Quicken Loans They stole $400 before the contract was agreed to. Internet

I'm not sure why my responses aren't posting in a timely manner, but this is my 3rd attempt at replying to this post in 2 weeks.

Thanks for posting, Lori. I'm going to try to shed some light on this. To start, I'm not familiar with the specifics of your loan, so I'd first like to encourage you to contact me directly so I can look into it. My email is Kelly@QuickenLoans.com.

The biggest thing to know here is that we cannot charge anyone's deposit until their application has been signed, authorizing the charge. There is a document within your application (which most people sign online) called the "Interest Rate Disclosure." This document fully explains our deposit policy and had to have been signed if your deposit was charged. Our deposit policy is also clearly stated on our website here: https://www.quickenloans.com/about/quicken-loans-deposit In short, your money was not "stolen" - the charge was authorized.

All that aside, your story indicates a clear lack of communication on our part, specifically with Adam and Aaron and receiving an updated good faith estimate. Please let me apologize for that - it is not common here and quite frankly, is unacceptable.

Like I said before, I'd like to look into your loan in more detail. However, I can't do that without your full name or loan number. Please get in touch with me as soon as you can - Kelly@QuickenLoans.com

I'm looking forward to helping you.

Kelly
Quicken Loans
Kelly@QuickenLoans.com

You are correct! You cannot trust them! I was lied to as well! I also did not have an appraisal done because I realized how shady they were and I withdrew my application. As far as Kelly from Quicken loans response, sure go ahead and email her direct. Her response will be the same that I got! She stated she would look into it, and get right back with me..... still waiting Kelly (August 18th, 2009). I have disputed the matter with my credit card company and filed a complaint with BBB (one of many complaints). The AG is next, and many many more blogs.

I have something interesting to share however that I learned from Fran at Quicken Loans (in the accounting dept.,) and I was also told from another "Kelly" (maybe the one and the same?) that they only "conditionally approve" clients. This means they will scam you of your $400.00 - $500.00 prior to even knowing if you really do qualify for the loan!!! 

Quicken Loans: The Quickest way to lose $500.00!

 

 

 

 

Hi Lynn -

I'm sorry, but I don't recall communicating with you. I have absolutely no emails from a "Lynn" on 8/18. I apologize. Could you please email me again? I do respond to all emails and try to get answers as quickly as possible.

Like I've said before, our deposit policy is clearly stated on our website (https://www.quickenloans.com/about/quicken-loans-deposit) and when you sign your application (which authorizes the deposit charge), you are agreeing to a contract. We try to be completely transparent about it.

About your statement on "conditionally approved" - no loan company can fully approve a client without an appraisal. All loans are set as "conditionally approved" - it only means that in order to get the loan/rate you want, we have to go through and verify certain things our clients say really are true - like that their house is worth what they say it is, they make a certain income and can afford it....many, many items are "conditioned" for and then cleared once we receive verification. But doing these things costs money (like an appraisal) and that's why we have a deposit. We know no other way to do it - we will not fully approve someone with verifying certain things, I'm sorry. That's how loans work.

Also, we have an "A" rating with the BBB (Better Business Bureau) and every single complaint they have is acknowledged as being "resolved."

Again, Lynn, please get in touch with me. I'm truly sorry - I do not have any emails from you on that day.

Thank you.

Kelly

Quicken Loans

Kelly@QuickenLoans.com

Kelly,

I just noticed your rebuttal. Does this look familiar?

Tue, August 18, 2009 4:13:46 PM

Hey Tara – thanks for your email. I’m looking into this with our Client Relations team. I’ll get back to you as soon as I know more.

This was the last time I heard from you. Also to clairify you had a B- rating with the BBB when my problem began. You now have more complaints and a higher rating. Go figure? I do understand why you would charge for an appraisal. Most companies do that. Most companies make sure you are approved prior to charging the client. Lending Tree.com states their lenders do not charge an upfront fee, I was clearly charged an upfront fee! My credit card was billed prior to me getting any type of approval from Quicken Loans. Also from the time I e-signed the documents until I cancelled my loan was 28 hours. I never had the appraisal, nothing was ever verified. After I had already withdrew my application I was notified I had been approved for the loan. Quicken had already contacted the appraiser prior to my even being approved.

Hi Lynn/Tara -

I'm truly sorry I couldn't find your email. The name you use on here does not match the one we have on file and the one you emailed from.

I've done some research on your loan. It's become clear that you have talked to several people here regarding your issues with us. I also have your post to the BBB and our response, which is what I'll paraphrase here, because our response does not change. We are completely transparent about our business.

