Quicken Loans Non-refundable good faith deposit? Troy Michigan

The Forbes best company to work for list is a total joke. Quicken handpicks the phone monkeys they want to complete the survey. They will take someone just out of "brainwashing training" (initial training) that got off to a fast start by writing a bunch of loans that won't close, and have them complete the survey. By the time they realize the company sucks, the survey is complete and in Forbes hands.

Quicken loans doesn't teach all their employees to lie, I used to work there.

Do they charge very high amounts for loans? YES.

Do they pay their people awfully (compare to other mortgage companies)? YES.

Do they honestly want to help their clients? Overall yes, but some bankers don't care and screw people.

Do they expect you to work 60 hours or more a week? YES.

Average banker doesn't make 80k like they say. If you were to take out the top 10% or so, I bet the average of the lower 90% of bankers is around 40k or 50k. There are a few making 200k plus which brings up the average a lot (but again that is only a handful of people).

In the end quicken is a pyramid scam, if you can make it through the initial 2 years of working there and move to presidents club or a directors position, you make money. If not, you don't.

All the talk about deposits is funny.

#1 anyone can get it back. Just close the loan and then rescind on it in the 3 day right to rescind. You will get all your money back by law.

#2 You signed something giving up your 500 bucks. So unless you are savvy and realize you can get your money back by rescinding, then technically they don't have to give you the money back.

#3 Half the time people had appraisals done and Quicken isn't going to pay for all your appraisals, so of course they keep the money.

Quicken sucks for 85% of their employees. As for the clients, they want to take good care of you if you are a good client and they make money on you. They aren't going to be very competitive as far as rates go.

They make about 2 points on the back of each loan. In other words, your rate is 2 points in costs away from the par rate.

Example is, early may the bank rate at par was 5.875%. This is with 0 points and the broker would make not 1$. Quicken would charge you 6.375% which makes them 2 points on a loan (a point is 1,000 per 100,000). So quicken really isn't competitively priced.

It's set up like a volume shop but priced like a mercedez benz

I have worked at quicken for over a year, and they train people to not only lie but then they do not stand behind their word. A lot of times I would tell my team leader, this loan 'does not make sense.' He did not care and the client would end up getting screwed. People wonder why michigan and other states have such high deliquencies it's because of companies like this one. The company will tell employees in a small room to over state peoples incomes to get deals and say 'it is in the grey' (area). I watched a fellow employee get fired last month for 'doing the right thing' to help out a client. This company is a sham and I wish they would stop doing what they are doing, it is giving the mortgage industry a bad name. All Dan Gilbert cares about is his own pocket book. I have seen people around me close the wrong amount of loans and not get a commission check for months. The company sells loans the consumer at very high interest (comparing to the industry average), and then does not pay its employees for the hours that they put in. I work over 13 hours a day monday-friday and only made 37k last year, not to mention the 'non-mandatory' saturdays, which are mandatory, just another unspoken rule. Another reason why quicken is being sued, and I hope they lose their butts. I can not wait to quit, my resume is on monster and am looking to move on past this huge mistake in my life. I am embarrassed to put Quicken loans on my resume! Top company in the nation to work for...OOOOOOK...Dan Gilbert I am sure pays Forbes for the rating! NOONE and I mean NOONE is 100% happy working for Dan Gilbert.

This is just Quicken's attempt to extort even more money from you. DO NOT email or call them. Cut your losses now or you will be sorry. They are snakes who will take every penny you have and leave you in the gutter broke while they laugh all the way to the bank.

I am writing from the Client Relations Team at Quicken Loans. We'd like the opportunity to speak with you regarding your post. However, we do not know who you are, and we don't have a way to reach you other than through this web site. Please contact us at 1 800 863 4332 or help@quickenloans.com. 94% of our clients would refer us to friends or family, so please do not think that bad service is the norm for us. We'd like the opportunity to address your concerns.

I worked at quicken loans as a loan officer for over two years. I feel guilty to say it, but as long as I was making money there, I didn't care how many people I ripped off (lied to get $500 "good faith deposit", pulled the old bait and switch with interest rates to make a good commission, or just plain out lied to customers). This is standard practice at quicken, and during the initial 5 week training period, they send you to "Quicken University" to hone and perfect these deceptive and dishonest practices.

Anyone that disagrees with this has either 1) never worked at Quicken, hence would have no knowledge regarding these practices; or 2) is paid crony of quicken loans and will lie to defend them the same way loan consultants lie to customers. I would advise any potential customers to avoid Quicken Loans completely. They will tell you whatever you want to hear to get the $500 deposit, once they have that, everything will change. This is when they taught us to up the interest rate by at least 1% and tack on excessive closing costs and fees. Guess what? If the customer doesn't like this, we'd keep their $500. It's a win-win situation for Quicken.

Quicken supposedly prides itself on "helping" its customers. In all honesty, it didn't matter whether we were dealing with a rich doctor or a poor single mother with several kids- we would rob either of them blind.

Please stay away from Quicken Loans. Do not use them as a "comparison" to other lenders. They are trained to tell you what you want to hear. Then: bait and switch. I've honestly felt so bad about what I did when I was there that I've called all of my previous clients to apologize and warn them to ignore the rest of the marketing materials they will get from Quicken from the rest of their lives. One last warning I cannot reiterate enough: STAY AWAY FROM QUICKEN LOANS.

Even my s&l told me it would run about 200.00 to apply so I asked her what the rates are. I knew my credit score and told her and she gave me the rate for a home equity loan which I declined right up front.

When ever you enter into conversations with a mortgage company move slowly and with some caution. Those companies that quote the lowest price and ask for some good faith or appraisal money up front should raise some serious flags. Why should you place some money typically 300 to 400 for an appraisal or good faith, if at that point the loan officer doesn't even know if you are going to be approved. Doesn't it make more sense to have the loan officer ask you some questions, pull your credit and take a look at your situation before you give them some money. What if you do get an appraisal but you can't get approved, what good is that appraisal now? let me answer that, it isn't going to do anything and I don't think you will be hanging it on your living room wall.

Ask some questions before you move to quickly into any mortgage situation. It is with common sense and a good honest loan officer that you will get treated well and have a good experience.