Quicken Loans Scam Lie and Cheat Livionia Michigan

Hi Sazie I would like to try to offer you some help in regards to the situation that you find yourself in. I see that you just came across rip off report so you are probably not familiar with my previous posts. To give you a quick background in regards to myself I worked at Quicken for over 3 years and in my previous posts have attempted to stick up for Quicken Loans and attempted to push the buttons of the individuals that blog on this site. I have not left any posts in the last couple months because I realized that I was simply arguing back and forth with former workers and not allowing this site to accomplish what it was setup to do, which is to help consumers make educated decisions about the company they do business with. I would like to share some of my thoughts on how you should proceed to make sure you are making the best decision for yourself.

I left Quicken about 2 months ago after working there for a long time. In previous posts I had mentioned several times that Quicken was not going to be a life long stop for me but that I was happy to be working there, was very successful and made what I would consider good money. I did ultimately make the decision to leave the company after taking several factors into consideration. The market was and is brutal right now. This includes loan programs being cut, guidelines being tightened, home values sinking faster then ever, oil and inflation causing stress on the financial markets and rates and even the company cutting some benefits and pay to save money. All of this excluding the benefits and pay is not isolated to Quicken but rather industry wide (although I'm sure most other mortgage companies are doing the same right now). I am not attempting to tell you my life story but I want you to understand my background so you can make a decision to take my advice or not.

As I said earlier a lot of the posts on here are from previous workers that are very angry and upset with Quicken. Most of these ex-workers are very justified in the way that they feel. Some of the things on this site are TRUE. The main one being that employees on a whole are worked very hard. Often to hard. There were a lot of bankers that were let go or forced to quit after putting in long days at the office without being rewarded or even thanked for their efforts. However the one thing I will say that is not true is that the company on a whole is unethical. Based on my experience this is not true. I am of course speaking in regards to how they deal with and treat their clients and or potential clients. I can buy the argument that former employees were treated unfairly. Please go over the posts and see that a lot of these individuals are very bitter towards Quicken (again a lot of them are justified) however this causes some people to say things that are not entirely true. For instance, in the post above yours Lexis Lady writes in her blog titled The Truth (please do not steal my name lol) that:

During the 1st week of training, I was taught all about the 'Ism's'; Quicken's business principles. The most troublesome one was 'Drink the Koolaid'. Can you believe that? Yes, the infamous words from notorious cult leader and mass murderer Jim Jones. The trainers told us that whenever we are in doubt about a process or the job, don't overthink it, just give in and 'Drink the Koolaid"

This is not truthful. Please see the link below which is taken directly off Quicken's website to verify.

https://www.quickenloans.com/about/press-room/quicken-loans-values-ism

Lexis Lady claims that she is a lawyer however I guess she is not smart enough to actually check and make sure that a statement she is making is in fact true. Drink the Koolaid is not an ism and trainers did not tell people when they were in doubt about a process or job to not over think it and just give in and drink the koolaid. This is actually very laughable. I am not trying to attack her here I just want you to see that sometimes people get a little carried away and are not always truthful.

