• Report: #646146

Complaint Review: Quicken Loans

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  • Submitted: Thu, September 30, 2010
  • Updated: Mon, October 11, 2010

  • Reported By: Ryan — Charlotte North Carolina United States of America
Quicken Loans
Internet United States of America

Quicken Loans a great scam, Internet

*Consumer Comment: Please Write Up A Report

*UPDATE EX-employee responds: Deposits

*UPDATE EX-employee responds: Here comes kelly...

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I was interested in refinancing my mortgage since the interest rates had fallen.  I just wanted to see if it would be a good option for me, so I filled out a inquiry on quicken.com.  I had a phone call within in minutes from a representative that seemed helpful and friendly.  The first question he asked was for my social security number and a credit card number this should have been a red flag, but I thought surely a company like quicken loans could be trusted.  After a few more questions the representative told me he had great news and that they could deffinately help me he even told me that he could get me a new loan that would cost me less interest than my current loan which is rare (ISN'T THAT THE POINT OF REFINANCING).   He then told me he would call me back with more information and he would create a website where I could look at the documents. 

When he called back he directed me to the website and told me I had to esign some documents the first document was a form that does state you will be charged 500 dollars if you go any further, glad I read the whole thing.  I refused to sign because I wanted to know if the loan was good for me before I signed anything. Once I refused to sign the friendly helpful representative turned into a rude, smug, and offensive representative.  He even asked me what kind of man needed to talk to his wife to make a decision. Hello we are talking about a $200,000 loan of course I need to talk to my wife.  Obviously the whole point is to rush you into signing that document so that can get $500 dollars from you.  Why else would this be the first document for me to sign.  Shouldn't I know what the loan details are before I have to sign a form giving quicken permission to charge $500 to my credit card.  I did look over that other documents that were posted and with closing costs I would be paying more than the original loan on my house and would only be saving 1000 dollars in interest payments over the course of the loan.  Anybody could see that this would not be a good option for me but who cares as long as they get their $500 dollars.

 

 


This report was posted on Ripoff Report on 09/30/2010 10:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/internet/Quicken-Loans-a-great-scam-Internet-646146. 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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#1 Consumer Comment

Please Write Up A Report

AUTHOR: Bman - (United States of America)

And send to this government agency:



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





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#2 UPDATE EX-employee responds

Deposits

AUTHOR: ABC - (USA)

Quicken will talk about how much they train their employees.  However, none of this actually has anything to do with mortgages.  It is all about how to respond to a customer when something is said against the plan of getting the deposit right away.  They call them ARPs (acknowledge, respond, pivot) and ARCs (acknowledge, respond, close).  An example of an ARP: Client "What is the rate today" Quickbot: "Great question Mr Client, we will get to that in just a moment.  How long have you been living in your home".  This is standard sales 101 stuff.  An example of an ARC: Client "I need to speak to my wife" Quickbot: "Of course we want your wife to be involved, I don't want anyone sleeping on the couch tonight.  Fortunately, we only need one of you to sign the initial paperwork.  Both of you will need to be present at the closing.  So for the deposit, would you like to use a credit card or debit card?"...I wouldn't be surprised if most of the people on this forum heard that word for word when they first spoke to Quicken.  They actually have contests at the office to see who can ARC and ARP the best and there is a trophy floating around for the winner. 

The "Mortgage Bankers" (they are actually brokers) are so ill informed on the mortgage business that Quicken will actually pay them a bonus if they can pass the license exam on the first try.  Many of them were still failing the tests after 3 or more attempts.  Not sure if that is who I want working on my mortgage.

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#3 UPDATE EX-employee responds

Here comes kelly...

AUTHOR: And justice for all... - (U.S.A.)

Get ready to receive a canned response from "Kelly" at Quicken Loans. Kelly is a code name for the damage control department. If someone mentions "Kelly," they know they are dealing with someone they ripped off. Or, at least tried to rip off. This is a department of several people (not one as the name suggests) that try to make it sound like Quicken Loans does not rip people off. Trust me, they are out to rip off anyone they can. This includes employees and customers. This company is built on lies. They promise the employees they will make tons of money; most never do. They promise customers they will save them tons of money; most never do. Stay clear of this company. They will take advantage of anyone anyway they can. Just so everyone that reads this knows, they train the employees to get the deposit no matter what. When you say "I need to talk to my wife/husband", they have canned responses hanging by their phone on how to dance around this and get your deposit. They don't care if you tick off your spouse. They want your deposit so they have leverage over you to close a loan that doesn't make sense. 95% of what they sales consultant promises on the phone is not true. They make promises they will not keep. The paperwork you receive will not match the verbal promises. STAY CLEAR OF QUICKEN LOANS!  
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