Quicken Loans, Inc. Surprised? Livonia Michigan

This is a classic example of "slinging mud." As soon as the loan officer (aka mortgage banker, loan consultant, what ever) heard the house was under construction he or she should have stopped the process and informed the potential borrower the loan will not be approved. No lender is going to approve this loan while the house is being remodeled - period.

More than likely the loan consultant was under demanding pressure from his team leader and was desperately trying to get a deal so he or she would be left alone. So what does he or she do? They take a deposit on a deal that will not go through. This gets the manager off his/her back and puts their name on the board. Who pays for it?? The potential borrower! The loan officer knew the loan would not go through. They should have never taken the deposit! To the person above: You Suck at Life! Get a real job and quit acting like Quicken does no wrong.

Okay so let me clarify some of the claims above. With ANY other mortgage company, when the appraiser comes to the door, YOU are writing them a check. If your appraisal comes back too low, because the majority of houses in this market are depreciating in value, you just bought yourself an appraisal!

This is the exact same thing you just described. Except you gave the $500 Good Faith Deposit with Quicken, which is a handshake or commitment to do business, and is ENTIRELY CREDITED OFF YOUR CLOSING COSTS WHEN THE LOAN CLOSES. Now when the appraiser comes to your house, WE take care of the cost on your behalf so you are not writing a check at the door. If your value comes in lower than what YOU told us and we structured the loan based on, and it's too low to qualify you, well of course we will refund your good faith deposit - minus the cost of the appraisal. It would make no sense for Quicken Loans to buy $400 appraisals for every house in America on loans we are not closing.

Also, your credit card was never charged (it's an automated system, it is IMPOSSIBLE for it to be) UNTIL you signed the document outlining the deposit agreement and sent in your supporting documents to start the underwriting process.

I hope you spoke to Client Relations to have this explained to you prior to blasting a company due to your misunderstanding, but if you haven't, I highly encourage you to. We have a 94% client satisfaction rating and they will handle every individual case in a fair manner and make sure you are taken care of.