This company is pure corporate greed. Stay away from them. Take my warning and go to another mortgage lender. Other mortgage lenders will have lower closing costs and can get a better rate. Trust me and call a local mortgage company or bank that you trust. Do not give Quicken Loans your credit card information because you never see your $500 again.
If you want a taste of the "smooth" talking sales people that I am talking about, then call Quicken Loans and ask for Jim Chepes. Really you can talk to anyone there because they are all from the same mold of sleezy liars. Unfortunately the mold didn't break yet. Hopefully the government or some fair business investigation will find that this company is the low of the low.
I hope to save at least one person's $500 since I lost mine.

I recently had a loan with Lehman Bros that was purchased by OCWEN, Quicken loans called to say that the institution wanted to do a refinance at better terms than my original loan and that I would not have to pay quicken anything to do this. As always I asked why and the officer stated that if the terms were better the a default would be less likely and the lendor was willing to pay all of the fees. I did the refi but not only did the amounts not match, quicken wrapped there fees into the lower payoff amount and then the previous mortgage company 1099 me as income for the difference. Now I owe taxes as income on an amount I did not have the benefit of using. It will take me two years to breakeven on the taxes paid to offset the lower payment given.

In my dealings with Quicken Loans here's what I've concluded is the major problem: They do not offer to send you a Good Faith Estimate that includes the loan amount, term, rate and the closing costs <b>BEFORE</b> they ask you to provide the $500 deposit to start the loan. What appears to happen then is the old <b>bait and switch</b>. Meaning, the consumer pays the $500 then, later in the process, the consumer receives loan paperwork with loan info or closing costs different than what was originaly quoted. And guess what, if the customer then decides to cancel, Quicken Loans keeps your deposit. <b>THEREFORE, DO NOT PAY ANY DEPOSIT UNTIL THEY SEND YOU A GOOD FAITH ESTIMATE.</b> However, this only offers some protection because if the costs or loan info comes out different after you've paid the deposit, the Quicken Loans deposit refund policy don't state that that the deposit will be refunded in these cases.
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Anyway, below is a letter I wrote to the president of Quicken Loans and his executive team about my dealing with them. At the end of the letter, I've provided the email addresses of the Quicken Loans executive team.
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QuickenLoans Executive Team,
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While I appreciated the call from your Corporate office yesterday to respond to my e-mail complaint of 1/8, I'm still very concerned about Quicken Loans' lending practices. If your company listens to the recording of my conversation with your representative, you'll confirm the following:
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<b>1) The representative told me that there was no way to find out what were the best rates offered without pulling my credit reports.</b> Because I didn't want a needless credit inquiry on my credit report (which lowers my score) I asked him if there was a way to simply tell me what would be the best rate offered by Quicken Loans with someone with good credit. (Other mortgage companies I've shopped were able to do this - of course with the understanding that the rate may be sightly different once they ran the credit, if I decided to go forward). The representative said this was not possible because the computer generates the rates once the credit score is populated. Based on my experience and my point #2 below, I don't believe this. Needless to say, I now have a wasted credit inquiry on my credit report to receive a rate that I would not have chosen had I known it up-front. Which leads to the next point.
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<b>2) The representative quoted me an incorrect rate.</b> For a 30 year fixed, he quoted me the 0 point rate and a rate of 4.375% with 1 point. (The next day when Quicken Loans Corporate checked in response to my complaint, that rate did not exist - the rate was in fact 4.375% with <b>2</b> points.) On the call with the representative, I entered the 1 point rate into an Excel spreadsheet and I read him back the calculated results of what the point would be and the resulting loan balance (which included the point). The representative agreed with my calculation. I also discussed with him the comparison of the 1 point cost to 0 point option as it relates to the No Cost Refinance option. Therefore, if he had incorrectly given me the wrong point information, he had multiple times during the conversation to realize his mistake. Also, I asked him to send me an e-mail with the rates he quoted me, and he did, however, he only included the 0 pt rate - not the 1 point rate. Therefore, because he didn't include this rate in his e-mail, this strengthens my conclusion that the Quicken Loans representative purposely quoted me a lower rate to get me to "commit, " and this commitment had to be in the form of the non-refundable $500 deposit. Which leads to the next point.
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<b>3) Both the representative and his supervisor told me that the $500 Good Faith Deposit was non-refundable under any circumstances.</b> (When you listen to the phone recording, you'll hear the supervisor telling me this.) Of course this information is incorrect. So, had I acted on the incorrect rate information the representative gave me, and paid the $500 non-refundable fee, I would have been surprised when I eventually (this is the operative word) received the loan paperwork showing a 4.375% loan with 2 points - versus 1 pt. Once I would have seen this error, I would have, of course, asked to cancel the deal, and then I would have been informed that I would not be able to get my deposit back. This scenario seems to match other scenarios that have been reported on the Internet by other dissatisfied Quicken Laons customers. If Quicken Loans followed a process where the customer was able to receive and review a document containing the quoted rate plus all closing costs, many of your bad customer experiences would be eliminated. Which leads me to my last point.
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<b>4) I was not able to get properly documented loan and closing cost information before being asked to pay the non-refundable deposit.</b> When I asked the representative to send me information on what he had communicated to me, he stated that he didn't want to spend time putting together information unless I was "committed" to the loan. (With commitment being paying the $500 deposit.) In fact, I was later informed by Quicken Loans that they were "passing on my business" due to me asking for additional information. This is counter to proper industry practices. Prospective borrowers should, per RESPA, receive a Good Faith Estimate (GFE) that details the loan and closing cost information before they commit to entering a loan. Yesterday, Quicken Loans Corporate stated that the Quicken Loans process does include sending a customer the GFE before asking for the deposit. However, in the "Seven Step Process" on the QuickenLoans website, there is absolutely no mention of the consumer receiving documentation of the loan information or closing costs before the application process starts. (Please see Attachment A at the end of this e-mail for my suggested changes to the Quicken Loans website and practice.) Therefore, if the official, documented process doesn't include this step, how are the front-line representatives expected to follow this process with customers? (Additionally, I saw a post on the Internet where a Quicken Loans employee complained that they had to prepare GFEs after hours. If this is the case, it appears then that representatives do not have the ability to send a customer a GFE while they are on the line with a customer for the first time?)
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In sum, as you'll see from my points above, there are a litany of mistakes and erroneous practices uncovered in just one phone call with Quicken Loans. This could be indicative of poor training, or it could be a result of a corporate management style that emphasizes volume and revenue over accuracy and customer consideration. Regarding the latter, it was unscrupulous mortgage banking and lending practices that caused many of the financial problems this nation is currently facing, and sadly, it appears that companies in the mortgage industry remain more focused on their bottomline than ensuring that the same mistakes are not made again.

