Quicken Loans Inc Took $500 deposit for an application and did not fulfill the original agreement. Refused to refund deposit. Detroit, Michigan

I spoke to a mortgage banker at Quicken Loans about refinancing my mortgage for a lower interest rate, keeping the payments as close to the current payment as possible, no money at closing, and not to extend the mortgage to a thirty-year mortgage.  I told this representative I had another company that could offer what I asked, and he said he could provide me with a better offer, but I would have to pay $500 "good faith " deposit to lock in the lower interest rate of 3.99% and to start the application process.
   
Once Quicken Loans received the $500 deposit, the initial discussion that convinced me to accept their company's offer changed.  Quicken Loans included a clause in the application process that read if the customer stop the loan process he or she forfeit the $500 deposit. They did not include a clause if the customer is given an impossible offer or an offer that can not be agreed to then Quicken Loan will accept responsibility.  They only acknowledge if their company refuse.

As the application was processing, info was being disclosed.  Everything was not disclosed during the initial discussion.  The representative later informed me I needed $11,300 in order to close.   Of course, that amount of money was more than discussed, so I refused to accept the loan and therefore lost my $500 deposit.  They accepted no responsibility in their inadequacies.

I was not given the opportunity of the three day review before acceptance because the loan was impossible to close on those terms.  I feel their business was done unethically due to initially taking money with the pretense to deliver, but yet making it impossible for the customer to accept their offer.  They take money for their expenses which is most, if not all of the deposit. 

Quicken Loans is a national company that is legally taking money from consumers and not completing reasonable services, therefore not providing the services discussed.  Many complaints have been made against this company for similar issues, but yet they continues.