• Report: #134886

Complaint Review: Quicken Loans

  • Submitted: Mon, March 14, 2005
  • Updated: Mon, November 08, 2010

  • Reported By:glendale Arizona
Quicken Loans
301 West Big Beaver Rd Troy, Michigan U.S.A.

Quicken Loans ripoff Troy Michigan

*Consumer Comment: I paid a $500 deposit and received nothing...

*UPDATE EX-employee responds: I vouch for that last comment...

*UPDATE EX-employee responds: Worst Company to Work For

*UPDATE EX-employee responds: I worked for quicken and was in the top 5% of my class, and I left...

*Consumer Comment: All these "little soldiers"

*UPDATE Employee: Responses, Responses

*UPDATE EX-employee responds: Mr.ISM (Edmond)

*Consumer Comment: poor edmund

*Consumer Comment: 'deposit scam'

*UPDATE Employee: How our company works...

*Consumer Comment: Quicken, Bad Experience

*UPDATE Employee: I'm not quite sure where you see the refundable part

*Consumer Comment: Quicken Ripoff

*Consumer Comment: Con Artist

*Consumer Comment: Quicken Loans

*Consumer Comment: Just to Clarify

*UPDATE EX-employee responds: The LO's are entitled to OVERTIME!!

*UPDATE EX-employee responds: Read the law and beware working there

*UPDATE EX-employee responds: In response

*Consumer Comment: Byron, Why?

*UPDATE EX-employee responds: To Kathy -also You owe us Dan - Pay up for O/T hours

*UPDATE EX-employee responds: I can't take this anymore

*UPDATE EX-employee responds: "You Love Quicken" - Josh is an Fool

*UPDATE Employee: I love Quicken

*UPDATE Employee: I love Quicken

*UPDATE Employee: I love Quicken

*UPDATE Employee: I love Quicken

*Consumer Suggestion: You're Clueless, Brian

*UPDATE EX-employee responds: LO's Take Action Against Quicken the "sweat shop"

*UPDATE EX-employee responds: The Truth from experience

*Consumer Comment: Same thing that happened to Loan Giant will happen to Quicken

*Consumer Comment: Adam,Michelle,Brian and Jay Stop lying!!!!!!!

*Consumer Comment: Creditors and overhead

*Consumer Comment: Michael you are so funny

*Consumer Comment: Michael you are so funny

*Consumer Comment: Michael you are so funny

*Consumer Comment: Michael you are so funny

*Consumer Comment: not the source of your problem

*UPDATE Employee: Tom, you crack me up.

*UPDATE Employee: Tom, you crack me up.

*UPDATE Employee: Tom, you crack me up.

*UPDATE Employee: Tom, you crack me up.

*Consumer Comment: poor jay

*UPDATE EX-employee responds: the truth

*UPDATE Employee: Set the record straight

*Consumer Comment: You feel sorry Brian? Why?

*Consumer Suggestion: Making a living of a Joke's scraps

*Consumer Suggestion: FIRED - BUT STILL BELIEVE IN THE COMPANY

*Consumer Comment: Quicken is a JOKE in the Michigan mortgage market

*Consumer Suggestion: Confused?

*UPDATE Employee: What

*UPDATE Employee: What

*UPDATE Employee: What

*UPDATE Employee: What

*Consumer Comment: To Adam in Royal Oak, MI

*UPDATE Employee: Give me a Break

*Consumer Suggestion: Good for Quicken bad for the consumer

*Consumer Comment: Quicken Loans Liars and Rip Offs

*UPDATE Employee: Idiocy. We never ask for a commitment to do business EVER unless we are confident that your loan has a chance of closing.

*Consumer Comment: Funny you suggest that they aren't making money by keeping deposits

*UPDATE Employee: HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

*UPDATE Employee: HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

*UPDATE Employee: HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

*UPDATE Employee: HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

*Consumer Comment: $500 is an expensive lesson you won't get your money back unless you get an attorney to sue and include PUNITIVE damages

*Consumer Comment: Are you joking?

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Quicken Loans - GOOD FAITH RIPP OFF -

Quicken Loans
301 West Big Beaver Road,
Troy, MI UNITED STATES, 48084
(800)226-6308

COMPLAINT INFORMATION:

I contacted Quicken Loans for the refinancing of my home and before they asked me for any important information regarding the loan, they first asked me for my credit card number. They wanted a $500.00 Good Faith Deposit but when I said I did not have $500.00 to give them they gladly took $300.00 instead and guaranteed me that it was completely refundable as long as the home appraisal was not done. A day or so later they posted my application online so I could look it over and if I agreed I could electronically sign all the documents. By that time I viewed the information I had decided that I did not want to refinance with them so I DIDN'T SIGN ANY documents and I was told the my $300.00 would be refunded with in four business days. It's been 8 business now and still no money! They will return my phone calls or emails anymore either

All I want is my $300.00 back and for companies like this to stop ripping people off.
Customer Service Rep: Mr.Matthew Bouey,
Product or Service: Refinnace
Salesperson: Mr.Matthew Bouey

Dee
glendale, Arizona
U.S.A.

This report was posted on Ripoff Report on 03/14/2005 08:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Troy-Michigan-48084/Quicken-Loans-ripoff-Troy-Michigan-134886. 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

I paid a $500 deposit and received nothing...

AUTHOR: Bman - (United States of America)

Because I asked to stop the process within 24 hours of signing a contract (that was not what was promised) Abby Wynsch had the Quicken hounds put the deposit through after I was told everything was stopped. So I was charged money for signing the paperwork! I have been told by Kelly I will never get my money back - she is a cow that writes rationales that Quicken is always entitled to keep our deposits. They are pigs masquerading as business people! Look at the more recent RIPOFF reports and see that this nefarious practice still continues. If not over the loss of $500 please consider writing a report and sending it to this government site:


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

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#2 UPDATE EX-employee responds

I vouch for that last comment...

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

I used to work there and I don't necessarily have harsh feelings for quicken but the truth is that there pay is worst in the industry and that is why they hire NEW people with no experience, because they don't want you to know how much money you make.

It is also true that they sell their loans, they say NO NO NO, we transfer the servicing. if anyone tries that line on you say this to them, "SO, DOES THAT MEAN YOU DON'T SELL YOUR LOANS?" No one will ever answer yes, they say NO, but transferring is different.

In reality most people there earn 35k - 60k working 60 hours a week or more. And then the top 15% earn 6 figures, but to get to the top 15% you have to be there 2 years. Why? Because they pay veterans double the money for doing the same job, like a pyramid scam.

As for you shoppers, they don't give out good deals. They make 2 points on the back of every loan. That means that they make 2000 bucks for every 100000 of your loan. On a 300,000 dollar loan they make 6,000. They pay their employee 200 dollars out of that 6000 and the rest goes to management and commercials. (and lebron james)

CONSUMERS, shop it out. Never sign any papers and return them until you have shopped it out. You can give them a credit card and they can tell you they charged it, but unless they have you fax back signed documents or you electronically sign them online, no one can take your money. They have to give you the money back as long as you don't sign anything and return it.

If you did sign everything and return it, all you have to do is close the loan and then rescind on the loan within 3 days. Then you get back your 500 dollar good faith deposit by law. If you cancel the loan before closing they can keep it if you signed papers.

GO to a lender that lends their own money, they can give it at a better cost.

I.e. wells fargo, bank of america, chase, etc. If you bargain with those banks you will come out with a vastly better deal.

Quicken makes the quick buck off the people that want to do a loan NOW and don't shop, or the people they convince, "you're not going to get qualified, I can give you a chance if you give me your credit card." People who they deceive into an emotional decision to DO IT NOW and then get their money. Some people there make 200k but hammer clients, absolutely hammer them, charging them thousands of dollars in extra charges (premium). People bragging about how they charged 4000 dollars more than the client had to pay. Wow

what a way to do business.

Can you get a good loan at quicken? Sure. The chances are 9 and 10 that you won't though.
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#3 UPDATE EX-employee responds

Worst Company to Work For

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

I just spent an hour reading all of these comments, this thread is unreal....

First, someone mentioned that this company's survey on being one of the "best places to work" is a scam. Couldn't be more correct...I also was "randomly" chosen to participate in this survey after I had a reasonably good month there and won a place on the company-paid trip to the Bahamas. This is how they suck you in. The survey asks very vague questions like "is there a team mentality?" "is your supervisor available to you?" "is the training appropriate for the position?" All of which can be answered with a Yes, and that is true. However, when they get to the questions about compensation, they do not regard those as important or relevant because (in the words of my supervisor) "everyone thinks they should make more money at what they do, so the company doesn't feel these questions are worth any weight." Don't get me wrong, the trip was awesome. But it didn't pay my bills. Quicken has made it to the Forbes list of top 100 employees by asking questions that you couldn't possibly say no to, which is about as deceiving as their infamous Deposit policy.

Second, if you are someone in process with Quicken, or if you are thinking about doing a loan with them, SHOP AROUND!!! The reason I heard the most for not wanting to do a loan with me when I was there was "I want to talk to my local bank" and I never understood why. DO IT!!! Their costs are about $1000 more than a bank, and if you live in MI, your total closing costs (not including points to buy down your rate, or escrow charges) should be NO MORE than $1500 INCLUDING any appraisal and/or application fee charges. These are STANDARD charges - title insurance, appraisal, settlement, and recording fees. A real bank does not need to charge you points, origination fees, and other garbage fees to do the loan. Why? Because they have the money! The people with the money can always give it to you cheaper than the people without the money. And for the record, Quicken DOES sell their loans, and don't let them fool you into believing that they "transfer the servicing." My own mother still thinks Quicken didn't sell her loan, because I told her so. Talk about feeling brainwashed....

Third, anyone who thinks that Quicken "really cares" about their clients is full of sh*t. The reason they email you every month and call and harass you every 6 months is because you are writing your mortgage check out to Countrywide or CitiBank or Chase every month and they certainly don't want you to forget who "really holds your loan." What a crock. Heaven forbid you refinance with another lender and get a better deal. That just means that some poor ahole who was cutting lawns last week and is now a mortgage banker isn't going to get paid this month.

Lastly, in case anyone currently employed with the company is looking to get out faster than Papa John's can deliver your 8th pizza dinner to your team for the week, there is a very large bank in MI that will remain nameless that has hired approximately 40 former employees from Quicken and Rock Financial. Apparently the month-long training we received showing us how to use our mortgage calculators came in handy. Oh, and MI is a "Right-to-work" state, which means their cute little 9-month non-compete clause will never hold up in a court of law. Yes, I did consult an attorney on this.

And yes, it is true that we were NOT allowed to leave the building for lunch/dinner. Everything we ate had to be delivered. Perhaps the "best company to work for in MI" should spend a little less on promoting the Pistons and David Hall and a little more on meals that won't tack on the Freshman 15. Might make your employees a little less irritated.
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#4 UPDATE EX-employee responds

I worked for quicken and was in the top 5% of my class, and I left...

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

Listen people, I can make this simple.

Those of you, like brian, who are against quicken need to be a little less 110% adverse to quicken, why? Because no one will believe you if you say, "cavaliers suck, dan gilbert sucks, etc."

The reality of Quicken is this, and I can say this because I was one of the best in my class of 200 plus people, I was one of their best hires, placing between 1 and 6 of the entire 200 person class for 5 months. Back to the reality:

Most people at Quicken under 1 year will make:

3 (0-50k (this is 90% or more)

The top people may make 60-70k (about 5%)

Many people can make 6 figures there is they have the highest promotions, which takes 2 years now. Very few people can make 200k plus, this will be the top 2 or 3% of all the bankers.

Most money is made by the directors, good directors make 250k or more.

The bankers under 2 years will pay the salaries of the top bankers and directors, and the other leadership. Making this company very much like a pyramid scam.

Quicken really does want to take care of their clients but sometimes bankers are stupid or clients are stupid.

Anyone who gives a deposit and really wants it back can get it back easily. All they have to do is rescind on the loan after closing. Pretty simple. You get 100% of your money back.
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#5 Consumer Comment

All these "little soldiers"

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

I've been reading, with much amusement, the responses of the current and some former Quicken employee comments. Statements like "we are direct lenders - we are bankers", apparently not really knowing the meaning. Quicken "bundles" their loans and sells them to major banks. By Quicken having their "banker license" they do not have to disclose the yeild spread, the percentage that a bank will pay the broker for closing a loan at a certain rate, commonly known as "back end" or "yeild spread premium".

Many of the "curent and former" employee comments seem so SIMILAR, could they have been written with the same pen? These "employees" are SO DEFENSIVE yet have you seen any comments from upper management?

