- Report: #68268
Complaint Review: Quicken Loans
Related Reports
Featured Ripoff Reports
Ripoff Reports
Ripoff Report on CBS 19
Ripoff Report on CBS 19 - Global Marketing Alliance
Ripoff Report on ABC 15 - Smart Shopper
Ripoff Report - Girls Gone Wild
Ripoff Report on Fox 11 - Car Repair
Special Features
-
Doctored Reviews is designed to help patients, doctors, and websites understand the problems created by Medical Justice, a company trying to restrict online patient reviews, and to offer some ways that let patients freely talk about their healthcare experiences. -
The government should serve voters, not corporate special interests. Public Citizen works to empower ordinary citizens, reduce the influence of big corporations on government, open the government to public scrutiny, and hold public officials accountable for their misdeeds. -
WHAT YOU NEED TO KNOW ABOUT THE BBB: NOT a government agency as listed in your local phone book. Instead the BBB is a private non-profit / franchise operation. 20/20 exposes the BBB, Hamas Terror Group Gets 'A' Rating - BBB is running a "pay for play" scheme.
| Quicken Loans 20555 Victor Prkwy
Livonia, Michigan U.S.A. |
|
Quicken Loans liars and thieves stole my $500 deposit and no loan do not get ripped off too Livonia Michigan
*UPDATE Employee: Quicken Loans
*REBUTTAL Owner of company: Sorry For Your Experience
*General Comment: Quicken Loans rip off
*General Comment: UpSide Bank
*Consumer Comment: If not over this...
*Consumer Comment: Competitor of Quicken View
*Consumer Comment: Micheal W...pompous much?
*Consumer Comment: $500.00 Deposit
*Author of original report: I learned a valuable thing by losing that money
*UPDATE Employee: RE: the appraisal
*UPDATE EX-employee responds: William is right about Jay F.
*UPDATE Employee: COME ON JAY
*Consumer Suggestion: Do a little research
*Consumer Suggestion: Do a little research
*Consumer Suggestion: Do a little research
*Consumer Suggestion: Do a little research
*UPDATE Employee: Watch OUT
*UPDATE EX-employee responds: Answers from a former employee
*UPDATE Employee: Bottom line
*Author of original report: That was an expensive lesson to learn !!!
*Consumer Suggestion: Here is what happened
*Consumer Comment: I Hear You! Someone is wrong here and I don't think it's you or me
*Consumer Suggestion: There is a difference... You would be upside-down on the home the day you moved in!
*Consumer Suggestion: There is a difference... You would be upside-down on the home the day you moved in!
*Consumer Suggestion: There is a difference... You would be upside-down on the home the day you moved in!
*Consumer Suggestion: There is a difference... You would be upside-down on the home the day you moved in!
*Consumer Suggestion: Are you kidding me
*UPDATE Employee: This claim is a joke
*Consumer Suggestion: quicken , ameriquest , they all just want their $$
*Consumer Suggestion: Customer Relations Garbage?? NOT
*Consumer Suggestion: Customer Relations Garbage?? NOT
*Consumer Suggestion: Customer Relations Garbage?? NOT
*Consumer Suggestion: Customer Relations Garbage?? NOT
*Consumer Comment: Actually ripped off by Ameriquest...
*Author of original report: the problem is not with the apprasial !!
*Consumer Suggestion: Problem Is With The Appraisal
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
Quicken Loans is a preditory abusive lending company ,they promised a home loan dragged on for 4 months we have excellent credit , the apprasial came in $20,000 less than an apprasial done not less than 1 month earlier done by (ameriquest, great company honest people there )i was told on the phone when i voiced concern over the $500. deposit that they would not steal my money .
Also was told if there was no loan thay would not touch the money , its 4 months later no loan and no money returned .
Please contact the Federal trade commision and report them . this is called abusive preditory lending and fraud . 1-1800-ftc-help . also better business bureau at 1-800-646-6222 they have a so called sterling record not anymore i will not be ripped off or sit back and let them get away with stealing my money (legally ) or not . This kind of business practice is not acceptable or legal please beware or you could be next .
Lisa
minneapolis, Minnesota
U.S.A.
Also was told if there was no loan thay would not touch the money , its 4 months later no loan and no money returned .
Please contact the Federal trade commision and report them . this is called abusive preditory lending and fraud . 1-1800-ftc-help . also better business bureau at 1-800-646-6222 they have a so called sterling record not anymore i will not be ripped off or sit back and let them get away with stealing my money (legally ) or not . This kind of business practice is not acceptable or legal please beware or you could be next .
Lisa
minneapolis, Minnesota
U.S.A.
This report was posted on Ripoff Report on 10/05/2003 07:58 AM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Livonia-Michigan/Quicken-Loans-liars-and-thieves-stole-my-500-deposit-and-no-loan-do-not-get-ripped-off-to-68268. 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.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
Click Here to read other Ripoff Reports on Quicken Loans
Search for additional reports
If you would like to see more Rip-off Reports on this company/individual, search here:
Search Tips#1 UPDATE Employee
Quicken Loans
AUTHOR: Quicken_Loans - (United States of America)
SUBMITTED: Wednesday, January 23, 2013
Hi. I'm very sorry to hear about the recent experience that you've had with us. How can I help? My name is Nick, and I'd like to get in touch with you and look into your recent experience further. Send me an email at nicholasnavetta@quickenloans.com with any additional details and I'll make sure to look into it ASAP with our Client Relations Team.
Respond to this report!
What's this? #2 REBUTTAL Owner of company
Sorry For Your Experience
AUTHOR: Quicken_Loans - (United States of America)
SUBMITTED: Tuesday, January 15, 2013
Hi - thanks for taking the time to review Quicken Loans. I'm sorry about the experience that you've had with us. My name is Marc, and I'd love to get you in touch with our team who can look into your issues further to help resolve. Send me an email at marcredding@quickenloans.com with any additional details and I'll make sure to forward to our team ASAP.
Respond to this report!
What's this? #3 General Comment
Quicken Loans rip off
AUTHOR: scared consumer - (United States of America)
SUBMITTED: Thursday, December 27, 2012
Same thing happened to me about a year and a half ago, nicest people everything's going great, came back with low appraisal and kept my 400 dollars.
Respond to this report!
What's this? #4 General Comment
UpSide Bank
AUTHOR: Brien Parks - (United States of America)
SUBMITTED: Sunday, August 26, 2012
If you have been ripped off by UpSide bank get a hold of MetaBank of SD your money is in MetaBank not upside they are only a contractor of MetaBank email them tell them what is going on its there rep on the line and they dont want bad feedback i emailed the CEO of metaBank i had my moneu back with in 1 week once your money is release withdraw every dime and email CS@upsidecard.com and tell them to kiss your a$$ and close your account move your money to any online banking not affilated with MetaBank
Open an account with (((REDACTED))) its based out of california and there customer service are in the USA not India or god only know they are from and good luck
Open an account with (((REDACTED))) its based out of california and there customer service are in the USA not India or god only know they are from and good luck
Click on image to enlarge:
Respond to this report!
