Complaint Review: Quicken Loans
Now, with rates as low as they are, I decided it was time to refinance the home we had built just two years ago in a growing area. I checked out Quicken Loans and like the speed in which they responded to my initial inquiry. (Especially considering I sent a message to my current mortgage holder and they never responded back)
After talking with the very nice Sr. Mortgage Banker Michael, he sent me some preliminary numbers which were inline with what I had been looking at rate and fee wise. The next part is where I should have paid closer attention, he asked for $500 up-front to show I was serious about doing business with them. This is not that uncommon considering many places were asking for an "application" fee.
I supplied CC number and signed the initial documents. Next thing I know they order an appraisal which comes in $45,000 less than what my house appraised for just two years earlier and $33,000 less than tax assessed value. Working for a bank I had our group review the appraisal, who said there should have been some adjustments made due to age of comps. Unfortunately, Quicken would not review the appraisal which meant I would know have to come to the table with an additional $21,000 to close.
After informing Michael that I did not have $21,000 in my cash to bring to closing, he said underwriting would decline my loan and I would lose my $500 deposit.
Just some advice, first stay away from Quicken Loans, once they get your $500 it is gone UNLESS, you can close the loan. Even if you do not want the loan, CLOSE. According to Reg Z, Truth in Lending, once you close on a refi (there are a couple of exceptions) you have 3 days to cancel the loan and get everything back. This is something they will not tell you! Unfortunately, I couldn't even close my loan because I didn't have the $21,000 to bring to the table even if I wanted to.
This report was posted on Ripoff Report on 02/02/2012 12:47 PM and is a permanent record located here: http://www.ripoffreport.com/reports/quicken-loans/internet/quicken-loans-quicken-loans-inc-consumer-beware-of-quicken-loans-you-will-lose-500-int-832868. 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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