Ok so I am done ranting and would like to offer some advice for you on your situation and how you can make sure you are doing the right thing. First you said that you have signed and sent in everything except for the certification and authorization. The problem with this is that you have already signed the interest rate disclosure which has the deposit agreement authorizing the company to charge your deposit. So if they wanted to use your $350 against you as leverage to work with them, they are already able to do so. A few things you want to take into consideration before you proceed with Quicken. How much equity do you have in your home? In banker terms this is your LTV. If you are at a high LTV or you have little equity and you are in an area where home values are declining sharply I probably wouldn't proceed with Quicken Loans. They work with very conservative appraisers in an attempt to not use appraisals that have a pumped up value. So if you do not have a lot of equity to begin with the chances of your appraisal coming in where you think it will is not very good. If you do have some equity in your house or you are purchasing a home with a decent down payment this will most likely not be an issue for you. The second thing to look at is the paperwork. Make sure that the information you provided is 100% accurate on your loan documents. If it is not then cancel the loan and use this as the reason to get your deposit back. If you call client relations and tell them that the info is not accurate they will cross check your initial calls with the application information and if this is not accurate then you would get a full refund on your deposit. The third thing is to trust yourself. Does the person you are working with give you a bad feeling? Is he/she extremely pushy or do they seem like someone you can not trust? I hope you would not have given a deposit to someone you couldn't trust but we have all made purchases due to "being sold" by a salesman that we have regretted at a later point in time. If you have a bad feeling about this person then asked to work with someone else and do not take no for an answer. The last thing you want to do is shop around and make sure you are getting a fair offer. This does not mean call a couple places and ask what the best interest rate is today. THIS IS THE WRONG WAY TO SHOP!!! Make sure you are looking at the exact same program, tell them the exact same loan amount, estimated value, income, credit score (ask your banker at quicken what your 3 scores were and they will tell you). Do not just get an interest rate or a good faith estimate and think that is good enough. Ask them what the APR is and compare it to the one with Quicken. The APR is the only way that you can compare a loan taking into account costs, fee's, points and other things that may be hidden costs. Call a couple large banks, lenders, credit unions and do what I mentioned above. If you do and Quicken has the best program for you then you are safe and you will be happy with the process, it really isn't bad compared to other companies. However, if you do find a lower rate THAT HAS A LOWER APR AS WELL then cancel your application with Quicken AFTER you lock in with the other company. Worse case you will lose the $350 but if you get a lower rate you will save a lot of money in interest over the life of the loan.

Hi Sazie I would like to try to offer you some help in regards to the situation that you find yourself in. I see that you just came across rip off report so you are probably not familiar with my previous posts. To give you a quick background in regards to myself I worked at Quicken for over 3 years and in my previous posts have attempted to stick up for Quicken Loans and attempted to push the buttons of the individuals that blog on this site. I have not left any posts in the last couple months because I realized that I was simply arguing back and forth with former workers and not allowing this site to accomplish what it was setup to do, which is to help consumers make educated decisions about the company they do business with. I would like to share some of my thoughts on how you should proceed to make sure you are making the best decision for yourself.

I left Quicken about 2 months ago after working there for a long time. In previous posts I had mentioned several times that Quicken was not going to be a life long stop for me but that I was happy to be working there, was very successful and made what I would consider good money. I did ultimately make the decision to leave the company after taking several factors into consideration. The market was and is brutal right now. This includes loan programs being cut, guidelines being tightened, home values sinking faster then ever, oil and inflation causing stress on the financial markets and rates and even the company cutting some benefits and pay to save money. All of this excluding the benefits and pay is not isolated to Quicken but rather industry wide (although I'm sure most other mortgage companies are doing the same right now). I am not attempting to tell you my life story but I want you to understand my background so you can make a decision to take my advice or not.

As I said earlier a lot of the posts on here are from previous workers that are very angry and upset with Quicken. Most of these ex-workers are very justified in the way that they feel. Some of the things on this site are TRUE. The main one being that employees on a whole are worked very hard. Often to hard. There were a lot of bankers that were let go or forced to quit after putting in long days at the office without being rewarded or even thanked for their efforts. However the one thing I will say that is not true is that the company on a whole is unethical. Based on my experience this is not true. I am of course speaking in regards to how they deal with and treat their clients and or potential clients. I can buy the argument that former employees were treated unfairly. Please go over the posts and see that a lot of these individuals are very bitter towards Quicken (again a lot of them are justified) however this causes some people to say things that are not entirely true. For instance, in the post above yours Lexis Lady writes in her blog titled The Truth (please do not steal my name lol) that:

During the 1st week of training, I was taught all about the 'Ism's'; Quicken's business principles. The most troublesome one was 'Drink the Koolaid'. Can you believe that? Yes, the infamous words from notorious cult leader and mass murderer Jim Jones. The trainers told us that whenever we are in doubt about a process or the job, don't overthink it, just give in and 'Drink the Koolaid"

This is not truthful. Please see the link below which is taken directly off Quicken's website to verify.

https://www.quickenloans.com/about/press-room/quicken-loans-values-ism

Lexis Lady claims that she is a lawyer however I guess she is not smart enough to actually check and make sure that a statement she is making is in fact true. Drink the Koolaid is not an ism and trainers did not tell people when they were in doubt about a process or job to not over think it and just give in and drink the koolaid. This is actually very laughable. I am not trying to attack her here I just want you to see that sometimes people get a little carried away and are not always truthful.