What's this? #5 Consumer Comment
If not over this...
AUTHOR: Bman - (United States of America)
SUBMITTED: Saturday, October 30, 2010
Respond to this report!
What's this? #6 Consumer Comment
Competitor of Quicken View
AUTHOR: Jeremy Kean - (U.S.A.)
SUBMITTED: Tuesday, July 01, 2008
I have been working in the mortgage insustry for 12 years, and with the recent credit crunch we find ourselves competing more and more with Quicken Home Loans with our internet based leads than ever before. I am all for good clean ethical competition, but some of the things I have read on this website shed beacons of light as to why our industry is in such shambles. I wanted to lay out what I have seen and heard from over 100 clients in the last 5 years that have dealt with Quicken along with myself and other competitors.
1. In regard to the $500 good faith deposit. This fee bothers me and I will tell you why. This is really an appraisal fee. It is commonly known in our industry that the first person to lock the appraisal has over an 80% chance of funding the loan. The problem with this fee is two things. Number one we have found that the good faith estimate at the time this money is paid is truly just that....an estimate. Without the appraisal, final DTI calulations, LTV calculations, final loan approval, and interest rate lock, how could this be accurate? These customers are under the understanding that this is a fee that locks this deal with the exact figures on the good faith estimate. Lets just say that I have seen several that werent exactly the same at the end compared to the first one, and from a lender perspective nothing had changed on the loan that would have warranted a difference on the Good Faith Estimate other than just pure misrepresentation of the loan that was going to be given at the end. In our terms this is a bait and switch. These practices are what give all ethical people a tough time when attempting to explain to someone that the reason I am not going to give a GFE to them prior to reviewing their credit and income is not to be evasive, but to truly educate them about what and why things happen on loans and what could happen in their specific situation.
The other reason this fee bothers me is closely related to the first above. This fee is hardly ever refunded if the appraisal does not get completed. It is a non-refundable fee. This is one of the only companies that pads their bottom line with up front fees on loans. Almost every other lender works like us and never charges anything except the appraisal until closing, which leads me to the problem. Let's say.....
you start a loan with them and the appraisal gets done and before closign you ask for the closing figures and you realize that the 6.0% rate that you were quoted at 1 discount point has now become 6.5% with 3 discount points. You havent made this months mortgage payment (because the loan officer told you no worries, you will be closed by the time it is late), and the $30,000 in credit card debt that you were paying off is all coming around again soon. What are you going to do? Most peoples first thought is I want a copy of my appraisal and I am going with someone else that contacted me from the first inquiry......then after spending 2 weeks trying to track down your loan officer's manager, who has to get corporate approval from the Vice President of Operations, who then has to email the Vice President of appraisal releases, etc.....you will be contacted 5 times from loan officers in a different department called "retention" which means save it before the client walks for good department.
and all of this time you paid for an appraisal and are stuck in a dillema whether to take the deal even though it is way off what it was supposed to be, but still saves you quite a bit of money, or start the 3-4 week process over, and pay for another appraisal because you will not get a release from these big companies. Toughy huh???? this puts good honest people, who trusted someone who is supposed to have integrity, and put people in the best loan option at the time in a heck of a bind.
This is the hard core truth from the trenches about the internet lead mortgage business from the inside. It is still a great way for the everyday consumer to be educated and truly given the best loan out there. You just have to know who you are dealing with. My advise is the following:::
1. Ask if you can get the company's appraisal policy in writing that says they will release the rights to the appraisal and instruct the appraiser to re-write the report in the other companies name in the event the borrower wants to cancel the loan if the borrower is willing to pay the appraiser the re-write fee
2. ASk the company if at the point the loan is locked if they re-disclose a good faith estimate with all final rates and closing costs. IF so, what can you as the borrower expect to see as a refund or discount if those closing costs are changed. Lets be real, what can change your rate or your fees after the loan has been locked and appraisal has come in and has been approved? The answer is not too many things!!:_)
3. Check the company out. Ask if there are any local or state accolades that they have(not sure on the spelling, so all you English majors out there reading...please pay attention to the content not the precise grammer or spelling. This is written to help protect consumers not be graded for an English TEST). Ask if it is Ok to continue the application with them after you have checked with the state to insure they are in good standing. You will get a ton of funny resonses here.
4. Make sure to ask for GFE and Truth in LEnding. The true APR is still the best and only way to compare the true best deal of one company to the best deal of another company. My experience is the rate usually looks real good, but the points/total closing costs are always up around the federal/state maximum for that program. you normally dont get all of that info until you are forced in a corner which is where they want you. They dont care about return clients or referrals. They are set up to wham bam, and thank you maam. If you have ever closed with a monster company like these people ask yourself how many emails, calls, letters, or updated have you gotten from your loan officer in the last 3 years or since cloisng? My guess is not too many
Be careful and good luck
1. In regard to the $500 good faith deposit. This fee bothers me and I will tell you why. This is really an appraisal fee. It is commonly known in our industry that the first person to lock the appraisal has over an 80% chance of funding the loan. The problem with this fee is two things. Number one we have found that the good faith estimate at the time this money is paid is truly just that....an estimate. Without the appraisal, final DTI calulations, LTV calculations, final loan approval, and interest rate lock, how could this be accurate? These customers are under the understanding that this is a fee that locks this deal with the exact figures on the good faith estimate. Lets just say that I have seen several that werent exactly the same at the end compared to the first one, and from a lender perspective nothing had changed on the loan that would have warranted a difference on the Good Faith Estimate other than just pure misrepresentation of the loan that was going to be given at the end. In our terms this is a bait and switch. These practices are what give all ethical people a tough time when attempting to explain to someone that the reason I am not going to give a GFE to them prior to reviewing their credit and income is not to be evasive, but to truly educate them about what and why things happen on loans and what could happen in their specific situation.
The other reason this fee bothers me is closely related to the first above. This fee is hardly ever refunded if the appraisal does not get completed. It is a non-refundable fee. This is one of the only companies that pads their bottom line with up front fees on loans. Almost every other lender works like us and never charges anything except the appraisal until closing, which leads me to the problem. Let's say.....
you start a loan with them and the appraisal gets done and before closign you ask for the closing figures and you realize that the 6.0% rate that you were quoted at 1 discount point has now become 6.5% with 3 discount points. You havent made this months mortgage payment (because the loan officer told you no worries, you will be closed by the time it is late), and the $30,000 in credit card debt that you were paying off is all coming around again soon. What are you going to do? Most peoples first thought is I want a copy of my appraisal and I am going with someone else that contacted me from the first inquiry......then after spending 2 weeks trying to track down your loan officer's manager, who has to get corporate approval from the Vice President of Operations, who then has to email the Vice President of appraisal releases, etc.....you will be contacted 5 times from loan officers in a different department called "retention" which means save it before the client walks for good department.
and all of this time you paid for an appraisal and are stuck in a dillema whether to take the deal even though it is way off what it was supposed to be, but still saves you quite a bit of money, or start the 3-4 week process over, and pay for another appraisal because you will not get a release from these big companies. Toughy huh???? this puts good honest people, who trusted someone who is supposed to have integrity, and put people in the best loan option at the time in a heck of a bind.
