• Report: #464623

Complaint Review: Quicken Loans

  • Submitted: Wed, June 24, 2009
  • Updated: Mon, September 20, 2010

  • Reported By:Naselle Washington
Quicken Loans
20555 Victor Parkway Livonia, Michigan U.S.A.

Quicken Loans No Service, No $500 deposit refund Livonia Michigan

*Consumer Comment: This Company Has Too Many Jerks - the WORST OF THE WORST is KELLY

*UPDATE Employee: Response from Quicken Loans

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Late last year, 2008, I was contacted by Joe Traskos ,of Quicken Loan, with an offer to arrange a refinance of my mortgage, which I have with Countrywide Mortgage Company, at a lower fixed rate. My current rate is 6.7% and the offer was for around 5.7%.

I was required to pay a fee of $500 to lock in the rate. The $500 was deducted from my Visa account by Quicken Loan after I provided my Visa account number and agreed to the fee.

After three appraisers were sent to my home over several weeks, two of which actually took appraisals, I began hearing less and less from Quicken. After several months I E-mailed Traskos and complained of the lack of communication. Traskos passed me on to a superior named Eric King who he said was a master at arranging refincing.

King then passed me on to other persons named Brad Rogers and Julie Serofiniosvshi with negative results. I then received a letter in the mail from Traskos saying Quicken would "not be able to facilitate refinancing for me" and that they, "hoped they could be of service to me in the future."

I then E-mailed Traskos and King several times demanding a refund of my $500. After no response from either, I suggested by E-mail that I would be contacting Washington State Attorney General and Better Business Bureau. King E-mailed back and told me he would be turning my request over to Quickens public relations department.

After several months, I have heard from no one and my Visa account has NOT been reimbursed. I sent another E-mail recenlty and have had no reply.

I have contacted Countrywide Mortgage who told me in cases like mine it was the Countrywide's policy to refund the deposit if they were unable to complete the porcess offered. Joe Traskos and Quicken Loan contacted me with the offer to refinance my mortage, I did not contact or call them. I feel they should refund my $500 since they were unable to fulfill their part of the offer.

Naselle, Washington

This report was posted on Ripoff Report on 06/24/2009 03:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Livonia-Michigan-48152/Quicken-Loans-No-Service-No-500-deposit-refund-Livonia-Michigan-464623. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

This Company Has Too Many Jerks - the WORST OF THE WORST is KELLY

AUTHOR: Bman - (United States of America)

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#2 UPDATE Employee

Response from Quicken Loans

AUTHOR: Kelly At Quicken Loans - (U.S.A.)

Hi there - thanks for taking the time to explain your experience. We appreciate the opportunity to earn your business and I'm very sorry things didn't work out. I'd like to take a moment to try to sort this out for you.

When you signed your loan application, you authorized us to charge your deposit and begin processing your loan. The specific document referencing the deposit is called the 'Interest Rate Disclosure.' It explains our deposit (and any refund situations) completely. For more information on our deposit, please see our web page - https://www.quickenloans.com/about/quicken-loans-deposit

In reference to your loan, you stated (at least) two appraisals were done. Home appraisals can be expensive and are sometimes over $300 a piece. If they were each $300, that is a minimum of $600 to begin processing your loan, all of which is paid to independent, 3rd party companies...not Quicken Loans. It sounds like both appraisals came back at a value which made it impossible to close the loan as we had originally hoped. In that case, the loan was denied. In a denial situation, we do refund the deposit, minus any costs incurred on your behalf. Assuming those two appraisals cost $300 (a true average), we would have already used your $500 and been out our own money for anything over that.

While it's unfortunate, the recent decline in home values is making this situation become more common. It is always our intent to close a loan with a happy client, but it doesn't always work. Based on the number of appraisals done and amount of people you talked to, it sounds like we exhausted every option to get you a new loan.

In no way does any of this excuse the lack of communication or explanation on our part. I'm sorry for the experience you had and for any confusion you may have felt as we tried to process your loan. I apologize if you felt misled or mistreated in any way. It was certainly not our intent.

As a note, you are entitled to an a copy of your appraisal and a copy of your credit report. If you didn't get that, I can get it for you if you get in touch with me.

While I'm not familiar with your particular loan (there are no identifying details in your description), I'd be more than happy to investigate further if you'd like me to. You can reach me directly at Kelly@QuickenLoans.com

Again, thank you for considering work with us. We truly appreciate it. Please let me know if I can be of any assistance.


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