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So...you wanna do business with Quicken Loans? Think again. Read below reviews from real people who were scammed by QUICKEN LOANS:

Quicken Loans

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Edward of Gig Harbor WA (08/14/08)

I was quoted a very good rate for a refi on my house. Signed the Washington Interest Rate Disclosure and Good Faith Estimate. The approval came back at a full percentage point higher and higher points. The rep said I didn't qualify for the other loan so they had to restructure. I doubt if the quoted rate ever existed because I was looking for a $400k loan on a house with appraised value of $810k and I have $20k monthly income with a credit rating of 770.

Wasted about 20 hours of my time and another month in the refi process since now I have to start over.

Cliff of Lebanon IN (08/14/08)

We were purchasing a home and started with Quicken Loans. Upfront Ryan was very nice and seemed on top of things. After pre-approval he requested $500.00 to start the loan process. I do not usually deal with businesses that request this, but he said assured me that this would not actually be charged until the loan has been approved and we are happy with the terms. He stated that they just run a $1 fee through to start just to make sure the account is active. So I agreed.

He had quoted me very reasonable verbal figures, but when the Good Faith estimate came the numbers were quite a bit higher, he assured me they will come down. I kept asking about what the fee's and our interest rate was going to be, he quoted me 6.375 but he was not going to lock it in because he felt rates where going to drop and he wanted to get me the best rate possible. During the next week I saw rates climbing, so I called to make sure we where locked in at the original rate, he had not locked us in but still assured us of the original rate.

During this time he also stated that a complete home inspection was included in the fees we are paying. He told me multiple times that someone should be contacting me that day or the next. After over a week of this, and our realtor telling us we only have 15 days to dispute any deficiencies with the property I finally had to schedule an inspector on our own. Ryan did say that we would be credited the inspector fee off of their fees. After two weeks of still not knowing what our rate would be or what their fees were going to be I had enough. I called Steve Peters, who was Ryans boss and told him that I was not comfortable continueing with their services because I did not want suprises at closing. He said that they the $500.00 charge (that did go through on my credit card before that time frame that Ryan originally stated) was not refundable.

I stated that I was pulling our because I did not feel they performed as they had originally agreed and their was to much ambiguity with the terms and condiions. He stated that I signed a contract and that it was a done deal I was not getting my $500 back. He actually got very argumentative about the situation. I changed banks and got further in 24 hours with the new bank then 2 weeks with Quicken. DO NOT USE THESE PEOPLE!!

I lost my $500 deposite and lost time with the loan process.

Halley of Pine Brook NJ (08/14/08)

i had applied for a mortgage loan a couple months ago, with quicken as one of the lenders who contacted me. after a brief correspondence, i moved on and secured a mortgage from another lender. since then however i've received 3-5 calls still each day everyday from quicken, even though i said that i had a mortgage already. they call and leave empty voice mails pretty much all day long and it's gotten a bit ridiculous.

does annoyance count as a consequence? it's just an irritating practice of theirs that i wish for them to look into. its near harassment.

Lynne of Clinton ME (07/29/08)

I found no reason why they could not hold to the figures they sent me prior to the time they decided to do our refi through FHA. The start (May 2008) and now over 2 months later (August 30, 2008) they still cannot refi. my loan as it was before they decided to change it to FHA.

They could not tell me if my most recent loan application was approved or denied, and the service I have had throughout this process was not acceptable due to the fact that they did not keep in daily contact with us as website promises, sometimes for a week and a half with no contact, and the extended time it took for them to process this (almost 3 months), and the fact that we did not know they had chosen to change my loan to a FHA loan until they already started reconfiguring it, and now finding out that the result is we cannot get the cash out we agreed to in the beginning. On at least 3 occasions, I was told a figure I would pay would be more than the previous call for various reasons, from the interest rate to the monthly payment amount. I have asked for a refund of the $300 deposit (no appraisal was received by me) but they sent someone to do it.

Amy of Sherman TX (07/25/08)

As many of the other situations posted here, I have also been what I feel as scammed by Quicken Loans. I was approved (not pre-approved with conditions) and needed a credit card for $350.00 for an inspection/appraisal. Well the appraisal came in $10,000.00 less than should have (I had another appraisal done with a local company to find out).

Still almost 3 months later, still haven't received the appraisal which by FHA Guidelines, they are required by law to provide me with this, especially since I paid for the darn thing. I also referred my mother-in-law and a couple of other people because this representative was so nice and seemed to be so informative! Informative enough to scam people. This company is a huge rip off!!!! Would never recommend.

So now I am out $350.00 with them and unable to obtain a FHA Loan because this loser of an appraiser is assigned to my FHA Case Number.

Terri of Saint Augustine FL (07/22/08)

They contacted us as a result of an internet inquiry for refininancing of ARM. We provided verbal information requested to be followed by copies of required documents. Their representative John made verbal representations about interest rate we could get, how we could lower our payments, close within 30 days etc. etc. All sounded great, but I requested they put it in writing as we didn't want any misunderstading.

