#1 Consumer Comment
AUTHOR: Tagurit - Plano (USA)
SUBMITTED: Thursday, October 13, 2011
POSTED: Thursday, October 13, 2011
This was a posting on another thread by an ex Quicken Employee - these are not my words but theirs. At the end are some comments about getting your money back. Not sure if this will work for you or not and it seems that in general his post is educational and informative.
I think that letters to the Attorney General, the BBB etc are likely a waste of your time (i will get into this in part 2 in further detail)
1. When you apply for a mortgage at Quicken (or anywhere else) it is really important to have accurate information to give to the loan officer. Let me explain what I mean by accurate because i fear that most consumers definition of accurate and the actual definition are not the same
INCOME- When they ask you how much you make please give your salary or hourly wage, don't include BONOUS, OVERTIME, SELF EMPLOYMENT, or COMISSIONS. When they ask you how many hours you work be specific with that as well. IF you need Bonus, Overtime, Self Employment, or Commissions to qualify your banker WILL need TAX RETURNS all pages, all schedules (for self employed they will need business returns too!!!) OK now I know we all think we know how to read a tax return but the average person doesn't know how to do in the way an underwriter does. Mortgage companies tally up all of the income and then subtract ALL expenses. This means if you write off a home office, a rental property, mortgage payments on a rental property etc you are likely screwed. Sorry kiddies, but liars are a thing of the past, as they should be and mortgage companies will only give you credit for the income you show to the government.
ALSO if you are a part time employee, they will use a 2 year average of your income. IF you have less then 2 on the job sorry it doesn't count. Part time is anything under 36hours/week.
If you are making less this year then last, sorry Charlie you can't use your bonus, over time, commissions, or second job to qualify.
ASSETS give the banker asset info, exactly how much is in your checking TODAY, savings TODAY, retirement TODAY, etc. If you cant cash it out, it doesn't count. SORRY that's just how it is.
YOUR PROPERTY In light of the recent market, ALMOST all of our homes are worth less then they were last year. SORRY the mortgage company wants your appraisal to come in high, if it doesn't they are just as mad as you are because they get paid for closing loans. Check your neighborhood, see what has sold, remember that Granite countertops DO NOT improve your appraisal, neither dose a finished basement, new hardwood floors etc. APPRAISERS don't care about upgrades. Sorry they just don't. So be cautious when you estimate your value.
YOUR CREDIT if you have rough credit, be prepared for A LOT of work. It's tough for <720 scores to get a loan today, not to say you can't but it is HARD!!!
FINALLY read your DOCUMENTS, is your income correct (that means base should be separate from all other income types defined about) are your assets accurate? What about the value are they what you said they are, if not DON'T sign!!! This is a sure sign that the banker is pushing things in hopes to push your loan through the system. Get them corrected before you sign. THIS IS YOUR ONLY hope to fight for a returned deposit.
IS YOUR RATE LOCKED. IF not don't sign, don't let a banker talk you into floating TRUST ME it isn't worth the .125 you could gain if they go down, because you will loose!!!
OK so you did all this and you want your deposit back? GOOD FOR YOU!! Follow these steps, it will improve your chances.
1.send an e-mail to your banker, Dan Gilbert, William Emerson, Jay Farner and anyone else you have spoken to thought the process, as well as help@quickenloans.com Put the afore mentioned people in the To; line and anyone else in the CC line in your e-mail box. (everyone at quicken has the same e-mail format their name @quickenloans.com use these peoples names first and last and add @quickenloans.com to the end.)
2.Make sure your e-mail only contains FACTS, don't demand things, don't be emotional, don't make threats. REMEMBER it is a lot like the playground people will play with the nice kids and pick on the mean ones. Use phrases like I would appreciate it if my calls were reviewed, I FEEL that I gave banker X accurate information upfront, and was told I would be approved.
3.USE EXACT DATES if at all possible.
4.report ANY unreturned phone calls (this is cause for termination)