All the LITTLE SOLDIERS touting their "script". Remeniscent of slogans of a Hitler youth movement, while those at the top are silent.

To me it seems so obvious that in their case IGNORANCE IS BLISS!

Maybe it's time to be reminded that "EMPTY BARRELS MAKE THE MOST NOISE".
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#6 UPDATE Employee

Responses, Responses

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

Now we have a good dialouge going here!

I really dont want to draw this out too much...as it is kind of a watse of time for all of us, but.............
Banker, Broker, Hakuna Matta! I could care less! I get my money from someone?!!?!?!? closer than a broker so we are cheaper, often times.

Deposit??!?! Dont give it to me! Can you guarantee me with all of your "tools" (12 largest lender in the county dont forget we got em too!) that a loan is going to close based on an estimated value? Comical at the least! My client know i value their time and their money, they also value mine.

Okay im not gonna say how much I make here, but to even bring it up show that your not looking for a constructive conversation about Quicken Loans. your looking pathetic. do i care how much you make? Anyone care?

ME being a 20yr old kid, does that mean im any less intelligent or capable of "being" a monkey as you say about writing or closing a loan.

I can make more money elsewhere, I guarantee you that! But i know i will definitely have a job and a house in a year too.

Wow you guys a bitter. Hey This will be my last post but, I love my job, love the people i work with,and it could always be better. My company and I will continue to grow by leaps and bounds while a few talk bad about us for no good reason! Thanks Guys good luck! (this post has a ton of bad grammar and spelling mistakes, sorry I was in a rush)
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#7 UPDATE EX-employee responds

Mr.ISM (Edmond)

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

Edmond,

You've worked their for 2 years? Wow? You need to talk with people who really know that place, I've been there about three times longer than you. I know what goes on in those management meetings when they discuss people like yourself - THEY ARE USING YOU.

I bet you know and live by Dan's ISM's. I bet they handed you an award in one those wasted company meetings (Making you feel all warm and fuzzy) I hate to tell you my man. It's all B--- S---! You need to read some of these postings from past empolyees on here. But, if you like it than stay, just keep 3 things in mind:

1. You will not make over 100k
2. Kiss your wife and kids bye - you will work 70 to 80 hours an week
3. You maybe able to make 50k as long as your hitting your numbers and putting in those hours.

Also, 2 years in the Mortgage Business at Quicken is equal to zero if you become a real Loan Officer - Real Loan Officers CREATE THEIR OWN LEADS, FINDING THIER OWN BUSINESS. Most people that work for Quicken are simply telemarketers taking orders - SWEAT SHOP STYLE.

I bet Edmond is an young kid, second job in life, just out of high school, or just hired out of an store at the Mall - and now he's an MORTGAGE BANKER. LOL! LOL!
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#8 Consumer Comment

poor edmund

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


Dear edmond:

I sense a real piece of you is a genuine guy. So LISTEN :

1- you can throw this 'customer service' and 'honesty' angle out the window.

EVERYONE AND THEIR DOG tells their potential borrower that they are 'honest' and 'superior customer service' That means NOTHING in the slightest.

Do you honestly believe you are telling your customers something nobody else is?

2- quicken loans sells 1.5 million loans per month. You sure as #@##$ dont get to see any of that money, so what the hell does it matter?

Ameriquest sold more than that -but probably not the best terms for the homeowner -to be polite about it.

3- YOU are not a 'banker' . YOU are an unlicenced, untrained, unrecognized by the state NOBODY.

YOU are a piece of meat, being used by your employers UNTIL THE DAY u realize you can make MILLIONS by doing the exact same work you are doing now. Simply go on your own.

Furthermore, your employers are NOT a banker. They are a 'correspondant mortgage lender' which is shorthand for MORTGAGE BROKER who hawks their loans to countrywide.

They are a MIDDLEMAN who hides beind the 'cml' licence so they can hide the yield spread and basis points, and they can hire untrained KIDS to do all the work for them.

4- The reason your employers INSIST on getting these stupid 'fees' upfront are to PROTECT THEMSELVES.

against what?

UNEDUCATED IDIOTS ordering appraisals on deals that wont fund and quicken has to EAT THEM. That adds up to a lot of money.

Real professionals KNOW when a deal is going to fund or not BEFORE THEY order an appraisal, so they DONT HAVE TO WORRY ABOUT IT.

We also use sales data and other technics to get a realistic grip on what to expect for an appraisal LONG before we need to actually order one.

We gladly EAT the odd appraisal that wont fund, because they know what we are doing . Perhaps if your employers hired people with half a brain -they wouldnt have to WORRY about eating all these dead apprasials.

Secondly , getting the homeowner to pay upfront 'locks' them into working with YOU instead of shopping them around to get a better deal.

you dont HAVE TO get them a great deal now do you? You got them already INVESTED . Real em in boys. U got em on the 'hook'

(psst. ever thought that EVERYONE in the industry knows what you are doing?)

-5) You say 'are you scared of a $500 commitment?


you think the homeowner should 'trust you' with a $500 investment because you TELL THEM you are honest with a good work ethic?

Even though there is no guarantee they are going to get the loan?

even though they have 50,000 other brokers and lender to choose from to get them their loan.

thats it?

Where do u get this s**t? The training manual on how to 'lock the prospect in'

was it under the 'getting around customer objections' section?

Everyone knows that if you WERE honest and had 'superior customer service' and KNEW WHAT YOU WERE DOING - you in no way in HELL would NEED to charge them anything at all upfront.

You could tell them fairly quickly if they were going to get a loan or not.

I CERTAINLY CAN. However, i have a state licence, and years of expereince in the industry. I also WORK LOCALLY in my community, am a proud member of my chamber of commerce , better business bureau, and MEET EVERY SINGLE ONE OF MY CLIENTS IN PERSON.

I dont need millions of dollars in advertising because most of my business now is FREE REFERALS.

thats right. Free loans, because of MY superior customer service. YEARS of hard work building up a name for myself. My clients refer me to people they know.

You know, the old fashioned way of becoming a sucess? Still works.

But do not worry:

I am now ready to get my OWN 'correspondnat mortgage lender' licence.

so now i can tell my clients i am a 'banker' and all this other horseshit. Lol. I wont though. I am getting the licence to open up some warehouse lines.

Look Edmond:

I know i have kicked u in the a** pretty hard here, but i am not doing it to bust your chops.

LISTEN TO ME


i dont care if quicken funds a billion loans a month. YOU DONT. YOU dont see a dry cent of it. You get your little salary and cut off the loan, your little cubicle, and make THEM rich.

I make over 250,000 bucks a year, and i dont have to give dry #@#$%% of it to my supervisor and whoever else in the pyramid scheme. I own my own corporation. We do about a 100 loans a year. Our overhead is virtually nothing, so its almost all profit. 3k on average in fees per loan. Thats it. No big 'yield spread, or 4 points up the front. Nothing. One to -2 points total. Thats it.


so you can go on selling yourself into believeing what a 'great deal' you got.

I am telling you FLAT OUT you are being RIPPED off by your employers, because they have BRAINWASHED you into making THEM millions of dollars.

you may very well sit back and say things are great. It may be way better than you had ever known.

Im TELLING you that you only think that way because you DONT KNOW YET that you are NOT getting anywhere NEAR as much money as you would be doing the EXACT same job and effort.

However,

me SAYING all this is NOT going to change a gd thing at quicken loans. It isnt going to change my pipeline either. It doesnt matter.

I am saying this partly because i HATE every single company that still lives on the AMERIQUEST model of mass marketing 'retail pricing' to homeowners when they could probably do better elsewhere. Under paying loan officers who dont know any better all so they can make BILLIONS of easy dollars.

But most of all,

It was written for YOU to wake up and leave these pieces of $#$$^ who are using YOU to make THEM rich.
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#9 Consumer Comment

'deposit scam'

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

I have no idea how many times I have to say this over and over. Let me make it real simple.

Everyone with half a brain on here knows that the 'application fee' is merely to encourage the homeowner to go thru with the loan, regardless of how much of a ripoff it ends up being.

encourage the homeowner NOT TO SHOP AROUND since they have invested $500 right off the hop.

Furthermore:

we all know yo are a 'correspondent mortgage lender' NOT a federally chartered lender.

You $#$$^ HAWK the loans after funding just like a mortgage broker. So never mind the 'direct lender' b.s. . Save it for your unaware homeowners.

The REASON you are a correspondant mortgage lender is 3 fold:

-to get better pricing using warehouse lines

- to claim 'no middleman fees' angle in your advertising

-and last but NOT least - YOU CAN HIRE ANY VILLAGE IDIOT WITHOUT needing state licencing for them . Its a 'loophole' that lenders can use unlicenced people to negotiate loans for people.

Isnt that the scariest thing of all? 20 year old KIDS that have no licence or real experience NEGOTIATING HOME LOANS for people in this country!
THAT is truely a scary thing.

However, unless they are 20 and or stupid as hell, they would NEVER work for your company as they would KNOW how much you are ripping them off in pay.

Employees of these sweatshops:

LISTEN . Do not judge what i am saying. LISTEN from an OBJECTIVE point of view.

you work for a mortgage broker using a 'correspondent lender licence' . They are brokers because they just sell the loans like a mortgage broker. They do NOT service the loans . They BROKER loans.

High advertisng, SLAVE LABOUR huge profit, high turnover of staff, lots of money to cover lawsuits.

the AMERIQUEST model

Kids, LISTEN TO ME

take a step backward here. Listen OBJECTIVLY to what i am about to tell you. This is the bottom line.

You work for these loans , you ARE NOT getting paid for them .


How much money in fees do you charge your borrower per deal ? Be honest.

what percentage of it do YOU get? Where does the other 98% go?

Your supervisor gets a cut?
His supervisor?
His boss?
His bosses wife?
His bosses SECRET GEISHA?
His geishas secret gambling habit?

The vice pres?
The prez?
The owner?
The owners drug dealer?
The drug dealers attorney?
They all get a slice dont they?


did you know?

Using a 'netbranch' you can work under the same stupid 'corrsepondent mortgage lender' set up and KEEP ALL OF THE FEES YOU CHARGE. You pay typically 300 -600 bucks per file . Thats it, the REST IS ALL YOURS.

thats right. Do the same work, same borrower and make literally 10 TIMES the amount of money for the same $#$%^^ loan.

Why the HELL do u want to work for these guys SO that EVERYONE ELSE there can get rich off YOUR LOAN.

Yet, kids come on here going I LOVE QUICKEN LOANS - I go to work and make THEM money all day. Woo h*o!

what a sad world we live in. my god.

when the refi boom is finally dead (and it almost is) and you are back to flipping burgers because QUICKEN fired you or laid you off -you can sit back and remember:

i used to fund 20 loans a month. Yet i DONT HAVE DRY s**t TO SHOW FOR IT.

where did all that profit go ?

oh yeah, MY ex EMPLOYERS HAVE IT ALL.

GEEZ - i made 10 million dollars for quicken, but i only got 200k of it for all those years of work.

maybe that was kinda STUPENDOUSLY STUPID
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#10 UPDATE Employee

How our company works...

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

I have been working at Quicken Loans for two years and it has been one of the most rewarding experiences of my professional career. I could literally write a book here but I want to touch on a few complaints/statements, and attempt to provide some insight as to how the company operates.

1. Deposits: We take them because we don't want to waste our time, nor our client's time. The deposit serves two purposes really: First, it covers the cost of the appraisal(which by the way if a deposit is NOT taken and the loan does not close, the banker/company must pay for it) The deposit also functions as a commitment. Having worked for Quicken Loans and other mortgage lender, I can say with every confidence that the level of service and efficiency that Quicken Loans practically guarantees is unrivaled in the mortgage industry.

Our product is that good and we want to make sure you seriously want it! Might sound arrogant but 10k+ loans a month is a testament to that fact. Believe me when
I say I've seen the other side of the coin. I've had plenty of clients that could not close(mostly due to low appraisals) and I had to keep their good faith deposit. It is not a good feeling. But if you like my product, you like me, and you like my company why does a $500 COMMITMENT SCARE YOU?

Rarely do I get an objections from clients regarding our deposit policy because I have made sure that what I have for them makes sense. I'm not asking for the deposit if the loan doesn't make sense and meet your goals anyway! The deposit means NOTHING!, when I'm able to help make someones dream of buying a house a reality, or help them save money to avoid bankruptcy. We take the deposit so that we know your serious(were serious too, we don't make any money if there's no loan to close) and so that we can cover your costs in case something out of our control(i.e appraisal) effects the loan. (too many parenthesis in that last sentence.) The person that said $500 is a lot that were keeping?! Are you kidding me! The appraisals cost between $350-$500 each! By the time the appraiser get to your house he's been paid! Part of the deposit is supposed to cover title too!