Ok so I am done ranting and would like to offer some advice for you on your situation and how you can make sure you are doing the right thing. First you said that you have signed and sent in everything except for the certification and authorization. The problem with this is that you have already signed the interest rate disclosure which has the deposit agreement authorizing the company to charge your deposit. So if they wanted to use your $350 against you as leverage to work with them, they are already able to do so. A few things you want to take into consideration before you proceed with Quicken. How much equity do you have in your home? In banker terms this is your LTV. If you are at a high LTV or you have little equity and you are in an area where home values are declining sharply I probably wouldn't proceed with Quicken Loans. They work with very conservative appraisers in an attempt to not use appraisals that have a pumped up value. So if you do not have a lot of equity to begin with the chances of your appraisal coming in where you think it will is not very good. If you do have some equity in your house or you are purchasing a home with a decent down payment this will most likely not be an issue for you. The second thing to look at is the paperwork. Make sure that the information you provided is 100% accurate on your loan documents. If it is not then cancel the loan and use this as the reason to get your deposit back. If you call client relations and tell them that the info is not accurate they will cross check your initial calls with the application information and if this is not accurate then you would get a full refund on your deposit. The third thing is to trust yourself. Does the person you are working with give you a bad feeling? Is he/she extremely pushy or do they seem like someone you can not trust? I hope you would not have given a deposit to someone you couldn't trust but we have all made purchases due to "being sold" by a salesman that we have regretted at a later point in time. If you have a bad feeling about this person then asked to work with someone else and do not take no for an answer. The last thing you want to do is shop around and make sure you are getting a fair offer. This does not mean call a couple places and ask what the best interest rate is today. THIS IS THE WRONG WAY TO SHOP!!! Make sure you are looking at the exact same program, tell them the exact same loan amount, estimated value, income, credit score (ask your banker at quicken what your 3 scores were and they will tell you). Do not just get an interest rate or a good faith estimate and think that is good enough. Ask them what the APR is and compare it to the one with Quicken. The APR is the only way that you can compare a loan taking into account costs, fee's, points and other things that may be hidden costs. Call a couple large banks, lenders, credit unions and do what I mentioned above. If you do and Quicken has the best program for you then you are safe and you will be happy with the process, it really isn't bad compared to other companies. However, if you do find a lower rate THAT HAS A LOWER APR AS WELL then cancel your application with Quicken AFTER you lock in with the other company. Worse case you will lose the $350 but if you get a lower rate you will save a lot of money in interest over the life of the loan.

OK, so what do I do now? I started working with them, sent them $350 (closing fee I think), faxed my W2's and pay stubs, signed papers online but haven't sent the signed certification and authorization yet. Wish I'd looked here earlier. Any help would be much appreciated!!!!

