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If you are thinking about doing business with Quicken Loans, don't. The main reason is that Quicken bankers are trained VERY thoroughly to NOT disclose information, create a situation where people must make a decision to choose them (ideally) on a single call, convince clients NOT to shop around and get a $500-$700 deposit before sending any official documents.

I know, because I am a former banker for Quicken.

Quicken has spent years actually studying the psychology of their clients and have devised a "CPP" (a sheet of paper that guides the flow of a call, in the manner most likely to get the client to give $500 dollars by the end of the call). Everyone from new bankers to seasoned bankers are urged to follow this format because, as we were told, "it works".

Part of the reason the company has been successful is not because of best cost or best service, but because they are masters at what they call the "ARP" - Acknowledge, Respond and Pivot".

What this means is that when a potential client asks a good question (like what kind of fees can I expect), the banker will give some general acknowledgement that they have spoken, respond with a B.S. answer that does NOT answer the question, then pivot the client to another topic the banker wants to talk about. It's the same concept as re-directing an unruly child in a classroom. Re-direct them until they do what you want!

We had hundreds of responses for EVERYTHING, but were urged to not give straight answers to our clients. These people are masters at deception, plain and simple.

The fees are exorbitant, as most local banks and credit unions would CRUSH our fees daily. But, Quicken sells it's "loan tracker system" (a system that supposedly watches rates and notifies clients when rates drop). But, this is a lie as well. No such system exists.

They also say they have the shortest processing time at 20-30 days to close loans. But, plenty of loans by far exceed this window.

I was even told by people at the vice president level from day one "It doesn't matter what you say to anyone on the phone, as long as you say it with confidence people will believe you."

These people are scamming EVERYONE they talk to into spending thousands of dollars more than they have to on loans that they don't need.

But, don't take my word for it. If you are talking with Quicken, just try to get a straight answer about anything BEFORE giving them money and see what happens. Try shopping around and see what happens.

The bottom line is that if you are working with Quicken, you are being lied to on every phone call. I know, because I was trained VERY thoroughly on how to do it and I was encouraged to do it every single day I was a banker there.

Be smart and work with another bank.

Location: Mesa, Arizona

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Guest

This is clearly a pissed former employee who was fired...

I worked there for years and have since moved on in life. Quicken Loans is not always the cheapest sure and they do have scripts (just like any company of decent size out there.

Just google "call scripts".). The scripts are used to ensure the bankers talk about certain points and get all the required information needed for a loan and even to see if the client qualifies for a loan in the first place. Yes, it helps with sales as well but that all good companies.

The loan tracker program is real and they have an entire team of bankers that manage these clients exclusively.

You can ask any person that has gotten a call from Quicken saying the rates dropped or look up public cases from the governments FHA department that deals with this department at Quicken. I worked on helping our clients on this team for a while and loved it. Best job ever is to call someone who already has a mortgage with you and tell them we can just drop their payments each month as the rates dropped and all we need is a 10 min call to make sure they are still working and a signature.

No company is perfect and they are all made up of people so companies can make mistakes but this review is clearly pissed about being fired or something and stating lies anyone with google can clearly show otherwise.

Risk my house and the livelihood of my family with someone like BoA or Wells Fargo that just received the worlds largest fine for automatically creating fake accounts under their client's names and charging them money? You lie where you make your bed I guess...

Guest

Being a former QL banker, I can back you up on every single point you made here. Avoid Quicken at all costs. Quitting was the BEST professional decision I've made thus far.

Guest

Sounds like someone's upset that they got fired

Guest

My family and I were lied to by quicken mislead into signing on and I even sent my earnest money of nearly 3% to the seller, and we will more the likely lose this money as well. We are a family like everyone else trying to get into a bigger home that will meet our growing needs.

I'm really disappointed at what has happened to this country.

The title company/ owner of the house is ocwen and they are all foreigners. Our country is being legally stolen right under our noses.

Guest

One bad egg can't ruin it for everyone. Quicken Loans wouldn't be where they are today if this were true.

The CFPB strictly watches over all lenders & Quicken Loans has the most intelligent bankers in America because they are trained to save people money by setting them up with the best loan program possible. Why wouldn't an expert banker move past unnecessary questions? They actually take their time to look into your financial situation & really care about satisfying every client. I shopped around and now my entire family has home financing with Quicken Loans.