This is the hard core truth from the trenches about the internet lead mortgage business from the inside. It is still a great way for the everyday consumer to be educated and truly given the best loan out there. You just have to know who you are dealing with. My advise is the following:::
1. Ask if you can get the company's appraisal policy in writing that says they will release the rights to the appraisal and instruct the appraiser to re-write the report in the other companies name in the event the borrower wants to cancel the loan if the borrower is willing to pay the appraiser the re-write fee
2. ASk the company if at the point the loan is locked if they re-disclose a good faith estimate with all final rates and closing costs. IF so, what can you as the borrower expect to see as a refund or discount if those closing costs are changed. Lets be real, what can change your rate or your fees after the loan has been locked and appraisal has come in and has been approved? The answer is not too many things!!:_)
3. Check the company out. Ask if there are any local or state accolades that they have(not sure on the spelling, so all you English majors out there reading...please pay attention to the content not the precise grammer or spelling. This is written to help protect consumers not be graded for an English TEST). Ask if it is Ok to continue the application with them after you have checked with the state to insure they are in good standing. You will get a ton of funny resonses here.
4. Make sure to ask for GFE and Truth in LEnding. The true APR is still the best and only way to compare the true best deal of one company to the best deal of another company. My experience is the rate usually looks real good, but the points/total closing costs are always up around the federal/state maximum for that program. you normally dont get all of that info until you are forced in a corner which is where they want you. They dont care about return clients or referrals. They are set up to wham bam, and thank you maam. If you have ever closed with a monster company like these people ask yourself how many emails, calls, letters, or updated have you gotten from your loan officer in the last 3 years or since cloisng? My guess is not too many
Be careful and good luck
Respond to this report!
What's this? #7 Consumer Comment
Micheal W...pompous much?
AUTHOR: Candieg - (U.S.A.)
SUBMITTED: Friday, June 27, 2008
Ummmm..if you were actually paying attention to things like...oh...I don't know..dates and times of postings instead of concerning yourself with the author's grammar/spelling, while obviously distraught and in a state of irritation that would likely be induced when facing the prospect of financial loss due to intentional misrepresentation or convolution of the terms of a contract, you might realize that Lisa's initial comment was posted on November of 2003 and Ameriquest was very much in business at that time. She also states in her last comment that she DID intend to enter into a loan with them, but walked out at closing because she was, perhaps, mistaken as to her initial impression of thier integrity when she realized that the final documents reflected a higher interest rate than that which she was quoted (good for you Lisa :)
It seems to me that you are, yourself, an employee of Quicken and very gung-ho, ready to defend her honor. I'm sure you have a bright future in middle management hell...and you've earned it.
You stated in your comment:
'That approval is based on your verbal statement of the value of your home...So if anything is not supported by documentation, it is certainly not the fault of the company.' Okay, this verbage is so obviously a loophole it's ridiculous. Basically you tell people if there is no loan we give you your money back. BUT...if there is no loan because we are assuming-sight unseen- that your property will appraise for enough just because you applied for this loan (thus the assumption that because you verbally asked for the loan you are implying that the property is worth the amount you are requesting) and IF the appraisal 'documentation' does not support this, you're screwed and we keep your money. Hmmmm...something smells funny...smells like a mortgage broker to me..eeewww.
Oh..FYI Michael W..before you caution someone about his/her spelling, you may want to proof your own writing, because you posted:
' I was in the same situation as you were mam.' Okay class, what is wrong with this sentence? Can we help MIchael out? The last word in you sentence should be spelled "ma'am"....moron.
It seems to me that you are, yourself, an employee of Quicken and very gung-ho, ready to defend her honor. I'm sure you have a bright future in middle management hell...and you've earned it.
You stated in your comment:
'That approval is based on your verbal statement of the value of your home...So if anything is not supported by documentation, it is certainly not the fault of the company.' Okay, this verbage is so obviously a loophole it's ridiculous. Basically you tell people if there is no loan we give you your money back. BUT...if there is no loan because we are assuming-sight unseen- that your property will appraise for enough just because you applied for this loan (thus the assumption that because you verbally asked for the loan you are implying that the property is worth the amount you are requesting) and IF the appraisal 'documentation' does not support this, you're screwed and we keep your money. Hmmmm...something smells funny...smells like a mortgage broker to me..eeewww.
Oh..FYI Michael W..before you caution someone about his/her spelling, you may want to proof your own writing, because you posted:
' I was in the same situation as you were mam.' Okay class, what is wrong with this sentence? Can we help MIchael out? The last word in you sentence should be spelled "ma'am"....moron.
Respond to this report!
What's this?
Pertaining the the Minnesota woman who claims she lost $500.00 in a theft manner by Quicken Loans. I was in the same situation as you were mam, and when explained to me, everything sounded completely reasonable. Matterless of what you were told, we as Americans all know that Paper is Everything. We as consumers are very quick to ask for Good Faith Estimates from lenders all across the country, to see who has the best DEAL, but we fail to read the more important parts, the documentation stating the guidelines of our loan.
Quicken Loans, or any other lender in the country, must run by the same laws provided by the government. You signed a document called the "Interest Rate Disclosure" which stated that the Good Faith Deposit is a "Commitment to do business with Quicken Loans" and is not refundable should you choose to withdraw your loan application for any reason, and in a case where your loan can not be provided to you, the deposit will be refunded to you minus the costs. More importantly, the Good Faith Deposit, is NOT charged to you until the initial underwriting process APPROVES your loan. That approval is based on your verbal statement of the value of your home, your income, your employment, etc... So if anything is not supported by documentation, it is certainly not the fault of the company. In MOST cases, the costs incurred throughout the process, are way more than $500.00, but the company is fair enough to cover anything above that.
In regards to Ameriquest, I see that no one has questioned this as of yet. You stated that your appraisal came back 20K higher from Ameriquest just a month before that. My questions are: Why didn't you follow through with that loan? Why were you applying in other places? And as far as Ameriquest, if you hit F5 on your keyboard and refresh your screen, you will see that they are NO LONGER IN BUSINESS. They went under a while ago, because of things like "Inflated Appraisal". So before you judge a company that's been in business for over 23 years, has been names the Number 1 online lender in the country. Ranked the Number 1 place to work for in Michigan, accredited by the BBB, and so on, check the backgrounds, check your documents, and with all due respect, check your spelling..