On July 28, 2009 we received your e-signed application for mortgage financing. Like all our clients, you were able to complete the e-signature process whenever it was convenient. If you ever felt rushed to e-sign prior to reading the documents that is unfortunate, but not the fault of Quicken Loans. We do stress the urgency of committing to the loan because interest rates can fluctuate, but do not force our clients to e-sign before they are ready to do so.

In the application package was a Good Faith Estimate that detailed the costs associated with the loan.  If the costs were different than what you expected, we are uncertain why you e-signed the document and continued with the process. Once we received the submitted application we immediately began processing the loan.  The loan was conditionally approved on July 29, 2009 which is why you received a call to schedule an appointment to have your home appraised.  I apologized if this call caused confusion, but we do explain that an appraisal will be completed at several points in the process.

As part of the application, you e-signed a document called the Interest Rate Disclosure and Deposit Agreement. By signing this agreement, you acknowledged the terms and conditions in which your deposit would retained.  The Interest Rate Disclosure and Deposit Agreement states, “The deposit will not be refunded if you don’t fully cooperate in or complete the application process, choose to withdraw the application, or choose not to close the transaction for any reason”. There is no provision that if you change your mind within a certain length of time the deposit is refundable. If you close your loan, your deposit is totally credited against your closing costs. If your loan is denied for any reason, we refund any money not already spent on your behalf.

While we agree you cancelled your loan fairly early, it was still approximately 5-days after you signed the agreement.   Prior to that time we issued a conditional approval, locked in your interest rate on the secondary market (which carries an expense) and ordered various vender items.  If you were not ready to commit to doing a loan with us you could have and should have declined to e-sign your paper work and taken more time to make a decision.  We do not feel a refund is warranted.

I hope this makes sense. I'm sorry for any inconvenience this may have caused you, but your signed application is a contract. As always, our deposit policy is available on our website: https://www.quickenloans.com/about/quicken-loans-deposit

In your post, you also reference our BBB rating and uses that as justification that we are conducting business inappropriately.  The number of complaints we’ve received, including those directed from the BBB, has always run very low relative to the number of consumers with whom we come in contact. For some context, Quicken Loans has received more than 10 million mortgage inquiries over the past 36 months. Our complaints with the BBB represent approximately 0.008% of our total business. For a company of our size and scale, this number is very small.  As noted, the BBB recently changed our rating to an A because prior to this month, they were basing our business category on a much smaller volume of applications than we actually processed.  The denominator determining our rating now that it’s been adjusted reflects a more accurate picture of our complaint volume.

If you have any further questions, I'd like to direct you to Kelley from our Client Relations department. She is someone you have spoken to already and who has explained our position (as has Nick). I feel she is most familiar with your loan and fully capable of answering any other questions you might have. I will email you shortly and provide you with her direct contact info along with a copy of my reply here so that there are no loose ends.

Thanks for considering Quicken Loans.

Kelly Kelly@QuickenLoans.com

Kelly,

You are correct that I have spoken with many people regarding this issue. The funny thing is they all have come up with additional excuses why I will not get my refund back. Nick Hudson stated that if the figures I was quoted did not match the figures on the Good Faith Estimate I would be refunded. He played the tapes back, then came up with "well they didnt really change that much". Everyone has had a different excuse as well. The response that was sent to the BBB stated my loan had been in place for 5 days. This is incorrect as well. I esigned the docs at 10:55 on July 28th, and withdrew at 3:10 on July 29. At 6:08 pm on July 29, I was notified by email that I had been approved the loan I had already withdrawn from. That is not 5 days. From the time the first call came from Quicken until I withdrew the application, was not 5 days, it was 3 days! I have forwarded the documents prooving this time frame to the BBB. I was also contacted about an appraisal prior to receiving any type of notice of approval from Quicken Loans, not even a conditional approval. I stated this fact to the appraiser as why I was not ready to schedule an appointment. Again Lending Tree states their lenders do not charge an upfront fee. I was billed $500.00 prior to an approval for the loan. That is clearly an upfront fee! Quicken Loans has offered to credit my account for the $500.00 deposit to do business with them in the future, assuming I can qualify for the loan! I would be more than happy to forward you the documented time frames. The response to the BBB first had the esigned documents being signed on July 27 to try to make the time frame seem longer.

For the record, my position and opinion of Quicken has not changed as well. The more this gets drawn out the more lies I have been told.

Lynn/Tara

Please consider writing up a report about this noxious company and sending it to this government agency:

http://www.ftc.gov/reports/index.htm