Report: Quicken Loans

Reported By: Linda (Lompoc California)

USA

Quicken Loans Beware of Quicken Loans rip off Internet, Arizona

... Response from Quicken Loans

1Author 1Consumer 1Employee

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Quicken Loans

www.quickenloans.com
Internet Arizona 48152
United States of America
Phone: 8006199822
Web Address:

Category: Credit Services

Submitted: Tuesday, September 29, 2009

Last posting: Friday, October 02, 2009

I fell for these rip off artists. While on the phone I was quoted the value of my home as a certain amount. I was told that a $500 good faith deposit would be required and that it would be refunded. I signed papers and all terms were agreed on. Then they ordered an appraisal that returned with a lower value to my home. I then rejected and they didn't return my money saying that it was to pay for the appraisal which consisted of a woman taking three or four pictures of my house. I also was charged for the credit report. I feel that this company was not up front and are a bunch of crooks. I would not had gone through the process of the loan if they hadn't told me I qualified. They had the amount of payments, etc all in writing and everything was supposed to be set. I feel I got nothing for my money. BEWARE: DO NOT DO BUSINESS WITH THIS UNETHNICAL COMPANY.

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REBUTTALS & REPLIES:

1Author 1Consumer 1Employee

Consumer Comment

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Standard operation procedure for Quicken

Raven - Riverside (U.S.A.)

SUBMITTED: Friday, October 02, 2009 POSTED: Friday, October 02, 2009

I have been a loan officer for years and I can tell you, we have had to deal with Quicken on numerous occasions. This is the way that shady company operates. Most of the time, they will quote you a rate well below current market rates, then come back with a rate much higher once you pay their deposit. I am amazed this company is still in business actually. I hear this complaint about them ALL the time. Call and ask to speak with a manager and tell them your loan officer told you the deposit was refundable.

Employee

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Response from Quicken Loans

Kelly at QuickenLoans - Livonia (USA)

SUBMITTED: Friday, October 02, 2009 POSTED: Friday, October 02, 2009

Hi Linda! Thank you for posting here. Going to try and clear up some things for you....

First off, we cannot quote a certain value for any home. We are *not* appraisers. We are required by law to hire unaffiliated, unbiased 3rd party appraisers to assure we receive a fair value estimation of your home's value. While it's unfortunate, many homes in America have been depreciating - it's quite common. We would have loved to help you close your loan, but if an appraisal comes in low, it severely limits the loan options.

Regarding your deposit - we do not accept your deposit until you sign your loan application. In that application (which you must have signed if we accepted your deposit) is a document entitled "Interest Rate Disclosure." That document clearly explains our deposit policy and refund procedure. You can also find that policy very clearly on our website at https://www.quickenloans.com/about/quicken-loans-deposit

We take deposits to cover the costs we incur from other companies. In this case, those costs included your appraisal and credit report. You are absolutely entitled to copies of both your appraisal and your credit report as well. If you have not received them, feel free to contact me and I will get them for you.

I hope this helps. Again, I'm sorry for your experience and that your loan did not work out. Thank you for considering working with us.

Kelly

Quicken Loans

Kelly@QuickenLoans.com