• Report: #652981

Complaint Review: Quicken Loans

  • Submitted: Tue, October 19, 2010
  • Updated: Sat, October 30, 2010

  • Reported By: Gerry — Davenport Florida United States of America
Quicken Loans
400 Galleria Officentre, Suite 300 Southfield, Michigan United States of America

Quicken Loans Rey Farah Executive Mortgage Banker, Southfield, Michigan

*Consumer Comment: To continue from the last post...

*REBUTTAL Owner of company: Question for Kelly

*UPDATE Employee: Response from Quicken Loans

*Consumer Comment: A familiar story...

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

On Sept. 27, 2010, Rey Farah, Quicken Loans, called and offered, us lower interest on our home loan.  He took some information, and told us that our interest rate could be lowered from 6.58% to 4.375%.  I asked what would be the closing cost.  His answer was an estimated $5,050.  I replied that was to high.  He came back and said that the loan should closed at the end of October, 2010.  And we would not have a house payment until January 2011.  That meant no house loan payments for November and December 2010.  Leaving us with $2300. to $2400. from not making two house payments.  And we would be receiving a check from our bank for the amount from our escrow account, which would be around $1500.  So the closing cost would be half paid for by the two amounts, $2300. and $1500.  And our new loan payment would be reduced to$950.a month instead of our present payment of $1150 a month.  My husband and I thought that this was going to help us with our monthly bills.  He then said that he needed $500 to start the loan process.  I told him that we did not have $500, so we would say no.  He said if we had a credit card we could add the $500. to it.  I was hesitant but he said it would be for an appraisal, and the rest would be paid back to us in a check at closing.  The appraiser was out on Sept. 29, 2010.  As he left our home, he said that the appraisal would be on Mr. Farah's desk the next day, and we could call and see what the numbers were.  I waited to hear from Mr. Farah, until October 18,2010 and I sent Mr. Farah an e-mail asking for an update.  That evening I received an e-mail back from him.  He stated that he had bad news.  Our appraisal came back very low.  It was $96,000.  That was very bad news.  We bought this house new in 1997 and paid $98,000.  We had refinanced two and half years ago, and this house appraised at $270,000. I know that property values are way down, but for this house to be worth less than we paid for it 13 years, is ridiculous.  We called him right after we received his e-mail and has to leave a message.  Our home is in excellent condition, we just remodeled our master bath, redone our kitchen, paint, wallpaper and new kitchen countertops.  Had new carpeting replaced two months ago and new tile in the enterance.  I think that they have taken us for $500.00 for doing nothing.  It is much easier to make $500.00 on each call they make, than go through the work to work of a refinance.

Be aware of the calls from loan companies that want to help YOU, lower your interest rates, and making your mortage payments lower.  I am going to call my credit card company and see if I can challenge the charge 0f $500.00 that was made on our account, wish us luck.  Don't let Quicken Loans help you.   


This report was posted on Ripoff Report on 10/19/2010 06:16 PM and is a permanent record located here: http://www.ripoffreport.com/r/Quicken-Loans/Southfield-Michigan-48034/Quicken-Loans-Rey-Farah-Executive-Mortgage-Banker-Southfield-Michigan-652981. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Quicken Loans

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 3Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

To continue from the last post...

AUTHOR: Bman - (United States of America)

The representative Kelly pretty much writes from a script, which I imagine with a lot of time, and hard work, one can become quite efficient. The people one deals with at Quicken Loans will record your conversation/order, which tells you right away about their product since this is a huge red flag that tells people who purchase this product they may not be happy at all, and Quicken needs to refer back to the old adage that we have your voice confirmation on tape ploy. I know since they did it to me. They also conveniently lost the recording when it came time to review documents to consider a return of my deposit which Kelly denied me. 

Go ahead and give Kelly a call, or send a message, and ask for a return authorization for your deposit. They will try and get you to keep the product by telling you of all the benefits, extending your paper process period etc. but you will not get back your deposit. If you are really considering keeping this gem of a loan, go ahead and call customer service, and chances are that by being firm in your desire to have the loan product, through their inspection process they will first negotiate the cost of your house down to almost nothing. This is always a customer LOOSE/Quicken WIN situation. This is hardly a business that should brag about having a BBB rating of A+ that they bought by financially supporting this local bureau. They are greedy baby pigs masquerading as business people.


Respond to this report!
What's this?

#2 REBUTTAL Owner of company

Question for Kelly

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

Kelly - You said "if anyone has any questions let me know" I have some questions for you: 1) Are you aware that the sales managers at Quicken Loans make the sales reps take deposits on loans that have no chance of closing? 2) Do you know why this do this? 3) How much does Quicken Loans charge for a credit report fee? (I know it cost them around $7 to pull credit and they charge somewhere around $35) 4) Is the credit report fee considered a profit center for the company? 5) Did you know that the sales reps are trained to hold the deposit over a customers head to force them to close on a loan? 6) Do you know that sales managers will call clients from their cell phones and promise them things they won't put in writing? 7) Why does Quicken Loans have such a bad rep? 8) Are you aware that Quicken Loans is commonly referred to as a sweat shop? 9) Did you know that when sales reps are in training they go through calling old leads trying to get a credit card numbers before they know the customer's situation? 10) Are you aware Quicken Loans is being sued by former employees? 11) Do you think the 700 or so former employees suing Quicken Loans developed some kind of conspiracy? 12) Or, do you think maybe Quicken Loans really is a modern day sweat shop and maybe they are doing something wrong? 13) Do you think Dan G paid someone off in 2006 at the DOL to obtain a letter that was later retracted? 14) Can you explain the "Loan Tracker System" for everyone? 15) Are you aware that sales reps, who handle sensitive financial information, are not drug tested? 16) Do you think Quicken Loans has violated any anti trust laws?... This is a good start. Lets see you keep your promise. I'll have more once you finish answering these.     
Respond to this report!
What's this?

#3 UPDATE Employee

Response from Quicken Loans

AUTHOR: Kelly at QuickenLoans - (USA)

Hi! I'm Kelly with Quicken Loans and I just want to make sure we have an opportunity to respond to these claims.

The biggest thing to know here is we have no control over appraisals. We hire 3rd party, unbiased experts to give us an honest value of our clients's homes. We would love if all homes appraised for what they clients say they will, but that is not always the case. It's unfortunate for everyone involved...our goal is always to close the loan with a happy client.

Because of the low value, we had to deny the loan. We have refunded the client their deposit, minus the costs we incurred from third parties (appraisal and credit report), per our deposit policy: https://www.quickenloans.com/about/quicken-loans-deposit

We did not make any money off this loan.

We spoke to the client today and did our best to explain the process here at Quicken Loans. We also explained that we did not keep their deposit and they were refunded $158.20 back to their credit card due to a denied loan.

If anyone has any questions, let me know. I'm happy to help.

Kelly
Quicken Loans
Kelly@QuickenLoans.com
Respond to this report!
What's this?

#4 Consumer Comment

A familiar story...

AUTHOR: Bman - (United States of America)



This company boasts that it is the biggest mortgage refinance business in the country and they have a nasty little cow named Kelly who no doubt will write a smug rebuttal on this site, unless she has been fired? They are not very loyal to their workers or potential customers. They take a deposit from everyone they can and they then refuse to give it back, and for the most part, are in the deposit taking business. The owner sends some of this FREE money to a charity so he and the company look ethical to the business community. They hire people just out of school and if you check their website you will see the age of the people working for this culture of fraud and deception. Please consider filing a report at this site so that IF there is enough reports then someone in government will begin to take notice:



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



Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X