With Regards, Michael W
Quicken Loans, or any other lender in the country, must run by the same laws provided by the government. You signed a document called the "Interest Rate Disclosure" which stated that the Good Faith Deposit is a "Commitment to do business with Quicken Loans" and is not refundable should you choose to withdraw your loan application for any reason, and in a case where your loan can not be provided to you, the deposit will be refunded to you minus the costs. More importantly, the Good Faith Deposit, is NOT charged to you until the initial underwriting process APPROVES your loan. That approval is based on your verbal statement of the value of your home, your income, your employment, etc... So if anything is not supported by documentation, it is certainly not the fault of the company. In MOST cases, the costs incurred throughout the process, are way more than $500.00, but the company is fair enough to cover anything above that.
In regards to Ameriquest, I see that no one has questioned this as of yet. You stated that your appraisal came back 20K higher from Ameriquest just a month before that. My questions are: Why didn't you follow through with that loan? Why were you applying in other places? And as far as Ameriquest, if you hit F5 on your keyboard and refresh your screen, you will see that they are NO LONGER IN BUSINESS. They went under a while ago, because of things like "Inflated Appraisal". So before you judge a company that's been in business for over 23 years, has been names the Number 1 online lender in the country. Ranked the Number 1 place to work for in Michigan, accredited by the BBB, and so on, check the backgrounds, check your documents, and with all due respect, check your spelling..
With Regards, Michael W
Respond to this report!
What's this? #9 Author of original report
I learned a valuable thing by losing that money
AUTHOR: Lisa - (U.S.A.)
SUBMITTED: Thursday, January 18, 2007
thanks for the information
..I'm really surprised after 2 years anyone is still making any comments on this , I actually haven't thaught about this in a very long time . Truth be told i may have been taken advantage of by both these companies but i should have read the VERY FINE PRINT ..lol I learned a valuable thing by losing that money , always read the fine print before signing any legal documents no matter how long it takes and as for Ameriquest at the closing i read the fine print and walked out of the closers office because of the interest rate that was not what i was told it was supposed to be and thanks to the no out of pocket cost unless there was a closing i paid no money for the apprasial .. as for quicken they were told by the attorney general of the stste of mn if i was charged for that apprasial then i have to be sent and are entitled to the ORIGINAL copy (which they sent ) so i may have paid for that apprasial but i also own it and have the physical original . It"s funny how some companies will react when the state your from calls them to resolve a dispute but im glad it turned out some what in my favor . Thanks for all the helpfull replies , if i could delete this i would .. it just seems silly now and please try to help someone out whos in a more current situation than i am ..thanks again for anyone who gave me advice ..
..I'm really surprised after 2 years anyone is still making any comments on this , I actually haven't thaught about this in a very long time . Truth be told i may have been taken advantage of by both these companies but i should have read the VERY FINE PRINT ..lol I learned a valuable thing by losing that money , always read the fine print before signing any legal documents no matter how long it takes and as for Ameriquest at the closing i read the fine print and walked out of the closers office because of the interest rate that was not what i was told it was supposed to be and thanks to the no out of pocket cost unless there was a closing i paid no money for the apprasial .. as for quicken they were told by the attorney general of the stste of mn if i was charged for that apprasial then i have to be sent and are entitled to the ORIGINAL copy (which they sent ) so i may have paid for that apprasial but i also own it and have the physical original . It"s funny how some companies will react when the state your from calls them to resolve a dispute but im glad it turned out some what in my favor . Thanks for all the helpfull replies , if i could delete this i would .. it just seems silly now and please try to help someone out whos in a more current situation than i am ..thanks again for anyone who gave me advice ..
Respond to this report!
What's this? #10 UPDATE Employee
RE: the appraisal
AUTHOR: James - (U.S.A.)
SUBMITTED: Wednesday, January 17, 2007
What seemed to originally be in dispute was the appraisal done for Quicken vs. Ameriquest's appraisal that came in at a $20k higher value. I'm not sure how we digressed into former employees lobbing typo-laden diatribes against their former company, but it's the internet so I just have to throw my hands up in wonderment.
I work for Quicken's appraisal management company and I can honestly tell you we do all we can to make sure every client has the best experience possible while also getting a good quality report on the value of their home delivered. Quality does not necessarily go hand in hand with expected/high value coming back on the home being appraised. As has been stated, Ameriquest was sentenced to pay a nine-figure settlement for pressuring its appraisers for higher values, to close bigger loans, which ultimately hurt a whole lot of their clients who got stuck in backwards deals. Pressuring appraisers for value is illegal, and that's why Ameriquest was smacked with that settlement. I'm of the belief that an inaccurate appraisal -- especially inaccurate on the high end -- can do far more harm than a conservative one. We aim for the appraisers to be as accurate as possible as regards home value, which is all by law they are expected to be.
As for workings on the bank-side and the good faith deposit, I hope you can see the reason for them. I know a lot of times the value that is expected is not hit, for various reasons (and sometimes, like in your case, the previous appraisal was done for Ameriquest prior to their settlement), and if Quicken ate the appraisal fee every time, it would add up to a TON of money. A company can't survive giving away appraisals at $300+ a pop. Try Alaska or Hawaii, appraisals often exceed $1,000 there. Unlike other lenders, Quicken is up front about the appraisal cost and does not hide it in another part of the loan.
What I can tell you, knowing fees for appraisals in your area, heck, I enter the fees into the system, is that Quicken refunded you every cent of your good faith deposit that wasn't used for your appraisal.
I'm really really sorry you had a bad experience, and I wish you luck in the future.
As for you ex-LOs, I'm sorry you had a bad experience, too. I never was in your shoes, but 10 loans a month to close before you get a bonus on your base salary is pretty reasonable. I know it's probably slow at first, but I have also seen individual bankers close at least 10x that many loans in a month, but they'd probably been there longer. Maybe you should just look into a different profession?
I've worked a number of places, the best school of public health in the country doing research, the sports department of a big newspaper as a writer, and hands down (OK, the sportswriting gig was great, but still...) this is the best place I've ever worked. And I get paid overtime? Like I said, I don't know how it works on the other side of the coin for the bankers, but I figure (aside from supposed "bribes", since there is a lot of anonymous surveying done) there's a reason Quicken was voted the top place to work as a mortgage banker in the country.
But really, this whole thread is about Lisa's problem, and I don't know why you guys needed to take your time to just spew refuse instead of actually helping her with sound input. Maybe that's why you no longer work for Quicken.
I work for Quicken's appraisal management company and I can honestly tell you we do all we can to make sure every client has the best experience possible while also getting a good quality report on the value of their home delivered. Quality does not necessarily go hand in hand with expected/high value coming back on the home being appraised. As has been stated, Ameriquest was sentenced to pay a nine-figure settlement for pressuring its appraisers for higher values, to close bigger loans, which ultimately hurt a whole lot of their clients who got stuck in backwards deals. Pressuring appraisers for value is illegal, and that's why Ameriquest was smacked with that settlement. I'm of the belief that an inaccurate appraisal -- especially inaccurate on the high end -- can do far more harm than a conservative one. We aim for the appraisers to be as accurate as possible as regards home value, which is all by law they are expected to be.