I've only browsed this site a few times in the past solely for entertainment. I, however, decided that I am morally obligated to corroborate the truths being told in this thread so I registered today. I of course am not shocked by those on here who are antithetic to truthfulness, they are representative Quicken Loans culture. First, I'll save you liars and bullys some time and preempt your attacks. I am not some displaced, resentful ex-employee seeking revenge on the company. I do not regret one minute I spent working at Quicken Loans. My experience there was absolutely invaluable; I learned to never sacrifice my standards or morals for an easy buck. I voluntarily resigned three years ago after working there for two years without ever being placed on any performance probation. I left to attend law school, desperately seeking to reacquaint myself with erect standing human beings and submerge myself in a pool of intellect after suffering from the drought at Quicken. I graduated this past May, c*m Laude I might add, and completed the bar exam last week. I already have an offer of employment at the 5th largest firm in the state. So please believe me when I say, I am happier than ever and have I have no reason to unfairly disparage Quicken Loans. Now, with all of that out of the way, the negative things being posted here about Quicken are completely true. During the 1st week of training, I was taught all about the "Ism's"; Quicken's business principles. The most troublesome one was "Drink the Koolaid". Can you believe that? Yes, the infamous words from notorious cult leader and mass murderer Jim Jones. The trainers told us that whenever we are in doubt about a process or the job, don't overthink it, just give in and "Drink the Koolaid". Quicken Loans was a notorious predatory lender when I was there. Ironically, they provided literature that contained a list of cautionary practices indicative that a company might be a predatory lender, and Quicken engaged in each of the practices. The Good Faith deposit was refundable but only in theory. We were told to hurry and order the appraisal as fast as possible so that if the client wanted to back out we could use the "already spent" deposit as leverage. The amount fluctuated based on how much "green bar" (premium) a banker wanted. Rates also fluctuated based on the same principle. The goal was to give clients on average a rate anywhere from .125 of a point to a full point or more above the market. Quicken loans really got greedy right before I left and started the "Fresh Start" team, which I hear no longer exists. This team was comprised of the sleeziest, most immoral bankers on Earth whose collective goal was to use subprime mortgages to prey on disadvantaged people's desperation. The company said that the prime selling point to this demographic is that for many of them a refinance was their last shot to keep their homes or prevent filing bankruptcy and when selling to them, bankers should deter them from focusing on the rates but instead on the payment or how much debt would be paid off. We were instructed to lie to clients about our "loan-tracker" system (a myth) which would update them whenever it would be advantageous for them to refinance for little to no costs. This is a complete lie. Your closing and refinance costs are not based on whether you're a return client, they're related to your borrower qualifications and the market. That's it. I won't even get into the personal behaviors of the employees mentioned below, i.e., the cursing and other detestable behaviors, I witnessed them with my own eyes, they're true. Quicken uses a well-established method of industrial brainwashing in conforming its employees to commit acts they wouldn't other wise commit, that's why you hear some employees acting as if their mothers are being attacked. This company is not designed for educated, logical, and intellectual people that are not accustomed to a pact mentality. Just read their posts, their elementary grammatical skills and child-like reasoning evidences the fact that Quicken employs android like clones in order to avoid any questioning of its not only unethical but illegal practices.

Read the first comment, that is the subject comment in the first place (I toohave been scammed by Quicken and I want all to beware these crooks. I paid $300.00 for an appraisal. All was going well until two days from closing they tell me they can not do new construction loans. There is nothing on there web page that says they can not do such. I have a home packed up and nowhere to go).

Hadit with the lies
memphis, Tennessee
U.S.A.

Now go back Mr.spelling and grammar man and slam this person on TOOHAVE. Then slam yourself for Mcdonalds. Its McDonald's.

Read the first comment, that is the subject comment in the first place (I toohave been scammed by Quicken and I want all to beware these crooks. I paid $300.00 for an appraisal. All was going well until two days from closing they tell me they can not do new construction loans. There is nothing on there web page that says they can not do such. I have a home packed up and nowhere to go).

Hadit with the lies
memphis, Tennessee
U.S.A.

Now go back Mr.spelling and grammar man and slam this person on TOOHAVE. Then slam yourself for Mcdonalds. Its McDonald's.

Your reading comprehension is even worse than i originally thought as you missed the point again! Focus, the education/training that it takes to be a loan officer is the "subject". But you gave me a great idea when bringing up Mcdonalds. It basically takes more training/qualification to be a fry guy at Mcdonalds, than it does to be a loan officer at Quicken, thank you.

Another great comment on slamming people personally and not commenting on the subject.As for any business you will find good things and not so good things.Type in McDonald's, you will find over 90 reports, so are you going to slam McDonald's employees for spelling and grammar and if you are going to not comment on the subject, then go back and comment on all the reports on Ripoff with bad spelling and grammar.People make comments on Ripoff to agreeing and disagreeing, not to take a spelling and grammar test.

To lender,
If you cant grow up and comments on the subject, then don't and go play with your daughter.

To Detroit,
Because you feel the need to comment on QL spelling and grammar, then go to every report on the web site and read all the comments and look for spelling and grammar and make a comment like this one you did on QL (I feel that some at QL might be bright. But really, it's quite a leap of faith to assume that, based upon the posts of some who work at Quicken.)

I peruse the Ripoff Reports mostly for my amusement. IOW, I am a lurker.

However, I registered tonight to express my agreement with Lender's viewpoint. Namely, that several Quicken Loans employees obviously possess rather low skills in basic English. That characteristic of many QL's people (currently employed or disgruntled ex-employees) alone casts serious doubts as to their intelligence and acquired skills (i.e., their education).

