• Report: #467990

Complaint Review: Quicken Loans

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  • Submitted: Thu, July 09, 2009
  • Updated: Fri, October 22, 2010

  • Reported By:Glendale Arizona
Quicken Loans
www.quickenloans.com Phoenix, Arizona U.S.A.

Quicken Loans SCAM ARTISTS Phoenix Arizona

*Consumer Comment: Even IF you are over this...

*UPDATE EX-employee responds: Plain and Simple

*UPDATE Employee: Reaching out - we want to help

*UPDATE Employee: Reaching out - we want to help

*UPDATE Employee: Reaching out - we want to help

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I started looking for a lender for a 2nd home back in February 09'. I decided I was going to go with Countrywide Financial, so I did a goodle search for the phone number. I picked the first website that came up as this company name and called. I was not until I was 1 month into the process that I learned this was actually Quicken Loans. That was my first issue, mis-representation. The first time I called I spoke to Tony Cain which he said he would be my contact from here on out if I had any questions or concerns about my loan. I told Mr. Cain I owned a home and was trying to purchase a 2nd home because it was time to move onto bigger and better and I also told him I wanted to go ahead and do an FHA home loan because I was told the down payment was significantly lower then conventional. He agreed with me and told me I was absolutely correct and yada yada yada. We went through the entire pre-qualification process and he sent me a letter letting me know I was ready to start looking for a home. Which I did.
I found a home about 3 months later, contacted Tony and let him know I was ready to start the loan process. He verified my information with me again and let me know that I would have to give them a $400 deposit to start the process that would be refunded to me at closing. I agreed even though I found this odd since everyone I talked to had never heard of this before. Tony assured me after a couple phone conversations that it would be refunded to me at closing unless the loan did not close due to my lack of cooperation. No problem I thought! I gave the deposit and we began the process. There were a couple of issues in the beginning; Tony Cain never would return my calls or emails unless he needed something from me which would sometimes be 2-3 days after I called for an update. I was going to rent out my property I currently own once I got my new house. Mr. Cain said I would have to cash the deposit and rent check from my soon to be renter before they even knew if they were going to be able to move into my house in order to finish my loan in underwriting. I thought this was totally imoral because I was taking money from someone that was not even going to be able to utilize the property for 3 more weeks if not more..I did it anyways because I was backed into a corner. In todays economic times $1200.00 is alot of money to ask a person to give you not knowing if they are going to get the money back if the loan does not go through or when they can even move in. I was promised a closing date of 6/29/09, which did not happen because they found they needed additional information as well as me to pay off a credit card to bring the debt ratio down. I got the information they needed and paid off the credit card and sent this all over to them and then was promised a closing date of 7/2/09. I found out the week of 6/30/09 that Tony Cain was out of the office for the week and would not be returning until 7/7/09. I received a phone call on 7/6/09 from the person covering in Tony absence and he asked me if my current home was FHA and I told him yes...I received a phone call from Tony on 7/7/09 letting me know I would not be getting the loan and I would not be closing on 7/9/09 because you are not allowed to have more then one open FHA account at a time...At no time did Tony ever indicate this would be an issue or even ask me if the home was FHA financed.
I spoke with several realtors and lenders and they all agreed this is a known fact among the industry and this should have been one of the top 10 questions he asked me in the very beginning. Now I am fighting to get my $400 back because I feel as though had Tony done his job right or if Quicken Loans had provided the necessary manuscript of questions to him then I would have never even looked for a new home, had my heart set on getting the new home and been waiting 2 additional days to close. I was already packed for crying out loud! Emotionally this lesson was very hard on me and it was no financial walk in the park considering I paid off things that were not necessary for me to pay off right now, cashed a check that I now have to return the entire amount to the individual and help find a new rental property for him and his family.
Quicken loans plays with your finances and your emotions, not a good mixture. I hope they decide due to their neglegence to refund my $400.00. I will keep you posted!

Unhappyhomebuyer
Glendale, Arizona
U.S.A.

This report was posted on Ripoff Report on 07/09/2009 03:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Phoenix-Arizona/Quicken-Loans-SCAM-ARTISTS-Phoenix-Arizona-467990. 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

Even IF you are over this...

AUTHOR: Bman - (United States of America)

Please consider writing a report and then send it to this government agency:


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




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#2 UPDATE EX-employee responds

Plain and Simple

AUTHOR: Yeswecan - (U.S.A.)

Honestly, it sounds like the Loan Officer should never have taken this deal.

If you already have an FHA loan, you can take out another FHA loan as long as you are up-grading (the new home is larger/more valuable than your current.) You have to be able to qualify with both payments unless you can show rental income.

As your current home was not officially rented out there was no way for you to prove rental income at the time of application. Both house payments should have been included in your DTI and the pre-approval should not have existed.

Plain and simple.
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#3 UPDATE Employee

Reaching out - we want to help

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

Hi Unhappyhomebuyer,

This is Kelly at Quicken Loans. Can you please contact me directly at Kelly@quickenloans.com with your contact information so we can dig into your situation?

We take returning phone calls in a timely manner very seriously, so we'd like to review the specifics of your experience.

Also, we're a bit confused on the entire Countrywide thing and would like to understand it more. Maybe you clicked on a paid search ad from Quicken Loans accidently when you did your search for Countrywide? Even then, the Quicken Loans name and logo would have been on the website you visited and if you called it, you would have received a phone message immediately identifying ourselves as Quicken Loans. However, maybe there is something else going on here that we need to look into. Just can't be sure without some more details.

We're sincerely sorry if you feel your experience was anything less than stellar with us. We want to help you in any way we can. Thanks, and I look forward to hearing from you

Kelly
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#4 UPDATE Employee

Reaching out - we want to help

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

Hi Unhappyhomebuyer,

This is Kelly at Quicken Loans. Can you please contact me directly at Kelly@quickenloans.com with your contact information so we can dig into your situation?

We take returning phone calls in a timely manner very seriously, so we'd like to review the specifics of your experience.

Also, we're a bit confused on the entire Countrywide thing and would like to understand it more. Maybe you clicked on a paid search ad from Quicken Loans accidently when you did your search for Countrywide? Even then, the Quicken Loans name and logo would have been on the website you visited and if you called it, you would have received a phone message immediately identifying ourselves as Quicken Loans. However, maybe there is something else going on here that we need to look into. Just can't be sure without some more details.

We're sincerely sorry if you feel your experience was anything less than stellar with us. We want to help you in any way we can. Thanks, and I look forward to hearing from you

Kelly
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#5 UPDATE Employee

Reaching out - we want to help

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

Hi Unhappyhomebuyer,

This is Kelly at Quicken Loans. Can you please contact me directly at Kelly@quickenloans.com with your contact information so we can dig into your situation?

We take returning phone calls in a timely manner very seriously, so we'd like to review the specifics of your experience.

Also, we're a bit confused on the entire Countrywide thing and would like to understand it more. Maybe you clicked on a paid search ad from Quicken Loans accidently when you did your search for Countrywide? Even then, the Quicken Loans name and logo would have been on the website you visited and if you called it, you would have received a phone message immediately identifying ourselves as Quicken Loans. However, maybe there is something else going on here that we need to look into. Just can't be sure without some more details.

We're sincerely sorry if you feel your experience was anything less than stellar with us. We want to help you in any way we can. Thanks, and I look forward to hearing from you

Kelly
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