As for workings on the bank-side and the good faith deposit, I hope you can see the reason for them. I know a lot of times the value that is expected is not hit, for various reasons (and sometimes, like in your case, the previous appraisal was done for Ameriquest prior to their settlement), and if Quicken ate the appraisal fee every time, it would add up to a TON of money. A company can't survive giving away appraisals at $300+ a pop. Try Alaska or Hawaii, appraisals often exceed $1,000 there. Unlike other lenders, Quicken is up front about the appraisal cost and does not hide it in another part of the loan.
What I can tell you, knowing fees for appraisals in your area, heck, I enter the fees into the system, is that Quicken refunded you every cent of your good faith deposit that wasn't used for your appraisal.
I'm really really sorry you had a bad experience, and I wish you luck in the future.
As for you ex-LOs, I'm sorry you had a bad experience, too. I never was in your shoes, but 10 loans a month to close before you get a bonus on your base salary is pretty reasonable. I know it's probably slow at first, but I have also seen individual bankers close at least 10x that many loans in a month, but they'd probably been there longer. Maybe you should just look into a different profession?
I've worked a number of places, the best school of public health in the country doing research, the sports department of a big newspaper as a writer, and hands down (OK, the sportswriting gig was great, but still...) this is the best place I've ever worked. And I get paid overtime? Like I said, I don't know how it works on the other side of the coin for the bankers, but I figure (aside from supposed "bribes", since there is a lot of anonymous surveying done) there's a reason Quicken was voted the top place to work as a mortgage banker in the country.
But really, this whole thread is about Lisa's problem, and I don't know why you guys needed to take your time to just spew refuse instead of actually helping her with sound input. Maybe that's why you no longer work for Quicken.
Respond to this report!
What's this? #11 UPDATE EX-employee responds
William is right about Jay F.
AUTHOR: Byron - (U.S.A.)
SUBMITTED: Friday, August 25, 2006
I've known these guy's for 5 years, they don't care about ANYONE of their so called Bankers (LOL). They all should be thrown in Jail for over charging clients.
I'm now a Mortgage Broker, and find it amazing that I can beat EVERYONE of their pricing options, rate & cost. They hire these kids to get on the phones for 12 hours a day, paying them CRUMBS while they make Millions. He even raped enough customers to buy a NBA team. They also have 150 ex so called bankers suing them for back overtime pay, Quicken refused to give the names of the current and former loan officers, but as of Aug. 18th they lost in court and now have to produce the names of all.
After a year fight, Quicken lost. Now tell me, if you have nothing to hide - why fight someone over asking YOUR empolyees if they feel they are FORCED to work overtime? Crooks? Quicken is NOT above the law and never will be above the law. I would never do people the way that Jay F. and his so called DVP's treat people. After all, we all know where they live at.
I'm now a Mortgage Broker, and find it amazing that I can beat EVERYONE of their pricing options, rate & cost. They hire these kids to get on the phones for 12 hours a day, paying them CRUMBS while they make Millions. He even raped enough customers to buy a NBA team. They also have 150 ex so called bankers suing them for back overtime pay, Quicken refused to give the names of the current and former loan officers, but as of Aug. 18th they lost in court and now have to produce the names of all.
After a year fight, Quicken lost. Now tell me, if you have nothing to hide - why fight someone over asking YOUR empolyees if they feel they are FORCED to work overtime? Crooks? Quicken is NOT above the law and never will be above the law. I would never do people the way that Jay F. and his so called DVP's treat people. After all, we all know where they live at.
Respond to this report!
What's this?
Alright let's get one thing straight Jay Farner who is responding to these emails is nothing more than a well paid *&*& boy for Bill, Pat and the gang. The reps there are no nothing employees who refer to there managers for strong arm tatics.
Forbes and all the other publications can clearly be bought with all the money Quicken throws around. Jay Farner is a little twirp that is at the beckon call of Dan. Of course he will defend and lie about the company to protect his well paying job and the money he makes off people who don't close at least 10 loans to get paid.
All the young employees that they hire don't understand that all the lavish parties that Quicken throws are paid for by them. As TIM BIRKMIER always says "Recruit them in masses, put them in classes , Kick them in the asses" and that is comming from there so called Divisonal Vice President. Some people will sacrifice anything for a title. Even there BALL.
Forbes and all the other publications can clearly be bought with all the money Quicken throws around. Jay Farner is a little twirp that is at the beckon call of Dan. Of course he will defend and lie about the company to protect his well paying job and the money he makes off people who don't close at least 10 loans to get paid.
All the young employees that they hire don't understand that all the lavish parties that Quicken throws are paid for by them. As TIM BIRKMIER always says "Recruit them in masses, put them in classes , Kick them in the asses" and that is comming from there so called Divisonal Vice President. Some people will sacrifice anything for a title. Even there BALL.
Respond to this report!
What's this? #13 Consumer Suggestion
Do a little research
AUTHOR: Rex - (U.S.A.)
SUBMITTED: Thursday, August 10, 2006
I'm nearly certain that your non-compete would not hold up in court. I used to work for a company in a totally different industry and we had people sign non-competes, but they would never be litigated.
Check your state laws. If it's important, you will research it now.
Check your state laws. If it's important, you will research it now.
Respond to this report!
What's this? #14 Consumer Suggestion
Do a little research
AUTHOR: Rex - (U.S.A.)
SUBMITTED: Thursday, August 10, 2006
I'm nearly certain that your non-compete would not hold up in court. I used to work for a company in a totally different industry and we had people sign non-competes, but they would never be litigated.
Check your state laws. If it's important, you will research it now.
Check your state laws. If it's important, you will research it now.
Respond to this report!
What's this? #15 Consumer Suggestion
Do a little research
AUTHOR: Rex - (U.S.A.)
SUBMITTED: Thursday, August 10, 2006
I'm nearly certain that your non-compete would not hold up in court. I used to work for a company in a totally different industry and we had people sign non-competes, but they would never be litigated.
Check your state laws. If it's important, you will research it now.
Check your state laws. If it's important, you will research it now.
Respond to this report!
What's this? #16 Consumer Suggestion
Do a little research
AUTHOR: Rex - (U.S.A.)
SUBMITTED: Thursday, August 10, 2006
I'm nearly certain that your non-compete would not hold up in court. I used to work for a company in a totally different industry and we had people sign non-competes, but they would never be litigated.
Check your state laws. If it's important, you will research it now.
Check your state laws. If it's important, you will research it now.
Respond to this report!
What's this?