Anyone know where I can get a free title search? That statement upsets me quite a bit, making money on the deposit?!!?!? 10+k loans a month, at (I'll be conservative) $1.5 billion a month. Do the point/margin math on that one. Making money on deposits, laughable.

2. Loans/Costs/Rates: QUICKEN LOANS IS NOT THE CHEAPEST!! WE HAVE HIGHER RATES THAN SOMEONE ELSE OUT THERE! let me repeat QUICKEN LOANS IS NOT THE CHEAPEST! I make this statement to the majority of my clients. If you want to work with some honest, efficient, and d**n good at his job then work with me. Good news is we tend to be at the lower scale of the "rate" market anyway!

3. The Company Inside: Quicken Loans is in business to generate PROFIT! I talk to client everyday to GENERATE PROFIT FOR MY COMPANY! Does any other company(nonprofits of course are not include) operate their business on any other premise? But its not all about the money. (this sounds like I totally drank the Koolaid but its true). our clients return to us! A lot of them! We treat them well. Everyday I hear stories about how client at other lenders feel like a cog in the wheel. Even when we make a mistake(an inevitability in any type of business) we strive to correct the mistake and to implement courses of actions to prevent future mistakes. Quicken Loans' focus is to generate a profit and to do efficiently and ethically.

In closing,
May be hard for some of you to believe the, but there are things about Quicken Loans that I detest.
There are things about the company that make me not want to work there. However I step back and I look at what I'm doing and I ask myself: " Am I paid fairly?, Am I treated with respect by my leaders?, Are my (good) ethical values in line with the company's?
I say a resound yes to all of these questions. Thanks for reading the "book" Hope some of this helps.
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#11 Consumer Comment

Quicken, Bad Experience

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

Let me share my experience so people can take this further.

I needed a mortgage for a very short space of time because I wanted to get into a house with the intention of refinancing 2-3 months later to a 30 year fixed when I have a big chunk of change coming in.

I called up and asked about the secure advantage, explained my circumstances and was told that everything was possible but that there was a rates scare (they were about to go up) and that I would have to pay a refundable $500 deposit. Once that was paid I was told that the only way the loan would work is if I came to the table with $20000 which I didn't have.

The rep wouldn't explain the breakdown of the money, just said without it, it's not happening. The Quicken Rep assured me not to worry and that he had everything worked out. After a lot of back and forth he told me my "debt to equity ratio" was not good but he had a way of getting around this and not to worry.

This of course is false as I have found out with other lenders. I begged and pleaded for all the paperwork and found out he wanted to charge me $17000 in closing costs including almost $5500 to bring the rate down for a 2-3 month period? In the end I got fustrated and told them that I wasn't paying $17000 in closing costs and to forget it. Now I want my $500 and of course they won't reimburse it.

The 2-3 other people I was working with at quicken seem professional enough but the guy I was working with wasn't really. Lot's of "call me back on my cell, don't call me at my desk" etc. Once I went looking for the same deal elsewhere I have been greeted with many more reasonable offers (same deal $4600 closing costs at one place $5200 at another place).

So my advice to you (based on my failures!)
1 Do not hand over the $500 until everything has been broken down and on paper (good will estimates etc)
2 Break down each each fee on that page and question it.... Do I want to pay over $5000 to lower a fee for 3 months?
3 Make sure they understand your needs because lets face it, we all need something different. Don't take their word for it
4 Be careful of "Bait and Switch". Someone else at work also had been lured in by the secure advantage program and then was asked for the $500 and then told he didn't qualify...... Now if I had just bumped into him a few weeks earlier!

Best of Luck

W G
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#12 UPDATE Employee

I'm not quite sure where you see the refundable part

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

One thing that definitely requires addressing in the above comments -

If the Quicken banker says the deposit is refundable, it is in error, most likely due to (but not always) misunderstanding between the client and the banker.

It is stated very clearly in at least one section of the paper work, though usually two different sections of every loan package that the initial deposit is 100% non-refundable. These notices in the paperwork are quite clear, both linguistically and in noticable sections.

Quicken Loans is not the only company that requires non-refundable money. How many times has any broker or banker not affiliated with Quicken who chimes in on this site refunded their clients appraisal money when a loan failed to go through? Be realistic - you are not giving away free appraisals, nor should anyone.
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#13 Consumer Comment

Quicken Ripoff

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

Guys, i havent been on here to comment on this thread in a while. I just read all the comments.

Quicken loans uses the Ameriquest and Ditech model.

hire a bunch of 20 year old 'refi monkeys' who dont know any better. They are used to making 20 -30k per year, and are easy to train to do whatever quicken tells them to -and THINK its the best thing since sliced bread.

This is the way of american business, and it aint gonna change any time soon. Employers USE employees. Employers BRAINWASH employees. Employers CONTROL employees.

It was mentioned that Quicken doesnt make money off the app fee, it makes it off the loan.

Gee.... perhaps the 'scam' here was that if they PAY THE APP FEE, THEY ARE MORE OBLIGATED TO GO THRU WITH THE LOAN. The borrower has already invested time and MONEY with quicken.

Why do people think you need to be a ROCKET SCIENTIST to see thru that scam?

The refi monkey tells em its REFUNDABLE -but not in writing. Once they get the money -boom -there it is in the fine print. NON REFUNDABLE.

If people were told they needed to sign a NON REFUNDABLE upfront fee -that DOES NOT guarantee a loan under the conditions specified, WOULD THEY DO IT?

Of course not.

The refi monkey says 'no broker fees' no bait and switch like a broker. They FAIL to mention that as a CML (correspondent lender) they get around a BUNCH of disclosure laws that make it EASIER for them to bait and switch than it does us brokers.

Thus the proven Ameriquest model of SCREWING people over.

In the end, you got a bunch of untrained, brainwashed young people doing ANYTHING they can to hawk a loan, so their SUPERVISORS AND the supervisors SUPERVISORS can make a bunch of money. The refi monkeys are all brainwashed so they have no idea what is REALLY going on.

That environment BREEDS FRAUD.

Ditech and Quicken make so much money this way -they then can SPEND MILLIONS on advertising . THEY DONT MAKE MILLIONS BY OFFERING THE HOMEOWNER A FANTASTIC DEAL.

So, the homeowners see the advertising and call them up or apply online. There is nothing that we as brokers can do to stop the time proven HORSE s**t . Quicken and Ditech know all this.

They just follow the Ameriquest model.
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#14 Consumer Comment

Con Artist

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

I have a friend that is working for Quicken Loans. I understand that is more of a sweatshop for desperate people then a job that can support a family. It seems as if only the top 1% at the company make good money, the rest are to young to realize that they are being used and manipulated. They hire many young people and hope that these people can get their friends and family to commit to a long-term loan. In this way the company receives many years of income even after the person has quit the company. A bank rate will always be lower then a Quicken Loans rate. They prey on desperate people who cannot get a loan from a bank. It is great for a short time but ends up hurting people in the long term.

"A GOOD CON ARTIST HAS TO BE NICE AND CONVINCING TO RIP OFF A PERSON"
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#15 Consumer Comment

Quicken Loans

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

I am a closing agent for over 250 title companies, and I must say that in my 7 yrs. of closings, I prefer to close the Quicken/Rock loans. Why? Because the borrowers are VERY happy with the loan package. In my 7 yrs, I have only had ONE Quicken/Rock not close and that was because the borrower was a jerk. All Quicken/Rock loans are laid out to the borrower ahead of time, so there aren't any surprises at the closing. Being on the "closing end" of these loans, I must say the employees do a fantastic job of staying on top of the loan. I have always been treated with courtesy & professionalism when I have had to call the company. As have the borrowers I deal with.

I have referred many borrowers to Quicken/Rock when things have gone wrong with another lender. And 9 times out of 10, I have gone back and re-closed the loan through Rock/Quicken, and usually within 2 weeks. And for those borrowers who do not qualify, Quicken/Rock does NOT B.S them into thinking they can close for them when they cannot.

I understand that large companies have internal issues and problems, but seeing Rock/Quicken from my point of view is this.. they are one of the BEST lenders in the business.

I do hope the internal issues can be taken care of, and I wish all of those at Rock/Quicken the best of luck.
JMHO
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#16 Consumer Comment

Just to Clarify

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

One of Quicken Loans "best defenses" against a mortgage broker is the fact that that they are supposedly a 'direct lender'. When a client calls and argues rates (typcially rates are a .25 to .5 higher than any broker) with a Quicken employee it's customary to hear phrases like "brokers switch rates at closing", "we're a direct lender", "we don't charge any points", "we can lock your interest today"....all being dishonest. F

irst off, Quicken Loans is not a direct lender - They are a correspondent lender, they do not hold any loans in portfolio. Most, if not all, loans are packaged and sold to Countrywide. Secondly, brokers ALWAYS beat quicken loans interest rates and fees. It's a well known sales-technique at this company to avoid quoting rates at all costs!!!! .....Can you imagine that people actually allow this company to originate their loan without having a firm understand of how much interest they will be paying?!

Trust me, if the clients could actually see what type of people were doing there loans they'd run for the hills. No college, high school, or financial education necessary to originate at this company. Basically, if you're ruthless, don't mind strong-arming people into doing business, and love working 80 hours a week without the money to show for it, this is the place for you. They'll throw one hell of a party with the money you should be earning on your paycheck!!!
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#17 UPDATE EX-employee responds

The LO's are entitled to OVERTIME!!

AUTHOR: NKA.com - (U.S.A.)

FIRST OF ALL CHECK OUT http://www.nka.com/Cases/quickenloan.aspx?CaseRef=24

THIS WILL SHOW YOU THAT THIS HAS BEEN IN THE WORKS FOR YEARS (MAY 2004). MANY OTHER MORTGAGE COMPANIES HAVE BEEN SUED AND LOST TO NKA AND HAD TO PAY THEIR LO'S (LOAN OFFICERS) OVERTIME. FROM WHAT I READ AT THIS SITE QUICKEN IS JUST PLAYING GAMES AND DELAYING HAVING TO PAY AS LONG AS THEY CAN.

IF YOU HAVE WORKED THERE YOU SHOULD CHECK THIS OUT AND JOIN. IT'S YOUR MONEY.

Status of case
Updated 9/29/2006
Quicken Loans
On Thursday, September 28, 2006, the District Court Judge in Michigan ordered Quicken Loans and Dan Gilbert to produce directly to NKA the names and addresses of all loan consultants from the past three years. As a result of this ruling, court-authorized notice of this lawsuit will soon be sent to all potential class members, including current employees of Defendants. We are very excited about this ruling and are optimistic that more people will join and make our case even stronger. In the meantime, we continue to add new plaintiffs to the case on a regular basis. Currently, we have over 180 individuals who have signed-up to join the case. If you know of anyone who may be interested in joining or have any information regarding this case, please have them contact us as soon as possible.

Updated 8/9/2006
Quicken
Our motion to obtain a list of all loan officers who worked for Quicken Loans during the relevant statutory period is still pending before the judge in Michigan. In the meantime, this case continues to grow on its own with new individuals joining weekly. Currently, we have over one-hundred and fifty (150) individuals who have shown interest and consented to join this lawsuit. If you know of anyone who would like additional information concerning this lawsuit, please have them contact us immediately.

Updated 2/20/2006
Quicken
We recently had a small victory when the Court overruled Defendants' Objections to one of the Magistrate's Orders. Therefore, we re-filed our Motion for Judicial Notice to get a list of former and current loan consultants from Quicken. While we wait for the Judge to rule on our motion, we are still attempting to get additional individuals to join the lawsuit.

Updated 9/21/2005
Quicken
We plan to schedule a demonstration of the LOLA/Lakewood system. The ruling on our motion for Judicial Notice is still pending. There is still time to sign up for this case if you have not already done so.

Updated 6/27/2005
Quicken
We continue to answer Quicken's discovery requests. Some of our clients have given depositions in this case, and more depositions will be taken in the coming months. There is still time to join this case if you have not already done so.

Updated 2/2/2005
Quicken
We are in the process of answering discovery requests from Quicken. When you receive these in the mail from us, please sign and return them to us promptly.

Updated 1/3/2005
Quicken
To date, close to 80 individuals have joined this case. We have scheduled a hearing to take place in two weeks, asking the Court to order Quicken to participate in the depositions we have scheduled of its corporate representatives.

