Quickenloans - Richard Hanna - Quicken Loans - Frank Gongola ripoff took my $500 & the loan didn't even go thru Internet

Trust me when I say this. They make a lot of money keeping deposits. The Employee who commented here probably hasn't been around long enough to know the ropes. The take the deposit and hold it for ransom. If you shop around, they tell you tough crap you are not getting your deposit back. Bait and switch is common too. The use a low rate to bait you in then at the last minute will change the terms. Stay away from this company. The are in business to rip people off. This is the only website they cannot buy out to repair their reputation.

You will see that this practice of taking a large deposit from those that cannot afford it is quite common with this company. They have an obnoxious person named Kelly who writes canned comments to people shafted by this company. If not over this, please consider writing a report and sending it to this watchdog agency:

http://www.ftc.gov/reports/index.shtm

I worked with Quicken Loans for about 6 months and even though they do a good job with training people who have no experience in the mortgage business...they hire and fire hundreds of loan officers every month! When I left there (voluntarily) it was estimated that their sales force had a 60 percent turnover after 4 months! My caution to people with doing business with Quicken is that though you might be talking to a pretty good salesman on the phone, more than likely you are dealing with a loan officer who has probably only been in the business for only a few months and will probably only be in the business for a few months! It's "full-nelson" selling there, so don't get caught up in the heavy sales pitch, do your homework and get other quotes! Quicken Loans sells all their loans to Countrywide, and though Countrywide is the number one lender in the U.S., I have found that GMAC, Wells Fargo, and a few others have more competitive rates!

In conclusion: When shopping for a mortgage!

1. Deal with someone that has been in the business for awhile. Ask family and friends who they dealt with and check them out first!

2. Be cautions of giving credit card information to a company that hasn't even given you a good faith estimate yet! Furthermore, this is not a common practice in the mortgage business so more than likely you can find a better company that doesn't ask for that commitment. Actually, most mortgage companies will actually pay for your appraisal and you won't even have to come out with any out of pocket expenses!!!

3. Stay away from the heavy, high-pressured sales pitches. Focus on what they are offering!

Well, lets see. No matter who you go through, you have to pay for the appraisal. Some companies require you to cut a check to the appraisor before he starts, but quicken is different. We hold your credit card for such charges. The appraisal is rolled into your loan as long as you close and your card is never charged. The day someone makes a committment to Quicken and appraisal is ordered and the customer is responsible for that charge no matter what. I am sorry if people have been mislead by certain unethical bankers but with thoes practices, I guarentee they are not employed here anymore. We do not make any money on deals falling out, only when loans close. Bottom line.

One of the comments that Tom made was that he could charge $800 to all of his clients and just screw them over for the money. He said that he would be rich but out of business in a short amount of time. Quicken loans has been around for 20 years and is growing rapidly. We are the #1 online lender and we close about 2 billion dollars every month in personal home loans. We did not get to this point by ripping people off of their $500. Please check out fortune magazines view of us.

Remember one thing about brokers, they are paid by you, as well as the lender is paid by you too. That is a double dip. A broker will take your loan and shop it to different companies to see who will take the loan and for what price. Then they put in their own fee so they get paid. Remember that NOTHING IS FREE.

Bottom line is that you need to do some research with whoever you are considering to use for your home loan because there are 60 thousand companies in this country who can underwrite loans.. That is a lot of competition. If you looked half of these companies up on this site you would find that people are complaining about thousands of dollars in hidden fees, programs being changed, higher rates than agreed upon, and just bad business. Check out Ameriquest on here. They are a large lender but there are a lot of major complaints about them. In comparison, a client being charged for an appraisal that Quicken actually paid for doesn't even compare to the thousands of dollars you could really lose if you go to an unethical company that switches things at closing.

Lastly, as far as reaching a particular banker. We have a rule here and it states that we need to return every phone call by the end of the business day. It is a rule that people lose their career over. We take it that seriously so if that did happen then file a complaint with client services and I assure you that action will be taken.

Jay Teneyck
Mortgage banker
Quickenloans

hi guys:

my name is tom and i am a state licenced mortgage broker.

i gotta agree with some of what gerry said. DONT ever pay anyone some kind of 'upfront ' fee to refi. That is a sure fire red flag. The fee not only binds you to that lender or broker -but protects the broker from ACTUALLY having to do anything to fund your loan.

s**t - i should charge my clients $800 'processing fee' -then just turn around and say 'sorry' u are declined. thankx for the money. I would be rich -but not in business very long.

Unless you have some MAJOR credit problems - i would roll the appraisal into the loan. Why? cause if it doesnt fund - the consumer would GLADLY pay me for the appraisal rather than get it judgement on their property and wreck their credit.

I havent had one single problem yet. I just determine if they wont fund -would they care if they ripped me off? If their credit and debt load already sucks -you bet i get them to pay for it at the door.

I tell you guys the truth -going directly to one lender will get you shafted over and over again.

Go get a broker -who has no conflict of interest to get your monthy payment. the broker works for YOU -not the bank. We will get you the best deal we can -and yes you PAY us for it out of your loan . But this post just proves once again -that if u had gone to a mortgage professional -this post wouldnt be here.

