Quicken Loans Mortage Loan Fraud Livonia Michigan

Don't give them one in the first place. Honest lenders won't even ask for a deposit. Save the hassle and don't even think of doing business with Quicken Loans. It is a boiler room brokerage, not a real lender.

If an internet lender is your last resort, well, you have huge financial problems and should stop and carefully consider whether you should even try to buy a home. If you aren't in that bad a shape, you will simply be robbed by Quicken Loans and its ilk. If you really are in bad financial shape and accept a loan with horrible terms and high closing costs then you are just plain gambling against a future foreclosure.

Canvass all your local lenders first. Naturally try for a 30 year fixed rate loan. If you don't qualify, don't blame the bank (obviously they make no money from denying you a loan.) Ask about other loan programs, such as 3, 5, or 7 year balloon loans. Many banks actually keep these loans on their books and it is much easier to qualify. Several banks I checked had very low, or even zero closing costs for first time home buyers if you move your checking account to that bank (also zero cost.)

Check for state and federal loan programs also. It is well worth the effort as there are many programs for either first time home buyers, or people buying homes in distressed areas.

In short, do a little homework and don't get robbed by the likes of Quicken Loans.

I worked for QL for 5 years, and I saw it all. I no longer work there, I can give you some quick tips on how to make your loan go through as planned and how not to have issues.

I think that letters to the Attorney General, the BBB etc are likely a waste of your time (i will get into this in part 2 in further detail)

1. When you apply for a mortgage at Quicken (or anywhere else) it is really important to have accurate information to give to the loan officer. Let me explain what I mean by accurate because i fear that most consumers definition of accurate and the actual definition are not the same

INCOME- When they ask you how much you make please give your salary or hourly wage, don't include BONOUS, OVERTIME, SELF EMPLOYMENT, or COMISSIONS. When they ask you how many hours you work be specific with that as well. IF you need Bonus, Overtime, Self Employment, or Commissions to qualify your banker WILL need TAX RETURNS all pages, all schedules (for self employed they will need business returns too!!!) OK now I know we all think we know how to read a tax return but the average person doesn't know how to do in the way an underwriter does. Mortgage companies tally up all of the income and then subtract ALL expenses. This means if you write off a home office, a rental property, mortgage payments on a rental property etc you are likely screwed. Sorry kiddies, but liars are a thing of the past, as they should be and mortgage companies will only give you credit for the income you show to the government.

ALSO if you are a part time employee, they will use a 2 year average of your income. IF you have less then 2 on the job sorry it doesn't count. Part time is anything under 36hours/week.

If you are making less this year then last, sorry Charlie you can't use your bonus, over time, commissions, or second job to qualify.

ASSETS give the banker asset info, exactly how much is in your checking TODAY, savings TODAY, retirement TODAY, etc. If you cant cash it out, it doesn't count. SORRY that's just how it is.

YOUR PROPERTY In light of the recent market, ALMOST all of our homes are worth less then they were last year. SORRY the mortgage company wants your appraisal to come in high, if it doesn't they are just as mad as you are because they get paid for closing loans. Check your neighborhood, see what has sold, remember that Granite countertops DO NOT improve your appraisal, neither dose a finished basement, new hardwood floors etc. APPRAISERS don't care about upgrades. Sorry they just don't. So be cautious when you estimate your value.

YOUR CREDIT if you have rough credit, be prepared for A LOT of work. It's tough for
FINALLY read your DOCUMENTS, is your income correct (that means base should be separate from all other income types defined about) are your assets accurate? What about the value are they what you said they are, if not DON'T sign!!! This is a sure sign that the banker is pushing things in hopes to push your loan through the system. Get them corrected before you sign. THIS IS YOUR ONLY hope to fight for a returned deposit.

IS YOUR RATE LOCKED. IF not don't sign, don't let a banker talk you into floating TRUST ME it isn't worth the .125 you could gain if they go down, because you will loose!!!

OK so you did all this and you want your deposit back? GOOD FOR YOU!! Follow these steps, it will improve your chances.

