Anwar Caliph, Stephanie Summers and Jay Sloan - the team I was in contact with Quicken Loans. I wanted to refinance my mortgage loan and Anwar started the process. He collected $500 for appraisal that never happened. He promised I will get back a check for the appraisal on closing but Jay Sloan said I will not get a check but instead it will be credited on the total amount. Our phone conversation got heated on one occasion when I started hearing different total loan amount. I repeated my question and Stephanie cut me and raised her voice and sounded very annoyed. I told her that she don't know how to listen. That is when Jay Sloan came to the picture and eventually pressured me and just like Stephanie was rude on the phone. I canceled my contract and demanded my money back and Jay Sloan sent me an e-mail saying I will not get my money back.

We recently contacted Quicken Loans about refinancing a mortgate held by a company that does not do refinancing. They simply own the mortgage and partner through Quicken for refinancing needs such as ours. Our options for attempting a refinance were limited to Quicken because the house has lost value, and only your current lender is required to attempt refinance in these cases. I had read the reports on Quicken, but had no choice if we wanted to attempt refinance.

I expressed my concern about the up front cost for the appraisal and whether it would return a value that would allow us to proceed based on a market report I'd recently received through my real estate agent that was based only on recent sales of 2 bedroom/1 bath houses. I provided the value from that market report to the Quicken loan processor along with information on a recent sale of a similar home next door with similar square footage, but a 3 bedroom/2 bath configuration. I was encouraged to go forward with the appraisal.

I was not told the appraisal would be limited to recent sales of 2 bedroom/1 bath houses regardless of square footage. The comparables were less than 1, 000 square feet in two cases, and our house is almost 1, 600 square feet. The only comparable close in square footage was a condo.

Had I known the appraisal would be conducted as it was, rather than as our purchase appraisal was done (homes of similar square footage regardless of configuration), I would not have proceeded and not have lost the appraisal fee.

I am a former employee of Quicken Loans/One Reverse Mortgage. I assure you that I am of the highest ethical character, and that when I was hired, I sincerely believed that I had landed a solid, reputable career with a distinguished company. Turns out, I was among 200 people in my hiring class who thought the same thing. You see, QL hires approximately 200 people each month. 90% are, like me, recent college graduates looking for our first post-college jobs. Throughout the initial orientation which lasts two months, we are fed a steady supply of popcorn, slushies, and other "hip" foods, persistently told that we are the brightest and best in the Metro Area (the headquarters is in downtown Detroit), and that we all will soon be making $100k annually as soon as we prove ourselves. After training, much of which is mandated by the recent passage of the federal SAFE Act and it's licensing requirements, we are put on the sales floor. At that point, all the things we learned in SAFE training becomes completely irrelevant... because we aren't mortgage loan originators, rather, we are telemarketers and our sole purpose is too remain constantly dialing the phone, speaking to anyone who put a phone number anywhere online, and convince them to take a deposit. NO BODY YOU SPEAK WITH AT QL IS A MORTGAGE EXPERT. They are all young, brand new kids who are being monitored incessantly by supervisors. They have a quota of sales calls that must be met daily. Their job is not to "work with" clients on finding a suitable mortgage product based on client needs, but to as quickly as possible sign clients up to the most lucrative deal possible. I lasted five months: Two months in training, two months as a cold-calling telemarketer for Reverse Mortgages, and one month as a full "mortgage banker". Then I quit. A huge majority of the 200 people I hired on with will not be there one year later. The pay is NOT $100k, the work is not intellectually challenging (we are, after all, college grads), and by no means should any of those sales reps be considered mortgage experts. They are not. I was not. I have a hunch that QL's business model requires hiring college kids who are bright enough to pass the licensing requirements, then put in automated sales roles designed to reach as many potential clients as possible (bulk matters). We are promised the moon and the stars and continuously told how great we are. We get very pumped up (almost cult-like). We dial the phones from 8am until 8pm, 6 days per week, DESPERATE to get clients enrolled in refi, purchase, or reverse mortgages. We get $9 per hour to do this. After 6 months to a year, everyone is broke, exhausted, and finally quit. But QL doesn't mind, they have hundreds more in the pipe going through the various stages of training ready to fill the void at any moment.