They then requested a $300.00 fee to lock in the interest rate. I told them we hadn't been asked by any other company for initiation fees. Then they began to pressure us, over and over what credit card do you want to use to charge your $300.00 loan application fee, fully refundable. etc. etc. I re-stated my position again and again. What did they need to do to close this business. I was on the telephone for over 45 minutes with their representative, explaining that I would need to see all verbal represtations in writing and then my husband and I would make a decision.

The guy would not hang up, so I told him I was ending the conversation I had stated my position and I hung up the telephone. He has followed the call with another call and then wrote an e-mail. The most unprofessional e-mail I have ever read ....I would have worked my but (sic) off for you. If this is the caliber of Mortgage Banker they employe then no wonder the mortgage industry is in trouble. I have no doubt I was being strong armed. And this loan probably never would have been approved, with us losing our $300.00.

I have heart problems and after my encounter with this representative I was stressed beyond belief. I suffer from irregular heart arrhythmia and its has certainly worsened since this interchange. I think this man needs to be replaced. His conduct is in serious question in my opinion.

Allana of Sahuarita AZ (07/11/08)

With the housing market in a slump our arm rate had just balloned by $800./month. I contacted Quicken Loans and explained that we were trying to refinance. They did some research and Jarrod Reeves called me back saying the could refinance without having to bring any money to closing.I went ahead and paid the $500. to get an appraisal done and signing and providing all documents needed they went to work on getiing the loan done or so I thought.

After one month of trying to get someone to let let me know where in the process we were I was finally told on 7/11/08 the loan could not go through because the appraisal came in lower than they had anticipated and I was now out of $500. they wanted to know if I could come with $22,000..With the financial constraints of most families out there we are still getting ripped off from these so called lenders is there anyone out there to stop them?

We are still having to pay $2400. a month with no end in sight for refinancing. Companies like Quicken Loans should not be allowed to charge for a service they know to themselves they will not be able to provide.

John of Corona CA (07/11/08)

almost 2 1/2 months ago I had contacted Quicken Loans to refi my mortgage. I was told that I would qualify for a FHA loan and that they could complete it in one month. This loan was to pay off credit card bills. Needless to say, after running into one excuse after another over 2 + months, they did not perform as promised.

Because of what they didn't do, I have suffered a great amount of stress, dealing with past due payments to credit card companies, which has greatly effected my performnce at my job, and disrupted my home life. Effective 7/10/08 I have cancelled my relationship with Quicken & have contacted a debt relief company to try to work out my debt payments.

Because of the verbal promises I received from Quicken Loans,which they did not deliver on, I have suffered stress on my Job, & home life, and greatly damaged my credit rating.

Annie of Philadelphia PA (07/01/08)

I was working with a rep from the company who was very good. I told her what I wanted and she complied. Before we could close the deal she took a job somewhere else.

The woman who took her accounts was a different story. I told her exactly what I was looking for and she started off by telling me that the deal her former co-worker put together was not the best one for me. I should of hung up at that point. After I refused to talk about interest only or other creative loans she said she could no longer help me. I said fine and hung up. She called me back at my place of work and left a nasty message on my voice mail.

I left a complaint with the cusomter saftisfaction department and never heard from anyone. Would never recommend that anyone do business with Quicken Loans.

Stephen of White Bluff TN (06/16/08)

Quicken Loans is the most confusing company I have ever conducted business with. I was told many things and none of them turned out to be true. I was in process of a loan for 8 weeks. I finally had enough. Quicken hit my credit card for $300, telling me that there would be no charge. I had to have my bank contest this charge. I do not feel that Quicken had any right to do this. I would never recommend them to anyone.

Jerard of Bermuda Dunes CA (04/08/08)

We applied for a refinance loan and the property value of our home which was listed on our current mortgage showed 345000.00 When the house was appraised it was appraised at 250000.00. So we did not get the loan, and was charged 550.00 dollars. I find it hard to believe that the lender or the appraisor didnt know this extreme decrease in property value before hand and charged us anyway.

The lack of work for me has made it difficult to pay all of my bills and was going to use the money to consolidate my bills, but instead costed me even more.

Alice of Grand Canyon AZ (04/08/08)

I applied for a mortage and was approved per Jenifer Jones. I paid $350 to prepay for the house inspection with the verbal confirmation that it was refundable if not used. I was told that I was fully qualified and not just preapproved. I was to have a FHA loan with the seller paying the required down payment (3%) and all closing costs not to exceed 3% of the purchase price.

The first letter to my real estate agent( Mr. Harry F) stated that I was approved. After putting in a couple of offers that wasn't accepted, my agent stated that the other agent was 110 % positive that we weren't going to be approved for the loan and it would fall through. After hearing that, I started researching Quicken loans and boy did I get my eyes open. There were 14 complaints this year. With most of them the same complaints that I had.

I tried to open the electronically docs that I had signed and couldn't open them online. Luckily, I had printed them. There was the non-refundable deposit. There was a new letter from my second mortage broker, Jason, which now stated that I was conditional and not approved. I also never received a Good Faith estimate at all which is required 3 days after you apply for a mortage. The rate quoted to me was for monthly payment calculations only and not the rate that I thought I was going to get. In fact, they could charge me whatever they want at closing when I have no choice but to say no or take it. I faxed over a request to cancel my loan and have documentation faxed back and yet to hear from them.