Call me childish too, if that makes those with low English skills on this board feel more self-important.

Could somebody inform me if those mortgage bankers at Quicken are merely a form of telemarketers who merely possess a modicum of knowledge of the mortgage industry? That's the impression I gathered as a lurker the past few months.

(I feel that some at QL might be bright. But really, it's quite a leap of faith to assume that, based upon the posts of some who work at Quicken.)

What you don't seem to understand is that this Quicken mortgage banker, and i use the term loosely, highlights the exact problem with our business. My daughter who is in the third grade is more qualified to be a loan officer than half of the people at quicken and at most brokers in the country. Aside from a patient/physician relationship, this is the most delicate and important relationship in most peoples lives, and it's easier to be a loan officer than, hmm, anything!

What you don't seem to understand is that this Quicken mortgage banker, and i use the term loosely, highlights the exact problem with our business. My daughter who is in the third grade is more qualified to be a loan officer than half of the people at quicken and at most brokers in the country. Aside from a patient/physician relationship, this is the most delicate and important relationship in most peoples lives, and it's easier to be a loan officer than, hmm, anything!

What you don't seem to understand is that this Quicken mortgage banker, and i use the term loosely, highlights the exact problem with our business. My daughter who is in the third grade is more qualified to be a loan officer than half of the people at quicken and at most brokers in the country. Aside from a patient/physician relationship, this is the most delicate and important relationship in most peoples lives, and it's easier to be a loan officer than, hmm, anything!

What you don't seem to understand is that this Quicken mortgage banker, and i use the term loosely, highlights the exact problem with our business. My daughter who is in the third grade is more qualified to be a loan officer than half of the people at quicken and at most brokers in the country. Aside from a patient/physician relationship, this is the most delicate and important relationship in most peoples lives, and it's easier to be a loan officer than, hmm, anything!

Here we go again with another great childish comment. I want to thank both teachers on the spelling and grammar.Sorry, I work for a living and after working 12 hours a day helping people, sometimes I do not go over my spelling and grammar replying to a childish comment on this web site.Again, you made a great comment on this by attacking me.The comment on the two days is only coming from the client.

Are you two people serious? I can't even follow what you are talking about. Did you go to school? Learn the difference between "there" and "their". Also "dose" is how someone takes their medicine. I think "does" works much better for this ridiculous conversation.
Bottom line is that the client should stay informed during the process. Finding out two days before the closing date that the loan cannot be done is simply a case of the loan officer (you are not Bankers) either not caring about the client or just a display of complete incompetence.
Either way, this industry has a black eye that will probably never go away because there is little or no regulation. The licensing process is a joke. There are very few states that actually have a process to weed out these loan officers.

Wow,great childish comments. Thank you for your time on this matter. Your input really helped.

Wow, excellent grammar. Has Quicken really lowered their standards this far? What are the qualifications to be a "mortgage banker" at Quicken these days? Based on the prior posts, it looks like a heart beat gets you in!

I am now working at QL because like almost every company out their is closing their doors or selling to another company.In my case the company was sold to an out of state company.As for the banker at QL. I am not saying that banker could have not made a mistake, however you worked at QL and you cant tell me that this banker did not know he or she could not do the loan TWO DAYS BEFORE THE CLOSING.You remember the pipe line report RIGHT.Also the client makes NO statement on this maybe their FAULT therefore the client most certainly took a leap in attack the banker / QL. This is a one sided story by the client saying it was two days before the closing.As for working at QL just like any other company, their or good things and not so good things.Working 12 hours a day / 7 days a week not so great. Having a company were I can help people very great place to work.In closing, when someone makes a comment clearly damage a company or person they better make sure they tell the full store on both sides.

I am now working at QL because like almost every company out their is closing their doors or selling to another company.In my case the company was sold to an out of state company.As for the banker at QL. I am not saying that banker could have not made a mistake, however you worked at QL and you cant tell me that this banker did not know he or she could not do the loan TWO DAYS BEFORE THE CLOSING.You remember the pipe line report RIGHT.Also the client makes NO statement on this maybe their FAULT therefore the client most certainly took a leap in attack the banker / QL. This is a one sided story by the client saying it was two days before the closing.As for working at QL just like any other company, their or good things and not so good things.Working 12 hours a day / 7 days a week not so great. Having a company were I can help people very great place to work.In closing, when someone makes a comment clearly damage a company or person they better make sure they tell the full store on both sides.

