I am at my wits end with this company.I have been in the business of refinancing and owning rental properties for over 30 years and NEVER had a loan go this bad.
The loan I applied for was to reduce the interest rate on a rental property. It started with them wanting 800.00 up front. Then, it was downhill from there. They requested the same documents over and over due to the confusion within their offices.
They asked for personal information that I have never had to give to a Mortgage company in my life. I then became wary.... The appraiser they hired for this rental property refinance was obscure... at best.
I was not allowed a contact phone number or any info regarding the appraiser when I asked. After the appraisal, Quicken decided to change the game plan and sent me different numbers than what was in my original disclosure statement that I agreed to. The new numbers were increased above and beyond the disclosure document. I refused to sign the new documents.
Quicken attempted to raise my points AND the closing costs within 3 weeks of my application and wanted me to sign a new disclosure statement "based on the appraisal value", they said. Appraisal came in so low, it was laughable. I pulled the comps myself and NO RECENT comps were used by their appraisal service, even though there were multiple comps available within 4 months and 1/2 mile radius, that justified my value. I sent the FMLS comps to them and the ignored them.
The comps Quicken used were 10 months old and foreclosed properties. Now, they say no refund because I have to pay for the appraisal for which, I have no copy of, no say in the process and Quicken Loans will not give me contact information or a name for the appraisal service for which they want me to pay for . According to my tenant, the appraiser that came to the property, was NOT the person who signed the appraisal that quicken claims is the basis for changing the terms of my original disclosure statement. I requested a refund of my 800.00 and cancellations of my loan based on Quicken changing my numbers from the original disclosure statement that I signed.
According to my loan salesman, it now appears that I am out the $ 800.00 and unless I hire an attorney and go through that process there may be no hope of recovering my deposit...what a mess and what a scam! It seems that everyone else is losing their deposits as well. Is that was this company is all about now? High pressure sales, tells you what you want to hear and then changes the documents, increases the costs for closing and adds on points to close...
they want you to sign and then you are stuck if you don't. NEVER give a lender money up front, this I have learned.
There are lenders out there that DO NOT require a deposit.If you need an appraisal, make sure the service is accredited by the lender and then, hire your own!
Reviewer is in unhappy mood. This person stated that there is a room for improvement of unscrupulous. Please immediately contact the author of this review to discuss "conflict with appraisal and quicken loan would not provide any info regarding the company. old comps used, no current comps even thought comps were available. " of quicken loans refinance and associated monetary loss in the amount of $800. Quicken Loans needs to read this review and look into the issue (if any) according to poster's claims.