Eric of Ravenna OH (04/07/08)

I was in the process of requesting a mortgage refinance through Quicken Loans. I expressed concern during the initial conversations that my home may be upside down (negative equity) due to the market downturn and the fact that I'm in an ARM. Mr. Ericson left me a voicemail stating that because my home was relatively new, he would be able to get a property inspection waiver and put in a home value that was higher than what I had paid for it. I put down $500 to lock the rate at this point and start the loan process. I have an electronic copy of this voicemail as evidence since I use vonage and it sends them electronically to me.

I was then contacted later that week that the underwriting department wanted to do an appraisal anyways. They sent someone out and sure enough, they found negative equity in the home and cancelled the refinance application.

I sent Mr Ericson an e-mail asking him for a refund of my application/rate lock fee (received no reply). Normally these are not refundable, but I feel that Mr Ericson deceived me by promising a property inspection waiver which was not upheld, and after the fact doing an appraisal that I had already voiced concern could damage the loan prospect. I would like my money refunded and have filed a credit card dispute. The way this was handled in my opinion was very deceptive.

Lost out on a $500 deposit.

James of Indianapolis IN (04/03/08)

We had purchased a new home that we could afford, barely, but we could afford. With some additional credit purchases for the new home (furniture, electronics, etc) we needed a consolidation loan to roll the payments into one manageable payment. Quicken called offering help. I informed him that our credit score was 600 and he said NO PROBLEM.

Immediately they requested $500 to get started with the process that they KNEW they could do. That $500 was important to us because it was for bills and expenses but do to their positive encouragement we paid it to Quicken.

Within a week they said that they were processing a re-finance of our new mortgage and would write it to cover the debt that we needed consolidated. Another week passed and we began selectively paying bills and expected our debt to be rolled into the refinance from Quicken. Calls were made, Quicken kept saying we're just finalizing the deal. A lady representing Quicken appraised our home, more than we paid. Week later we got a rejection letter. I called and Quicken said ooohhh no, we've approved your loan and just setting the closing date. Week later, Quicken called to reschedule the date. Another rejection letter was received. I called Quicken again, oh that was a mistake... we are scheduling a closing on next Tuesday 2pm. By this time we've gone a month or two and not paid some of the refinanced payments.

I call one last time. Quicken now said we are sorry be we are unable to approve your loan. Well by that time our credit score went from 650 down to 550. We were desperate for consolidating our credit to a manageable payment. Unfortunately due to Quicken's HORRIBLE and DISHONEST service, we are now unable to get the loan ($6000 - $8000) and are digging out.

IF you have perfect credit (i.e. don't need a loan), then Quicken may be a good choice. IF however you have less than perfect credit, DON'T deal with Quicken.

Monica of Attleboro MA (04/03/08)

Quicken loans should be sued! I have had nothing but problems with them. I was told that they needed a $500.00 deposit which would be mine from the begining to end. It was charged to my card so that was not true. Then my reate was 5.25 with 2 points and everyday after that the points went up. I recieved a call from one of their reps calling to over my rates before we closed and the points had gone up to 4.

I was so upset I told them they use a bait and switch, that really got them going I am sorry you feel that way, and more garbage. I guess that they have heard that before. Now I just recieved a bill from my city about taxes that are owed. I made a call to Quicken and was transfered to Nick (Manager. although he did not seem like one. Nick told me that the taxes are me responsibility, which they are. I do have everything escrowed so isn't it their responsibility to make sure that it's taken care of as long as I am paying my bill. Nick said that when we re-fied with them the company they use Title Source did not see that we owed any taxes. Let me pass the buck.

Earl of Detroit MI (03/15/08)

I applied for a refinance on my home, I was offered the sub prime rate in which my house payment was low for two years then they doubled it. He put me in a second mortgage with a franklin credit co which was also on a high interest rate. He had his own appraisal co. which appraised the house at a lot more than it's worth.

I had to subornate the loan to keep my house but by me having two loans my house payment is still almost doubled. I cannot afford it, I'm about to lose my home which is causing me hardship and depression. I have asked popular mortgage several times to please help but they said it's nothing they can do. Please give me some advise on what to do, I've already filed chapter 7. I can't handle this problem. I've run out of options.

Cynthia of Winter NC (03/11/08)

I refinanced with Quicken Loans for a cash out refinance. I had a lot of equity in my home at the time. I had applied through Lending Tree online and was contacted almost immediately by Quicken. I did not want to commit right then and there so I could see what other companies had to offer. They were extremely pushy and persistent and wanted me to put $700.00 on my credit card to get the process started. I couldn't do it because the card was maxed so they rolled it over into the refinance reluctantly. Quicken's interest rates weren't any better than anyone else's but they did offer a refinance at anytime in the future for the life of your loan at no cost to you program. Which that sounded great to me since the rates really weren't very low at the time. I asked what the catch was and they said there wasn't one. It was absolutely no cost to me.