I am now working at QL because like almost every company out their is closing their doors or selling to another company.In my case the company was sold to an out of state company.As for the banker at QL. I am not saying that banker could have not made a mistake, however you worked at QL and you cant tell me that this banker did not know he or she could not do the loan TWO DAYS BEFORE THE CLOSING.You remember the pipe line report RIGHT.Also the client makes NO statement on this maybe their FAULT therefore the client most certainly took a leap in attack the banker / QL. This is a one sided story by the client saying it was two days before the closing.As for working at QL just like any other company, their or good things and not so good things.Working 12 hours a day / 7 days a week not so great. Having a company were I can help people very great place to work.In closing, when someone makes a comment clearly damage a company or person they better make sure they tell the full store on both sides.

I am now working at QL because like almost every company out their is closing their doors or selling to another company.In my case the company was sold to an out of state company.As for the banker at QL. I am not saying that banker could have not made a mistake, however you worked at QL and you cant tell me that this banker did not know he or she could not do the loan TWO DAYS BEFORE THE CLOSING.You remember the pipe line report RIGHT.Also the client makes NO statement on this maybe their FAULT therefore the client most certainly took a leap in attack the banker / QL. This is a one sided story by the client saying it was two days before the closing.As for working at QL just like any other company, their or good things and not so good things.Working 12 hours a day / 7 days a week not so great. Having a company were I can help people very great place to work.In closing, when someone makes a comment clearly damage a company or person they better make sure they tell the full store on both sides.

So you went from being upper management for over 20 years to a banker at Quicken? Doesn't add up to me. You can look into my employment history all you want.....you'll find nothing but the fact that I've excelled at every job I've been at. I even won awards at Quicken, I just wasn't seeing the reward for all the time I was putting in. By far the worst working environment I've been.

You most certainly took a leap in attack the individual here. You put all of the responsibility on them and none on the banker. They've got every right to be upset and post what they did. The fact still remains that they were not told until 2 DAYS BEFORE CLOSING that Quicken could not do the loan. With Quicken's flip process, there is not way that would have expected to close in two days without the banker saying something to them to affirm that.

There are two possibilities here:

Either the banker failed to do his job and tell them that Quicken could not do the new construction loan as soon as the banker got the PA,

OR

The banker failed to do his job and notify them that they would not be able to close within the period of time that was outlined on the PA.

Either way....THE BANKER DID NOT DO THEIR JOB. To put that on these poor people that were just looking for help is ridiculous.

And you still have not directly answered my question: Should Quicken have known sooner than 2 days before closing that they could not do this loan?

First off I made the comment on the appraisal because the comment was made that they paid $300 for an appraisal and even if the appraisal was not done, there is no way the closing would be two days after receiving the PA and finding out it was a new construction loan. I am not here to make leaps on attacking this individual.I am hear because I am sick of clients slamming this company for comments that are not true or not fully told.As for your comment on the CPP, this does not mean that the client went from looking at older homes and then changed their mind and signed a PA for a new home before calling the banker.As for you slamming me with calling me ignorant and using CAPS. I have owned 8 homes in my life time and have been in upper management for over 20 years with past company's.You can agree or disagree without being a child.After reading your comments on attacking me with your childish comments, I can see what kind of employee / person you are and can see why your an Ex-employee.If I were to look at your past work history, ill bet you job jump every two years, get fired or let go.So how does that feel with me slamming you?.It did not get to the point of this matter, so learn how to agree and disagree when making comments to get your point across without slamming a person with childish comments on them.

Real World,


A comment and a question for you. First, the original complaint said nothing about the appraisal coming in two days before close. All they said was that they were informed two days before closing that Quicken could not do the loan. The leap you made to attack this individual was completely unfounded.

