• Report: #303335
Complaint Review:

Quicken Loans Livonia

  • Submitted: Fri, January 25, 2008
  • Updated: Sat, October 30, 2010

  • Reported By:Naugatuck Connecticut
Quicken Loans Livonia
20555 Victor Parkway Livonia, Michigan U.S.A.

Quicken Loans Livonia, MIQuicken Loans Livonia Pressured into a loan and $400 deposit Livonia Michigan

*Consumer Comment: I was taken for $500 I could not afford to lose...

*Consumer Suggestion: Follow these steps to get your deposit back

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After talking with a representitive named Alex Tyler, I felt pressured to give my credit card number over the phone for orginally a $550.oo deposit. After stating that I was previously told $400.00, I was told to wait while he asked his manager if we could do it for less. Alex came back on the phone and stated that $400.00 would be taken as a deposit on my loan. After investigating the company and finding many derogatory complaints on the BBB site, I decide to withdrawl my application. When I called and spoke to the manager Eddie, I was not only verbally assaulted but told that I would not get my deposit back. They lied to me about my credit score telling me it was 513, when I knew it was higher. The whole process made me verfy leary, and I now I wonder if I will ever see that $400.00 dollars again.

Naugatuck, Connecticut

This report was posted on Ripoff Report on 01/25/2008 12:38 PM and is a permanent record located here: http://www.ripoffreport.com/reports/quicken-loans-livonia/livonia-michigan-48152/quicken-loans-livonia-miquicken-loans-livonia-pressured-into-a-loan-and-400-deposit-livo-303335. 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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#1 Consumer Comment

I was taken for $500 I could not afford to lose...

AUTHOR: Bman - (United States of America)

Please consider doing this IF not over it, I know I am not, write a report and send to:


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#2 Consumer Suggestion

Follow these steps to get your deposit back

AUTHOR: Kurt - (U.S.A.)

There are many negative points that people are overlooking about Quicken Loans. Everyone should take a look at Ripoffreport.com and search for Quicken Loans. There are many many problems with their predatory lending and bait/switch techniques stealing money from many customers. They ask for a $500 refundable deposit which is not the case. They will double charge you on appraisals and other additional fees. They will change your interest rate last minute or charge you for additional points. They have terrible customer service and once they realize they have your loan and money you no longer matter because they are a Marketing Company not a loan servicer.

Quicken Loans is not a great place to work and if you enjoy working many hours for low pay then I guess that is your choice. Again please everyone, look at Ripoffreport.com and you will what is happening here. There are multiple class action lawsuits against this company for many reasons.

Here is the truth, read for yourself.

Is this predatory lending?

I used to work for the company, I know how the math works.

If you want your $500 back at the end of the loan, yes, the loan amount has to go up by $500. Your HUD-1 statement will show the $500 credit that you paid applied to the loan. If you want that $500 back, then that $500 credit has to be taken away with a corresponding $500 cash in hand.

I'm neither defending the company nor promoting it, I'm simply stating how it would have shown up on your HUD-1 statement.
Heres a little truth for the people that actually close a loan with quicken, $500 deposit IS NOT refundable at closing. In fact the deposit is actually $1,000 for people who close....how you ask? Easy, when you request the deposit back at the table, they have to increase the loan amount by $500 to cover it.

So if your refinancing, all costs are rolled into the loan....INCLUDING THE APPRAISAL FEE (the apprasial does not have to be paid by the lender after a few days post the loan closing) So you give quicken $500 for good faith, want it back? SURE! we will roll it into the loan and charge you interest on it as well! so here are the main points, The good faith deposit is actually $1000 if your loan closes, the $500 is PURE PROFIT even if the loan does close, and your stuck paying the money they gave you for your deposit back with interest.....

A major source of revenue for Quicken Loans is the thousands of $500 deposits that they take on a daily basis. There are currently 2000 mortgage bankers. Each Mortgage Banker is required to have at least 15 loans per month.

That is 30,000 loans per month. 30,000 loans x $500 = $15,000,000 per month ($180,000,000/annually)in deposit fees.

As a former mortgage banker at Quicken Loans we are constantly harrassed by are directors to get a credit card number. They actually walk up and down the sales aisles with their headsets on listening to our sales calls screaming at us to get their $500 deposit. We even have constant sales meetings emphasizing that the most important item we need to do is obtain a credit card number.

Personally I think it is a shame that we have to take someone's money even if they will never qualify for the loan.

Unless the thousands of consumers who have had their deposits taken from them write the State of Michigan's Attorney General complaining about this practice nothing will happen and consumers such as yourself will continue to be stiffed.

Just google 'attorney general state of michigan' and you can complete the complaint on line.

Tired of this company stealing your deposits, excessive fees/ bait and switch promises of what it will cost to close on a loan in the beginning and how all your costs increase at the end, they steal from so many people, lets stop this. Please follow these steps to get started and don't give up!!! If you like giving your money away that is your choice but just think what you could have bought with it, your choice.
1. Contact the Banking department of your state where they have licence to operate
2. Report them with the better business bureau at www.bbb.org
3. Send a letter to their CEO and avoid the Directors and Bankers. Go above their heads right to Client relations or the CEO and tell them you were lied to
4. Threaten to take them to a small claims court.
5. Contact your state attorney generals office and file a complaint, just google 'attorney general state of michigan' and you can complete the complaint on line.
6. Call your credit card company and dipute the charge.
7. Demand them to listen to the call clip -- ALL CALLS are recorded
8. Contact the Banking department of your state where they have licence to operate:
Detroit Alliance for Fair Banking
76 Lothrop
Detroit, MI 48202
(313) 871-9050
9. I would personally email Tom Walsh from the local Detroit paper.
10. Complain to local tv stations and consumer protection agencies for the state and county.
11. Contact Teresa Drexler at NKA at 612.256.3268. They are in the beginning stages of a class action law suit against Quicken Loans about this very thing, bait and switching loans, not disclosing fees etc. If the APR that they quoted you is more than 1/8th off - they HAVE to get you all new paperwork. They are excited to hear from you.
12. Demand to see the invoice from the appraiser and demand the difference back. And do NOT pay for any QLSS or any other junk fee. Screw it, call the appraiser direct and ask for a copy of the invoice.
13. Tell your friends and family not to do business with them.
14. All of this will not cost you a penny and in most cases you will get your money fully refunded.
15. Predatory Lending HOT Line - 1-800-SOLVE88 for the state of Michigan.
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