Everything went very smoothly and I was happy with my payment until January when I got my mortgage statement from Countrywide that I had no escrow and now my payment was $374.00 per month higher. I called them and they said that Quicken had only calculated a little over $14.00 per month for taxes and insurance. Taxes per year are about $2,000.00 and insurance is a little over $600.00 per year. You tell me how they got $14.00 per month out of $2,600.00! I called Adam Kresch at Quicken Loans to take him up on the no cost to me refinance. He says he can't give me any better rate than I had already (which was over 6.5%). When I told him another company could offer me 5.375%, he said he could give me that too, if I paid all the closing costs. ( there's your catch) Or he offered to give me an interest only loan to give me a lower payment. The ole' Bait and Switch. I filed a complaint with BBB and have been going 'round and 'round with them. I told them I wanted all my closing costs back from this loan company I had to go with to clean up their mess, plus I wanted all the closing costs back from refinancing with them since they defrauded me. They still are responding with they tried to help me by offering an interest only loan but they didn't touch on the error they made with the escrow.

My mortgage payment went up $375.00 per month because of what they did. Plus cost me over $5,000.00 in closing costs with another mortgage company to undo their mess, thus taking another $5,000.00 out of the equity of my home. I not only want closing costs back - but, now I want my home paid off in full on their dime. I want Quicken Loans put out of business.

Dale of Vermilion OH (03/05/08)

For personal reasons I decided to take an existing mortgage and car note and refinance them back out to 30 years. On the net I saw an advertisement for a 3.8 fixed rate. I filled out the request for quotes and it seems like in a flash I was contacted by quicken loans. Even though I was just trying to get a quote this guy jumped on me like white on rice. Before my head could stop spinning I was locked in on a 5.875 fixed rate 30 year mortgage with this guy knowing all my personal information and 500 dollars out of my checking account. Which, by the way, was supposed to be refunded if the deal didn't go through. We did all the paperwork online and had an appraisal appointment set up. Nothing was written in stone and I could back out any time.

This whole time I was leery about the whole thing, so I did some investigating. I checked with other lenders with no hassles and was given much better offers. Did I forget to mention quicken loans wanted me to pay $10,000 in closing costs. I called quicken loans and told them I wanted to cancel the deal and cancel the appraisal and that I wanted my 500 dollars back. Reluctantly they finally said o.k. I thought that was that. When the day came that the canceled appraisal would have been done, she showed up! My wife and I were not home, however my son and daughter were. My son didn't know anything about it but when my daughter saw her in the house (after she did 1/2 of the appraisal) she asked her to leave, that the appraisal had been canceled.The appraiser said she didn't get word of the cancellation, but she left. Here's where we are now....Quicken loans said we may have to pay for the appraisal and some other fees so I'm guessing we will never see our 500 dollars again.

We were already in a bind financially, that is why we are trying to refinance with consolidation. The 500 dollars out of my account was not extra cash, it was slated for bills. And who knows what might happen with my account#, ssn#, and w2form that I had to fax them. These people are predatory lenders, they take advantage of people who are desperately in search of some kind of financial relief. They should be punished somehow.

Kristin of Seattle WA (02/27/08)

I decided to refinance my condo and was shopping around for a low interest rate 30-year fixed mortgage. Quicken Loans sent me an initial estimate of 5.99% interest rate with $4,488.00 closing cost fees. I was then contacted via phone by Donald L. Grabow, Senior Mortgage Consultant / Advisor, 248-731-2370, This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Mr. Grabow then said he had a rate of 5.85%, but I would have to qualify first. In order to qualify, Quicken Loans would need to authorize a charge of $500.00 for a credit check. Mr. Grabow said I would get the $500 back if I didn't qualify. If I did qualify, I was told this money would go toward the closing costs. I agreed and gave Mr. Grabow my Visa card number. He ran it and called me back saying that I did indeed qualify, and he would email me the good faith estimate for me to sign and return.

After this point all communication was strictly email. I received his good faith estimate, in which the closing costs had now changed to $6000. I told him I was concerned about the closing costs and asked him why they were so high. He told me my credit was really bad, and therefore I was considered high risk; this is why the closing costs were high. I asked him for a copy of my credit scores; he said he didn't have authority to give that to me. I asked him for the numbers of my credit scores. He said my credit scores were 556, 569 and 563. This didn't sound right to me, so I went online and paid $50 to check my scores, in actuality my scores were 666, 651 and 641. I then emailed him confronting him regarding his deception and potential illegal behavior. I demanded back both my $500, plus the $50 I spent checking my scores.

I cc'd my attorney on this email. Mr. Grabow then said he would reimburse the $500....I asked for a copy of the credit scores, and he then refused to communicate with me and referred me to customer service. My attorney then emailed him advising him that kickbacks and/or fraudulent representations are potentially violations of 18 U.S.C. 1344, as well as Washington State's Consumer Protection Act. I called Quicken Customer Service, and they launched an internal investigation. They concluded it was a case of human error. I am not satisfied with their conclusion and am hoping filing a complaint with you will help potential future victims of this illegal behavior.

I spent many hours dealing this and got an attorney involved.