Now for the question: Who's fault is it that Quicken did not know it was a construction loan? I seem to remember that being the first few things on a CPP, correct? Quicken has ALWAYS taught that it is the BANKER'S responsibility to completely understand the situation of their client. Most buyers don't realize that there's a difference between a existing home purchase and a new home purchase. And to top it off....if the banker was to have READ the signed purchase agreement, it would have CLEARLY stated that this was a new construction purchase. Do you know how to read a PA? Would you know what to look for to see if this was new construction or not? From your ignorant, unreasoned response, I'd say the answer to that is no. But, if for some chance the answer to that is yes, then you tell me, SHOULD QUICKEN HAVE KNOWN THIS WAS A NEW CONSTRUCTION LOAN AND BEEN ABLE TO LET THE BUYER KNOW THAT THEY COULDN"T DO THE LOAN AND SOONER THAN TWO DAYS BEFORE CLOSING? I just want you to answer that question. If you cannot answer that, then I, along with everybody else reading this, will assume that I am correct in my statement that Quicken should have known they buyer was attempting to purchase new construction.

Here's the problem with Quicken: you NEVER know who you're going to get as a banker. They're taught to talk the talk...and to a buyer/homeowner that is not educated (which I would say are most), it sounds like the banker knows what they are doing. However, this is not the case, for the most part. I have said it and will say it again. Find a banker or broker that you can create a relationship with....and I would HIGHLY suggest doing this in person. The bankers and Quicken feel no accountability to their clients if something goes wrong because they can just hang up the phone. This is not the case if you're working with somebody that works in the same town as you. Don't know of anybody? Ask a friend, neighbor, relative, pastor, or even a random Realtor. Remember most of all, this transaction is most likely the largest one you will ever make in your life.....wouldn't like somebody who knows what their doing working on it?

QL does not do new construction loans.However once the home is done, we can Ref the current mortgage.

Call the 800 # ask for client relations and e-mail the people listed in the tips below. Hopefully this will help you recover some of your money, QL will handle new construction however their FHA will not... you may also ask about a conventional loan maybe that will help. BEST OIF LUCK!

I worked for QL for 5 years, and I saw it all. I no longer work there, I can give you some quick tips on how to make your loan go through as planned and how not to have issues.

I think that letters to the Attorney General, the BBB etc are likely a waste of your time (i will get into this in part 2 in further detail)

1. When you apply for a mortgage at Quicken (or anywhere else) it is really important to have accurate information to give to the loan officer. Let me explain what I mean by accurate because i fear that most consumers definition of accurate and the actual definition are not the same

INCOME- When they ask you how much you make please give your salary or hourly wage, don't include BONOUS, OVERTIME, SELF EMPLOYMENT, or COMISSIONS. When they ask you how many hours you work be specific with that as well. IF you need Bonus, Overtime, Self Employment, or Commissions to qualify your banker WILL need TAX RETURNS all pages, all schedules (for self employed they will need business returns too!!!) OK now I know we all think we know how to read a tax return but the average person doesn't know how to do in the way an underwriter does. Mortgage companies tally up all of the income and then subtract ALL expenses. This means if you write off a home office, a rental property, mortgage payments on a rental property etc you are likely screwed. Sorry kiddies, but liars are a thing of the past, as they should be and mortgage companies will only give you credit for the income you show to the government.

ALSO if you are a part time employee, they will use a 2 year average of your income. IF you have less then 2 on the job sorry it doesn't count. Part time is anything under 36hours/week.

If you are making less this year then last, sorry Charlie you can't use your bonus, over time, commissions, or second job to qualify.

ASSETS give the banker asset info, exactly how much is in your checking TODAY, savings TODAY, retirement TODAY, etc. If you cant cash it out, it doesn't count. SORRY that's just how it is.

YOUR PROPERTY In light of the recent market, ALMOST all of our homes are worth less then they were last year. SORRY the mortgage company wants your appraisal to come in high, if it doesn't they are just as mad as you are because they get paid for closing loans. Check your neighborhood, see what has sold, remember that Granite countertops DO NOT improve your appraisal, neither dose a finished basement, new hardwood floors etc. APPRAISERS don't care about upgrades. Sorry they just don't. So be cautious when you estimate your value.

YOUR CREDIT if you have rough credit, be prepared for A LOT of work. It's tough for
FINALLY read your DOCUMENTS, is your income correct (that means base should be separate from all other income types defined about) are your assets accurate? What about the value are they what you said they are, if not DON'T sign!!! This is a sure sign that the banker is pushing things in hopes to push your loan through the system. Get them corrected before you sign. THIS IS YOUR ONLY hope to fight for a returned deposit.

