Not resolved

At the beginning of my whole process, I had contacted Quicken to check into the Streamline program.I was explained to about the Streamline and how I could re-fiance with little out-of-pocket and lower my payment.

The streamline was only going to lower my payment about $15 so I decided not to do it. About a month later, I get a call from a loan officer in Quicken stating that they are now doing zero out-of-pocket and that I had a deadline of two days to get the paperwork in. Considering I received that call on a Saturday afternoon, I go the paperwork in Monday (the deadline.) I get a call a few days later stating that we didn't get our documents in time and they were not able to do the streamline. (Remember this is after I got my paperwork in and paid $400 deposit.) I then stated I wanted to do a 15-year and he stated one plus side was there isn't any MIP (mortgage insurance premiums) related to a 15-year re-fi.

Here it is almost 4 months later and we are almost ready to close, I start reviewing the documents and the loan officer stated they were "OBSORBING" $2549 is closings, but again while I'm being told this I had the loan documents in front of me that showed $1149 of that was monies we had paid in the deposit and also MIP credit from our original note. So I decided to let him know this is what I was seeing and then wants to in turn say well they are absorbing 1.375 points. What the heck, I thought you just mentioned that Quicken was absorbing $2549?? I have never been told so many wishy washy things from a company in my life!

This has been a horrible experience and don't wish this on anyone!

Please your research and read these complaints so you won't be in the same situation!

Review about: Quicken Loans Mortgage.

Monetary Loss: $400.

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sara, if a company wants u to clean up your credit, you obviously dont qualify.comment 2 this loan cmpny didnt undervalue your home.

appraiser is a 3rd prty.lenders only makes $ if the loan closes.


i guess i just gave these people 300 dollars for nothing to clean my credit up, they want me to get a credit card. I guess i can forget about a loan.


Just found out today that quicken cannot close my loan.My house was appraised at more than what was needed for the loan.

They sent someone to do a field review and valued my house $100,000.00 lower than what the appraisal was. My property was assessed for $50,000.00 more than Quicken said it was worth. What a joke! My house was appraised in 2009 and again in 2010 and that was not good enough for Quicken.

I was told on Thursday (2/25) that everything was going great and we were getting ready to close. Then suddenly today (3/2) they could not close my loan. This is after a month of working with them and faxing in all necessary documents.

My advice is not to trust them.Quicken's Mortgage Bankers talk out of both sides of their mouths!

to VCD #787819

Mortgage companies are required to do a representative amount of field reviews.Assessed value is not the same as "market value".

Estimated Market value is what someone would be willing to pay for your house.

Assessed value is a whole other process and involves mass appraisal.How does Quicken Loans win awards year after year if they are this unscrupulous?

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