Updated 5/28/2004
Quicken
We filed our Complaint with the Court in May 2004 and Quicken filed an Answer. We have requested that Quicken provide us with a list of loan consultants but they have refused to do so. Therefore, we are in the process of asking the Court to order them to provide us with that information. In the meantime, if you have any lists or names of current or former loan consultants please send them to us immediately so that we can notify these individuals of this lawsuit. With each day that passes, these individuals may be losing a day of overtime pay.
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#18 UPDATE EX-employee responds

Read the law and beware working there

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

As an ex-employee of Quicken Loans in Mortgage Banking/Sales I did my homework after the fact, when I decided I had had enough and although there is much contention regarding the laws on their overtime pay 'rules', here is what is specifically released by the U.S. Department of Labor on this overtime "outside sales" employment matter:

dol.gov/esa/regs/compliance/whd/fairpay/faq_PF.htm

5)
Question: Are inside sales employees entitled to overtime?
Answer: Yes. Overtime protections are strengthened for inside sales workers.
The final rules strengthen overtime rights for inside sales employees. First, in the final rules preamble, the Department expressly states that it does not have statutory authority to exempt inside sales employees from the FLSA minimum wage and overtime requirements under the outside sales exemption. 69 Fed. Reg. at 22162. Second, under the administrative exemption, the final rules include an example protecting the overtime rights of inside sales employees: [A]n employee whose primary duty is selling financial products does not qualify for the administrative exemption. 541.203(b).
6)

Question: Do the requirements for outside sales employees remain the same?
Answer: Yes. Overtime protections for outside sales employees remain the same.
The 20-percent time test in the old outside sales exemption was extremely difficult to understand and would require employers to conduct expensive time and motion studies. The change from employees who are employed for the purpose of making outside sales to employees whose primary duty is outside sales is not substantive. The definition of primary duty in the final regulations at 541.700(a) emphasizes that it must be the employees principal, main, major or most important duty, which is at least as strong as the ambiguous for the purpose of language from the old rules.

Thus, under both the old and final rules, employees will not be exempt from overtime unless their primary duty is outside sales, and the final rule makes clear that merely assigning some outside sales work to an otherwise non-exempt employee will not make someone an exempt outside salesperson.

Now certainly laws can be interpreted and Quicken Loans is certainly interpreting for their benefit. Although it expressly says at the US DOL in the last paragraph above:

"merely assigning some outside sales work to an otherwise non-exempt employee will not make someone an exempt outside salesperson."

You would think that this part alone disqualifies Quicken from considering their salespeople as "outside sales" employees since you sit in an office and make calls all day long. There are rarely, if ever, outside meetings with any person that you sell to. I've heard rumors, but I was strapped to a phone and a desk, and in no way did I ever go to see a client for "outside sales".

Some ex-employees may remember in Quicken Loans employment application that they do mention:
A) being willing to work over 40 hours per week
B) that some travel may be required to areas within the Detroit metro region
(however the details on this are not defined in the application that you agree to, nor is it ever properly explained when you ask about it, plus I never had to do it, so I am at a loss)
C) They use tons of legal jargon basicly protecting themselves in stating that "all terms of employment are subject to change at any time"

It is quite obvious that they don't care much about Mortage Bankers aka "phone jockeys" so it might be best to avoid working there until they see fit to try not to scapegoat the law and ride the seeming loopholes for all they're worth. They're getting away with it now, but hopefully people will wake up and demand fair treatment or just not take the job period.

Bottom line- potential workers seriously beware.
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#19 UPDATE EX-employee responds

In response

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

This is the last response I plan on posting because neither of us is going to convince the other of anything. But I had to say this I am not rich. There are a lot of houses in West Bloomfield that are older and need work, that's mine and it's small too :) I don't know Dan. I don't think I've ever spoken to him. I am not related to anyone.

As far as the deposit policy it seems fine to me because it's disclosed in writing at application on a form called (in part) "Deposit Agreement". I know a lot of companies do not charge this, but no one is forcing anyone to do business with Quicken. If someone reads their documents and they don't agree with this policy they won't return their documents and the process will end. I think they are charged a credit report fee if they don't return their paper work but they can call and get that back. I don't know how the interest on the deposits held works. I know there are a ton of regulations regarding a bank or mortgage company earning interest on escrow accounts (they can't) so I am guessing there may be something similar regarding deposits. It is an interesting thought, but I've never once heard anyone talk about earning money on this and I've been places where I think it would have come up.

As far as the person that asked about what's great/bad about working for Quicken... Sales positions, until you are established and have repeat and referral business, do require a lot of hours and some weekends. Even if you aren't in the office you have to check voice mail and e-mails and reply to people. But, what sales job doesn't require that except for maybe retail? Processing, closing, and underwriting can require longer hours at certain times of the month and you are measured constantly on how well you are doing.

That includes your call quality and customer service. That's a HUGE part of the evaluation but you also have to get files done too. There are support type postions that are more 8-5 type but of course the potential to make a lot of money is less there, although I am sure there are some well paying jobs. Your calls are all taped and some are evaluated. That can bother some people, but you get used to it because you realize the people listening have a zillion calls to go through and they don't have time to listen to you talking to your mom. The atmopshere is fun. A lot of money is spent on buying us lunch, contests, and such. You do get the family feeling like you are with friends, and everything was upbeat and positive where I was.You also get ongoing training and the feeling everyone wants you to learn and do better and I appreciate the investment put into me.

It really surprises me to read Byron's account because it sounds like a completely different place. Maybe he didn't get a fair shake, every company has people that were overlooked or underappreciated during their time there. I don't see how Forbes, the Detroit News, Crains, Computer World, and all the other places that gave Quicken awards at my time there were all wrong or fooled. I know random surveys go out to the employees and Quicken has nothing to do with that process.
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#20 Consumer Comment

Byron, Why?

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

I've heard many good and bad things about Quicken Loans, but I can't figure something out. You obviously moved on to MUCH greener pastures with your career. From what you've written you're succeeding with your own brokerage. So why do you continue to blast Quicken so badly. Why are you so jaded. As an unbiased party, it's gotten to the point where you're losing creditbility in the things you are saying.

The reason why I'm asking, is that I'm also considering working at Quicken, and I've found some of your information useful. However, I'm not sure how viable that information is.

Can you tell me some of the good things about working there.

And from current Quicken employees, can you tell me some of the ad things about working there?

Bryan S
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#21 UPDATE EX-employee responds

To Kathy -also You owe us Dan - Pay up for O/T hours

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

Ms. West Bloomfield,

You must be one the owners family or friends of the "Slave Drivers". You also must have an money tree in your backyard - look where you live - W.Bloomfield - Most rich people that work there seem to always love that place - but take the avg person who is trying to just make it in life. Give me a break, you all seem to keep defending your $500 good faith deposit until the end of time. Again, I close loans every month, my clients pays the guy at the door -it's that simple. I charge NO DEPOSIT, I only get paid if you close. So don't sit here and write this long a** e-mail covering up those Full of S*** Con-men. Trust me, If I had an company that has 1000 people taking deposits daily - I'd buy myself an NBA team as well. If just half of those 1000 people or "so-called Bankers" collected $500 a day = $250,000 A DAY. The interest alone that they collect in the bank pays for your Trips, and office give aways. Can you expline this e-mail below that forced me to quit. When team leaders treat you like a SLAVE. I was attending an Hospital Exam, and here is the e-mail that my so-called well trained team leader sent back to me (after 5 years of working thier):

-----Original Message-----
From: Kniffen, Charles
To: Sulaiman, Byron
Sent: Thu Feb 02 11:20:39 2006
Subject: RE: team huddle 1100

NOT RIGHT NOW,

WE NEED YOUR CONTRIBUTION- SHOW UP AND SHOW UP BIG. I DON'T CARE.

Charles Kniffen
Team Leader-Quicken Loans
Direct: (734) 805-7737
Fax: (734) 805-8489

-----Original Message-----
From: S , Byron
Sent: Thursday, February 02, 2006 11:15 AM
To: Kniffen, Charles
Subject: Re: team huddle 1100

Can't make it, Hospital test at 11:30

Byron S
(800)226-6308 ext.57093 office
(734)805-8596 fax
(248)***-**** cell phone
--------------------------
Sent from my BlackBerry Wireless Handheld, I'm currently on the road so please excuse any spelling errors.


-----Original Message-----
From: Kniffen, Charles
To: S , Byron
Sent: Thu Feb 02 10:59:48 2006
Subject: FW: team huddle 1100

WE NEED YOU



Charles Kniffen

Team Leader-Quicken Loans

Direct: (734) 805-7737

Fax: (734) 805-8489

________________________________

From: Kniffen, Charles
Sent: Thursday, February 02, 2006 10:53 AM
To: A, Michael; A, Jill; A , Kyle; F, Bernie; H, Sherry; Kniffen, Charles; M , Michelle; R , Brian; S , Doug; S , Brad; S, Byron; T, Mary
Subject: team huddle 1100

Charles Kniffen

Team Leader-Quicken Loans

Direct: (734) 805-7737

Fax: (734) 805-8489
---------------------------
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#22 UPDATE EX-employee responds

I can't take this anymore

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

I had a good career at Quicken Loans. I left due to family obligations but I plan to return in the future. I resisted the temptation to respond the first time I ran across this site. Then I heard about how an X employee who is obviously very bitter is highjacking the site and making everyone think my former company is horrible. Here is the deal. Quicken makes money closing and selling loans on the secondary market. Quicken doesn't make money on deposits.

Yes, Quicken owns an appraisal management service that adds $75 to your appraisal fee. But, this is only passed on to the customer if you close. And, the fee helps monitor and license appraisers, check the report, and value added things that without the service you may get a worse appraisal with a longer turn time. If your loan is denied or withdrawn you are NOT charged the $75 fee! And, when you are at closing you will see it on your good faith estimate as well. Quicken has no interest in getting a purposely low appraisal (can't close loan and sell it) or an inflated one (lose big money if loan defaults). Quicken wants a fair and accurate one and a lot of times people want to think their home has appreciated more than it has or that improvements made mean a dollar for dollar increase. The first thing people would say when their appraisal came in low was that they got one from X company before and it was higher so ours was wrong.

Who is to say that other company was right? Maybe their appraisal was inflated, or the comparable sales available at the time just happened to support the higher value than the ones out there now? Most of the rebuttals and complaints relate to appraisals as if we want the deposit money. When a loan is denied we keep nothing. The actual appraiser gets his fee, we don't keep the $ for the appraisal management service, the credit bureau gets paid and the flood zone determination company. The banker doesn't get paid. Quicken doesn't make a dime, in fact we lost money on denied loans because we don't even charge for everything. When you realize we can made a couple thousand on a closed loans - nothing new here, all mortgage companies make money when they sell the servicing - why would we want do deny a loan?

Every company has bad apples, I say Quicken has mostly good ones and although bankers may have to work really hard at first most are expected to be honest and forthright. If they are not you can call our customer service team. I've seen money go back to people if the banker should have known the loan would be denied. Now, don't expect money back just because the appraisal came in low or you couldn't support the income you said you had. But, Quicken has some really good people who want to do right. Don't believe the ranting of people who say they are responding for the company or X employees who are nothing but hateful.
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#23 UPDATE EX-employee responds

"You Love Quicken" - Josh is an Fool

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

You've been their since Jan. and you love it. Wait until you're sick or wait until you get burned out. I give you about another year. I was an "Order Taker" at Quicken for 5 years. I left in Jan. and I'm now a full time yes - "Mortgage Broker" and I make an AVG. of $4,000 per loan. So you tell me who's the real fool here? Be an real Mortgage Broker, play with the Big Dogs or go back to your 50 hours an week. I've made close to 80k this year already and haven't work more the 30 hours an week.

Do the math and take the hours you work and divide by the YTD than you'll see or simply wait until you have an bad month and your team leader is up your a** everyday asking you for more. I know all those guy's over there before they become an DVP or Manager - they don't care about you. You're an NUMBER. Also I hope you don't ever have an health issue and to miss time off, then I'd like to hear your little "I love Quicken" song. YOU'LL SEE! Also tell Dan, Bill, Pat and Jay (the slave drivers) that they need to PAY the 200 LO's sueing them for Overtime. See overtimecases.com - TELL THEM BYRON SAID TO STOP RUNNING AND PAY US THE MONEY THEY OWE US, WE WILL NOT SETTLE FOR LESS AND WE WILL WIN.
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#24 UPDATE Employee

I love Quicken

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

I am a current employee of Quicken Loans and I love it. I am in sales and have been moderately successful since January when I started. There are complaints about the pay structure and it's true, you do get paid less than a broker per loan. However, the real question is, How many loans do most brokers close?'

