Report: #922547

Complaint Review: Quicken Loans

  • Submitted: Sat, August 04, 2012
  • Updated: Sat, August 04, 2012
  • Reported By: Phil — Bolingbrook Illinois U.S.A.
  • Quicken Loans

    Internet
    United States of America

Quicken Loans Loan Deposit Rip-off , Internet

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I applied for a mortgage refinance loan with Quicken Loans.  During the one of the initial telephone conversations, the Quicken Loan Rep said they would need a $400 "good faith" deposit that would be refunded when the loan closed.  I kick myself now for not having asked what would happen if the loan didn't close, but the whole tone of the rep's comment was that it was just a formality to show that I was serious.

It wasn't until their appraiser decided our townhome wasn't worth what we owed (another laughable process), thereby making the loan impossible, that we found out that our $400 "good faith " deposit was now going to be used to pay the appraiser.

When I objected, Quicken Client Care reminded me that the rep told the deposit could be used to pay for the appraisal and that they could prove it because they recorded the conversation.  I said I would apologize if I was wrong, but that I was sure the rep had said no such thing. 

Of course when the recorded conversation proved them wrong, then they decided to point me to a document I had signed that did say they could use the deposit against the appraisal if the loan didn't go through.  I said that I hadn't read that part carefully because their rep had already told me it was just a "good faith" deposit so I belived there wouldn't be anything in the documents that would substantially change what I was told by their rep.

Shame on me, I guess.
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This report was posted on Ripoff Report on 08/04/2012 03:48 PM and is a permanent record located here: http://www.ripoffreport.com/reports/quicken-loans/internet/quicken-loans-loan-deposit-rip-off-internet-922547. 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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