1.send an e-mail to your banker, Dan Gilbert, William Emerson, Jay Farner and anyone else you have spoken to thought the process, as well as help@quickenloans.com Put the afore mentioned people in the To; line and anyone else in the CC line in your e-mail box. (everyone at quicken has the same e-mail format their name @quickenloans.com use these peoples names first and last and add @quickenloans.com to the end.)
2.Make sure your e-mail only contains FACTS, don't demand things, don't be emotional, don't make threats. REMEMBER it is a lot like the playground people will play with the nice kids and pick on the mean ones. Use phrases like I would appreciate it if my calls were reviewed, I FEEL that I gave banker X accurate information upfront, and was told I would be approved.
3.USE EXACT DATES if at all possible.
4.report ANY unreturned phone calls (this is cause for termination)

So what happens when you send something to the BBB and atty general? It is just a recorded complaint that's all, they won't sue quicken, quicken gets a rebuttal and I promise their lawyer is bigger then your lawyer so it likely isn't worth the trouble and the 42 cent stamp.

I hope this was helpful, ALSO I would recommend ONLY working with senior mortgage bankers, executive mortgage bankers, and President's club mortgage bankers, if your banker dose not have this title ask for someone who dose and then ONLY communicate with the new banker, if the old banker calls you again tell them that you WILL NOT WORK WITH THEM because they are inexperienced.

So those are my thoughts not yours, is the same to the PENNY (income assets value etc) and you locked your loan. If this is the case yes you could contact an atty and sue.

Quicken is an ok company who generally has a very fast closing time and reasonable rates, some of the best bankers in the country work there. ALSO SOME OF THE WORST. If you follow my tips your process should be smooth. THANKS!

The Birkmier by Bobby Allen Poe

Once upon a midnight dreary, while I pondered weak and weary,
Over many a job offers and curious companies of forgotten lore,
While I nodded, nearly napping, suddenly there came a tapping,
Tis' the slugger of 1997, someone gently rapping, rapping at my chamber door.
''Tis some visitor,' I muttered, 'tapping at my chamber door -
Only this, and nothing more.'

Ah, distinctly I remember it was in the bleak December,
And oh the excitement, a dying banker wrought its ghost upon the floor.
Eagerly I wished the morrow; - vainly I had sought to borrow
From my momma just a dolla to avoid the sorrow - sorrow because I just became poor-
For the rare and radiant burden I carry, that made the angels call me poor-
Nameless here for evermore.

And the silken sad uncertain rustling of each ISM mentioned,
Thrilled me - filled me with fantastic terrors never felt before;
So that now, to still the beating of my heart, I stood repeating
''Tis some visitor entreating entrance at my chamber door -
Some late visitor entreating entrance at my chamber door; -
This it is, and nothing more,'

Presently my workday grew longer; All this toil made me less stronger,
'Sir,' said I, 'or Madam, truly your forgiveness I implore;
But the fact is I was napping, and so gently you came rapping,
And so faintly you came tapping, tapping at my chamber door,
That I scarce was sure I heard you' - here I opened wide the door; -
A bit more than minimum wages at Quicken, and nothing more.

Deep into that darkness peering, long I stood there wondering, fearing,
Doubting, dreaming dreams no mortal ever dared to dream before
But the silence was unbroken, and the darkness gave no token,
And the only word there spoken was the whispered word, 'Poor!'
This I whispered, and an echo murmured back the word, 'Poor!'
Merely this and nothing more.

Open here I flung the shutter, when, with many a flirt and flutter,
In there stepped a stately Birkmier of the saintly days of yore.
Not the least obeisance made he; not a minute stopped or stayed he;
But, with mien of lord or lady, balding outside my chamber door -
Perched with a suitcase full of BS just outside my chamber door -
Perched, and sat, and nothing more.

Then this balding Birk' beguiling my happy fancy into frowning,
By the grave and stern decorum of the countenance he wore,
'Though thy head be shorn and shaven, thou,' I said, 'art sure no Payer.
Ghastly grim and ancient Birkmier wandering from the nightly shore -
Tell me can I be paid more than $7 per hour, thy lordly name is on Quicken's door!'
Quoth the Birkmier, 'Nevermore.'

