Quicken Loans Waste of Time and Money Livonia Michigan

I have been scammed like you have been and I am quite angry. Please, even if you are over this, file a report and send it to this government agency:

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

Hi Carolyn! Thanks for explaining your experience. My name is Kelly and I'm from Quicken Loans. I'd like to try and shed a little light on this.

Our regular practice is certainly not under-valuing homes, keeping deposits and bait and switch. Our goal is always to help a client get a mortgage that is right for them and close the loan with a happy client.

Based on what you've written, it sounds like your home appraisal did not come in at the right value for us to give you a loan that made sense for you. While it's not an ideal situation, it is very common in today's market. Appraisals are always done by an independent 3rd party and we (or any lender) can, in no way, influence the value at all. It is illegal.

As far as the deposit goes, we generally take $500 at loan application to begin moving forward on your loan. If you signed your application, you read and agreed to our deposit policy on your application, specifically the document titled "Interest Rate Disclosure." That particular document would have also noted whether your rate was floating or locked, which would prevent any "bait and switch," had you instructed your banker to lock your rate. Rates are extremely volatile right now and have been changing up to a few times a day in recent months.

Since your appraisal came in too low, your loan would have been categorized as "denied." When a denial takes place, it is our policy to refund any of the deposit money that was not already spent on your behalf. In your case, we likely paid for the appraisal and a credit report. If there was any money left, it would have been returned to you. Since I'm unfamiliar with your particular loan, I'm unsure of what money remained, if any. You are also entitled to a copy of your appraisal, given that you paid for it. If you did not receive an invoice for deposit money spent or a copy of your appraisal, I would be happy to get it for you.

If you (or anyone) need more info on our deposit, please check out our site where we explain it fully - https://www.quickenloans.com/about/quicken-loans-deposit

Again, I'm sorry for your experience. We work very hard to close our clients' loans and leave them happy. Unfortunately, it's very difficult to predict home values until the appraiser actually visits the home. The appraisal is one of the most critical pieces in determining whether the loan will be able to move forward as-is. If it comes in low, then everything has to be reworked. While it may not be much consolation, I can tell you that many of our own employees have experienced lower than expected home values during a refinance. In some cases, they may have not even qualified for a loan because of it. So we really do understand how frustrating it can be.

Like I said, I'm not familiar with the details of your particular loan. If you have more questions, I'd be happy to investigate if you can contact me directly - Kelly@QuickenLoans.com.

Thanks again for considering working with us. Please let me know if I can be of any more assistance.

Kelly

As with others on this site, I was told the original interest rate of 4.25% which is why we stayed with Quicken. This was the lowest rate we were quoted.

Of course, after they had the $500 suddenly the rate changed to 4.875. Mr. Antaya said the rates had gone up "just then." We would have to go with the 4.875%.

FYI, another gentleman contacted us about our mortgage. We told him we were already working with another company. He asked which one and I said Quicken. He told me they were going to raise the original interest rate and under-value our home via their appraisal process. These things, unfortunately came true.

I would not wish Quicken Loans on my worst enemy!

As with others on this site, I was told the original interest rate of 4.25% which is why we stayed with Quicken. This was the lowest rate we were quoted.

Of course, after they had the $500 suddenly the rate changed to 4.875. Mr. Antaya said the rates had gone up "just then." We would have to go with the 4.875%.

FYI, another gentleman contacted us about our mortgage. We told him we were already working with another company. He asked which one and I said Quicken. He told me they were going to raise the original interest rate and under-value our home via their appraisal process. These things, unfortunately came true.

I would not wish Quicken Loans on my worst enemy!

As with others on this site, I was told the original interest rate of 4.25% which is why we stayed with Quicken. This was the lowest rate we were quoted.

Of course, after they had the $500 suddenly the rate changed to 4.875. Mr. Antaya said the rates had gone up "just then." We would have to go with the 4.875%.

FYI, another gentleman contacted us about our mortgage. We told him we were already working with another company. He asked which one and I said Quicken. He told me they were going to raise the original interest rate and under-value our home via their appraisal process. These things, unfortunately came true.

I would not wish Quicken Loans on my worst enemy!