Complaint Review: Quicken Loans - Dtetroit Michigan
- Quicken Loans Dtetroit, Michigan USA
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- Category: Banks
Quicken Loans Predatory Loan Policies Dtetroit Michigan
*UPDATE EX-employee responds: That's not really how it works
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I've researched many lenders and Quicken is the only lender that requires you to take a home out of a Trust from the purpuses of settling. Don't have a Trust, you don't need to read further. Have a Trust? Here's why you should care. Unlikely though it may be, if the trusties die during the time the home is outside the Trust, the entire value of the Trust goes to probate, vastly diminishing it's value. I offered to send them a copy so that they could confirm there isn't an issue. They refused to even consider it. I offered to establish a conference call with my Certified Financial Planner (CFP) and my Bank USAA (who has a much better rating that Quicken Loans and doesn't require this insane policy), they also refused this.
It's clear that Quicken Loans "cookie cutter" approach to lending is a) out of step with other reasonable lenders, 2) is predatory in that it required ludicrous risks on the part of its customers and 3)is laughably counter to their claim of excellent customer service.
Don't walk, run away from Quicken Loans.
This report was posted on Ripoff Report on 11/01/2013 04:48 PM and is a permanent record located here: https://www.ripoffreport.com/reports/quicken-loans/dtetroit-michigan/quicken-loans-predatory-loan-policies-dtetroit-michigan-1096372. 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
That's not really how it works
AUTHOR: dlevs01 - ()
SUBMITTED: Saturday, February 01, 2014
The loan is taken out of trust so Quicken can close on a regular mortgage, which holds less risk for the lender, and then put right back into trust after the loan has technically closed. It is a simultaneous process that occurs at the closing table with the title company so there is no risk of an unexpected death pushing the trust to probate.
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