Report: #1380811

Complaint Review: Quicken Loans

  • Submitted: Fri, June 23, 2017
  • Updated: Fri, June 23, 2017
  • Reported By: davem — Durango Colorado USA
  • Quicken Loans

    Nationwide
    USA

Quicken Loans COMPLETE WASTE OF TIME EVEN WITH THE BEST CREDIT RATING AND INCOME HISTORY Chicago Nationwide

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SELF EMPLOYED INDIVIDUALS, DO NOT WASTE YOUR VALUABLE TIME WITH THESE INEXPERIENCED-YOUNG-UNDERWRITERS WHO DO NOT CARE TO UNDERSTAND SELF EMPLOYMENT (EVEN WITH A 25 YEAR HISTORY OF STRONG INCOME)

Below is text from an email I sent the company after nearly a month of exhaustive compliance with everything they asked for when they suddenly and inexplicably "could not fund" a loan I overqualified for that was pre-approved, based on a credit score of 777 and consistently high income. Of course, a different lender approved and funded in 10 days from initial contact.

EMAIL TEXT:

Thanks for your honesty, Jessica. I also heard your voicemail. (Admitting "they made a mistake" when approving a self-employed individual who is relocating, and that they never do that -- after wasting nearly 4 weeks of my time without remuneration -- I've invoiced them for my time.) 

Your firm does not seem to understand self employment — this was a highly frustrating experience and I’ve made a number of highly influential people in real estate know about this shortcoming, including the President of the Colorado Board of Realtors who was dismayed to say the least. She and others will steer people away.
 
The apparent lack of knowledge of even your own protocols put my contract to purchase a house we very much desired in jeopardy and wasted an enormous amount of our time — often answering the same redundant questions multiple times to multiple people. What a nightmare. It causes me to value relationship banking all the more. This idea of “rocket” loans is a complete misnomer and wish someone like me had made us aware beforehand. 
 
Thankfully I was able to find a competent lender who approved us instantly as our credit and income history deserved. In the future I strong suggest that you NEVER issue a pre-approval letter on a loan that you will then look for a reason not to fund or remembering some lost protocolthis is not acting in good faith and quite frankly is actionable. Had I lost the house in the very competitive real estate environment of Durango I would have surely taken action against Quicken for damages as the market has gone up even since we’ve signed our purchase agreement. 
 
The only pleasant thing about my experience with Quicken was Trevor Hill — a very nice young man who works extremely hard, day and night, on viable loans that you can’t see your way clear to fund after you’ve wasted a clients time and money. He deserves better and so do you.
 
I appreciate the refund due me, but know that I am also contemplating billing Quicken Loans at my billable rate for the time I invested in helping your firm re-discover its own protocols.
 
Sincerely,
David

 

 

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This report was posted on Ripoff Report on 06/23/2017 08:31 AM and is a permanent record located here: http://www.ripoffreport.com/reports/quicken-loans/nationwide/quicken-loans-complete-waste-of-time-even-with-the-best-credit-rating-and-income-history-1380811. 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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