It not too difficult to close 20 loans a month at Q when you are receiving at least eight leads a day. Even though I started in this career just a few months ago I made $10,800 last month (that includes the ridiculed salary of 2K per month). I'm not special, I go to work and I work; I usually leave 4:30P 5:30P (I start at 7:30A). This career is truly pay for performance'. I work on average 50 hours a week, maybe more than most Americans. But let me ask you this, where else can a young person make a six figure income, have top-niche benefits (health, dental, vision, life, 401K match, etc.), and have the opportunity to advance to a position making in the ballpark of a quarter million dollars a year within a 3 year period?

What other company shuttles their employees to the Quicken Loans Arena in Cleveland to watch the Cavilers and the Pistons play just because? Yes, I hear all the Kool-Aid talk and I'm not the type to drink. I don't work astronomical hours and I don't make a measly income. Clients send me because Quicken has enabled me to truly change people's financial lives. Quicken is a huge operation, when you close $16,000,000,000.00 in loans every year, there is going to be someone who isn't totally satisfied, I recommend that person calls our client relations number. It is clear to be that brokers are talking their own book in this.

I want to point out that MOST of my client shop around with brokers and end up coming back to me. If brokers are so much better, why does 90% of my business slip through a broker's fingers? The fact of the matter is that Quicken on average has a loan from application to close in 19 days. The real truth is that Quicken Loans is not the #1 online lender and one of the top 15 lenders in the country because they rip people off, Quicken is one of the best because our clients enjoy working with us.
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#25 UPDATE Employee

I love Quicken

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

I am a current employee of Quicken Loans and I love it. I am in sales and have been moderately successful since January when I started. There are complaints about the pay structure and it's true, you do get paid less than a broker per loan. However, the real question is, How many loans do most brokers close?'

It not too difficult to close 20 loans a month at Q when you are receiving at least eight leads a day. Even though I started in this career just a few months ago I made $10,800 last month (that includes the ridiculed salary of 2K per month). I'm not special, I go to work and I work; I usually leave 4:30P 5:30P (I start at 7:30A). This career is truly pay for performance'. I work on average 50 hours a week, maybe more than most Americans. But let me ask you this, where else can a young person make a six figure income, have top-niche benefits (health, dental, vision, life, 401K match, etc.), and have the opportunity to advance to a position making in the ballpark of a quarter million dollars a year within a 3 year period?

What other company shuttles their employees to the Quicken Loans Arena in Cleveland to watch the Cavilers and the Pistons play just because? Yes, I hear all the Kool-Aid talk and I'm not the type to drink. I don't work astronomical hours and I don't make a measly income. Clients send me because Quicken has enabled me to truly change people's financial lives. Quicken is a huge operation, when you close $16,000,000,000.00 in loans every year, there is going to be someone who isn't totally satisfied, I recommend that person calls our client relations number. It is clear to be that brokers are talking their own book in this.

I want to point out that MOST of my client shop around with brokers and end up coming back to me. If brokers are so much better, why does 90% of my business slip through a broker's fingers? The fact of the matter is that Quicken on average has a loan from application to close in 19 days. The real truth is that Quicken Loans is not the #1 online lender and one of the top 15 lenders in the country because they rip people off, Quicken is one of the best because our clients enjoy working with us.
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#26 UPDATE Employee

I love Quicken

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

I am a current employee of Quicken Loans and I love it. I am in sales and have been moderately successful since January when I started. There are complaints about the pay structure and it's true, you do get paid less than a broker per loan. However, the real question is, How many loans do most brokers close?'

It not too difficult to close 20 loans a month at Q when you are receiving at least eight leads a day. Even though I started in this career just a few months ago I made $10,800 last month (that includes the ridiculed salary of 2K per month). I'm not special, I go to work and I work; I usually leave 4:30P 5:30P (I start at 7:30A). This career is truly pay for performance'. I work on average 50 hours a week, maybe more than most Americans. But let me ask you this, where else can a young person make a six figure income, have top-niche benefits (health, dental, vision, life, 401K match, etc.), and have the opportunity to advance to a position making in the ballpark of a quarter million dollars a year within a 3 year period?

What other company shuttles their employees to the Quicken Loans Arena in Cleveland to watch the Cavilers and the Pistons play just because? Yes, I hear all the Kool-Aid talk and I'm not the type to drink. I don't work astronomical hours and I don't make a measly income. Clients send me because Quicken has enabled me to truly change people's financial lives. Quicken is a huge operation, when you close $16,000,000,000.00 in loans every year, there is going to be someone who isn't totally satisfied, I recommend that person calls our client relations number. It is clear to be that brokers are talking their own book in this.

I want to point out that MOST of my client shop around with brokers and end up coming back to me. If brokers are so much better, why does 90% of my business slip through a broker's fingers? The fact of the matter is that Quicken on average has a loan from application to close in 19 days. The real truth is that Quicken Loans is not the #1 online lender and one of the top 15 lenders in the country because they rip people off, Quicken is one of the best because our clients enjoy working with us.
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#27 UPDATE Employee

I love Quicken

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

I am a current employee of Quicken Loans and I love it. I am in sales and have been moderately successful since January when I started. There are complaints about the pay structure and it's true, you do get paid less than a broker per loan. However, the real question is, How many loans do most brokers close?'

It not too difficult to close 20 loans a month at Q when you are receiving at least eight leads a day. Even though I started in this career just a few months ago I made $10,800 last month (that includes the ridiculed salary of 2K per month). I'm not special, I go to work and I work; I usually leave 4:30P 5:30P (I start at 7:30A). This career is truly pay for performance'. I work on average 50 hours a week, maybe more than most Americans. But let me ask you this, where else can a young person make a six figure income, have top-niche benefits (health, dental, vision, life, 401K match, etc.), and have the opportunity to advance to a position making in the ballpark of a quarter million dollars a year within a 3 year period?

What other company shuttles their employees to the Quicken Loans Arena in Cleveland to watch the Cavilers and the Pistons play just because? Yes, I hear all the Kool-Aid talk and I'm not the type to drink. I don't work astronomical hours and I don't make a measly income. Clients send me because Quicken has enabled me to truly change people's financial lives. Quicken is a huge operation, when you close $16,000,000,000.00 in loans every year, there is going to be someone who isn't totally satisfied, I recommend that person calls our client relations number. It is clear to be that brokers are talking their own book in this.

I want to point out that MOST of my client shop around with brokers and end up coming back to me. If brokers are so much better, why does 90% of my business slip through a broker's fingers? The fact of the matter is that Quicken on average has a loan from application to close in 19 days. The real truth is that Quicken Loans is not the #1 online lender and one of the top 15 lenders in the country because they rip people off, Quicken is one of the best because our clients enjoy working with us.
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#28 Consumer Suggestion

You're Clueless, Brian

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

You can't be serious LOL. I'm aware that lender reps don't go into Quicken, you dolt. I already pointed that out. But not for the reason you may think. Does the fact that countless borrowers that get turned away by Quicken "order takers" only to have their loan closed through a creative mortgage broker mean anything to you? Of course a lender rep would get turned away if they (for some odd reason) decided to go into Quicken to drum up business.

The powers that be at Quicken certainly don't want their rookies to become exposed to some of the alternative financing options for non-conforming credit profiles. And BTW, I said I've been a lender rep for 8 years, but I've been in the mortgage business since 1991. If you're answering phones and taking orders at Quicken, I'll garuantee you that I've forgotten more about loans than you'll ever know.

My God wake up, everyone that knows this industry knows very well that Quicken REQUIRES employees (order takers) to be there chained to a desk/phone for 10-12 hours each and every day. Figure it out, successful brokers/originators make their own hours and worth a hell of a lot more than an "employee traders dollars for hours. Play with the big dogs??? LOL. Big dogs run free, and I freely play with them... Puppies are confined to crates (offices) while they're learning to become housebroken. I'm sure you're a nice guy but... you've got a while before you reach my league.
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#29 UPDATE EX-employee responds

LO's Take Action Against Quicken the "sweat shop"

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

Cut and paste this link, they have 200 loan officers sueing for WORKING OVERTIME. Still time to join.


(((ROR REDACTED LINK FOR SECURITY PURPOSES)))

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#30 UPDATE EX-employee responds

The Truth from experience

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

Quicken loans "let me go" very recently. I want to say right away that I am NOT disgruntled and I do not hold any animosity. My experience with Q as an employer was unbelievable.

My experience with their pay sturcture and demands was rediculous. Mark could not be more accurate with his description. The "floor" has become a zoo. Imagine trying to have a professional conversation and conduct business while being surrounded by 4-5 people who are also talking within six feel of you. Also, for everyones' infromation, I am 95% sure that "Jay" is not just towing the company line. He is most likely the one that writes the company line. Jay is a very nice, respectable person and know's what he is saying when it comes to Q.

Now that being said, Quicken was truely great to me. I didn't meet their requirements. Whether or not I agree with their commission set-up (I don't at all), is irrelevant. I was treated very well, as are the other employees. Many of the things described on this report are very accurate on both sides. Tom, you taught me a fair amount and reinforced my feeling that I was being ripped-off. Jay has to face the truth and I wish he would admit it. They hire hundreds of kids out of college. No experience (their training is actually very good) and still living with Mommy. They don't know any better. The turn over rate is more than 50% by six months. Jay knows this, its intentional. They demand you work 12+ hour days and weekends, all to be paid nothing at the end of the month, in relation to all the hours worked. It's free labor. The majority are not making the minimum, but Q still reaps all the benefits. The base doesn't add up to anything for someone who actually owns a home and has family, and requires way too much time away from home. They get less than 50% sticking around by one year. These kids are not there for a career.

There are people working at Q that make over six figures for sure. Most have been there for multiple years and started during the refi boom. They have hundreds of past clients. They make a great living and no one can knock them at all. However, a very small percentage of new people have a chance in Hell of making that kind of money. Most will be gone in a year or two. Its a "mortgage banker mill," much like a puppy mill.

Tom mentioned the marketing budget. You couldn't have been more accurate. Listen to this....Q people at a recent sales meeting were bragging that their all-time conversion rate for leads went over 3% recently. That means that three mortgages are being written for every 100 leads you receive!!!!!!! Sorry, I was less than impressed.

Jay, Quicken could be so much better. I really wish things were different because, overall, I truely liked being there and I intended on staying for the long-term. Your structure does not encourage such people. I have nothing but appreciation and respect for you. However, the truth is the truth. You get hundreds of "free" hours out of those kids. I worked my a*s off at first, but I decided I wasn't willing to give that to you for free. A friend of mine made a suggestion. He said my odds are better with my base salary, sitting at the blackjack table considering all the hours I was putting in. I have no problem working long hours, but I will get paid or I will not do it. If it was worth it, I'd work 12 hours everyday, seven days a week. I was releived to be let go but I have no regrets and appreciate the chance to work at Quicken. I think I will fit in better somewhere else. Of course Quicken demands that we can't work for another morgage company for nine months....BS Jay....that's pure BS.

Brian, you are probably eating off of my scraps right now. You have no idea what you are talking about, just what you have been taught to think. I watched several people come from other mortgage companies come through. ALL of them laughed at Quicken after seeing what actually happens and the way things are done. ALL of them left very quickly. I know two personally. They are making 3 times more, working 3 times less. If you are making your units and getting your check every month, great. Quicken can be a very nice place for you. If you are doing it by working 60+ hours and weekends....sorry for you. I wish you nothing but good luck, as well as for the rest of the people I left behind.

Tom, I'd love to work in the industry for a more professional organization that wants long-term commitments from their employees. I am not a young kid. I've owned multiple homes, I've had a very successful career already in another field. I have actual life-experience. After what I witnessed, there has to be a more professional company to work for. I closed about 3.5 million in that last three months. I got one commission check for all the work, for about $3,000. Apparently I may have to wait a few more months, but I am very good in this business. Any suggestions??
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#31 Consumer Comment

Same thing that happened to Loan Giant will happen to Quicken

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

Loan Giant Lost their reality licence in Michigan for doing the same crooked things that Quicken loans is doing. They are being investagated by several different law offices and they will get theirs
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#32 Consumer Comment

Adam,Michelle,Brian and Jay Stop lying!!!!!!!

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

After reading the collective comments from consumers and then reading the responses from these 4, I thought I would weigh in on my experience with Quicken. I had submitted a resume to Quicken/Rock Financial for consideration and was called in for an interview.

