• Report: #867131

Complaint Review: Quicken Loans, Inc. and the BBB of Eastern Michigan

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  • Submitted: Wed, April 11, 2012
  • Updated: Mon, July 09, 2012

  • Reported By: Gus — Baltimore Maryland United States of America
Quicken Loans, Inc. and the BBB of Eastern Michigan
1050 Woodward Ave Detroit, Michigan United States of America

Quicken Loans, Inc. and the BBB of Eastern Michigan Good Faith Deposit Victim Detroit, Michigan

*Consumer Comment: All of these people can't be wrong

*UPDATE Employee: Quicken Loans response

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We applied in August 2011 for a "Rate Drop Advantage" on our Quicken Loan. The refinance was an option we were informed of when we closed with Quicken Loans in December 2010. Our appraised home value and square footage per their appraisal at that time was $315,000 and 1525 square feet.

We were informed by Ryan, that this was a streamlined process to reduce our interest rate and we would benefit if we locked in the low interest rate with a $400.00 good faith deposit. Quicken Loans sent out another appraiser. This appraiser dropped our home's value to $279,000. His erroneous measurements also reduced our net livable area by 256 square ft. We requested the return of our deposit because of this flawed report.

Ryan did not want to give up our deposit and instead wanted to request a "value appeal", but the appraiser refused to edit his appraisal report. We asked for our deposit back again.
 
Ryan told us that he would request an appraisal exemption and ask to have a second appraisal performed on our home.
A week went by and Ryan had not contacted us, so we called him. He told us that a second appraisal can't be done, but we can still close the loan if we bring $5,200 to closing. Ryan asked us if we were uncomfortable with that amount? We told him that he was correct. He denied our loan.

We filed a complaint with the Eastern Michigan BBB about this. Since October 2011 we have been sending messages back and forth with Quicken Loans through them. The BBB did nothing else to assist us.

The last message (4/10/12) from Quicken stated, "Please see our previous responses", * Szerdi. Our response back (4/11/12) was, "Please see my previous responses to Quicken Loans. How many times does this go back and forth? Quicken Loans bilks consumers and should be held accountable. Is anybody reading this?" Shortly after sending that, we received an email from the BBB. Their response, "Although you have not expressed satisfaction in the resolution of the complaint, the Bureau has decided to close the complaint and not pursue it further."

After all this time, we found out that companies that pay a membership to the BBB usually receive A+ ratings from them and receive favor from the BBB.


This report was posted on Ripoff Report on 04/11/2012 02:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans-Inc-and-the-BBB-of-Eastern-Michigan/Detroit-Michigan-48226/Quicken-Loans-Inc-and-the-BBB-of-Eastern-Michigan-Good-Faith-Deposit-Victim-Detroit-Mi-867131. 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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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

All of these people can't be wrong

AUTHOR: caveatemptor - (United States of America)

Jason,

I wonder if you have any actual data relating to the number of "good faith deposits" collected so that employees can make a quota AND the number of loans actually closed (with the same interest rate quoted during the application process).  It makes no difference that Quicken does not make money on the deposits of their clients.  It's the tactics used to swindle honest people of their money and try to squeeze more points at closing and interest collecting over the life of a loan. 
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#2 UPDATE Employee

Quicken Loans response

AUTHOR: Kelly at QuickenLoans - (USA)

My name is Jason and I work for Quicken Loans.  If you'd like us to reach out to you and go further into the specifics of your loan, feel free to email us at reviews@quickenloans.com.

Our deposit policy is clearly explained on the application that all clients sign prior to us beginning work on their loan. If your mortgage application is denied, or if you decide not to go forward with your loan, well refund your deposit minus any outside costs weve incurred up to that point. 

For example, if you gave us a $500 deposit, and we spent $300 on an appraisal and $10 on a credit report, you will be refunded the difference of $190. Youll receive a copy of your credit report and appraisals, assuming both have been completed.  This information is also available on our website: http://www.quickenloans.com/about/quicken-loans-deposit

If your appraisal came in low, we would refund your deposit, minus costs we incur on your behalf (appraisal/credit report). We do not make any money at all.

Quicken Loans, as well as all other lenders are in no way affiliated with the value of your appraisal or the appraiser selected for your home. Quicken Loans can place the order for an appraisal but cannot perform the actual appraisal. It is typically handled through the Appraisal Management Company (AMC) and appraisers are often selected from their affiliated network.  More information is available on our website: http://www.quickenloans.com/about/appraisal-process

The success of our company is based on clients who are able to close a loan with us. There is no benefit (financial or otherwise) for us if a loan cant be processed due to a low appraisal.

If you have further questions - feel free to contact us at reviews@quickenloans.com.  We'd be happy to have one of our team members reach out to you. 
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