This company took a $500 deposit on an overextended credit limit, knowing that I needed to make this loan work or I would sink fast in the treacherous financial market exacerbated by Quicken Loans policies. The credit card owner Citicorp refused to take back the deposit and this too has stung me! I was thrown into a debt cycle that I still am trying to negotiate, and if I received a fair and honest loan, I would have been out of this problem at this time. This happened in 2009, and I did not have any fees since I withdrew my contract within 24 hours, since what was said and what was offered did not add up. Unfortunately I did not check this site, or know it existed, and instead chose to look at the BBB rating which is skewed towards business rather than the public.

Now there is a full-time bimbo named Kelly that is responding to people shafted by the unethical policies of this company. The representative Kelly pretty much writes from a script, which I imagine with a lot of time, and hard work, one can become quite efficient. The people one deals with at Quicken Loans will record your conversation/order, which tells you right away about their product since this is a huge red flag that tells people who purchase this product they may not be happy at all, and Quicken needs to refer back to the old adage that we have your voice confirmation on tape ploy. I know since they did it to me. They also conveniently lost the recording when it came time to review documents to consider a return of my deposit. They now have a new set of policies in place. They will try and get you to keep the product by telling you of all the benefits, extending your paper process period etc. but you will not get back your deposit. If anyone is really considering keeping this gem of a loan, if they call customer service and are firm in their desire to have the loan product, Quicken will be using their inspector to negotiate the cost of your house down to almost nothing. This is a NO WIN situation for the financially strapped customer and a windfall for Quicken Loans.

Go ahead and give Kelly a call, or send a message, and ask for a return authorization for your deposit. They will try and get you to keep the product by telling you of all the benefits, extending your paper process period etc. but you will not get back your deposit. If you are really considering keeping this gem of a loan, go ahead and call customer service, and chances are that by being firm in your desire to have the loan product, they will first negotiate the cost of your house down to almost nothing. This is always a customer LOOSE/Quicken WIN situation. This is hardly a business that should brag about having a BBB rating of A+ that they bought by financially supporting this local bureau.

Here is the story of how my present crisis has been created by the companies that are supposed to make a profit, yet also are supposed to help the people they serve.

I first saw a site that states: “Obama Urges Refinance Now, $180, 000 Refinance under $999/mo. See Rates – No Credit Check Required, on www.CalculateNew Payment.com. “

One enters the site and am confronted with the headline “US Treasury Bailout of Fannie and Freddy, Refinance with More Confidence, and there is a calculate new payment requirement using CalculateNewPayment.com. “

The person entering the site then fills out a series of forms that contain personal information including our social security numbers.

I was then contacted by the representative Abbey Wrysch, whose title is Executive Mortgage Banker-President's Club, for Quicken Loans. She was my first contact.

(An ironic side note, Quicken Loans Refinance is the second advertiser listed on:
http://www.consumeraffairs.com/finance/quicken_loans_mortgage.html
A site for consumer complaints about Quicken loans!)

After quite a few discussion online and on the telephone, with a sense of emergency Abbey Wrysch pushed for me to go online and electronically sign a couple of forms. Here is an out -take in Abbey Wrysch’s own words: “I can't provide a good faith estimate until I accept your application. Once I receive your application I will have an approval including a full set of loan documents within an hour. Let me know when you are ready...” In this way I could lock in the lowest interest on record. I should have known that signing papers before on receives a good faith estimate is a red light! Only this is new to me and I was, and am, desperate.

Not knowing anything about how refinancing worked I followed her instructions thinking that she was representing me. She led me to the page and guided me to the place where to click to electronically sign the forms. This was all in a rush so that they could “lock in” a great new rate. I was told that the fees would be no more than about $3500 for ALL fees (in her words: “The closing costs based off of county specifics are $3429.00. This is a high side estimate.”), that I would be able to pay off all my credit card debt (one of the reason for applying), and that I would be given a “cash out” amount of $25, 000. The credit card debt was NOT to be a part of the cash out but in addition to this amount.

After I rushed to sign the paperwork and gave Abbey my credit card information, I mentioned I have no idea if the CITIBANK would honor the card since (like with all my cards) I am maxed out. She then took the number for the $500 deposit and I foolishly signed the papers. During one conversation I reminded her of the reasons that I am trying to establish the loan is in order to pay of credit debt – something in which I still struggle. Then when a real estate friend of mine looked at the papers he said what she promised is not in the Good Faith Agreement that I signed. Abbey Wrysch kept pointing out that I would put in my pocket about $900 a month. My friend said her words and the figures do not add up. He said “I wish I had come to help you before now. This is outrageous since it is $7500 more expensive and there is NO cash out.”