Look I know first had how this company works as I am a employee. First of all we will demand that you give us 500.00 if not we will try every way possiable to obtain it even if it is buy dishonesty. The sole purpose is to get your credit card, once we do this it is out of our hads as a rep and the company preaches to us not to care....just get another sucker on the phone as Timothy J Birkmeier would say.
If we question the top brass such as the forementioned than we will risk seroius damage to our careers there. They do preach to us to try to help the client however that is secondary to getting your credit card. I once had a client overhere Timothy J Birkmeier say F$^% the client you already have his money. I am truing to get out of the company but they also suckered me into singing a NON COMPETE CLAUSE and I was told BY BRIAN APPLE that my as is quickens till we are done with you.
IF you come into contact with either one of these two men stay clear they do not care about the client"they care about getting paid" as Timothy J Birmeier says.
If we question the top brass such as the forementioned than we will risk seroius damage to our careers there. They do preach to us to try to help the client however that is secondary to getting your credit card. I once had a client overhere Timothy J Birkmeier say F$^% the client you already have his money. I am truing to get out of the company but they also suckered me into singing a NON COMPETE CLAUSE and I was told BY BRIAN APPLE that my as is quickens till we are done with you.
IF you come into contact with either one of these two men stay clear they do not care about the client"they care about getting paid" as Timothy J Birmeier says.
Respond to this report!
What's this? #18 UPDATE EX-employee responds
Answers from a former employee
AUTHOR: Michael - (U.S.A.)
SUBMITTED: Wednesday, April 26, 2006
As a former employee of Quicken Loans I can sympathize with your situation. The employees at Quicken are trained to tell you that your deposit is non-refundable, will be credited to your loan, and in the case you are not approved, you will be out your deposit. They are in the business of making money just like everyone else. I have been through their training and I have also talked to other mortgage lenders out there. 95% of lenders out there don't know as much as Quicken bankers. Ameriquest is the biggest rip-off anywhere. I frequently had to go over paperwork that my clients had from ameriquest. I had to show them exactly where all of the fees were hidden. EVERY loan they do has a pre-payment penalty on it. The other guy had it right on, Quicken bankers have no control over who does the appraisal. They are done that way to keep the appraisals accurate. The appraiser doesn't need to look in every room to get an accurate appraisal. He is only looking for structural improvements to the property and then he will do his work from his office. If you got an appraisal that was 20K higher than quicken....don't trust it. Quicken is conservative for a reason. They don't want to get stuck with a mortgage on a house that isn't worth it. They also don't want you to pay more for a house that the house is worth.
Respond to this report!
What's this?
Well Lisa in Minneapolis, it sounds to me that you have had a few problems.
1. You had a problem reading documents on your Ameriquest loan to see that you were clearly overcharged. (they do it to everyone)They setteled a $300 million dollar lawsuit for unethical business practices and false appraisals.
2. You had a problem comprehending your documents with Quicken about the reason and nature of the deposit and it's policy.
3. You had an issue with understanding the documents with JP Morgan Lending or whoever you actually went through because Banks are in business to make money. No lender will give you a lower interest rate, waive all closing costs, and not have a prepayment penalty on the loan.
Lisa, it seems to me like you believe that you are above the rules. Like somehow the standard underwriting guidelines don't apply to you. From what I have noticed of the information given on this subject is that you lack the ability to pay attention to detail. Somehow your focus is not on the most important things, but somewhere out in space.
I wish you luck out there and I'm sure that you believe that as long as the loan goes through, then you got the greatest deal in the world.
Bottom line: Ignorance is bliss.
1. You had a problem reading documents on your Ameriquest loan to see that you were clearly overcharged. (they do it to everyone)They setteled a $300 million dollar lawsuit for unethical business practices and false appraisals.
2. You had a problem comprehending your documents with Quicken about the reason and nature of the deposit and it's policy.
3. You had an issue with understanding the documents with JP Morgan Lending or whoever you actually went through because Banks are in business to make money. No lender will give you a lower interest rate, waive all closing costs, and not have a prepayment penalty on the loan.
Lisa, it seems to me like you believe that you are above the rules. Like somehow the standard underwriting guidelines don't apply to you. From what I have noticed of the information given on this subject is that you lack the ability to pay attention to detail. Somehow your focus is not on the most important things, but somewhere out in space.
I wish you luck out there and I'm sure that you believe that as long as the loan goes through, then you got the greatest deal in the world.
Bottom line: Ignorance is bliss.
Respond to this report!
What's this? #20 Author of original report
That was an expensive lesson to learn !!!
AUTHOR: Lisa - (U.S.A.)
SUBMITTED: Tuesday, April 18, 2006
this report was made so long ago , i initialy tried to get a loan with quicken they wanted a deposit- needless to say i never received any money back on that deposit as promised or a loan but hey thats what i get for trusting a stranger with big lies on the phone , he was just some guy tring to make some money selling a loan , i have since refinanced and did not spend one dime out of pocket cost .. no up front apprasial fee thats the only way to go if they cannot put it in the loan screw them they eat the damm apprasial if it doesnt go through .. thats how i do business now . good luck with your problem , and never trust ANY MORTGAGE COMPANY THAT WANTS ANY OUT OF POCKET $$$$$ i wont ever again that was one expensive lesson to learn but i did . the hard way!!!!
Respond to this report!
What's this? #21 Consumer Suggestion
Here is what happened
AUTHOR: Chris - (U.S.A.)
SUBMITTED: Monday, April 17, 2006
I'll tell you exactly what happened Lisa.
Ameriquest loan officers are allowed to choose their appraisers. They "Shop" their appraisers and ONLY use the most low down sleaze ball appraisers who will give them ridiculous values. Quicken, on the other hand does it properly. The appraisal gets ordered through another department and the loan officer has NO say in which appraiser gets the assignment. This insures that the appraiser can be unbiased, because all they have to do is an honest appraisal and they'll get paid no matter what.
The lender does not know what your house is worth. All mortgages are structured on the value. i.e. loan to value. More and more lenders are requiring that a new mortgage applicant pay for the appraisal up front. Why? because if there is not enough equity to do anything, they are not going to get stuck paying for your appraisal and have no loan, nothing to show for it.
The responsibility rests with the borrower to at least know what their house is worth, REASONABLY. If you're not sure contact a Realtor, they can do what is called a CMA for you and hopefully give you a reasonable idea of what your house is worth. Don't just expect the appraiser to give some outrageous value for you. I see people every day who got loans through Ameriquest who owe more than their houses are worth! And they were supposed be at 80% loan to value!
I'd bet everything I own and jump off the Empire State building that the appraisal that was done for Quicken was the accurate one!
By the way, I am an appraiser in Michigan and I don't work for Quicken or Ameriquest. I am a independent appraiser.
