Quicken Loans quickenloans Misrepresentation of Good Faith Money/Dishonest Information and Avoiding communication. Internet

I had the same experience when Quicken Loans stole my good faith deposit of $500.00.  They hide behind their flimsy documents and play "Gotcha" on some made up technicality.   Sadly these boiler room tactics seem to still work for them. 

Kelly is a fake employee(s) who goes all over the web and repeats their bogus excuses over and over and blames everything on the comsumer.  This infamous Kelly character is not going to help anyone.  They steal deposits plain and simple.  Some day the tables will turn and Quicken Loans will go down.  Everyone that has been victimized should complain all the way to their Senators.  BBB is a joke and is a captured entity but you should file a complaint there anyway for the record.  Find every consumer finance agency you can and file an complaint.  There's a new agency that is now taking complaints on unfair practices in the mortgage loan industry.  File a complaint online to the Consumer Financial Protection Bureau consumerfinance.gov , or call (855) 411-CFPB (2372). 

My name is Kelly from Quicken Loans and I want to provide some context about our deposit. It is not a secret.

All clients authorize the deposit before we charge it. It's on the application, a document entitled "Interest Rate Disclosure & Deposit Agreement." We only move forward with the deposit WHEN the client signs it. They are made very aware. There's also a video explaining it when you login to sign your documents. We ask all clients to view the video prior to signing. The entire policy (including the video and an example of the document you sign) is also on our website for anyone to see: http://www.quickenloans.com/about/quicken-loans-deposit

Your loan sounds like it was denied for appraisal. In those cases, we refund the deposit, minus costs spent on your behalf. Those costs include appraisal and credit report. A typical appraisal is $350 - $400. Credit report can be between $20 and $30. In the case of a denial, WE KEEP NOTHING. We would much rather close the loan. We make no money at all if a loan is denied - please understand that.

If you have any outstanding questions, please feel free to contact me directly. I hope this explanation helps. kelly@quickenloans.com

There is another post by a employee of this company that indicates the there are many millions of dollars of revenue annually that come from this fraud deposit scam. This company made no attempt to remedy my situation and within 24 hours I changed my mind - THEN they processed the deposit - the next day. Granted, processing loans is better, yet with underwater properties and the reality of the crash, this is DEFINITELY a CASH COW for this nefarious company! They are pigs masquerading as business people. No worse, they are vermin.

Can you provide the reason you were denied 2 months earlier.    When they stated you were pre-approved had you provided them an accurate accounting of all of your income and all of your debt obligations?    It looks to me like they turned you down due to either a low credit score or too high of a debt to income ratio or concerns about your financial condition.   If you have anything in writing that shows you were pre-approved based on accurate income and debt info AND if you can have some sort of electronic record of them not calling you back, then you may have some recourse in getting your money back.  Another poster who is an ex employee states if they don't answer the phone/return calls apparently they can be terminated.   Also, did you correspond with them via email at all?   I usually recommend (1) if they state pre-approved have them email this to you along with all info that states why you would NOT be approved - ie if they pull a credit report and it's low, etc. (2) correspond with them via email not just phone - this way there is an audit trail if you need to show proof.  

I'm sorry about your situation but it appears the real reason that you got turned down because you were too high of a risk for them.  The same would have held true with another mortgage provider. I say this because if $500 is a stretch for you and you had to borrow this then likely you're not in the greatest shape financially.   Quicken makes it's money not by charging the $500 fee (that's chump change in their overall revenue stream)   They make their money by closing on loans and getting paid both closing fees + 1st months interest.   They are an originator which means they are in the business of originating and then selling loans.  Because of this and because of the new stringent requirements in mortgage lending, they cannot and will not approve loans they feel are high risk.   High risk to them is low current equity in the home and someone who lacks the income, cash/savings, and liquid assets to ensure the mortgage payment can be made in the event of a job loss.

hello, i am very disappointed with quicken loans, they take your money, for the apprisal, before anything happens also, they took my $500.00 not on the day that my agent anthony, said they needed more paper work, to do the apprisal, the next thing i knew $500.00, was deducted from my account 10 days later, which i am on a fixed income also, which cause my bank account to be
overdrawn, i have spoke to many people at quicken loans, but here is the main response, i will send it back to your loan specialist, but i ask for a supervisor, never speak to that tittle.
the names are anthony ashford, jennifer, very smart, not professinal about my $500.00
this lady could care less, amanda lopez, another smart email about my refund back.
jason, when i talk to him he said you only call 8 times so far.
kyle bishop, they just keep on putting me off about my $500.00
my name is joseph myers, i hope nobody else deals with quicken loans.
quicken loans, is only a third party, trying to sell you apples in a basket, with no seeds in them.