Quicken Loans Inc. Rock Financial Loan approved with conditions that I cannot meet. I do not get my deposit of $750 back. They called me names and were terribly rude. Livonia Michigan

Honest Broker ya sure you are. So you slam my company on taking a deposit that pays for cost on the behalf of the client and in fact you take a deposit.Well Honest Broker since your so Honest and QL is not in your words, don't take a deposit and pay for all the up front cost for the client since your a Honest Broker.

Ill bet your not even a Broker anymore and if you are put your number on here so that all the QL clients that are not happy with QL can call you for a free loan.O make sure to tell them how much money you will be charging them to underwrite the loan and also the banks charges to fund the loan that you Brokers seem to not advise the client on until the closing, as for you are as you say an Honest Broker

Off the main topic first -

I worked for the company for eighteen months, had my ups and downs, left about a year ago. I've posted on here before, largely pro-Quicken. A couple things to expect every time:

1) You will be asked for a deposit.

2) Once you go through the e-signature process, odds are you will not get that deposit back.

3) Quicken does want your deposit money, but it is absolutely not how they make their profit.

4) The folks who are so quick to point out multiplied deposit numbers also fail to mention Quicken's relatively large, internal labor pool; multiple, nationwide offices; and rather generous medical/dental benefits; just to name a few of their myriad of expendatures. These things cost money, a lot more money than would be made on these deposits.

5) Once an appraisal is done, regardless of what the appraisal cost, in labor costs alone Quicken has lost money on your transaction.

I'm not going to apologize for the company, I'm not going to praise it or knock it down - but please stop spreading this falsehood of some great profit being made from a series of deposits.


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Back on main topic -

Yours is a state where property values have sometimes fallen hard - during my time at Quicken, Oregon properties apprieciated very rapidly. Now, in conversations I've had with clients I've kept in touch with, many neighborhoods have fallen in price or, best case, remained flat. Given Quicken asked for a $750 deposit plus you report a price that has declined $200,000, I suspect they thought they may need two appraisals to justify what you stated your home value to be but, upon seeing the first one come back with such a large discrepency, decided to not bother with the second appraisal.

Have you since tried with another mortgage company? Your local credit union? Did you have any appraisal issues with them?

Robert B. - Livonia office Feb '06 - Sept. '07

Or you could actually tell the truth.

We all know for a fact that Quicken is in the business of making money. Well... let's look at it like this.

Recently I know that Quicken has been doing quite a bit of loans due tot he fact the rates are at historic lows.

Now, lets say the average banker takes $400 for a deposit.

Now..... let's say quicken writes 1000 loans on Monday. That's $400,000 in deposits. Now... do that 5 days in a row. Thats $2,000,000 in deposits.... sitting in the bank..... gaining interest.

Why would they be even remotely fast to refund or give back that money.

You are making thousands and thousands of dollars on the interest alone.

That's why Quicken takes their time to refund deposits.

That is why I wised up and would only take a deposit when I knew the loan would be approved. That is why I was not shady like a lot of the LO's are that are there now.

And no, not everyone is. Bari Beckett, Quigs, they are great bankers and great people.

Quicken is nowhere near how it was 3-5 years ago. And it's a shame.

Honest Broker, you know dam well that we only get paid when the loan closes just like a Broker gets paid. So please, tell everyone on this web site your company name so that they can call you and you will pay for their appraisal.

Real World, you know as well as I do how much Quicken makes from retaining deposits and the lengths it will go to achieve this.

How about telling the truth for 2009?

Our company makes money buy closing your loan not taking deposits and Quicken Loans has nothing to do with the value of your home.