Mortgage of Los Angeles CA (02/24/08)

If there is anything that Quicken did wrong, they did not disclose the fact that no financing is guaranteed unless income, liquid assets, credit scores, and SUFFICIENT APPRAISAL VALUE meets lending standards. On the flipside of the coin, the problem also comes from you the homeowners. From what I am gathering from most of these comments, it seems that most of you were expecting Quicken to guarantee the value of your homes. If they could do that or anyone in this business, we would not be originating loans, instead we would flip properties for a living guaranteeing ourselves a marked up value. Let's face it, majority of the homeowners here overestimated their values and some of you expect us to work for free. I hate dealing with unrealistic people like this who's motives are clearly driven by greed. I hear it all day - I want a 5.25% 30 year fixed with no closing costs. You could be the CEO of Countrywide and you will not be able to get that! Some of you even expect us to pay out of our own pocket to originate a loan for you. Do you guys work for free for your employers? Will you be willing to cut my lawn with no charge for the next 5 years?

Ron of Riverside RI (02/22/08)

I recently called for information regarding a possible refinance on my current mortgage. The individual that called from Quicken proved to be pushy, arrogant and completely unable or unwilling to address what I was asking for (information). He was interested in slamming me into a mortgage and disregarded my reminders that I was simply asking for information. He even implied that my credit might be bad because I was unwilling to have him check my credit rating. I decided to terminate the conversation at that point. Clearly Quickens interest is not being a competitive mortgage broker but is motivated by locking a potential borrower into a financial commitment regardless of the individuals needs.

Corinna of South Lake Tahoe CA (02/17/08)

I was contacted by Quicken Loans for a loan based on an inquiry I had. I wanted to refinance my 2nd mortgage and consolidate debt. Interest rates were going down at the time so Dustin Linenger, my rep from Quicken, thought I should refinance my home as well. He indicated that I needed to leave a good faith deposit of $500. I was very apprehensive and told him unless this deposit is completely refundable I was not interested. He insisted this deposit will be refunded at the closing or if the process did not come to fruition. NEVER did he state that this would be the cost toward the appraisal. He was so convincing and pushy that I had agreed to the good faith deposit. He literally called me numerous times throughout the day telling me we need to lock in the rate and can't do so until he receives the deposit. Well, the loan did not come to fruition and the deposit was not refunded. The reason the loan did not go through was due to the market not doing well on the appraisal. Needless to say, I was completely swindles by this unethical person. I will never do business with Quicken Loans nor any other affiliates of this company.

So, I am now out $500 which is not something that comes easily with the mounting medical bills I have incurred in the last year. It just leaves a bad taste in my mouth that people of this nature exist. Down right lying to me on the phone to make a buck! There should be a class action filed against this company.

Laura of Shelton CT (01/31/08)

During the summer of 07, my husband and I purchased a new home. I saw the commercial for Quicken Loans and thought I would give them a call. After speaking to Marco, he immediately wanted a $300.00 deposit on our credit card. My husband thought this was not right and did not want me to continue with them. I should have listened. At that time the rates were at their highest, so Marco assured us, when the rates dropped he would lock us in. At this point we had time, because we were building a new home, and renting a condo for a couple of months.

Marco called us back with the best rate possible at 6.38 percent. We were nervous that they might go up again, so we then locked in at that rate. The day before our closing, we received all of our paper work via email. ( it was almost impossible to read ) The closing costs were over $8,0000.00 dollars. When I called Marco the day of the closing, he went down the list of fees, and one that stood out was points (4 points) that we agreed on paying. We told him that points were never discussed. He then got angry on the phone and told me and my husband that he recorded all of the phone conversations and was going to pull the tapes. My husband told him to do this because he knew that Marco was lying. At this point our hands were tied. We were due to close that afternoon. We thought about canceling the whole thing, but we could not lease anymore, and it would take another 4 to 5 weeks to get another mortgage. The kids were starting school and we wanted to get into our new house.

Marco never retrieved those tapes, and our lawyer told us what they did was not legal. We had to borrow money from a family member, which will take us years to pay off. We thought that we could trust Marco and that he was helping us out. If you are out their looking for a mortgage, DO not use them. They throw out these fees on the day of the closing, knowing that, their clients have no choice but to continue.

This experience had left us $4,000.00 in the hole!

Paul of Hayfield MN (01/25/08)

I put my name out on the internet asking for mortgage lendors to contact me for a re-finance. John Kubas from Quicken Loans called back and quickly gave me a rate which I thought was ok at 5.25% for a 15 year first mortgage. He then asked for $500 that he said would be refunded if we DID NOT go through with the appraisal. I did not do the appraisal with Quicken because I received an offer of 5.25% from Heartland Home Mortgage. Now after talking to John Kubas, I am told that I need to send the Lock Rate Disclosure form from the lender I am going with. I have sent the form requested to them. They now refuse to talk to me! What a scam they have! I am still pursuing this but after reading countless entries about how Quicken forces and then steals money from individuals with no resolutions, I fear that I have become a victim. Paul Frydenlund

$500 loss for something I shouldn't have sent......

