Report: #1041958

Complaint Review: Quicken Loans

  • Submitted: Tue, April 09, 2013
  • Updated: Wed, April 17, 2013
  • Reported By: Bruce — Carrollton Texas
  • Quicken Loans
    1 Campus Martius, Compuware Bldg., 1050 Woodward A
    Detroit, Michigan
    United States of America

Quicken Loans $500 loss. Predatory and discriminatory practices. Lying about Fannie Mae (FNMA) underwriting. Detroit, Michigan

*Author of original report: In Quicken's Own words...

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

In early February I contacted QL for a simple Texas refinance. Facts are similar to most of the others posted here, with the following specific additions (yes, I paid the $500 up front).

1.  After receiving a written conditional approval, QL came back multiple times requesting information allegedly from "the underwriters". The principal go-between is a woman who is incapable of saying "yes" to any of my simple requests. If you ignore all the advice here from other posters, I urge you to at least avoid "Shana Levin".

2.  I ended up having to provide the appraiser a property map and a house diagram from my previous appraisals. Do you think I got a break from cutting his time on this property by half? Hah.

3.  After almost two months of me providing ever more documents, with nothing coming from QL on my requests; Ms. Levin called today to inform me (followed up with a lame standard "sorry" templated email) that my loan application was rejected. She alleged that QL underwriting was REQUIRED by Fannie Mae (FNMA) to have W-2's; even though I stated that W-2s were not the qualifying income I was using for 2012.

Ms. Levin included nothing in her email about the $500. She refused to write a separate letter about it. She refused to provide any information regarding how QL arrive at its underwriting decision, then supported the lie about FNMA.

So, I sent back a letter with the current underwriting guidelines on FNMA's own letterheads PROVING that W-2s are not required when the source of income is not related to employment (wages).

I am going to pursue this everywhere and anywhere I can.
It is not only the $500. It is the two hard inquiries against my credit score (dropping it 25 to 50 points for at least the next 90 days); the loss of $250 a month in savings between my old rate and the new rate; and the aggravation of stress.

I also allege discrimination under Title VII as I am an SSA disabled and Vietnam Veteran using as the source of my income (partly) SSI and VA receipts.

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#1 Author of original report

In Quicken's Own words...

AUTHOR: Bruce - ()

The following is taken verbatim from Quicken Loans' own website where they are scouring the Internet look to bloat their ranks of self-employed (and alleged) "Mortgage Brokers". Note the paragraph I bolded.

When I present this to the Court, Texas and the Feds at FNMA, it's likely my case will be closed in my favor without further ado. Especially, since QL 'conveniently' and craftily sent me a denial email that actually contains NO REASON for the denial. That omission is not going to get them off the hook.

How We Are Different:

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Underwriters on the Closing Team. Run into a snag just before, or worse-yet at the closing table? No need to inconvenience borrowers with delays while you track down the original underwriter. Our closing team is filled with underwriters who are empowered to approve those unexpected changes.

Rocket Launchers and the SOS Hotline NASA may not see the need for them anymore, but they are an incredible resource for you. Rocket Launchers help you pre-qualify your loans and find the right product and price. Our SOS Hotline is staffed with conventional, VA and DE certified underwriters who can work through complicated scenarios such as calculating self-employed income. There are prompts for technology, rate and closing questions too. Both teams are just a phone call or email away. Here, try it now:

Our Underwriting Team Never Denies a Loan Its true! If the underwriter cant say yes, they send it to our Suspense Analyst team. The suspense analysts will work with you to restructure the deal. If it can be done, they approve it without it needing to go back into a queue or to the original underwriter.

How refreshing is that? This allows our underwriters to quickly approve the easier loans while the challenging loans receive the attention they need. Our SOS team, Rocket Launchers and your personal Client Care Specialist (CCS) are available throughout the process to ensure you have everything you need. SIGN UP TODAY TO PARTNER WITH QUICKEN LOANS MORTGAGE SERVICES!
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