The fact of the matter is I was scammed out of $500 that I could ill afford to pay, and even though they agreed to close the loan and offered no service, they ran a $500 “deposit” through my credit card and took payment. On the Good Faith Estimate I signed, which was not the estimate placed in my file, it was marked that there was ZERO amount required for the deposit. On the document I signed the deposit of $0 was changed to $500 after signing. These are the documents I now have in my file.

Here are the words I used in my correspondence to Abbey Wrysch sent: Sat May 02 01:03:35 2009: “Thank you for waving the deposit.” I do not have a copy of the original set of documents I signed, instead I have a set that has been altered, and without this evidence – what I must do is eat the truth. This message was the one when I set out the discrepancies.

Here is her message to me:

“Bruce,

I have requested your loan be denied out of my system. It's too bad that you don't see the benefit in this loan. You will recoup your loan fees in 8 months time. Most people it takes 36 months to recoup the fees. This loan will save you thousands and thousands of dollars. Good luck to you. I'm sorry you didn't work out.

Abby Wrysch
Executive Mortgage Banker-President's Club
1-800-226-6308 Ex. 72891
Direct 734-437-2891
Cell 248-850-0155
Fax 734-386-2400
[email protected]<mailto:[email protected]>

Sent: Sunday, May 03, 2009 10:37 AM
To: Wrysch, Abby
Cc: Mathews, Bruce R.
Subject: FW: Loan Application”

Yes – she was complicit in “credit fairy” tactics!

This is a predatory lender -

Though Abbey Wrysch knew my fragile financial position, she (or the company she is a part of) took my deposit for $500, and left me worse off than when I first contacted them. I had intended in good faith to honor the commitment, yet they worked in bad faith and did not give me the truth, since the words and paperwork did not match. When I look at the complaints about Quicken Loans, this issue is consistent and persistent in their operation, they seem to be in the business of collecting deposits more than providing service or loans. Read more consumer complaints about Quicken Loans: http://www.consumeraffairs.com/finance/quicken_loans_mortgage.html#ixzz0H6IvjWNP&A. Then check Ripoff Reports.

This leads to the next problem with CITIBANK, and their CITICARD policies. Citibank has a system that makes its most profits on poor people, like in this situation, where when I tried to stop Quicken from taking my deposit by informing CITIBANK that I do not want them to honor this deposit, they went ahead and did it anyway.

NONE OF THIS IS WHAT PRESIDENT OBAMA HAD IN MIND WHEN HE STARTED HELPING THE AMERICAN PEOPLE DISENGAGE THEMSELVES FROM PREDATORY PRACTICES IN THE FINANCIAL AND MORTGAGE REFINANCE INDUSTRY!

Why is a company like Quicken Loans allowed to defraud the public as they did me? They are in the business to take a deposits and are not good faith lenders as they pretend. I have lost $500 due to their bad faith practices. Here is my letter to them:

According to our conversation and email on April 24th 2009 you led me to believe that my total settlement cost would be about $3500 (actually $3364.45) at closing. In addition to paying all my debt (which is about $62, 000) you also told me there would be an additional $25, 000 for personal use, which is not reflected on the Good Faith Estimate document. You failed to disclose the loan rate prior to your added discount points.

I find your communications very different than your documents. Your Good Faith Estimate does not reflect the $25, 000 for personal use we discussed, but includes an extra $7500 Loan Discount Fee, which you did not tell me in advance. You told me that the loan would give me the additional $25, 000 for personal use. It does not add up. I have signed these documents in error and wish to withdraw immediately all obligations and affiliations with you and/or your company at this time. I believe we can work this out between ourselves without my requesting legal representation.

My directive is that you (and your company) release in writing of all paperwork related to this loan. I have referred you to several of my friends and now I am embarrassed to reveal my findings. One of which is to my boss.

And after this was sent and they stopped the process, they took my money by charging my credit card account - after the fact. Please look at the consumer complaints online about this systemic practice.

This company is a part of the real EVIL EMPIRE!

People need to be protected from fraud.