Jennifer of Millinocket ME (01/25/08)

I wish I had gone to this site before I started refinancing with Quicken Loans. I, too, passed over the $500.00 as a deposit, putting my faith in a large business that obviously cares only about getting people's money. I have been trying to get back the refund they promised me for two weeks now. Yesterday they told me the transaction had been completed. I called my credit card company and there isn't even anything pending. What can I do? Is this it? Do they just get away with it? I was assured my appraisal would be fine. It actaully came in 10,000 too little. Now I have a useless appraisal that is not even accuarate and Quicken owns it. I can't even use it to try to refinance with another company. Unbelievable. I don't know how they sleep at night.

I am out the $500.00 and my faith in people I don't know is gone.

Earlean of Lithonia GA (01/21/08)

I am about to complete a loan with Quicken Loans. I believe I have already electronically signed all documents. Before I complete the transaction, I wanted to see if I could find any other information on this company other than the fact that they were introduced to me through Sallie Mae, my student loan company. I am over $90,000 in dept due to loss of employment for over 2 years. I have worked temp. jobs and used my credit cards to pay mortgages on two homes, and along with other life expenses, it didn't take long to use my credit card limit. I now have a job, but it only pays $28,000; and when Sallie Mae introduced me to Quicken Loans I felt this was the answer.

After reading the complaints by other consumers, I want to discontinue the relationship with this company. It feels like it would make my situation worse. I want out of this relationship. They approved 2 loans, they charged me a fee of $350.00 for each loan, charging it to my credit card which already has a large balance.

I am now so afraid that I am making a great mistake with using this company, and I'm not sure how to get out of this situation. Could you please provide me with some feedback? Please get back to me.

Richard of Battle Lake MN (01/04/08)

In May of 2007, I was looking at several companies to refinance my home for a lower rate and remodel/addition cost. I had spoken to Quicken Loans a couple of times. On May 21st Blake Barck from Quicken Loans called me to see if I had made any decisions yet. I informed him I was still waiting for a quote from another company. When I gave him the name of the other company he became very adamant that I apply with him because they had the best rate. We proceeded with the loan application which included 7 pages of of documentation which he e-mailed me during the conversion. He instructed me to scroll down the bottom of each page and electronically sign them. When he asked me for $500, I asked if I could send a check. He said no, that he needed a credit card. I told him I was concerned about losing it. He assured me It would be applied to my closing cost and they need the $500 to get the appraisal. He never once mentioned the $500 was not refundable should I cancel the loan.

I did cancel the loan within 2 days and because the other company I was working with in fact did have a better rate. When I asked Blake for a refund He said one of the forms I electronically signed had a paragraph in it stating my Deposit was not refundable. When I rechecked all of the 7 pages I did in fact find that clause. My contention is WHY DID HE NOT TELL ME THAT WHEN WE HAD A SPECIFIC CONVERSATION ABOUT MY CONCERN OF LOSING THAT $500. I immediately called my credit card company, Capitol One. I asked if the $500 had hit my account. They said no. I ask what could I do? They said I could freeze my account and that would prevent the $500 from hitting. I froze it immediately. I thought I was lucky to save the $500 charge. A month later I received my Capitol One statement and there is the $500 charge. Ever since then, I have had numerous mailings and phone calls to Capitol One and Quicken Loans. As of Januay 2008, that bill is still on my credit card and Quicken loans will not credit my account. I have filed a complaint the the Minnesota Department of Commerce who License Mortgage companies, Insurance companies etc. to do business in Minnesota.

A $500 charge on my Capitol One card that is now over $600. I refuse to pay it because it is fraud and I froze my account. I had my Capitol One Card for years with no other problems. I keep mailing my statement back to them with a note to that effect.

Justin of Lowry MN (11/12/07)

I sent a money order to Quicken Loans for deposit for my application, and my mortgage banker Troy didn't apply it to the application. He later called me on his cell phone after I closed my loan with them, said the money order (three months previously), and to have my bank issue a new one made out to his full name: Troy Robinson.

I thought this was not right, so I called his supervisor David McGuire and tried to explain this to him, but he didn't want to talk about it and quickly transfered me to Troy's work phone. Troy was angry that I told David and said I should have contacted him by his cell phone. I knew this was fraudulent. I am still waiting for the money order to get to me because Troy claims that the money order is made out to Quicken Troy, and I know for a fact that I had it written out to Quicken Loans because the bank has a copy. I want to bring this to Law Enforcement if it was forged by Troy.

Elaine of Owings Mills MD (10/21/07)

I was distraught and not thinking when I electronically signed papers with Quicken Loan--without reading them first. I was hurried through by Bethanie and forked over $500 which I was told would be refunded at closing. I was trying to refinance my home. When I read the paperwork and saw that I was being swindled, I contacted BBB, who then contacted Quicken. Quicken refused to refund my $500, although all they did was some paperwork which other lenders would have done for free. I let myself get taken advantage of. Stay away from Quicken loans!

You lose a $500 non-refundable fee if you decide to discontinue working with them--even if Quicken has done nothing but minor paperwork.

