Report: #601718

Complaint Review: QUICKEN LOANS -

  • Submitted: Mon, May 10, 2010
  • Updated: Wed, September 15, 2010
  • Reported By: Suprised LO — Elkton Maryland United States of America

    United States of America

QUICKEN LOANS - Will take your 500 dollar deposit and refuse to give it back Internet

*Consumer Comment: Use this possibility...

*Consumer Comment: Very Nasty Policy

*UPDATE Employee: Response from Quicken Loans

Show customers why they should trust your business over your competitors...

I just wanted to let a few of you know what happened to a potential borrower that was dealing with Quicken.  He was asked for a 500 dollar good faith deposit and was told that it was to be used for the appraisal.

After checking out this website, he decided not to move forward with them after all.  When he called to cancle and asked about the refund as he did not have the house appraised he was told to read the fine print. READ BELOW.


From: Roberts, Isaac []

Sent: Monday, May 10, 2010 5:52 PM To: Richard Weaver Subject:

RE: Money Richard, The deposit agreement which was signed electronically was very specific on the refund policy for the earnest money deposit. I have my hands tied with this one. If you would like me to fax you the copy of the agreement I can do that however I cannot process a refund for any loan.


So basically after you pay your deposit you are stuck.  I can not believe that this is still going on in this business.  Before you do anything with quicken loans please do your home work. 

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This report was posted on Ripoff Report on 05/10/2010 03:38 PM and is a permanent record located here: 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. READ: Foreign websites steal our content

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#1 Consumer Comment

Use this possibility...

AUTHOR: Bman - (United States of America)

Use the same writing and prepare a report an send to:

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#2 Consumer Comment

Very Nasty Policy

AUTHOR: Bman - (United States of America)

Kelly you and Quicken Loans are in business to collect deposits not provide a service with policies like this in place. You are pigs masquerading as logical people.
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#3 UPDATE Employee

Response from Quicken Loans

AUTHOR: Kelly at QuickenLoans - (USA)

While I try to only respond to clients themselves, I am familiar with the client and loan mentioned, so I have a some feedback.

First off, our deposit policy is very well publicized and we only charge the deposit when the client signs their application, agreeing to and authorizing the deposit. The deposit info is located on the document entitled "Interest Rate Disclosure and Deposit Agreement." The policy is also spelled out on our website:  and we've even got a YouTube video explaining it:

Secondly, after doing some research on this loan, I've learned that Richard is getting his deposit back, minus the cost we incurred for his credit report. So this report is completely inaccurate and was probably posted without the client's knowledge and before they talked to their banker about the loan and deposit.

If anyone has any questions, feel free to contact me directly:


Quicken Loans
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