I couldn't believe the zoo this place is. No one there is wearing any business attire, including supervision. 20 year olds in jeans and t-shirts. There are probably somewhere in the range of 350-400 loan officers in closely placed cubicles talking over each other in the process. Large rows of monitors are centrally placed in the middle of the office(more on this in a moment).

After hearing the laughable commission/ compensation plan(minimum of 15 loans or you don't get paid any commission)and ridiculous work hours( 12+ hours per day that is the norm) plus working 10 hour Saturdays once a month and 10 hours Sundays once every other month, I knew this was some kind of sweatshop.

Apparently the rumored rate of 30% turnover there is probably conservative. Walking out with the gentleman who interviewed me, I asked him what the monitors were for? He replied that they were able to see who was plugged in and making phone calls.

Horrified I quickly left, realizing this was a churn em and burn em operation, giving no thought to either their employees or the customers they service. Be careful dealing with them. Seems there is quite a bit of pressure to perform or no commission.
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#33 Consumer Comment

Creditors and overhead

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

HI
I dont have any idea about the mortgage industry 8 years ago. I do know about credit, creditors , and borrowers/ debtors and the whole 9 yards from various and reaching points of view.

Some may argue that the mortgage industry is ultra 'specific' unto itself and you can only understand the players that way.

To me however, experiencing many forms of credit, have found it to be a major player, but the players are all the same. There is fraud by the creditor, fraud by the consumer, abuse by the loan officer or credit monkey working for the creditor. The language is different but it is the same deal.

Those who say it isnt so should first find someone in my shoes with type of PROVABLE experience , who will somehow attest that it is so radicaly different. Save yourself the trouble , as i am here now telling you it aint all that different.

You cant just say 'ive been in the mortgage industry itself so your years in the credit industry add up to nothing at all'. It is nieve and ignorant. How can you possibly know that if you have ONLY been in mortgages alone?

According to bankrate , 65% of homeowners have done their loan thru a 3rd party broker. The 35% therefore includes the multitude who went to ameriquest and the big name players counted as direct lenders.

Small 3rd party vendors do not have the overhead the major players have. They do not have a brick and mortar structure, multi levels of managment mouths to feed ,and millions of dollars of advertising to post their bait and switch rates.

Why do they have to 'bait and switch' ? Simple. If they give their TRUE rates, brokers can undercut them hands down.

I have worked at corporations. There is no way these firms can offer a 'great deal' to homeowners and make their profit share.

Now, i just went to bankrate, and Quicken is offering 6.75% for 30 years with no points . Go look it up yourselves.

I also state for the record that i have never ever seen it yet where I pulled someones credit and one of the tradelines has been 'Quicken Loans' . Therefore, it stands to reason these guys are just themselves middlemen who then sell a large chunk of the loans immediately to investor groups.

They are middling loans with a 'banking licence' to make it appear they are the 'direct lender'.

Direct leander - for about 5 minuites.

Back to the 6.75% . This was on bankrate Jun 14th . Of course , like all other 'advertisers' that is the best case scenerio full doc and LTV deal with your conforming credit score. The rate gets worse from there.

And nobody is going to fool me into saying they WONT charge the homeowner whatever they feel they will pay. Thats BULL. So i wonder what the final interest rate and fees are in the end.

As of Jun 14th, i can get that exact same loan for 6.25% with no points , but my 1% fee. Why? Because my overhead is minimal. Wholesale lenders overhead is minimal. I dont have to charge as much to get the same profit per loan.

So, how much can quicken do for a 'buydown' of 1% ? Perhaps 6.5% at best. So getting a broker who uses wholesale is a better deal than these big outfits .

This is the way it is in all forms of credit. The more overhead, the more advertising, the more they charge.

The mortgage industry is riddled with liars, and con artists. Its always that way when you deal with large sums of money. Everyone wants the market share, and quicken loans has the deep pockets to make sure they get theirs , regardless of the product that REALLY shows up at closing.


Quicken, Lending tree, and Ditech will continue to run over homeowners based on pure big level advertising and volume. The money to expand and do '11,000' loans per month had to come from somehwere. It sure as hell doesnt come from giving the borrower a 'great deal' .....

So in the end, the TRUTH of what i am saying is nowhere near as IMPORTANT as the REALITY

The ameriquest model is going to become the great 'Ponzi' scheme of the 20th century.

You win.
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#34 Consumer Comment

Michael you are so funny

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

See people this is the reason I warn you not to do business with brokers. They talk and talk and have no idea what they are talking about. I am sorry for the laymen if you are not in the industry you have no idea how funny and uneducated Michael is and with 8 whole years under his belt.

Quicken doesn't have brokers (or wholesale reps)coming to them because they turn them away...they are lenders not bad credit, praying on the uneducated public. MCA, Loan Giant, or Ameriquest ring a bell? You are probaly too young to remember MCA with only 8 years under your belt but you should do your homework before you play in the big dogs backyard.
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#35 Consumer Comment

Michael you are so funny

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

See people this is the reason I warn you not to do business with brokers. They talk and talk and have no idea what they are talking about. I am sorry for the laymen if you are not in the industry you have no idea how funny and uneducated Michael is and with 8 whole years under his belt.

Quicken doesn't have brokers (or wholesale reps)coming to them because they turn them away...they are lenders not bad credit, praying on the uneducated public. MCA, Loan Giant, or Ameriquest ring a bell? You are probaly too young to remember MCA with only 8 years under your belt but you should do your homework before you play in the big dogs backyard.
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#36 Consumer Comment

Michael you are so funny

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

See people this is the reason I warn you not to do business with brokers. They talk and talk and have no idea what they are talking about. I am sorry for the laymen if you are not in the industry you have no idea how funny and uneducated Michael is and with 8 whole years under his belt.

Quicken doesn't have brokers (or wholesale reps)coming to them because they turn them away...they are lenders not bad credit, praying on the uneducated public. MCA, Loan Giant, or Ameriquest ring a bell? You are probaly too young to remember MCA with only 8 years under your belt but you should do your homework before you play in the big dogs backyard.
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#37 Consumer Comment

Michael you are so funny

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

See people this is the reason I warn you not to do business with brokers. They talk and talk and have no idea what they are talking about. I am sorry for the laymen if you are not in the industry you have no idea how funny and uneducated Michael is and with 8 whole years under his belt.

Quicken doesn't have brokers (or wholesale reps)coming to them because they turn them away...they are lenders not bad credit, praying on the uneducated public. MCA, Loan Giant, or Ameriquest ring a bell? You are probaly too young to remember MCA with only 8 years under your belt but you should do your homework before you play in the big dogs backyard.
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#38 Consumer Comment

not the source of your problem

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

Jay

focusing on me as your target to salvage some kind of self respect is a dead end.

I am not the source of your problems. You have a borrower complaining, and rightly so, about this ridiculous 'deposit ' scam. You didnt make up the deposit. YOUR EMPLOYERS DID.

You have an ex employee who states for the record how your company works, and detests the whole operation. You didnt make up the scams Jay, YOUR EMPLOYERS DID.

Again, I invite you to become your own broker. You can charge one or 2 points per loan, and KEEP ALL THE COMMISSIONS.

You will have 1000s of wholesale lenders to pick from -not just what Quicken alone ORDERS you to charge on their little chart.

You will have no multi managment mouths to feed. No boiler room 'quotas' to meet. No multi millions to spend on advertising.

Sounds like you can make a LOT MORE for the same fees per loan, therefore you can charge your clients a LOT LESS being a broker.

I am not the source of your problems Jay. Your EMPLOYER is. Whining at me doesnt solve anything. Try WHINING at your employers for a better deal.

In fact, leave QUICKEN loans and go out on your own.

It all comes down to a simple choice. Hopefully one day you will see that YOU are getting burned and therefore you need to BURN your clients.

Its not you PERSONALLY Jay. Its the way the system was set up. You are not alone. Thousands of good honest people went to work at Ameriquest and slowly were turned into scamming pricks.
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#39 UPDATE Employee

Tom, you crack me up.

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

Well I thought we ended up playing nice on the last thread. Guess not.

The beautiful thing about all of Tom's alligations is none of them actually hold water. None of them are backed up by facts. Granted I am an employee of Quicken Loans, but I am also an individual who has worked with different organizations and owned my own business. Show me facts and I will listen. Tom doesn't live by facts. Tom lives in LA-LA-Land. I compare debating with him to conversing with my 7 year old about which power ranger is the best. There is no fact.

Here are some facts, Fortune Magazine, Forbes Magazine, Money Magazine, IT Magazine, Computer Magazine, Bosch, Penske, Yahoo, Google, AT&T, Texas Insturmants, and Oracle back us as a lender and claim us as #1. Do we trust Fortune Magazine and Forbes Magazine? They are reputable sources. Do we trust Tom? Tom, who's main goal is to trash the very competitor that steals his clients. Not.

Another fact is California said Quicken owed interest to clients because of a certain law they had that was different than the other 49 sates. Quicken paid and California changed their law because they realized they were out of line.

Again, quicken closes 11,000 loans per month and there are going to be disgruntled clients when things don't work out as planned. Quicken would not be in the position they are in if they were following in Ameriquests footsteps, that gig is up.

If Tom is lucky, he is originating 10 loans per month (really lucky because he has been in the business for 1 year now). It would take him almost 92 years to originate 11,000 loans. I'm sure he will receive a complaint or two in the next 92 years.. The truth is that he can't possibly fathom the amount of actual loans we close. I guess Quicken might average 1 to 2 complaints per month on this site and that is comparable to Tom getting 1 complaint in a lifetime.

I wish you luck out there in fantasy land Tom. I know ignorance is bliss. I know you claim to be such an expert in the industry with very little experience. I know what you did before being a broker but working with peoples credit does not qualify you as a mortgage expert. I know people who have been real estate agents for 30 years and think they are mortgage experts but the fact is you actually have to be directly in this business for many years to gain all of the kowledge that you pretend you have. So please say hello to the tooth fairy for me and remind her that my son is expecting a dollar under his pillow tonight.
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#40 UPDATE Employee

Tom, you crack me up.

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

Well I thought we ended up playing nice on the last thread. Guess not.

The beautiful thing about all of Tom's alligations is none of them actually hold water. None of them are backed up by facts. Granted I am an employee of Quicken Loans, but I am also an individual who has worked with different organizations and owned my own business. Show me facts and I will listen. Tom doesn't live by facts. Tom lives in LA-LA-Land. I compare debating with him to conversing with my 7 year old about which power ranger is the best. There is no fact.

Here are some facts, Fortune Magazine, Forbes Magazine, Money Magazine, IT Magazine, Computer Magazine, Bosch, Penske, Yahoo, Google, AT&T, Texas Insturmants, and Oracle back us as a lender and claim us as #1. Do we trust Fortune Magazine and Forbes Magazine? They are reputable sources. Do we trust Tom? Tom, who's main goal is to trash the very competitor that steals his clients. Not.

Another fact is California said Quicken owed interest to clients because of a certain law they had that was different than the other 49 sates. Quicken paid and California changed their law because they realized they were out of line.

Again, quicken closes 11,000 loans per month and there are going to be disgruntled clients when things don't work out as planned. Quicken would not be in the position they are in if they were following in Ameriquests footsteps, that gig is up.

If Tom is lucky, he is originating 10 loans per month (really lucky because he has been in the business for 1 year now). It would take him almost 92 years to originate 11,000 loans. I'm sure he will receive a complaint or two in the next 92 years.. The truth is that he can't possibly fathom the amount of actual loans we close. I guess Quicken might average 1 to 2 complaints per month on this site and that is comparable to Tom getting 1 complaint in a lifetime.

I wish you luck out there in fantasy land Tom. I know ignorance is bliss. I know you claim to be such an expert in the industry with very little experience. I know what you did before being a broker but working with peoples credit does not qualify you as a mortgage expert. I know people who have been real estate agents for 30 years and think they are mortgage experts but the fact is you actually have to be directly in this business for many years to gain all of the kowledge that you pretend you have. So please say hello to the tooth fairy for me and remind her that my son is expecting a dollar under his pillow tonight.
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#41 UPDATE Employee

Tom, you crack me up.

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

Well I thought we ended up playing nice on the last thread. Guess not.

The beautiful thing about all of Tom's alligations is none of them actually hold water. None of them are backed up by facts. Granted I am an employee of Quicken Loans, but I am also an individual who has worked with different organizations and owned my own business. Show me facts and I will listen. Tom doesn't live by facts. Tom lives in LA-LA-Land. I compare debating with him to conversing with my 7 year old about which power ranger is the best. There is no fact.