Catherine of Indio CA (10/16/07)

After Quicken Loans took three $500 deposits, I was assured that my homes would appraise at the least the medium value, and I would meet the loan requirements. Just before closing, I was suddenly told that the appraisal was actually much lower and the loans and monthly payments would be higher. When I refused to close under the new conditions, I was only refunded the partial amounts of $427.30 and I have been fighting with my credit card company ever since.

Essentially, Quicken Loans stole over a $1,000 from me and have tried to force ridiculous new loans on me.

Cyntia of Winchester TN (10/11/07)

This so called quick loan couldn't be further from the truth. I began my experience with an approval from Quicken Loans, from that a power buy advantage. Power buy, means actually, in the Quicken Loans dictionary, An opportunity to shop around for a home, for purchase, with the amount qualified for. Upon finding the property, I submitted a find to Quicken. Contacted the realtor involved, and submitted a bid for the property. This in turn, brought on, evidently, another phase of purchasing the property. I submitted to them all requirements, confirmation, accounts, assets, debt payments obligations, personal information, and proof of employment etc.

I was constantly reassigned a different representative, as of today, I am on my fourth rep. Every time I thought, and was assured they received what they were needing. I had to deal with a different representative. This must be procedure for these people, because I have read several complaints on this web site of the same experiences. I have faxed and submitted informataion to numerous representatives.

As of today, a day before closing, I feel I am no closer than I was a week ago. I am under contract, costing me 100.00 a day, every addition day until the close. I intend to contact the Better Business Bureau on these people.

Rhonda of Sebastian FL (09/21/07)

We were told by quicken loans there would be no out of pocket expense. We were charged for an appraisal which, in fact, they had just done one 3 months ago and it was 155. The second one on the lower refinance interest rate of course was only 144.We were denied because my husbands guess of our house value was not close enough.

When I told them I could come up with the closing costs, pay on my principal to get to 95% of under the appraisal which were conditions we were not told about, they still would not give us the 5.8. They didnt say we were pre-approved at the beginning, they said officially approved and you can also get as much extra cash as you want. Of course we still paid the 375. for the appraisal and will probably never se the 125. out of the 500 that they take everyone for!

Peter of Wood Dale AZ (08/21/07)

After extracting a $500 deposit, I was assured that my house appraisal had met loan requirements. At closing, I was suddenly told that the appraisal was actually much lower and the closing costs would now double as well as the monthly payments would be higher.

When I refused to close under the new conditions, my case was abandoned and they were on to new clients.

Joseph of Morristown NJ (05/19/07)

Quicken Loans took a $400 dollar deposit from me and the rep, Brian, stated that I was pre-approved for my loan. Then, Brian called back after he had my deposit and did a credit run stating that he made a mistake in the calculation and that my monthly payment would be $600 extra a month. He stated, I made a mistake, I'm man enough to admit it. This should have been my warning sign.

As I went through the process, Brian was often MIA during crucial times, like the appraisal. He was often unavailable to speak with, so I escalated it to his boss, David. Working with David was only 10% better. 3 days before closing, David was unavailable for any work because of a training session. This was more important than helping customers. ,p>I tried calling Brian, the original rep. No response. I finally get in touch with David. After expressing my frustration and concern about Quicken and their ability to respond, David informed me that Brian (who I had not had contact with for almost a week) was out for personal reasons. I turned the heat up on David and also had my Realtor call them. That seemed to make a difference! The last thing Quicken wants is a bad reputation with realtors.

The ball was moving towards the close and I thought we were in the stretch to closing, everything was done, all the underwriting was complete and then...the house inspection! With 99% of the loan process complete, My wife and I attended the home inspection to find a radon level above the state standard. This concerned us because of our newborn, so we decided to hold off on the particular house and keep the home search going.

When Quicken learned that we were not going to go through with the loan for this property, they sent me a letter stating that my loan was not approved. I immediately called David, Brian's boss. David stated, Hey, the only 2 people that know about that letter is you and me...it doesn't mean anything, but our system has to send out something in order to put a status on your account. I was terrified. Suddenly, because the property was going through based on my decision, I was less of a customer (not that I ever felt like a cared for customer with Quicken).

To make matters worse, Brian finally called me to say that in the future, they would not be able to offer 100% financing. So, I called Quicken again as me, but with a different rep...the rep was prepared to offer me a better package!

Last week, I sent David an email asking for a status of my account since they still have $400 of my money. I put a REAd receipt on my email and 4 days later I find that the email was deleted without reading. Thanks, David and Brian. You cost us a home and I question your integrity, honesty and knowledge. I turns out that Quicken is NOT A BANK and despite all their claims, the blanks that do the loans are 3rd party vendors. Quicken just links them together for a loan.

Wayne of Syracuse NY (05/18/07)

In late March 2007, I had contacted Quicken Loans to obtain a free quote on a mortgage for a second home in the amount of $150,000. A woman contacted me and, after checking my credit scores-which were excellent (triple 800+), informed me that I easily qualified for a 30-year fixed mortage. She then requested my credit card number so that I could put in a good faith deposit of $500 on the application. I refused, as I did not wish to plunk down $500 for a free quote. She called a few more times and I kept refusing to provide the number.