Much I marvelled this ungainly fowl to hear discourse so plainly,
Though his answer little meaning - little relevancy bore;
For we cannot help agreeing that no living human being
Ever yet was blessed with deception as the Birk' above his chamber door -
Birkmier or beast above the shaven head outside my chamber door,
With such name as 'Nevermore.'

But the Birkmier, sitting lonely in the corner office, spoke only,
That one word, as if his soul in that one word he did outpour.
Nothing further then he uttered - never a dollar could he fluttered -
Till I scarcely more than muttered 'Other friends have flown before -
On the morrow he will pay me?, and my bank account will have money more.'
Then the Birkmier said, 'Nevermore.'

Then, methought, the air grew denser, perfumed from an unseen censer
Swung by Ted Jastrow whose foot-falls tinkled on the popcorn'ed floor.
'Wretch,' I cried, 'thy God hath lent thee - by these angels he has sent thee
Respite - respite and nepenthe from thy memories of being Poor!
Quaff, oh quaff this $6 per hour, and at least pay me this or maybe more!?'
Quoth the Birkmier, 'Nevermore.'

'Devil!' said I, 'thing of evil! - reaper still, if Birk' or devil! -
Whether tempter sent, or whether tempest tossed thee here ashore,
Desolate yet all undaunted, on this building off the 101 -
On this home by horror haunted - tell me truly, I implore -
Is there - is there an overtime lawsuit? - tell me - tell me, I implore!'
Quoth the Birkmier, 'Nevermore.'

'Reaper!' said I, 'thing of evil! - devil still, if Birk' or devil!
By that Heaven that bends above us - by that God we both adore -
Tell this soul with sorrow laden if, within the distant Fannie or Freddie,
At first for 7 and at second for 6 per hour, it's me! whom the angels named Poor -
Not 7, not 6, then surely 5. Law permits you do this so that angels don't call me Poor?'
Quoth the Birkmier, 'Nevermore.'

'Be that word our sign of parting, Birk' or fiend!' I shrieked upstarting -
'Get thee back into the tempest and Hell's shore!
Leave no closed loan as a token of that lie thy soul hath spoken!
Leave my bank account unbroken! - quit the baldiness outside my door!
Take thy beak from out my pocket, and take thy balding away from my door!'
Quoth the Birkmier, 'Nevermore.'

And the Birk', never flitting, still is sitting, still is sitting
In the corner office far away from my chamber door;
And his eyes have all the seeming of a demon's that is dreaming,
And the lamp-light o'er him streaming throws his shadow on the floor;
And my debt from out that credit cards that lies me close to bankruptcy's door,
The Quicken curse be lifted? - nevermore!

R.I.P. Quicken Loans

The Birkmier by Bobby Allen Poe

Once upon a midnight dreary, while I pondered weak and weary,
Over many a job offers and curious companies of forgotten lore,
While I nodded, nearly napping, suddenly there came a tapping,
Tis' the slugger of 1997, someone gently rapping, rapping at my chamber door.
''Tis some visitor,' I muttered, 'tapping at my chamber door -
Only this, and nothing more.'

Ah, distinctly I remember it was in the bleak December,
And oh the excitement, a dying banker wrought its ghost upon the floor.
Eagerly I wished the morrow; - vainly I had sought to borrow
From my momma just a dolla to avoid the sorrow - sorrow because I just became poor-
For the rare and radiant burden I carry, that made the angels call me poor-
Nameless here for evermore.

And the silken sad uncertain rustling of each ISM mentioned,
Thrilled me - filled me with fantastic terrors never felt before;
So that now, to still the beating of my heart, I stood repeating
''Tis some visitor entreating entrance at my chamber door -
Some late visitor entreating entrance at my chamber door; -
This it is, and nothing more,'

Presently my workday grew longer; All this toil made me less stronger,
'Sir,' said I, 'or Madam, truly your forgiveness I implore;
But the fact is I was napping, and so gently you came rapping,
And so faintly you came tapping, tapping at my chamber door,
That I scarce was sure I heard you' - here I opened wide the door; -
A bit more than minimum wages at Quicken, and nothing more.