Long story short, what did your parents used to tell you?

Don't believe everything you hear! They're great!

Guest

It is not just Quicken loans folks, a lot of banks use exactly the same tactics. It must be across the board. It is a shame. I too got took for 500, but not by this bank.

Mine was Bank of America. They told me Obama had a plan put in place especially to help those with lower house values to refinance. Even though they appraised my home lower than what I owed they assured me it would go through, cause Obama's plan was going to change my conventional loan into an FHA loan and if the government was backing the loan they automatically would go through. They said the bank got thier money if I defaulted on an FHA loan so they did not care. I have never defaulted on any loan and the rep convinced me.

Guess what, after all was said and done the paperwork signed and my money up front paid, the final denial said my house appraised 12, 000.00 lower than I needed and unless I could come up with that difference they could not do the loan.

Good luck trying to get ahold of anyone at that company once you were denied or having them call you back from a message. You may as well have the plague then. It seems to be a racket with every bank. None will give you a straight answer about anything and they push you into thinking you will get it.

You have to put money down or they refuse to do anything.

Susie Orman reccomended Lending Tree on her show. She said she liked the company so much she would be a representative for them if they wanted her to be. At this point I'm afraid of losing more money, but she is someone I would trust than trying to do things without a clue. I may try them. Not sure if they will be as good as she claims, but if she is willing to stake her reputation on them I guess I would consider it.

I wanted to say I don't know if the fella who wrote this was fired or not as the previous write stated. It would not matter. The info he mentioned certainly seems to be how they do it at any bank you talk with. I don't believe it is just Quicken.

One thing I am sure of after all this is that the banks have definately made me feel I cannot trust them with ANY of my money. Thier a total rip off and I don't care which one you go through.

Good luck folks. I feel bad for all of those such as me that had our money basically stolen by the crooks. They know when they take it thier probably not going to give you the loan. They should get your info first and if you can be approved then ask for the money. I am throughly convinced there is not an honest banker in bunch. Don't trust any of them. Read every thing carefully, cause they wrote in stuff I never told them on my paperwork. They also had a lot of mistakes on the stuff they did put down.

If anyone does have a bank they would reccomend please mention it.

Thank-you for the forum here.

Guest

I too was lied to on a refinance loan, Paul Dingman said no appraisal needed and they did anyway. I told Paul upfront when he was pressuring us into this refinance that we were late on this months payment, which was the reason to do this to make it more affordable for us.

Paul said it didn`t matter that it wasn`t late until 30 days past due from the grace period, WRONG!! He wasted my time and energy I put in this getting everything to him in a timely matter.

When if he knew what he was doing he would have known it wasn`t going to happen because of the late payment, he flat out lied, but one good thing is he never got the money from us yet!! BEWARE THEY WILL SAY ANYTHING THEY HAVE TO

Guest

I tried to get a loan with Quicken. The interest rate is very attractive. But the advertising says that no appraisal is necessary. We had to have one anyway. When the appraiser came out, she did not measure the house, spent very little time in it, never wrote down the upgrades and complimented us on the house. My husband and I have grown children who do not live in the house. Our home is in excellent condition and very clean!

The appraisal came back low. Yes, we have negative amortization, but the appraiser said that the home was in only "good condition" and that she could not compare our house to any that were just like ours in the area that sold within the last six months. If I had known that the only way they could appraise the house was to look at comps that were not really comps, I would never have forked over $500.00. The apppraisal was not even necessary! Now we cannot get all of the money refunded.

THIS IS A RIP OFF! They lied to me. This is false advertising.

There were other "red flags" too. Beware!

An angry former customer.

Guest

What a crock. I would NEVER spend 60 - 70 hours a week trying to corner clients into rotten financial situations.

We do, in fact, acknowledge our client's questions, respond to their question directly, and move on!

This is how normal people converse. I notice you failed to mention the "ISMS" that are focused on daily by both management and bankers - like "Every Client, Every Time, No Exceptions, No Excuses." You must have been fired.

Guest

I agree, they misrepresented information regarding my loan and stole money from me. When I caught them, they admitted it but laughed and said there was no one going to do anything about it.

Not alot of money but principle for me. :(

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