Here are some facts, Fortune Magazine, Forbes Magazine, Money Magazine, IT Magazine, Computer Magazine, Bosch, Penske, Yahoo, Google, AT&T, Texas Insturmants, and Oracle back us as a lender and claim us as #1. Do we trust Fortune Magazine and Forbes Magazine? They are reputable sources. Do we trust Tom? Tom, who's main goal is to trash the very competitor that steals his clients. Not.

Another fact is California said Quicken owed interest to clients because of a certain law they had that was different than the other 49 sates. Quicken paid and California changed their law because they realized they were out of line.

Again, quicken closes 11,000 loans per month and there are going to be disgruntled clients when things don't work out as planned. Quicken would not be in the position they are in if they were following in Ameriquests footsteps, that gig is up.

If Tom is lucky, he is originating 10 loans per month (really lucky because he has been in the business for 1 year now). It would take him almost 92 years to originate 11,000 loans. I'm sure he will receive a complaint or two in the next 92 years.. The truth is that he can't possibly fathom the amount of actual loans we close. I guess Quicken might average 1 to 2 complaints per month on this site and that is comparable to Tom getting 1 complaint in a lifetime.

I wish you luck out there in fantasy land Tom. I know ignorance is bliss. I know you claim to be such an expert in the industry with very little experience. I know what you did before being a broker but working with peoples credit does not qualify you as a mortgage expert. I know people who have been real estate agents for 30 years and think they are mortgage experts but the fact is you actually have to be directly in this business for many years to gain all of the kowledge that you pretend you have. So please say hello to the tooth fairy for me and remind her that my son is expecting a dollar under his pillow tonight.
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#42 UPDATE Employee

Tom, you crack me up.

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

Well I thought we ended up playing nice on the last thread. Guess not.

The beautiful thing about all of Tom's alligations is none of them actually hold water. None of them are backed up by facts. Granted I am an employee of Quicken Loans, but I am also an individual who has worked with different organizations and owned my own business. Show me facts and I will listen. Tom doesn't live by facts. Tom lives in LA-LA-Land. I compare debating with him to conversing with my 7 year old about which power ranger is the best. There is no fact.

Here are some facts, Fortune Magazine, Forbes Magazine, Money Magazine, IT Magazine, Computer Magazine, Bosch, Penske, Yahoo, Google, AT&T, Texas Insturmants, and Oracle back us as a lender and claim us as #1. Do we trust Fortune Magazine and Forbes Magazine? They are reputable sources. Do we trust Tom? Tom, who's main goal is to trash the very competitor that steals his clients. Not.

Another fact is California said Quicken owed interest to clients because of a certain law they had that was different than the other 49 sates. Quicken paid and California changed their law because they realized they were out of line.

Again, quicken closes 11,000 loans per month and there are going to be disgruntled clients when things don't work out as planned. Quicken would not be in the position they are in if they were following in Ameriquests footsteps, that gig is up.

If Tom is lucky, he is originating 10 loans per month (really lucky because he has been in the business for 1 year now). It would take him almost 92 years to originate 11,000 loans. I'm sure he will receive a complaint or two in the next 92 years.. The truth is that he can't possibly fathom the amount of actual loans we close. I guess Quicken might average 1 to 2 complaints per month on this site and that is comparable to Tom getting 1 complaint in a lifetime.

I wish you luck out there in fantasy land Tom. I know ignorance is bliss. I know you claim to be such an expert in the industry with very little experience. I know what you did before being a broker but working with peoples credit does not qualify you as a mortgage expert. I know people who have been real estate agents for 30 years and think they are mortgage experts but the fact is you actually have to be directly in this business for many years to gain all of the kowledge that you pretend you have. So please say hello to the tooth fairy for me and remind her that my son is expecting a dollar under his pillow tonight.
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#43 Consumer Comment

poor jay

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

Jay

I apologize for 'jumping down your throat' . Its obvious that you are brainwashed by your employers .

Cloaking yourself in the 'direct lender' flag does not do anything for the borrower. You keep avoiding at all cost -the trumped up RETAIL interest rate -you rook your clients into . The same GOUGING rate that of course doesnt have to be disclosed because you are a lender. Mortgage brokers must disclose if there is a difference between what they qualify for and what they get. Its called 'yield spread'

He also talks vaguely about 'low closing costs ' or no broker fees , which is newbie talk for 'we gouge em for whatever they will pay' -but deny it to look good.

As if you are fooling anyone.

Good ol jay knows all this. His training manual -written or 'unwritten' might as well have 'Ameriquest' on it and whited out. Now that ameriquest made its billions and is closing up, Ditech , Quicken , Lending tree and other racketeering big name players are trying to make the same scam ameriquest showed us that is possible.

So, he adjusts his clip on tie - twists one 'angle after another' jumping to rationalization to the next, even though ex employees and customers are here complaining about Quicken on ripoff report.

Once jay gets fired for not soaking people down enough, or quits when he figgures out all his scamming AINT GOING INTO HIS POCKET , he will then go become a broker. When he does, he will go 'hey' these high profile 'lenders' are just masters in RACKETEERING , and will start sticking up for the very borrowers he used to himself scam.

But have no fear. Like a piece of meat, for every guy like Jay who quits in disgust, a new guy who used to flip burgers will take his place.

Just like the ameriquest model.
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#44 UPDATE EX-employee responds

the truth

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

I'm a former employee of this company. Quicken Loans is the biggest scam to everyone. Sure they advertise that they're #1 and they might be but this is how they're doing it.

They get to be one of the top 100 places to work every year because they send the 'random' survey to only the top performers and to people who are still in training or doing really well off the floor so of course those people love everything- I WAS one of the brand new people doing really well and I loved it because I didn't know any better...

As for the mortages... alot of the bankers ARE new- 30% + turnover rate so of COURSE and we are put through a training program but some of the people working have less brains than a monkey... just a whole bunch of smooth talkers who really dont understand it. They deliberately dont hire people with any mortgage knowledge because we dont know any better!

Thier products are COMPLETELY overpriced and the deposit policy is retarded. They've reinstated that policy and the managers will harass potential clients on the phone TO the point of rudeness if a client will not hand over thier credit card number.

While I was there, I was way different than most of my co-workers. I cared about my clients and kept in touch with them post closing. Most of my coworkers didn't bother to get to know who it was they were talking to. When i was a banker, I made them return the deposit to the clients I had whose loans we couldn't close. But most of my colleges obtained thier clients by bullying them into agreeing to work w them and then by holding the deposit over thier heads. And for the average family, $500 is ALOT of money that they could do something else with

And the brainwashing.... oh Quicken Loans... they brainwash you from day one that they are wonderful and they treat you so well... what they do is rip off both the client AND the person working there. For what is known as a 'unit' you only get paid $200 and that is IF you meet the ridiculous quota to even earn the commission. A genuine earning for a 300,000 mortgage SHOULD be about $3000. So, even if a banker closes 6 units and not the minimum 9, the company does not pay you the measly 1200 on the work you DID do.... 6 units would pay you about 18,000 at ANY other legitamate mortgage place.

So where does that money go? simple. into all the ridiculous advertising that is done to make the company seem amazing... and fattening up the pockets of the uppers.

and nice line... "we're here to close loans not to collect deposits." Yeah if i had a dollar for everytime i heard that, I'd be rich.

basically HORRIBLE company for the consumer, horrible company for the poor bankers who dont know any better.
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#45 UPDATE Employee

Set the record straight

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

O.K. I guess we better set the record straight before anyone gets sued for slander.

Patrick- I respect your tenure in the business but obviously you have no Idea of the process that Quicken follows during the loan process to ensure the client is aware of their program structure and how it works. We do have interest only loans and option arms. We also educate the client when they decide to invest in one of these programs, but ultimately it is the clients decision. Then as soon as we accept the application, someone else goes over the terms and structure of the loan as well, then again before the closing package goes out. FYI-- The number of bait and switch complaints against Quicken are 0.

Michael-Waterford, MI-

First, There is a large difference between a loan originator and a banker. We here at Quicken are bankers. We don't originate loans and pass then to someone to fund them.

"The real experienced loan originators that know what they're doing wouldn't remain at,or even consider working at Quicken for the mere fact that the compensation/commission is laughable."

It is true that Quicken employees make much less commission than your typical broker on any single loan. What does this mean? This means that the people who are being refered to in this sentence are having the client pay extra fees directly to the originator just so they make large commissions. A Quicken Banker closes 20 loans/month while your typical originator closes 5-10 and makes a lot more money. Does that sound good to the client? Do you want to have someone working on your loan that has a direct vested interest in charging you extra fees? I don't think so. We are bankers and we lend the money directly. We have the interest in putting you in the best possible situation according to your short term and long term goals.

Second, "The phone jockeys there rely on David Hall's warehouse line for the majority of loans that close and thus are not exposed to the other available loan products. " Quicken invents loan programs. We have over 100 different programs to work with any one's needs. Now, no one person is 100% aware of every one elses loan programs. There are 30,000 people who back loans in this country and for anyone to say that they are familiar with each one's programs is kidding themselves. I can say that we are one of the leaders in the industry in programming. Everyone says they are #1, that's a fact. Another fact is that Fortune Mag, Forbes Mag, IT Mag, Computer Mag, Bosch, Penske, Yahoo, and AT&T pick us to be #1 as well. It is one thing to be ignorant, most people are, but it is something totally different to try to speak intelligently about something that you have no idea about.

Third, We lend the money directly so we have no use to commincate with a wholesale lender rep. We don't get our money from anyone else and that means that you start your loan with Quicken and you close your loan with quicken. Less communication gaps and better results (11,000 closed loans/month and counting). Besides, being a homeowner, I don't want to do business with a "player", I want to work with someone who will close my loan and not charge me a fortune.

The bottom line is that David Hall does bring in the business, but we are in the top 15 direct lender in the nation and the larges lender in Michigan (Rock financial) due to following through with out clients and getting repeat business. Remember that some lenders have been in business for 60 years or more and we are catching them only being in business for about 20 years. If we were all incompetent people who knew nothing then we would lose a lot of clients and wouldn't grow as we are now.

Complaints about low appraisals happen with every legitimate lender. They happen more with us because we close more loans than almost anyone in the country. Keep in mind that we have a name to protect. The quicken name is reputable with the relationship with intuit (turbo tax, quick books). We try but everybody makes mistakes sometimes, everybody.
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#46 Consumer Comment

You feel sorry Brian? Why?

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

I'm a wholesale lender rep with a broker base of 72 separate offices that runs circles around Quicken as far as knowledge and experience. You are correct about Quicken being #1 for market share due primarily, as I said, to the enormous advertising budget of David Hall....not due to the knowledge and/or experience of their originators. Hall makes your phone ring....but after that, its up to the loan officer.

The fact that my brokers can make a living off of Quicken's scraps as you put it, is a testament to Quicken's loan officer's lack of knowledge of available loan programs that many borowers qualify for, and their inability to "sell" a prospective borrower and get him/her to the closing table quickly. But its not their fault, the fact that Quicken has few, if any, lender reps calling on them to establish relationships with lenders says alot. They don't get educated on how to properly structure loans. The phone jockeys there rely on David Hall's warehouse line for the majority of loans that close and thus are not exposed to the other available loan products. That leaves a huge hole. I'll put it in terms you can understand...as a wholesale lender rep in the Detroit market for 8 years...I know who and where the "players" are in this industry.
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#47 Consumer Suggestion

Making a living of a Joke's scraps

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

Michael,

I do fell sorry for you but not too sorry. You are making a living off of Quicken's scraps.

Just so you know in Micnigan...Quicken is #1 in terms of volume of business and those people choose Quicken for a reason.

In the NATION...they are #15...it is good to see that so many High Rate and High Fee mortgage broker middle men can make living on their turn downs. That is a lot of scraps for you to pick up.
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#48 Consumer Suggestion

FIRED - BUT STILL BELIEVE IN THE COMPANY

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

I was an employee of Quicken Loans until last Thursday, and while you might expect me to tell you how horrible the company is, the truth is...they do really care about every client. So many loans go through their shop that the few that fall off the plate end up here on this site, but I can tell you that this situation and all of the others that I read about here on RIPOFFREPORT.COM are not intentional. If you contact Dan Gilbert or Bill Emerson, they will personally respond and make sure you are taken good care of. There is no "Master Plan" to lie to consumers or cheat them out of their money, I can promise you that. Go to Bill or Dan, they are concerned about every situation like this, and I know that they will drop everything to resolve your situation the very best way that they can.
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#49 Consumer Comment

Quicken is a JOKE in the Michigan mortgage market

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

As an experienced wholesale lender representative I can tell you in no uncertain terms that Quicken Loans is a well-known joke in the Michigan market. Because of their enormous advertising budget, they have a notoriously weak compensation plan for their "fast food phone jockeys" that results in only attracting inexperienced newbies that try to pass for loan originators. If I had a nickel for every mortgage broker that I call on and service(real experienced smaller mortgage brokers) that has converted a former "Quicken lead" into a happy customer of theirs, I'd be able to retire on that alone! Everyone in the Michigan mortgage market knows that Quicken is a joke. The real experienced loan originators that know what they're doing wouldn't remain at,or even consider working at Quicken for the mere fact that the compensation/commission is laughable.
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#50 Consumer Suggestion

Confused?

