independently operated website that is not affiliated with any mortgage lenders or real estate companies. What this means to you as a consumer is that you will get the most accurate, non-biased information here than anywhere on the internet.

    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:




    Lawsuits:

    Here 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.

    [video=youtube;PDc_Gy_WfSA]http://www.youtube.com/watch?v=PDc_Gy_WfSA[/video]

    Sources:

    http://www.ftc.gov/opa/2002/12/quicken.shtm

    FTC Agreement Containing Consent Order [PDF 15KB]
    FTC Complaint [PDF 19KB]

    http://www.consumeraffairs.com/finance/quicken_loans_mortgage.html

    Quicken loans Lender Scam beware!!!

    Quicken Loans Complaints - Got me to commit by giving the wrong figures

    http://en.wikipedia.org/wiki/Quicken_Loans

    http://detnews.com/article/20100724/BIZ/7240324/Quicken-s-OT-lawsuit-rages-on

    What has been your experience with Quicken Loans?

    We want to hear the good, bad and the ugly
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Places you can report your experiences to:

    FTC:
    Your complaints can help us detect patterns of wrong-doing, and lead to investigations and prosecutions. The FTC enters all complaints it receives into Consumer Sentinel, a secure online database that is used by thousands of civil and criminal law enforcement authorities worldwide. The FTC does not resolve individual consumer complaints.

    https://www.ftccomplaintassistant.gov/FTC_Wizard.aspx?Lang=en

    Better Buisness Bureau -
    BBB issues Reliability Reports on all businesses, whether or not they are BBB accredited. If a business is a BBB Accredited Business, it is stated in this report.

    http://www.bbb.org/eastern-michigan/business-reviews/consumer-finance-and-loan-companies/quicken-loans-inc-in-livonia-mi-8059/

    Complain to Quicken Direct:
    Kelly Quicken Loans Kelly@QuickenLoans.com

    If Your Application Is Rejected or If your mortgage is denied, the lender must give you specific reasons why or tell you of your right to ask for them. Under the law, you have the right to:

    • Know within 30 days of the date of your completed application whether your mortgage loan is approved. The lender must make a reasonable effort to obtain all necessary information, such as credit reports and property appraisals. If your application is rejected, the lender must tell you in writing.
    • Know specifically why your application was rejected. The lender must tell you the specific reason for the rejection or your right to learn the reason if you ask within 60 days. An acceptable response might be: "your income was too low" or "you haven’t been employed long enough." A response of "you didn’t meet our minimum standards" is not specific enough.
    • Learn the specific reason why you were offered less favorable terms than you applied for, but only if you reject these terms. For example, if the lender offered you a smaller mortgage or a higher interest rate, you have the right to know why if you did not accept the lender’s counter offer.
    • Find out what is in your credit report. The lender may have rejected your application because of negative information in your credit report. If so, the lender must tell you this and give you the name, address, and phone number of the credit bureau. You can get a free copy of that report from the credit bureau if you request it within 60 days. Otherwise, the credit bureau can charge up to $8.
    • If your report contains inaccurate information, the credit bureau is required to investigate items that you dispute. Those companies furnishing inaccurate information to the credit bureaus also must reinvestigate items that you dispute. If you still dispute the credit bureau’s account after a reinvestigation, you can include your summary of the problem in your credit report.
    • Get a copy of the property appraisal from the lender. Mortgage applications may be turned down because of poor appraisals. Review the appraisal. Check that it contains accurate information and determine whether the appraiser considered illegal factors, such as the racial composition of the neighborhood.
    If You Suspect Discrimination


    • Take action if you think you’ve been discriminated against.
    • Complain to the lender. Sometimes you can persuade the lender to reconsider your application.
    • Check with your state Attorney General’s office to see if the creditor violated state laws. Many states have their own equal credit opportunity laws.
    • Contact a local private fair housing group and report violations to the appropriate government agency. If your mortgage application is denied, the lender must give you the name and address of the agency to contact.
    • Consider suing the lender in federal district court. If you win, you can recover your actual damages and be awarded punitive damages if the court finds that the lender’s conduct was willful. You also may recover reasonable lawyers’ fees and court costs. You also might consider joining with others to file a class action suit.
    • A number of federal agencies share enforcement responsibility for the ECOA and the FHA. Determining which agency to contact depends, in part, on the type of financial institution you dealt with.
    For ECOA violations involving mortgage and consumer finance companies:

    Federal Trade Commission
    Consumer Response Center
    Washington, DC 20580
    202-326-2222; TDD: 1-866-653-4261

    While the FTC generally does not intervene in individual disputes, the information you provide may indicate a pattern of violations requiring action by the Commission.
    The Center also can provide you with a copy of Best Sellers, a complete list of FTC consumer and business publications. Or, visit us at ftc.gov on the World Wide Web.

    For violations of the FHA:

    Office of Fair Housing and Equal OpportunityUS Department of Housing and Urban
    Development (HUD), Room 5204
    Washington, DC 20410-2000
    Toll-free hotline: 1-800-424-8590; TDD: 1-800-543-8294

    You have one year to file a complaint with HUD, but you should file as soon as possible. Your complaint to HUD should include:

    • Your name and address;
    • The name and address of the person or company who is the subject of the complaint;
    • The address or other identification of the housing involved;
    • A short description of the facts that caused you to believe your rights were violated; and
    • The dates of the alleged violation.
    HUD will notify you when it receives your complaint. Normally, HUD also will:

    • Notify the alleged violator of your complaint and permit the person to submit an answer;
    • Investigate your complaint and determine whether there is a reasonable cause to believe the Fair Housing Act has been violated; and
    • Notify you if it cannot complete an investigation within 100 days of receiving your complaint.

    For discrimination complaints against all kinds of creditors:

    • Department of Justice Civil Rights Division Washington, DC 20530
    The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY:

    1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.
    February 1998

    This information is provided under a cooperative agreement between the Better Business Bureau and the U. S. Federal Trade Commission (FTC), which has prepared this information. The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid these practices. To learn more about the FTC and its services, visit Federal Trade Commission or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

    BBB INFO:

    This business has been a BBB Accredited Business since February 1986. This means it supports BBB's services to the public and meets our BBB accreditation standards.
    BBB Standards for Trust, are eight principles that summarize important elements of creating and maintaining trust in business. This business has affirmed to meet and abide by BBB Standards for Trust.




    The following location(s) are locally BBB Accredited:
    16425 N. Pima Road #200 Scottsdale AZ - by BBB of Central, Northern & Western Arizona
    20555 Victor Parkway Livonia MI - by BBB of Central, Northern & Western Arizona



    Based on BBB files, this business has a BBB Rating of A+ on a scale from A+ to F.

    Our file experience shows that this company has been responsive to any matters brought to its attention by the BBB. This report reflects national complaint activity.



    Sources:

    FTC - Mortgage Discrimination - BBB News Center

    https://www.ftccomplaintassistant.gov/

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