Quicken Loans Beware of Quicken Loans rip off Internet, Arizona

Write up a report, even if you are over this nasty business, and then send it to this government agency:

http://www.ftc.gov/reports/index.htm

Hi Linda! Thank you for posting here. Going to try and clear up some things for you....

First off, we cannot quote a certain value for any home. We are *not* appraisers. We are required by law to hire unaffiliated, unbiased 3rd party appraisers to assure we receive a fair value estimation of your home's value. While it's unfortunate, many homes in America have been depreciating - it's quite common. We would have loved to help you close your loan, but if an appraisal comes in low, it severely limits the loan options.

Regarding your deposit - we do not accept your deposit until you sign your loan application. In that application (which you must have signed if we accepted your deposit) is a document entitled "Interest Rate Disclosure." That document clearly explains our deposit policy and refund procedure. You can also find that policy very clearly on our website at https://www.quickenloans.com/about/quicken-loans-deposit

We take deposits to cover the costs we incur from other companies. In this case, those costs included your appraisal and credit report. You are absolutely entitled to copies of both your appraisal and your credit report as well. If you have not received them, feel free to contact me and I will get them for you.

I hope this helps. Again, I'm sorry for your experience and that your loan did not work out. Thank you for considering working with us.

Kelly

Quicken Loans

Kelly@QuickenLoans.com

I have been a loan officer for years and I can tell you, we have had to deal with Quicken on numerous occasions.  This is the way that shady company operates.  Most of the time, they will quote you a rate well below current market rates, then come back with a rate much higher once you pay their deposit.  I am amazed this company is still in business actually.  I hear this complaint about them ALL the time. Call and ask to speak with a manager and tell them your loan officer told you the deposit was refundable.