Listen, I work in the mortgage biz (not for Quicken) and here's a couple pieces of advice:

1. The $500 GF deposit is only to "bind" you to Quicken. They figure that since you've got money on the table, you won't be apt to shop around or change your mind later. Nowadays, 99.99% of the brokers out there don't ask for this type of fee. Usually, the only thing you have to pay for up front in a refinance is the appraisal. If you were smart enough to find this site and air your complaint, you should have been smart enough to research this fact for a little bit before plunking your money down to Quicken.

2. EVERY mortgage broker's commercials and ads make the whole process seem as easy as getting 20 bucks out of the ATM machine. Believe me, it's not. Lenders have different guidelines and criteria, rates fluctuate daily like the stock market, and it really doesn't matter if you think your house is worth twice as much as it actually is. Your credit score counts for a lot, but don't think that your 750 score eliminates any of the above. Your mortgage is your biggest investment. Don't treat the process like you're buying a big screen TV.

I was quoted an $875 payment for a $200,000 Interest Only loan, at 6.125%, from Quicken Loans yesterday. Only problem, 6.125% comes out to $1,020. He refused to give a Good Faith Estimate, too. This is common from Quicken, as well as letting your lock expire. Get everything in writing... if they'll give it to you.
BTW: Kelly from Plymouth, MI who supported them above, is using the same language as my loan officer, and guess where Quicken Loans has it's offices? Livonia, Michigan, a stone's throw away from Plymouth. 3-time satisfied user, or employee? You make the call.

I used Quicken to refinance my current mortgage. I was for the most part satisfied however I think their customer service leaves a lot to be desired. Lisa in Customer Service needs a lesson is Customer Service.

I expected to pay for the appraisal which I was told was $350 and refunded the remaining of the $500. I have bought & sold 2 properties in another state & this is my 3rd. I already had a morgage at 7% on this property thru another wellknown company.

Quicken Loans also ask me the selling prices of homes in my area and I told them. I also told them that I thot my house was valued at @ $170,000 and they upped it to $189,000. The appraisal at that time came in at $160,000. Now real-estate has risen 30% in HI in the last few months.

I appreciate your good luck with the company. I also realize the work they put into it. I've worked at a realtors, a title company, and also worked in an assessors office so I really do realize everything you have said. I also lost time & money faxing document 2X to them because they switched consultants on me.

Good Luck on your new loan.

Aloha

I expected to pay for the appraisal which I was told was $350 and refunded the remaining of the $500. I have bought & sold 2 properties in another state & this is my 3rd. I already had a morgage at 7% on this property thru another wellknown company.

Quicken Loans also ask me the selling prices of homes in my area and I told them. I also told them that I thot my house was valued at @ $170,000 and they upped it to $189,000. The appraisal at that time came in at $160,000. Now real-estate has risen 30% in HI in the last few months.

I appreciate your good luck with the company. I also realize the work they put into it. I've worked at a realtors, a title company, and also worked in an assessors office so I really do realize everything you have said. I also lost time & money faxing document 2X to them because they switched consultants on me.

Good Luck on your new loan.

Aloha

I expected to pay for the appraisal which I was told was $350 and refunded the remaining of the $500. I have bought & sold 2 properties in another state & this is my 3rd. I already had a morgage at 7% on this property thru another wellknown company.

Quicken Loans also ask me the selling prices of homes in my area and I told them. I also told them that I thot my house was valued at @ $170,000 and they upped it to $189,000. The appraisal at that time came in at $160,000. Now real-estate has risen 30% in HI in the last few months.

I appreciate your good luck with the company. I also realize the work they put into it. I've worked at a realtors, a title company, and also worked in an assessors office so I really do realize everything you have said. I also lost time & money faxing document 2X to them because they switched consultants on me.

Good Luck on your new loan.

Aloha

I expected to pay for the appraisal which I was told was $350 and refunded the remaining of the $500. I have bought & sold 2 properties in another state & this is my 3rd. I already had a morgage at 7% on this property thru another wellknown company.

Quicken Loans also ask me the selling prices of homes in my area and I told them. I also told them that I thot my house was valued at @ $170,000 and they upped it to $189,000. The appraisal at that time came in at $160,000. Now real-estate has risen 30% in HI in the last few months.

I appreciate your good luck with the company. I also realize the work they put into it. I've worked at a realtors, a title company, and also worked in an assessors office so I really do realize everything you have said. I also lost time & money faxing document 2X to them because they switched consultants on me.

Good Luck on your new loan.

Aloha

I hate to tell you this, but you would have had to pay for an appraisal, anyways (you wanted a mortage!) I have worked with this company 3 times and have been 100% satisfied.

When they were determining the value of my home for the application, they asked me what houses in my area were selling for, and I gave them estimates.

Mortgage companies don't (or least shouldn't) have any influence over appraisals. I would rather have it come in too low than have a company put a mortgage on my house that is higher than the actual value.

To sum it up, these companies don't make money if they don't close the loan. You're lucky you only lost $500 because the company probably lost a lot more while wasting hours of man-time!

That's right I made a typing mistake should have read haven't gotten my money back

That's right I made a typing mistake should have read haven't gotten my money back

That's right I made a typing mistake should have read haven't gotten my money back

That's right I made a typing mistake should have read haven't gotten my money back