Report: #577308

Complaint Review: QUICKEN LOANS

  • Submitted: Wed, March 03, 2010
  • Updated: Mon, September 27, 2010
  • Reported By: cmisseri — Avon Connecticut United States of America

    United States of America

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

   I have been going through a re-finance on my house since 11/03/2009 - finally 2/26/2010 I stopped going through the refinace, I closed out my CD to pay a County Lien on my house for the water mains they put in, the title company could not get trhrough it. This was all the money I had, then, they asked where my money went told them I was requested to pay the county lien. My ate went from 4.5, to 4.75 at the end it was up to 4.875, not even a point down from where my rate is now. I asked for my money back Cullen Mieczkowski agreed with me that it was not my fault I did not make the closing dates but theirs I kept getting told I was going to have a closing ever couple of weeks and it never happened. I asked for my 500.00 "good faith" payment back becasue they were not in good faith and I was told they put documents on my site that I can look at. These are the people I delt with Ramon Guevara, Cullen Mieczkowski and Geoff Schmidt  who happens to be the Director of Mortgage Banking. These peole are rip off artists, I wish I had done my homework, becasue I am down to nothing, I can not get my house re-financed by anyone else and my daughter needs braces, this does not help when you are a single parent.


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This report was posted on Ripoff Report on 03/03/2010 10:37 AM 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 UPDATE EX-employee responds

Former employee response

AUTHOR: Troy - (U.S.A.)

Your situation is all too common at Quicken.  I worked there for several years and I ended up quitting there because of unethical situations like this.  They make initial promises to get you on board, so that a loan officer can fulfill local incentives such as phone time, outgoing call, taking an application, pulling a credit report, or getting an approved application through the system.  This is a no lose situation for the loan officer.  If they throw your file against the wall and it somehow sticks then great, if not they still padded their numbers at your expense with the incentives I listed above.

The reason your rate went up was more than likely because your rate lock expired.  Or it could be that a loan officer quoted you a rate based on a rate lock they could not keep, due to their length in processing.  Or maybe, the appraisal comes in low and the loan to value was increased and the rate raised as a result--there are so many variables.  These are the common reasons.  IMO if the appraisal causes a rate hike, then the lender should be responsible...this would take care of a lot of this.  The lender should be responsible as to what the values in the area are....and what they are willing to take a risk on.  There are many ways to do this.  The lender should then give an opinion as to what the expected value is and if the borrower still wants to go for it then they can sign a release stating the lender is not responsible.  It used to be that the fraud with appraisals was against the lender, now the reverse is happening to the borrower.  The appraisers are making out big...they make the same money whether your loan closes or not.  I see this a lot.

Your loan not closing on time is also too common.  There are so many people involved with your loan that even the loan officer has no clue when you will close.  If they tell you they do they are lying.  After your application is sent to underwriting they have little or no control over your loan.  Plus, the turnover at quicken is the highest in the industry.  People handling your loan are mostly inexperienced and have very little knowledge of the industry...sounds harsh, but again very true.

After the initial application and the appraisal ordered and deposit collected you will be a number.  They dont have to see you or worry about you knocking on their door, so what do they care?  They move on to the next person.  If anything pops up that makes the loan difficult, then you will find out real quick how much they really care about your value as a client.  They are cold cold cold.  They will kick you to the side very quick.

Ill tell you what i told and complain and tell them you want to speak with bill emerson or dan gilbert and no one else.  These two dont hear this stuff and they pay people to take the complaints so they dont have to hear it.  One thing is for sure though...if you get a hold of some of the higher ups they will do an investigation and to avoid embarrassment they will investigate the LO and others involved with the file, because the employees are just expendable numbers also.  The higher ups have so many things that they can hang on the employees that they will get the money from you or the employee...or in a lot of cases just fire the employee out right.  This happens every single day.

Good luck...let me know if I can help.
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#2 Consumer Comment

Please Consider Doing This...

AUTHOR: Bman - (United States of America)

Contact this agency and file a report:


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#3 Author of original report

Quicken Loans is deceitful

AUTHOR: cmisseri - (United States of America)

Well, that may be true, but I paid off the lien from the county for the water main that everyone in our association has. My lawyer informed Quicken Loans the 2nd lien was null and void because it never went to court. I still am disgusted with your service and it wasn't Quicken Loans who canceled my re-finance, it was me who had enough of being blown off, no one knowing what was going on and for that matter telling me that I was closing within a week each time I talked to one of Quicken Loans people. I believe you are a rip off artist that takes money away from people and I have and will let people know my experience with Quicken Loans. I think Quicken loans are despicable and deceitful.
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#4 UPDATE Employee

Response from Quicken Loans

AUTHOR: Kelly at QuickenLoans - (USA)

Hi - thanks for posting. I'm sorry you did not have a satisfactory experience with us.

However, we've responded to your complaint with the Attorney General in Connecticut and with the BBB. Our position in the matter does not change.

First thing to note is that your appraisal came in significantly lower than you had estimated at application. This completely changes the pricing and costs associated with your loan. It would be no different with any other lender.

The second issue was the liens. Our efforts to help clear the 2 liens on your house in order to close took some time. The extra time needed to process your loan meant we had to extend your rate twice, once on December 21 and once on January 5. Again, rate extensions cost money, which is why your rate went up slightly. You were kept aware of of all the extensions and the costs associated.

After all the issues with your loan were worked out, we reviewed the interest rate and the costs associated with the loan and unfortunately, the loan no longer offered a large enough monthly savings for you to proceed. Accordingly, we denied your loan February 26. As with the case in any denial, we refunded you your deposit, minus the costs we incurred on your behalf. You should have received $146.86 credited back to your card already.

Please know that we made every effort to accommodate you with a loan that made sense. In the case of any denial, we make nothing. Simply put, it does not benefit us in any way to work with a client we cannot help.

Our deposit policy is explained clearly on your application, specifically the document entitled "Interest Rate Disclosure & Deposit Agreement." You signed this document, acknowledging and authorizing the charge. You're also welcome to read the policy on our website: or watch our YouTube video about it: We try to make it as transparent as possible so as to avoid issues like this.

If you have any further questions, I'm more than happy to help. Feel free to contact me directly at

Thanks for considering Quicken Loans.

Quicken Loans
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