On April 11, 2007, Mr. Joe R of Quicken Loans contacted me and wanted to know why I had not provided a good faith deposit to their company. I explained that I was uncertain about working with their company and was exploring all of my options. In addition, I had already provided another company (Home Mortgage Solutions) a good faith deposit of $500 for foreclosure listings.

Mr. R (of Quicken Loans) advised me that his company would reimburse Home Morgage Solutions amount to me in my closing costs and that all but $50 of Quicken's fee would also be reimbursed. For every objection that I made, Mr. R had an immediate response and solution. He further assured me that Quicken Loans was the best and largest mortgage company in the country that no other companies could possibly compete with. He then directed me to Quicken's on-line customer approval page and had me electronically agree to the $500 fee.

About a week later, I located a local mortgage broker in my own area who was willing to provide a mortgage at a lower APR than Quicken's and with no company fees. I'm afraid that I have become the victim of fast-talking loan sharks in dealing with Quicken Loans and Home Mortgage Solutions.

I have lost $1,000 of hard-earned money for the privilege of obtaining free mortage quotes from Quicken Loans and forelosure lists from Home Mortgage Solutions.

Darcy of Medford, OR (04/07/07)

I contacted quicken loans to refinance my home ARM and get a fixed mortgage. The rep I spoke to took my information, ran a credit report and told me that I qualified for a 5.99% 30 yr fixed mortgage. He asked for a $350 deposit which he said would be refunded to me.

An appraisal was done and at that point they told me that I did not meet the requirements and that I only qualified for a higher interest rate loan with payments $400 higher than originally discussed. They had never informed me of the stipulations on the originally discussed loan nor was it in any of the paperwork which they confirmed.

I told them I was not going to accept the later loan and to refund my deposit. They refused. I lost $350, wasted time, and my credit score reduced due to them pulling my credit.

P of Derry NH (02/25/07)

Quicken Loans was a company referred to me by LendingTree.com who quoted the refinance on my home. The representative I dealt with, Grant, told me the monthly payment I would be making and how much money I would get back at the closing. They asked me for a large down payment, which I made. When I was contacted to set up a date for closing, I was told the amount I would receive back at closing was only 7% of what I was originally told by Grant.

Donzelle of Schertz TX (11/07/06)

This company will not refund my good faith money of 500.00. I understand that it's good faith but they did not deliver on a promise to close quickly and my payments rose from 1250.00 to 1680.00 in one month. I started out trying to get re-financing from an adjustable to a fixed. This was 3 months ago. All I get is voice mail and everytime they do return my calls, the monthly mortgage payment goes up. I am at my wits end.

I was told to skip OCT mortgage payment because we would close soon. Needless to say, we haven't closed yet, I had to pay Oct payment and now we are suppose to close in 2 days and they are telling me to bring 1400.00 at closing. This is new information and I'm not prepared. I want to cancel since we haven't closed but I can't afford to give away 500.00 for nothing.

Eugene of Decatur GA (07/21/06)

This is in regards to a recent application for a second mortgage, and refinance of a first mortgage, initiated by your employee, Nick ********. I was very reluctant with proceeding with the application; however, Mr. ******** made it seem as if he wouldn't know what I would actually qualify for - unless I proceeded with the processing by paying a $750 deposit. The deposit verbiage contradicted with Mr. ********’ translation. He assured me that the deposit was refundable, should I decide not to proceed with the loan. If you record your phone conversations, as do most financial institutions, you will hear him state that. I cancelled the process within 24 hours, as my bank offered a more favorable solution that Quicken could not.

My bank also informed me of several infractions committed on your company’s behalf in regards to my experience – including industry practices and procedures relating to the Fannie Mae guidelines. Initially, I tried to cancel by calling Mr. ******** directly, but he became very irate and at one point stated, “If I knew that you were going to waste my time, I wouldn’t have helped you.” That statement was a direct reflection on how Quicken values their customers. My mother was on the other line, and can attest to Mr. ******** demeanor.

On the telephone, Mr. ******** would not accept “no” as an answer, but instead replied with fast-talking retorts, accusation

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Anonymous
#552628

The same sort of problems except we did not pay any up front money.After nearly 3 months of sending and resending the same documents they give us a closing date, time and location.

NO ONE SHOWS UP! NO ONE CALLS!. THE FOLLOWING MONDAY WE RECEIVE CLOSING PAPERS UPS... First they apologize, we say never mind dont want to deal with them anymore.

Then a higher level manager phones and says HE DOESNT SEE WHERE WE EVEN HAD A CLOSING DATE. OH MY GOD?! Seriously!

Its now been 3 weeks, we are trying to deal with a local mortgage company but are NOT ABLE TO MOVE AHEAD BECAUSE Quicken has our FHA Loan LOCKED UP!

DO NOT ....DO NOT DEAL WITH Quicken!

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Anonymous
#221763

What does this mean??? Question...."Will we be

approved for the loan BEFORE the $400.00 fee is charged? Answer..."Yes, It is approved now

base on an appraisal being done."

Mark at Quicken...All he can say is sorry for stating, in an email, we were approved.. AFTER we payed for an appraisal....AFTER we put offer in...AFTER we have money to put down..AFTER we hired an attorney...

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