Deep into that darkness peering, long I stood there wondering, fearing,
Doubting, dreaming dreams no mortal ever dared to dream before
But the silence was unbroken, and the darkness gave no token,
And the only word there spoken was the whispered word, 'Poor!'
This I whispered, and an echo murmured back the word, 'Poor!'
Merely this and nothing more.

Open here I flung the shutter, when, with many a flirt and flutter,
In there stepped a stately Birkmier of the saintly days of yore.
Not the least obeisance made he; not a minute stopped or stayed he;
But, with mien of lord or lady, balding outside my chamber door -
Perched with a suitcase full of BS just outside my chamber door -
Perched, and sat, and nothing more.

Then this balding Birk' beguiling my happy fancy into frowning,
By the grave and stern decorum of the countenance he wore,
'Though thy head be shorn and shaven, thou,' I said, 'art sure no Payer.
Ghastly grim and ancient Birkmier wandering from the nightly shore -
Tell me can I be paid more than $7 per hour, thy lordly name is on Quicken's door!'
Quoth the Birkmier, 'Nevermore.'

Much I marvelled this ungainly fowl to hear discourse so plainly,
Though his answer little meaning - little relevancy bore;
For we cannot help agreeing that no living human being
Ever yet was blessed with deception as the Birk' above his chamber door -
Birkmier or beast above the shaven head outside my chamber door,
With such name as 'Nevermore.'

But the Birkmier, sitting lonely in the corner office, spoke only,
That one word, as if his soul in that one word he did outpour.
Nothing further then he uttered - never a dollar could he fluttered -
Till I scarcely more than muttered 'Other friends have flown before -
On the morrow he will pay me?, and my bank account will have money more.'
Then the Birkmier said, 'Nevermore.'

Then, methought, the air grew denser, perfumed from an unseen censer
Swung by Ted Jastrow whose foot-falls tinkled on the popcorn'ed floor.
'Wretch,' I cried, 'thy God hath lent thee - by these angels he has sent thee
Respite - respite and nepenthe from thy memories of being Poor!
Quaff, oh quaff this $6 per hour, and at least pay me this or maybe more!?'
Quoth the Birkmier, 'Nevermore.'

'Devil!' said I, 'thing of evil! - reaper still, if Birk' or devil! -
Whether tempter sent, or whether tempest tossed thee here ashore,
Desolate yet all undaunted, on this building off the 101 -
On this home by horror haunted - tell me truly, I implore -
Is there - is there an overtime lawsuit? - tell me - tell me, I implore!'
Quoth the Birkmier, 'Nevermore.'

'Reaper!' said I, 'thing of evil! - devil still, if Birk' or devil!
By that Heaven that bends above us - by that God we both adore -
Tell this soul with sorrow laden if, within the distant Fannie or Freddie,
At first for 7 and at second for 6 per hour, it's me! whom the angels named Poor -
Not 7, not 6, then surely 5. Law permits you do this so that angels don't call me Poor?'
Quoth the Birkmier, 'Nevermore.'

'Be that word our sign of parting, Birk' or fiend!' I shrieked upstarting -
'Get thee back into the tempest and Hell's shore!
Leave no closed loan as a token of that lie thy soul hath spoken!
Leave my bank account unbroken! - quit the baldiness outside my door!
Take thy beak from out my pocket, and take thy balding away from my door!'
Quoth the Birkmier, 'Nevermore.'

And the Birk', never flitting, still is sitting, still is sitting
In the corner office far away from my chamber door;
And his eyes have all the seeming of a demon's that is dreaming,
And the lamp-light o'er him streaming throws his shadow on the floor;
And my debt from out that credit cards that lies me close to bankruptcy's door,
The Quicken curse be lifted? - nevermore!