Be very careful if you're looking to refinance with Quicken Loans. I was connected to them through Lending Tree. I had obtained a quote which is supposed to be free. Next thing I know, they send me loan documents and harrass me every day with calls and

E-mails up to 6-7 times per day for almost 2 weeks, saying they want to lock my rate in, move forward with the loan and such. And then they bill me!!!

FOR WHAT?????? I had signed no papers and we had no agreements because the documents they wanted me to sign was "A LOT" different than what we had discussed on the phone. Also, don't give them your credit card info. They try to get your credit card info in advance so the process goes "quickly" forward after the inspection on the house is done, etc. But, you'll be "quickly" charged for services you didn't recieve.

I wanted to refinance my home and closed a deal with Quicken Loan at 3 points and 6%. Next day Countrywide called me and proposed 2 points and 5.875% (1 point = $3000). With a deal like that, how could I pass it up? I already committed to Quicken but I figured that with savings that big, I would rather lose my $500 security deposit and save a lot more over the long term with the countrywide offer.

I called Rachel Fetchko (Mortgage Banker) and told her that I would be alright losing my $550.00 security deposit because I found a much better deal and I appreciated her time and wished her the best. She right away asked me to give her a chance to match the offer Countrywide gave me in order to keep me as a customer and told me she would call me back. Not even 15 minutes later, she called me back and said that Quicken Loans can do the same exact deal that Countrywide offered me. I was ecstatic! Wonderful I told her I'll stay with Quicken Loans.

Another 15 minutes went by and I got a phone call from Mr. Jerry Goldenapple from Quicken Loans. I have never in my life been treated as rude and disrespectful as the conversation I had with him. He told me that I do not understand anything about money and I do not need this new deal that Rachel got for me matching the countrywide one. He said Ã�¢ï¿½ï¿½what are you going to do with that moneyÃ�¢ï¿½ï¿½ You donÃ�¢ï¿½ï¿½t need it. I was blown away, who is he to ask me such question? Keep in mind this was after Rachel got off the phone with me and told me that she wants to keep me as a customer and matched the deal from countrywide.

If that was NOT bad enough, he went onÃ�¢ï¿½Ã�¦. He told me that if I do not go with Quicken Loans I will never receive a loan at all, that includes countrywide that already made me the offer. My credit score is to low and I do not make enough money (my credit score is almost 800 and I make over 95, 000/yr).

After a long discussion, in which the whole time he told me that I do not need this better deal because I donÃ�¢ï¿½ï¿½t understand money and what would I do with the saved money anyway. (Excuse me but what business is it of his and how dare he even say such things). He told me that I must commit right now to the initial offer (3 points and 6%) or he is canceling my application.

I was in a parking lot and was late thanks to him keeping me on the phone to take my grandson to the hospital. Obviously a lot more important than Jerry, it is no wonder why I said I do not have time to discuss this as I am already late and I cannot commit to anything especially since Rachel told me just 20 minutes ago about the new deal and now you are telling me I must commit to the initial one. Jerry said that he is canceling my application because I cannot commit to the initial deal right that second.

I informed Rachel in writing that after my phone conversation with Mr. Goldenapple I can not continue my business with Quicken Loans and as I understand my application is canceled. Because it was canceled by QL I expect a return of non refundable deposit of $550. Bellow is a copy of the email I sent to QL.

"Rachel,

2 days ago I had very bad experience while talking to Jerry (not sure about his last name, but his phone number is 248-796-6900). During phone conversation he assaulted me, demonstrated inappropriate attitude, and in the end told me that he is going to cancel my loan application. I had recorded this part of our conversation for future references and also I have a witness of this conversation who was sitting next to me in a car.

After everything that happened I do not feel comfortable to continue working with Quicken Loans even if Jerry changes his mind and continue processing my application.

I believe that since Jerry (not I) initiated cancellation of my loan application I am eligible to receive my deposit of $550.00 back.

I am very sorry that our business relationship wasnt successful."

I have never met anyone as rude as Jerry. Maybe that kind of a sales approach works on someone, but yelling at me and telling me that I dont need to save money and I dont understand money amongst other things is inappropriate on every level I can think of.

This story ended with me having a great experience with Countrywide. I did close my refinance with the numbers they initially proposed to me. I suppose Jerry was wrong? There is actually someone that will work with me and give me a loan. I cannot imagine how Jerry has a job with QL, a respectable company.