Quicken Loans, Inc. ***RIPPING OFF BORROWERS LEFT AND RIGHT - FIRST HAND EXPERIENCE - FORMER EMPLOYEE - LOAN OFFICER*** Detroit, Michigan

Where do I start? First, allow me to denounce several things sales people at Quicken Loans attempt to instruct their borrowers of.

Quicken Loans is for the MOST part NOT a direct lender. Quicken Loans sells their loans for servicing within 30 - 45 days after the closing of your home loan, yet instructs their sales people to reassure clients that they are the "nation's largest online direct lender". Quicken Loans is a GIANT mortgage brokerage, and always has been, even when it was Rock Financial.

Quicken blames Countrywide (now Bank of America) for the mortgage crisis...when in reality, it was companies like Quicken, Rock Financial, Ameriprise, etc. etc. that really caused the financial crisis in the mortgage sector. They used to write NINA (no income, no asset) loans for borrowers who could not afford the loan, and then sell them off to Countrywide and other large 'servicers' (when this was legal b/c there were no regulatory efforts in place).

Once thousands upon thousands of these loans were defaulted upon, Countrywide tanked because of the losses, and Quicken Loans/Rock Financial jumped through the open door scotch free...even though they helped to cause the problems leading to many companies demise - how did they do this? BECAUSE THEY BROKER MORTGAGES AND ALWAYS HAVE

Quicken Loans bankers will tell you that they can close your loan in an estimated 21 - 26 days on "average". I should know, I was one of them. This is not true. On average, if a banker is lucky and the "in-house underwriters" (rarely clear communication between bankers-underwriters) do their jobs and close out all of the conditions on the loan (documents, title insurance, appraisal, etc.), the loan MIGHT close in 35 - 40 days (no better than Chase/Bank of America/etc. if you have a clean loan).

Quicken Loans Mortgage Bankers are ALL unexperienced and are simply trained and instructed on how to SELL and how to CLOSE a mortgage DEAL...DEFINITELY NOT FINANCIAL EXPERTS. Again, I should know. I was hired in with some sales experience and NO KNOWLEDGE regarding mortgage qualifying factors, guidelines, etc. I, unlike most of the bankers there, had a college degree and was able to study and learn all of this material fairly quickly...being a dedicated banker...but even still, managers harass employees to close deals by yelling at them while they are on the phone...when the borrower may have a financial advisor instructing them to wait on the market - even the managers are just former bankers who have been at Quicken for a few years and moved up...they, too know NOTHING about the market, and little about finance.

Quicken is cult-like and is downright WEIRD as a corporation/culture. I was successful during my time there, but had a soul, and did not want to steal $500 from my clients through the "GOOD FAITH DEPOSIT"...I did not want to tell my clients that they had a loan approved when our underwriters don't even look at the loans until they've been signed by borrowers and received on our end...

We just ran numbers (that a banker could easily manipulate) through a computer system to print out documents that we would send to borrowers for them to sign - as recently as 2011!!!! This way, we could show them something that they may not really qualify for...show them something great..they sign the docs & then we call them back a few days later with the real figures trying to "re-sell" them on the new terms b/c the "underwriters found some problems on the loan".

Quicken is host to a multitude of UNEDUCATED "bankers" (not really bankers...more like scum used computer parts salesmen". These UNEDUCATED bankers are there for 60+ hours/week with one goal in mind..that of their "leaders" (Managers"...which is to SELL as many loans as they can...NOT TO HELP the home owners or to help with a purchase transaction (they tend not to piddle with purchases as they don't like to spend time doing anything...they just push clients into refi's).

You are required to sell between 20 - 30 loans PER MONTH (at a normal company that would pay you nearly a year's salary). Why do they do this? Well, because of the 25 one banker may right, they'd be LUCKY if 18 of them were to close!! Like those odds? If so, do a loan with Quicken. But if you are like me and most people and prefer to work with HONEST, SMART, HARD WORKING and HELPFUL people who are not out there to RIP YOU OFF...STAY AWAY FROM QUICKEN LOANS AT ALL COSTS!!!