Michigan appraiser
Ameriquest loan officers are allowed to choose their appraisers. They "Shop" their appraisers and ONLY use the most low down sleaze ball appraisers who will give them ridiculous values. Quicken, on the other hand does it properly. The appraisal gets ordered through another department and the loan officer has NO say in which appraiser gets the assignment. This insures that the appraiser can be unbiased, because all they have to do is an honest appraisal and they'll get paid no matter what.
The lender does not know what your house is worth. All mortgages are structured on the value. i.e. loan to value. More and more lenders are requiring that a new mortgage applicant pay for the appraisal up front. Why? because if there is not enough equity to do anything, they are not going to get stuck paying for your appraisal and have no loan, nothing to show for it.
The responsibility rests with the borrower to at least know what their house is worth, REASONABLY. If you're not sure contact a Realtor, they can do what is called a CMA for you and hopefully give you a reasonable idea of what your house is worth. Don't just expect the appraiser to give some outrageous value for you. I see people every day who got loans through Ameriquest who owe more than their houses are worth! And they were supposed be at 80% loan to value!
I'd bet everything I own and jump off the Empire State building that the appraisal that was done for Quicken was the accurate one!
By the way, I am an appraiser in Michigan and I don't work for Quicken or Ameriquest. I am a independent appraiser.
Michigan appraiser
Respond to this report!
What's this? #22 Consumer Comment
I Hear You! Someone is wrong here and I don't think it's you or me
AUTHOR: Patti - (U.S.A.)
SUBMITTED: Monday, March 07, 2005
I hear you Lisa! I am currently in your situation! Have you found any solutions to this yet? I am still trying to get my situation under control so it can be delt with. I have read the rebutals to your complaints and I have to say they may have a point or two about what MIGHT be going on, but I am in your situation almost exaclty so I know the steps taken and what has and has not been done in my situation. I called the appraisers and Quicken and other mortgage companies as well as my lawyer. I hate to be wrong, but I hate being screwed with even more! If I can help you let me know, or if you have anything that might help me please don't hesitate.....Someone is wrong here and I don't think it's you or me.
Respond to this report!
What's this? #23 Consumer Suggestion
There is a difference... You would be upside-down on the home the day you moved in!
AUTHOR: Johnathan - (U.S.A.)
SUBMITTED: Monday, March 07, 2005
I hope you asked for a copy of the paper work to be sent to you and you read it carefully. I just looked at mine and it states that while the deposit is refundable, any expenses for appraisals or other related expenses will be subtracted from the cost.
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
Respond to this report!
What's this? #24 Consumer Suggestion
There is a difference... You would be upside-down on the home the day you moved in!
AUTHOR: Johnathan - (U.S.A.)
SUBMITTED: Monday, March 07, 2005
I hope you asked for a copy of the paper work to be sent to you and you read it carefully. I just looked at mine and it states that while the deposit is refundable, any expenses for appraisals or other related expenses will be subtracted from the cost.
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
Respond to this report!
What's this? #25 Consumer Suggestion
There is a difference... You would be upside-down on the home the day you moved in!
AUTHOR: Johnathan - (U.S.A.)
SUBMITTED: Monday, March 07, 2005
I hope you asked for a copy of the paper work to be sent to you and you read it carefully. I just looked at mine and it states that while the deposit is refundable, any expenses for appraisals or other related expenses will be subtracted from the cost.
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
Respond to this report!
What's this? #26 Consumer Suggestion
There is a difference... You would be upside-down on the home the day you moved in!
AUTHOR: Johnathan - (U.S.A.)
SUBMITTED: Monday, March 07, 2005
I hope you asked for a copy of the paper work to be sent to you and you read it carefully. I just looked at mine and it states that while the deposit is refundable, any expenses for appraisals or other related expenses will be subtracted from the cost.
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
I used both QuickenLoans, Ameriquest, a mortgage broker recommended to me by a co-worker. All I can verify is that Ameriquest appraised my condo-studio on the South side of Chicago at $125,000. Quicken and the private broker's appraisal each came in at $82K, which is $5k more than the asking price.
I, that's right, me. Took responsibility based upon the appraisals that I could not take Ameriquest's loan. A one-bedroom unit in the exact same building and floor was also for sale, but its asking price was only $112K. How can a studio in the same complex be $13K more than a 1-bedroom unit in pristine condition?
Maybe you could just continue to call Quicken Loans and starting taking down names everytime you call until you get your deposit backing. Besides, if the conservative appraiser was the one for the lender of the future buyer of your home, wouldn't you want to know now that the home wasn't worth the amount of the mortgage?
Respond to this report!
What's this? #27 Consumer Suggestion
Are you kidding me
AUTHOR: Dan - (U.S.A.)
SUBMITTED: Tuesday, February 22, 2005
Dear Lisa,
You commented to the fact that QuickeLism Loans will no longer have a sterling record due to your report on this web site. Please take a second to type in the name of the company that you think is so great. Ameriquest is one of the most fraud commiting companies out there. In fact most of the problems are clients stuck in a mortgage because Ameriquest put pressure on the appraisal to come in with an inflated value. Lets compare records of each company and then you can tell me Quicken had a low appraisal. Having done a loan with ameriquest I know your mortgage cost you a TON more in costs than the money you lost on a TRUE appraisal.
You commented to the fact that QuickeLism Loans will no longer have a sterling record due to your report on this web site. Please take a second to type in the name of the company that you think is so great. Ameriquest is one of the most fraud commiting companies out there. In fact most of the problems are clients stuck in a mortgage because Ameriquest put pressure on the appraisal to come in with an inflated value. Lets compare records of each company and then you can tell me Quicken had a low appraisal. Having done a loan with ameriquest I know your mortgage cost you a TON more in costs than the money you lost on a TRUE appraisal.
Respond to this report!
What's this? #28 UPDATE Employee
This claim is a joke
AUTHOR: Chooses To Remain Annonymous - (U.S.A.)
SUBMITTED: Friday, October 10, 2003
All I have to say is that any person who says that Ameriquest is an honest company and that Quicken is not has never actually CLOSE either company's loan. Let's first start off with the fact that ALL Ameriquest loans START with 3 points rolled in to the loans. Closing costs are usually upwards of 6%+...if you are lucky. Many hidden costs, fees, and charges. Let's also talk about their trade mark 2 year ARM loan with the 3 year prepayment penalty on them. Oh yeah, that penalty is 6 months of interests. Remember that the first 5-10 years worth of your mortgage payments are mostly interest. So, if your P&I payment is $1000 a month then your Prepayment penatly will be over $5000. QUICKEN LOANS DOES NOT HAVE PREPAYMENT PENALTIES ON ANY OF THEIR LOANS AND THEIR CLOSING COST ARE USUALLY ABOUT AN 1/8 OF AMERIQUEST'S! Please feel free to do a search on this site for AMERIQUEST MORTGAGE COMPANY and see what you come up with. Oh, did I mention that I used to work for Ameriquest? I would NEVER send a sub-prime or ANY client to that company. The only outcome on EVERYONE of their loans it that the client will walk out of the closing in MUCH worst shape then before they signed those docs. I will not even touch on the subject of fraudulent, over inflated appraisal values from Ameriquest loans. Good luck in 2 years when you try to refinance. Go do a search on this site for AMERIQUEST MORTGAGE COMPANY and you will see what I am saying is true 10 fold. You will also see 4 PAGES of complaints from unhappy clients which is over 56 complaints with many contributing replies versus 3 complaints toward Quicken which is a company which is closing over 10,000 A MONTH. Whatever you do...DO NOT SIGN YOUR LOAN WITH AMERIQUEST! GO ANYWHERE ELSE!