R.I.P. Quicken Loans

The Birkmier by Bobby Allen Poe

Once upon a midnight dreary, while I pondered weak and weary,
Over many a job offers and curious companies of forgotten lore,
While I nodded, nearly napping, suddenly there came a tapping,
Tis' the slugger of 1997, someone gently rapping, rapping at my chamber door.
''Tis some visitor,' I muttered, 'tapping at my chamber door -
Only this, and nothing more.'

Ah, distinctly I remember it was in the bleak December,
And oh the excitement, a dying banker wrought its ghost upon the floor.
Eagerly I wished the morrow; - vainly I had sought to borrow
From my momma just a dolla to avoid the sorrow - sorrow because I just became poor-
For the rare and radiant burden I carry, that made the angels call me poor-
Nameless here for evermore.

And the silken sad uncertain rustling of each ISM mentioned,
Thrilled me - filled me with fantastic terrors never felt before;
So that now, to still the beating of my heart, I stood repeating
''Tis some visitor entreating entrance at my chamber door -
Some late visitor entreating entrance at my chamber door; -
This it is, and nothing more,'

Presently my workday grew longer; All this toil made me less stronger,
'Sir,' said I, 'or Madam, truly your forgiveness I implore;
But the fact is I was napping, and so gently you came rapping,
And so faintly you came tapping, tapping at my chamber door,
That I scarce was sure I heard you' - here I opened wide the door; -
A bit more than minimum wages at Quicken, and nothing more.

Deep into that darkness peering, long I stood there wondering, fearing,
Doubting, dreaming dreams no mortal ever dared to dream before
But the silence was unbroken, and the darkness gave no token,
And the only word there spoken was the whispered word, 'Poor!'
This I whispered, and an echo murmured back the word, 'Poor!'
Merely this and nothing more.

Open here I flung the shutter, when, with many a flirt and flutter,
In there stepped a stately Birkmier of the saintly days of yore.
Not the least obeisance made he; not a minute stopped or stayed he;
But, with mien of lord or lady, balding outside my chamber door -
Perched with a suitcase full of BS just outside my chamber door -
Perched, and sat, and nothing more.

Then this balding Birk' beguiling my happy fancy into frowning,
By the grave and stern decorum of the countenance he wore,
'Though thy head be shorn and shaven, thou,' I said, 'art sure no Payer.
Ghastly grim and ancient Birkmier wandering from the nightly shore -
Tell me can I be paid more than $7 per hour, thy lordly name is on Quicken's door!'
Quoth the Birkmier, 'Nevermore.'

Much I marvelled this ungainly fowl to hear discourse so plainly,
Though his answer little meaning - little relevancy bore;
For we cannot help agreeing that no living human being
Ever yet was blessed with deception as the Birk' above his chamber door -
Birkmier or beast above the shaven head outside my chamber door,
With such name as 'Nevermore.'

But the Birkmier, sitting lonely in the corner office, spoke only,
That one word, as if his soul in that one word he did outpour.
Nothing further then he uttered - never a dollar could he fluttered -
Till I scarcely more than muttered 'Other friends have flown before -
On the morrow he will pay me?, and my bank account will have money more.'
Then the Birkmier said, 'Nevermore.'

Then, methought, the air grew denser, perfumed from an unseen censer
Swung by Ted Jastrow whose foot-falls tinkled on the popcorn'ed floor.
'Wretch,' I cried, 'thy God hath lent thee - by these angels he has sent thee
Respite - respite and nepenthe from thy memories of being Poor!
Quaff, oh quaff this $6 per hour, and at least pay me this or maybe more!?'
Quoth the Birkmier, 'Nevermore.'

'Devil!' said I, 'thing of evil! - reaper still, if Birk' or devil! -
Whether tempter sent, or whether tempest tossed thee here ashore,
Desolate yet all undaunted, on this building off the 101 -
On this home by horror haunted - tell me truly, I implore -
Is there - is there an overtime lawsuit? - tell me - tell me, I implore!'
Quoth the Birkmier, 'Nevermore.'