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

It is real simple. You give a deposit. That deposit is used to cover incidental cost incurred by the lender. You agree to the deposit. The lender then sends out and appraiser (one of the incidental fees). The appraiser is NOT connected to the lender in ANY way other than an order is placed and they accept to fill that order. The appraiser then does a complex comparison. This is where most of you get confused...if appraisal hits value needed or not...

If the value needed comes in...then the loan closes and no issues. Now remember that deposit...it gets credited towards all of your closing cost.

If the value does NOT come in then your loan may need to be re-worked if it can be...if it can be then you will be presented with that offer and you can choose to close or not. If you close then guess what happens to your deposit...you guessed it, it gets credited towards all of your closing cost. If you do not like the re-worked loan OR the loan can't be re-worked OR you CHOOSE not to close your loan. Your deposit is used to pay the INDEPENDANT appraiser and the other incidentals like credit report.

The appraiser gets paid no matter if the loan closes or not, that is what your deposit is for, that is what you are told at the time of application, and that is exactly what happens and you still "file a complaint"...I don't get it.

Quicken does not control the value of your home. 99% of ALL of the "complaints" against this company is in regards to the deposit and everything is fine until the appraisal is too low. If Quicken did that with its appraisers...if they said to the appraiser "get the value we need so we can do the loan or you will not get paid"...that would be illegal and they would be in as big of trouble as Ameriquest. That is exactly what all of you are trying to do. You are saying that if my appraisal does not come in at where we need to close...then please do not pay the appraiser and give my deposit back to me...

Since "Dee' has never responded back again can we assume she DID get her refund?... Kudos to you Peter (in another "complaint" string about Quicken. He actually updated his info to let all of us know that he received his deposit back since no appraisal was done.

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#51 UPDATE Employee

What

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

Who says the information is not listed? Interest only loans are awesome in growing appreciating areas as well as for clients that are commission based. It's plain and simple. Why wouldn't anyone tell there clients that and also who in your experience keeps there mortgage for more than 5-7 years?
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#52 UPDATE Employee

What

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

Who says the information is not listed? Interest only loans are awesome in growing appreciating areas as well as for clients that are commission based. It's plain and simple. Why wouldn't anyone tell there clients that and also who in your experience keeps there mortgage for more than 5-7 years?
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#53 UPDATE Employee

What

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

Who says the information is not listed? Interest only loans are awesome in growing appreciating areas as well as for clients that are commission based. It's plain and simple. Why wouldn't anyone tell there clients that and also who in your experience keeps there mortgage for more than 5-7 years?
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#54 UPDATE Employee

What

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

Who says the information is not listed? Interest only loans are awesome in growing appreciating areas as well as for clients that are commission based. It's plain and simple. Why wouldn't anyone tell there clients that and also who in your experience keeps there mortgage for more than 5-7 years?
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#55 Consumer Comment

To Adam in Royal Oak, MI

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

Being a Mortgage Broker for 15 years, and having never lost a loan to Quicken.....your posturing is ludicrous. I since retired and enjoy reading these reports. Before I retired, I saw an increasing number of companies on TV, (that advertised themselves as # 1 LOL) advertise "bait and switch" rates and programs. Ditech, Quicken, Lending Tree, and Countrywide, all need to "clean up their act!" Smart loans, interest only loans, are the reason the real estate market "bubble" will burst!

People that pay only interest for 3-10 years....still owe the principal....none of the companies tell you that....and if their interest rate is lower than market rate...negative amortization occurs! Imagine owing more than you borrowed! AND tie that to a Smart ARM loan....the rate jumps up so your payment on a (original $200,000 loan) now $250,000 loan at 2-4% more interest....tell you what....people are going to walk away from their homes when their homes are not worth what they owe and they can't afford to make the new payments.....wait another 3-6 years.....ya'll see! Adam, I glad that you are a loyal employee, but you need to wake up!
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#56 UPDATE Employee

Give me a Break

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

The 500 dollar deposit that you speak of is for the third party fees that QUICKEN LOANS is charged. In the event that the appraisal came in low or gave false information then yes you are charged that money. Is Quicken Loans supposed to pay the appraisal fee? Would you rather pay for the appraisal when he comes to the front door or would you rather have it taken care of immediatly.

I'm hearing the same thing from all complaints and it makes me proud to work for such an awesome company. (The number 13th bestplace in the country to work for by Fortune 500) why am i so proud. Because the only true complaints are people that are not reading the material and feel they are being ripped off 500 dollars. Now it is totally false to say that you were charged before anything was actually put into process. If anything you may have paid 7 dollars for a credit report. BIG WOOP! Now the majority of youa re crying about the full deposit being taken and that would be because you actually had an appraisal done. WOW do the math. So yes we accept a deposit as a commitment from you the client that you aren't going to drop us on a dime when the real snakes like Ameriquest (being sued for 1/2 a billion dollars right now) . It is a commitment but it does cover fees such as the appraisal. No company wants to be held responsible for the millions in dollars that we spend on appraisals.

You are all mad because you didn't read the documentation. I'm not saying everyone here is amazing and will never lie. But if you read the documentation it all says it in black and white.
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#57 Consumer Suggestion

Good for Quicken bad for the consumer

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

If the average loan they close is $200,000, and they make 1% per loan that is $2,000 in origination fees. However, if they make $500 per application, that adds up fast into some big money for the world's largest online lender. How many applications do you think they take a day?

If they want the consumer to pay for the credit report, fine $30. If they want the consumer to pay for the appraisal upfront, the appraiser can collect the funds at the door (at the time of appraisal). Consumers are willing to pay for services actually received.

There are thousands of mortgage companies giving accurate mortgage quotes without bilking the consumer. Caveat Emptor!
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#58 Consumer Comment

Quicken Loans Liars and Rip Offs

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

My husband and I began working with Quicken Loans in May of 2005 to refinance our house. The beginning of the process went smoothly. We have a credit score in the 700s and were told that we could save up to $300 a month on our mortgage by refinancing. We gave our credit card number because we wanted to move forward on closing the deal. Well finally in August we started really applying pressure to Quicken to close the deal. Then they stalled us by telling us we now need an appraisal when initially there was none needed. We did as they requested and coordinated with their person the next day to schedule an appraisal. After the appraisal everything hit the fan because the Quicken Loan representative we had been working with had put in the wrong appraisal amount. He was off by $30,000. Where he got his figure from I have no clue. Needless to say the deal was pulled off of the table by my husband and I because of this deceptive practice. We were told by the Quicken Loans representative that we would not have to pay for the appraisal. That was also a lie. Our credit card was charged $312 for an appraisal after we pulled the deal off of the table. I would not recommend Quicken Loans to anyone. If anything I would tell them to run fast in another direction. The company will forever go down in our book as LIARS and SCAM ARTIST!!!
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#59 UPDATE Employee

Idiocy. We never ask for a commitment to do business EVER unless we are confident that your loan has a chance of closing.

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

"...before they asked me for any important information regarding the loan, they first asked me for my credit card number." Point blank, this statement is absolutely false, or an outright lie, or more than likely both. We never ask for a commitment to do business EVER unless we are confident that your loan has a chance of closing. In fact, what we do is far superior to the rest of the mortgage industry, which quotes you rates, fees, and programs without EVER, and I do mean EVER taking the time to see if they can even deliver on what they are telling you. I know this to be true, because I can get on the phone and call no less than 100 different lenders and ask them what their rate and fees are for a 30 year fixed mortgage. You can do it to, I promise you. And they will give you a rate and closing costs without any idea what your debt-to-income ratio is, your loan-to-value ratio, your credit score, or even why you want to refinance in the first place. So to imply that we ask for a credit card number before digging deep, and finding what you qualify for is so disgustingly and deliberatly erroneous and/or dishonest. Having said that, if you were charged any money on your credit card at all, and there were no costs incurred on your behalf, then you are most definitely entitled to a full refund. And I can promise you that you will get that money back if there was no appraisal done. If you don't get that money back, then you need to call our client relations department, and they will take great care of you. And as far as your phone calls not being returned, it is a cardinal sin at our fine company to not return phone calls. Period. And I can assure you that if your calls were routinely ingnored, then the banker you worked with is no longer employed with us.

Now, to you "Joe", in Platteville, Wisconsin, who is obviously a big fan of the Jeffrey Feiger types. I'm positive you are a frustrated mortgage broker who has lost a lot of business to my company. "I work in the industry seeing people come to me after being hosed by these guys all the time." Yes, those are your words indeed. Joe, you don't get to be the NUMBER 1 ONLINE LENDER on this great nation of ours by being "snakes", as you say. You can't possibly build to 2 BILLION (with a B) DOLLARS PER MONTH in closed volume with a "take-your-money-and-run scam", as you say. Wise up sir. I understand your frustration, I really do. But saying things like "you won't get your money back unless you get an attorney to sue and include PUNITIVE damages" is so juvenille it makes me sick. And that is the same type of mind set... the Jeffrey Feiger way of thought, that contributes to the fact that health insurance is virtually unaffordable for many people. Grow up.

And to you Lou in Angola Indiana, thank you for your words. Truth will always prevail, and your words are right on the mark.

And finally, Cyndie in Folsom, California. You make me laugh, I tell you. Again, YOU DON'T GET TO BE NUMBER 1 BY BEING "corrupt", as you say. We have to protect ourselves from incurred costs when people decide they don't want to close a loan with us, or they have misrepresented their income, assets, or credit. It happens everyday. But what doesn't happen EVER is Quicken Loans collecting a deposit for a profit. That would stiffle our growth and create a bad reputation for us. The deposit is not our goal. Our goal is to help our clients get into a better financial situation using their home as a tool to acheive THEIR financial goals. Period.

For the right home loan for you, call Quicken Loans. An experienced mortgage expert is ready to help you today!

-AK
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#60 Consumer Comment

Funny you suggest that they aren't making money by keeping deposits

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

Sure seems that there are quite a few of us on here complaining about just that. How many more people have the scammed out of $500? I'd say that's one way to make a buck... One extremely corrupt way.
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#61 UPDATE Employee

HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

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

Do you really think that a company as big as Quicken Loans cares about a 500 dollar deposit? They don't make money by taking deposits, they make money by closing loans. Thanks for playing...
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#62 UPDATE Employee

HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

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

Do you really think that a company as big as Quicken Loans cares about a 500 dollar deposit? They don't make money by taking deposits, they make money by closing loans. Thanks for playing...
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#63 UPDATE Employee

HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

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

Do you really think that a company as big as Quicken Loans cares about a 500 dollar deposit? They don't make money by taking deposits, they make money by closing loans. Thanks for playing...
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#64 UPDATE Employee

HUGE COMPANY Quicken Loans cares about a 500 dollar deposit?

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

Do you really think that a company as big as Quicken Loans cares about a 500 dollar deposit? They don't make money by taking deposits, they make money by closing loans. Thanks for playing...
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#65 Consumer Comment

$500 is an expensive lesson you won't get your money back unless you get an attorney to sue and include PUNITIVE damages

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

I've seen your case 100 times before and you won't get your money back unless you get an attorney to sue and include PUNITIVE damages.

Good luck...these peolpe are snakes in my opinion, and I work in the industry seeing people come to me after being hosed by these guys all the time. Ditech is being investigated for the same take-your-money-and-run scam.

You learned a $500 lesson...now any time someone asks you for money up front...RUN LIKE HELL!!!!

If you don't believe me...let me know...I still have that bridge to sell you.
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#66 Consumer Comment

Are you joking?

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

I've read through this website and have seen some peole that have been wronged by indivdiuals and companies. Some people look like they were expecting to much. But 8 days and no refund? Come on. It takes my bank that long to clear an out of state check. Don't get wrong if they you are getting a refund you should get it but I getting this angry after 8 days is silly.
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