Alisa Copas at Quicken Loans, Inc IT'S NOT "Here's How the Numbers Work" but "Here's How We Pull Off a Scam!" Internet

Use the writing you have created and file a report at:

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

I would suggest that you contact the White House about these practices and your complaints. Now with the new regulation being made into law concerning financial institutions it is time to make your voice heard. They are like children causing havoc because there was no regulation, heavens know companies cannot seem to regulate themselves as show in the BP oil spill disaster. When the regulatory agency is in place you bet I will be contacting them about my experiences with many large businesses that make it their JOB to cause the American people more suffering in our recession.

As the above comment states all Licensed Loan officers have many tools to help pre-determine the value of a home. Any experienced LO knows that you will receive a better deal if the value is high enough to give you a low LTV(loan to value). These issues should always be addressed before you take any money from a client.

As to Escrow?? How was this not addressed in the first conversation. Very few clients understand how setting up new escrow accounts can effect their loan...So if a quote is sent without escrow then your numbers are off by several thousand dollars right off the bat! In the "LO's" mind they are saying well it will have to be paid regardless of who they go with so i'll leave it off my quote to get them in the door. This is sad that either the LO's inexperience or purposeful deceptiveness is still going on. And from "Kelly's" response she has a lot of experience.

Be ware of any company that tries to collect a "application fee" and that employs a full time person to respond to the neverending complaints on this website as well as others.

Always ask your Loan Officer if they themselves are a Licensed Loan Officer and ask them what the license number is. Quicken loans does not require there mortgage people to be individually licensed. This is where the bigger problem is.

As an experienced loan officer I can tell you that it is COMPLETLY UNPROFFESIONAL to base any quote on the Homeowners Suggested Value.  You(Kelly) and I both know that is only a tactic of a classic "Bait and Switch" scam!!!  Every Real Loan Officer has tools at thier disposal to get a basic value on a potential clients home.  If there is even a chance that the value is going to be a quetions I will personaly inform the client and also explain in detail how it could affect the pricing of thier loan.

Hi William -

Thanks for posting. I'm Kelly with Quicken Loans.

I took the time to speak with Alisa and do some research on your story. I know you finally got the chance to speak with her today - I hope your conversation with her helped everything make more sense. Most of what you've posted here is inaccurate. Truth be told, any changes that were made to your loan are not because of anything we did.

The biggest thing that changed your loan was your lower-than-anticipated appraisal. When we work out numbers in the beginning, we use our client's estimated value of their home. How the numbers end up are contingent upon things like that. If the appraisal isn't what we need it to be, we have to change the loan to make it work.

The "costs" that you're referring to - like Alisa said today - those are your escrows. We have to collect for your taxes and insurance - we don't keep that money. And in most cases, you'll get some money back from your previous lender.

Alisa has never lied to you and she certainly did not "bait and switch" you. She is one of our top bankers and has hundreds of happy clients. I hope that after today, you and her are on the same page.

If you do decide to withdraw your loan, we keep nothing. You'll be refunded any part of your deposit we don't spend on your behalf. It is not our business to scam people or do things that don't make sense to our clients.

We still have a loan that works for you - one that saves you a significant sum of money and lowers your interest rate. We are still more than happy to work through this with you and help you get into a loan that makes sense.

Please feel free to get in touch with me if you have any further questions. We will do everything we can to make this work for you.

 

Thanks,

Kelly
Quicken Loans
Kelly@QuickenLoans.com