'Reaper!' said I, 'thing of evil! - devil still, if Birk' or devil!
By that Heaven that bends above us - by that God we both adore -
Tell this soul with sorrow laden if, within the distant Fannie or Freddie,
At first for 7 and at second for 6 per hour, it's me! whom the angels named Poor -
Not 7, not 6, then surely 5. Law permits you do this so that angels don't call me Poor?'
Quoth the Birkmier, 'Nevermore.'

'Be that word our sign of parting, Birk' or fiend!' I shrieked upstarting -
'Get thee back into the tempest and Hell's shore!
Leave no closed loan as a token of that lie thy soul hath spoken!
Leave my bank account unbroken! - quit the baldiness outside my door!
Take thy beak from out my pocket, and take thy balding away from my door!'
Quoth the Birkmier, 'Nevermore.'

And the Birk', never flitting, still is sitting, still is sitting
In the corner office far away from my chamber door;
And his eyes have all the seeming of a demon's that is dreaming,
And the lamp-light o'er him streaming throws his shadow on the floor;
And my debt from out that credit cards that lies me close to bankruptcy's door,
The Quicken curse be lifted? - nevermore!

R.I.P. Quicken Loans

This is yet another example of how Quicken's bankers have no experience with loan transactions and how they respond to clients who decide to get a better deal. Getting a lower rate and much much lowers fees is so easy to do as they need to make $6,000 in every deal. Usually this is done with 2 points added to the cost and a higher rate. I really do feel sorry for those that work 12 hours a day in a sweatshop cubicle, making 150 calls a day only to make $200 a loan. They then defend the company they make so much money for but get paid so little in return.

They are not a lender as they do not service 1 single loan they write, All you are gauranteed is that your loan will be sold within 90 days and be promised that they will refinance you when the rates go down for no cost. This will never happen as they don't service any loans. All you will get is a call every 4 months from the same banker if he/she is still working there. The thing I get a kick out of is most of these phone monkeys don't even own their own home. That's exactly who I would want to have helping me.

Who would write a loan when the home needs a new roof? Every local banker I spoke with, that's who. Not one of them so much as batted an eyelash. They were all familar with such arrangements. The funds for the new roof are built in to the sale price of the home, and the purchase contract states the exact funds that will be placed in escrow and paid to the roofing company upon completion of the work.

None of the local banks had a problem with this. It's a rather common practice that allows the cost of a major repair to be rolled into the mortgage. This assumes, as is the fact in this case, that the roof has not actually failed, and is not in grave danger of failing within one year. This particular roof is just prematurely old due to overheating, and would benefit from additional venting. Would you not want a brand new roof on a home at half price if you could get it?

But, as I implied, it is a Godsend that Quicken Loans was clueless as to how to deal with it. It prompted me to check local banks and discover that Quicken Loan's rates, closing costs, and sales tactics are virtually criminal. As is their refusal to return my $300 deposit for an appraisal that never took place.

My new roof is paid for, the half of that cost that is mine is included in the mortgage (the seller's half was subtracted from the sale price, and the total cost then added, if this really needs to be explained...) with zero closing costs and a low 30 year fixed rate. That leaves me with a big pile of cash for moving, painting, appliances, furniture, etc.

Since you are an employee of Quicken Loans I can understand that you are hoping to have ALL of my discretionary funds in YOUR pocket at closing. I'm not at all sorry to disappoint you...

I don't spend much time on here, but when I do go on it appals me. Where do I start with this one? First of all, Quicken Loans is not a broker, we are a direct lender, meaning we fund out own loans, we are not a middle-man who shops the loan around. Second, why in the world would any lender lend on a home that does not have an adequate roof?!?!?! The home is our collateral in case the borrower defaults; especially in the market the way it is right now, why would we want to risk inheriting a home that is unliveable? Finally, if you have questions, concerns, etc. you need to call and get connected to Client Relations who researches every scenario (recorded phone calls, etc) to ensure our clients are treated in the best way possible.