IS YOUR RATE LOCKED. IF not don't sign, don't let a banker talk you into floating TRUST ME it isn't worth the .125 you could gain if they go down, because you will loose!!!

OK so you did all this and you want your deposit back? GOOD FOR YOU!! Follow these steps, it will improve your chances.

1.send an e-mail to your banker, Dan Gilbert, William Emerson, Jay Farner and anyone else you have spoken to thought the process, as well as help@quickenloans.com Put the afore mentioned people in the To; line and anyone else in the CC line in your e-mail box. (everyone at quicken has the same e-mail format their name @quickenloans.com use these peoples names first and last and add @quickenloans.com to the end.)
2.Make sure your e-mail only contains FACTS, don't demand things, don't be emotional, don't make threats. REMEMBER it is a lot like the playground people will play with the nice kids and pick on the mean ones. Use phrases like I would appreciate it if my calls were reviewed, I FEEL that I gave banker X accurate information upfront, and was told I would be approved.
3.USE EXACT DATES if at all possible.
4.report ANY unreturned phone calls (this is cause for termination)

So what happens when you send something to the BBB and atty general? It is just a recorded complaint that's all, they won't sue quicken, quicken gets a rebuttal and I promise their lawyer is bigger then your lawyer so it likely isn't worth the trouble and the 42 cent stamp.

I hope this was helpful, ALSO I would recommend ONLY working with senior mortgage bankers, executive mortgage bankers, and President's club mortgage bankers, if your banker dose not have this title ask for someone who dose and then ONLY communicate with the new banker, if the old banker calls you again tell them that you WILL NOT WORK WITH THEM because they are inexperienced.

So those are my thoughts not yours, is the same to the PENNY (income assets value etc) and you locked your loan. If this is the case yes you could contact an atty and sue.

Quicken is an ok company who generally has a very fast closing time and reasonable rates, some of the best bankers in the country work there. ALSO SOME OF THE WORST. If you follow my tips your process should be smooth. THANKS!

First off, your appraisal would have come in way before two days of the closing and the banker would have been told that this was a new construction as you did not inform the banker of this in the first place, so that statement is NOT TRUE. Next, you should have informed the banker that it was a new construction in the first phone call, so don't come across as if QL Scam Lie and Cheated you.QL Did not make a dime from you and in fact cost the company money working on your loan that did not close.QL only makes money when your loan closes.Because you did not inform the banker that this was a new construction loan, maybe QL should make a statement that you Scam Lie and Cheated QL out of spending time on a loan that would not close.

First off, your appraisal would have come in way before two days of the closing and the banker would have been told that this was a new construction as you did not inform the banker of this in the first place, so that statement is NOT TRUE. Next, you should have informed the banker that it was a new construction in the first phone call, so don't come across as if QL Scam Lie and Cheated you.QL Did not make a dime from you and in fact cost the company money working on your loan that did not close.QL only makes money when your loan closes.Because you did not inform the banker that this was a new construction loan, maybe QL should make a statement that you Scam Lie and Cheated QL out of spending time on a loan that would not close.

First off, your appraisal would have come in way before two days of the closing and the banker would have been told that this was a new construction as you did not inform the banker of this in the first place, so that statement is NOT TRUE. Next, you should have informed the banker that it was a new construction in the first phone call, so don't come across as if QL Scam Lie and Cheated you.QL Did not make a dime from you and in fact cost the company money working on your loan that did not close.QL only makes money when your loan closes.Because you did not inform the banker that this was a new construction loan, maybe QL should make a statement that you Scam Lie and Cheated QL out of spending time on a loan that would not close.

First off, your appraisal would have come in way before two days of the closing and the banker would have been told that this was a new construction as you did not inform the banker of this in the first place, so that statement is NOT TRUE. Next, you should have informed the banker that it was a new construction in the first phone call, so don't come across as if QL Scam Lie and Cheated you.QL Did not make a dime from you and in fact cost the company money working on your loan that did not close.QL only makes money when your loan closes.Because you did not inform the banker that this was a new construction loan, maybe QL should make a statement that you Scam Lie and Cheated QL out of spending time on a loan that would not close.