Respond to this report!
What's this? #29 Consumer Suggestion
quicken , ameriquest , they all just want their $$
AUTHOR: Lisa - (U.S.A.)
SUBMITTED: Tuesday, October 07, 2003
I know and i'm not trying to give you a hard time mike but this has me all flustered i have found someone to refinance with any one heard of jp morgan lending ? they seem ok so far with no penalties on refinancing later . ameriquest has a 2month interest penalty for refinancing before 2 years . this quicken thing sucks the customer relations people just want to cover their own a**** . All i can say is i will not be giving anyone a deposit for a mortgage again .
Respond to this report!
What's this? #30 Consumer Suggestion
Customer Relations Garbage?? NOT
AUTHOR: Michael - (U.S.A.)
SUBMITTED: Monday, October 06, 2003
Customer Relations garbage??
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Respond to this report!
What's this? #31 Consumer Suggestion
Customer Relations Garbage?? NOT
AUTHOR: Michael - (U.S.A.)
SUBMITTED: Monday, October 06, 2003
Customer Relations garbage??
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Respond to this report!
What's this? #32 Consumer Suggestion
Customer Relations Garbage?? NOT
AUTHOR: Michael - (U.S.A.)
SUBMITTED: Monday, October 06, 2003
Customer Relations garbage??
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Respond to this report!
What's this? #33 Consumer Suggestion
Customer Relations Garbage?? NOT
AUTHOR: Michael - (U.S.A.)
SUBMITTED: Monday, October 06, 2003
Customer Relations garbage??
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Too bad you can't appreciate a complete stranger taking an interest in you getting your money back with free advice.
No where in your complaint do you mention the REASON your loan officer gave you for why there's no loan, and why it's dragged on 4 months. Hello! You say it's not the appraisal--then what is it??
You're the one that mentioned the $20k difference in the appraisals. Why mention it then, if you think it's not the reason. Fact is, it's always relevant. It could mean the difference in getting the loan done or not, so wise up.
If Ameriquest, as you say, "are great people" (lol--one only has to peruse this site to conclude otherwise) why aren't THEY refinancing your loan?? ESPECIALLY With their $20k inflated valued appraisal, you can borrow more. Seems to me your priorities are out of wack.
Respond to this report!
What's this? #34 Consumer Comment
Actually ripped off by Ameriquest...
AUTHOR: Mike - (U.S.A.)
SUBMITTED: Monday, October 06, 2003
I assume you're trying to refinance your Ameriquest loan with Quicken. I don't know about Quicken Loans but Ameriquest's rip-off reputation is well known. Michael in Troy is spot on. Part of their scheme is to use crooked appraisers who overstate the value of the property. This seems great at the time because they are then willing to loan you more than anyone else would. But it is a trap-- once you're in, you cannot get away from Ameriquest's fee-laden, high APR loan by refinancing with someone more reputable.
The money you paid for appraisal is gone for good. However it would be illegal for Quicken to mark up the price they paid the appraisers for their service. Also since you paid for the appraisal, it is yours to have. Keep pushing these issues with Quicken. The appraisal really is just expensive wallpaper now since you know you're seriously "upside down" on the house thanks to Ameriquest.
The money you paid for appraisal is gone for good. However it would be illegal for Quicken to mark up the price they paid the appraisers for their service. Also since you paid for the appraisal, it is yours to have. Keep pushing these issues with Quicken. The appraisal really is just expensive wallpaper now since you know you're seriously "upside down" on the house thanks to Ameriquest.
Respond to this report!
What's this? #35 Author of original report
the problem is not with the apprasial !!
AUTHOR: Lisa - (U.S.A.)
SUBMITTED: Monday, October 06, 2003
Are you a paid employee sounds like customer relations garbage to me . Quicken loans has taken $350. for an apprasial when they know da** well that there was not going to be a loan . Also i called the apprasiers and low and behold they do not charge $350. for an apprasial imagine that . Also quicken will ONLY send a copy of the apprasial we we charged for , i would assume so we can not use it since it is not the original . NEEDLESS to say we are getting $161. back of our money and still np loan ..
Respond to this report!
What's this? #36 Consumer Suggestion
Problem Is With The Appraisal
AUTHOR: Michael - (U.S.A.)
SUBMITTED: Sunday, October 05, 2003
The problem here is obvious, and is not necessarily the fault of Quicken, it's with Ameriquest.
You said the appraisal came in at $20k less than it did when Ameriquest ordered it a month ago. First of all, it's the appraiser who gives the opinion of the market value of your home, not Quicken. Quicken can only lend a certain amount based on the value that the appraiser provides to them.
It's more likely Ameriquest had their appraiser "push" the value of your house, (increase it) purposely in order to get the loan done a month ago. Always trust the more conservative value, it's probably more accurate.
When there's not enough equity in the home mortgage brokers will typically pressure appraisers to get a certain value which is almost always higher than the true value. The real crook here is Ameriquest. I work in the mortgage business and I know of numerous examples of their unethical practices. And, I do not work for, nor am I affiliated in any way with Quicken, so I'm not biased.
But, more to the point, you seem convinced Quicken will not return the $500. Did it occur to you that maybe this loan is still in process? 4 months is unusually long, but did you contact them to cancel this transaction in writing. If not, send a letter to the owner, David Hall.
You said the appraisal came in at $20k less than it did when Ameriquest ordered it a month ago. First of all, it's the appraiser who gives the opinion of the market value of your home, not Quicken. Quicken can only lend a certain amount based on the value that the appraiser provides to them.
It's more likely Ameriquest had their appraiser "push" the value of your house, (increase it) purposely in order to get the loan done a month ago. Always trust the more conservative value, it's probably more accurate.
When there's not enough equity in the home mortgage brokers will typically pressure appraisers to get a certain value which is almost always higher than the true value. The real crook here is Ameriquest. I work in the mortgage business and I know of numerous examples of their unethical practices. And, I do not work for, nor am I affiliated in any way with Quicken, so I'm not biased.
But, more to the point, you seem convinced Quicken will not return the $500. Did it occur to you that maybe this loan is still in process? 4 months is unusually long, but did you contact them to cancel this transaction in writing. If not, send a letter to the owner, David Hall.
Respond to this report!
What's this? 
