I started looking for a lender for a 2nd home back in February 09'. I decided I was going to go with Countrywide Financial, so I did a goodle search for the phone number. I picked the first website that came up as this company name and called. I was not until I was 1 month into the process that I learned this was actually Quicken Loans. That was my first issue, mis-representation. The first time I called I spoke to Tony Cain which he said he would be my contact from here on out if I had any questions or concerns about my loan. I told Mr. Cain I owned a home and was trying to purchase a 2nd home because it was time to move onto bigger and better and I also told him I wanted to go ahead and do an FHA home loan because I was told the down payment was significantly lower then conventional. He agreed with me and told me I was absolutely correct and yada yada yada. We went through the entire pre-qualification process and he sent me a letter letting me know I was ready to start looking for a home. Which I did. I found a home about 3 months later, contacted Tony and let him know I was ready to start the loan process. He verified my information with me again and let me know that I would have to give them a $400 deposit to start the process that would be refunded to me at closing. I agreed even though I found this odd since everyone I talked to had never heard of this before. Tony assured me after a couple phone conversations that it would be refunded to me at closing unless the loan did not close due to my lack of cooperation. No problem I thought! I gave the deposit and we began the process. There were a couple of issues in the beginning; Tony Cain never would return my calls or emails unless he needed something from me which would sometimes be 2-3 days after I called for an update. I was going to rent out my property I currently own once I got my new house. Mr. Cain said I would have to cash the deposit and rent check from my soon to be renter before they even knew if they were going to be able to move into my house in order to finish my loan in underwriting. I thought this was totally imoral because I was taking money from someone that was not even going to be able to utilize the property for 3 more weeks if not more..I did it anyways because I was backed into a corner. In todays economic times $1200.00 is alot of money to ask a person to give you not knowing if they are going to get the money back if the loan does not go through or when they can even move in. I was promised a closing date of 6/29/09, which did not happen because they found they needed additional information as well as me to pay off a credit card to bring the debt ratio down. I got the information they needed and paid off the credit card and sent this all over to them and then was promised a closing date of 7/2/09. I found out the week of 6/30/09 that Tony Cain was out of the office for the week and would not be returning until 7/7/09. I received a phone call on 7/6/09 from the person covering in Tony absence and he asked me if my current home was FHA and I told him yes...I received a phone call from Tony on 7/7/09 letting me know I would not be getting the loan and I would not be closing on 7/9/09 because you are not allowed to have more then one open FHA account at a time...At no time did Tony ever indicate this would be an issue or even ask me if the home was FHA financed. I spoke with several realtors and lenders and they all agreed this is a known fact among the industry and this should have been one of the top 10 questions he asked me in the very beginning. Now I am fighting to get my $400 back because I feel as though had Tony done his job right or if Quicken Loans had provided the necessary manuscript of questions to him then I would have never even looked for a new home, had my heart set on getting the new home and been waiting 2 additional days to close. I was already packed for crying out loud! Emotionally this lesson was very hard on me and it was no financial walk in the park considering I paid off things that were not necessary for me to pay off right now, cashed a check that I now have to return the entire amount to the individual and help find a new rental property for him and his family. Quicken loans plays with your finances and your emotions, not a good mixture. I hope they decide due to their neglegence to refund my $400.00. I will keep you posted! Unhappyhomebuyer Glendale, Arizona
U.S.A.

Quicken Loans responded to our internet request for quotes from lenders regarding the refinancing of our mortgage. After some discussion, we decided to proceed and give them our detailed financial information so they could put together the numbers for us.

At one point we made the decision to refinance with Quicken. The loan rep Delante McGrew emailed us the loan application and asked us to e-sign the documents. We still have dial up internet service so it took quite awhile to download the documents. Time was running short as I had to pick our daughter from school. My bad, but I went ahead and esigned the application and said that I would read through it later that evening.

Once I got to the Good Faith Estimate, I immediately realized that the figures on this form were different from the ones Delante quoted me earlier in the process that I wrote down in a notebook. The Loan Discount Fee was incorrect, there was an Additional Endorsement added in with no description as to what it was for. There was an $80.00 fee for TSI Appraisal Services as well as a $350.00 appraisal fee.

My intuition told me this was'nt the company I thought it was going to be. I called our credit card company and found out that Quicken had already charged our credit card $500 for a Good Faith Commitment. Delante told me this wouldn't be done until the appraisal had been completed. I told him then that we would not be doing business with them because of the change in the good faith numbers.

When I pointed out that the Loan Discount Fee was higher than what it should be, he couldn't understand why I would quibble over $300. He had no clue as to what the $80.00 fee to TSI Appraisal Services was for or what the Additional Endorsement was.

I tried to work with Ann O'Neil from the same office to get our money back. In my final conversation with her I also told her that I had recently discovered that Delante lied about the length of my husbands employment on the application. Ann told me that the length of a persons employment has no bearing whatsoever on the loan. Why do lenders ask for this information then??? They refuse to refund our $500 but I'll never rest until it's finished!

I too have been scammed by Quicken Loans. Like all the other complaints against them, mine include being told my income was sufficient to get a 4.5% 15 yr. mortgage with 0 discount points. After scheduling an appraisal, I was notified by the APPRAISER and NOT Quicken that they were told not to proceed. When I called Quicken the next day, they said their underwriters claim my income was too low for this rate at 15 yrs. I said fine and goodbye. The next day I get an unsolicited call from the "Team Leader" saying they had an "alternative": I could get the same rate of 4.5% for 30 yrs with 0 discount pts. When I asked him how he could do this, he stated "because he wanted to keep me as a customer." All of a sudden, he needed mounds of additional documentation which I began to send in as well as documents on their website that needed "E-signing". One was a NY State Interest Rate Disclosure which all of a sudden had 2 discount points added to it which would have cost me almost $4000 more! In the meantime, I had never been able to access the approval letter and Good Faith estimate that supposedly was on the website. In the meantime, interest rates began to rise which is why they no longer wanted to honor the rates they had originally promissed. This company is totally unethical and MUST BE STOPPED! I will begin a class action law suit against them. Anyone interested that has been cheated by this company can contact me at [email protected].

This company should be criminally investigated for fraud and predatory tactics. I paid my $500 and asked for a Good Faith Estimate of my loan and Dianna Burk from Quicken loans refused to provide it to me until after I had paid the $500 only to find out that the actual charges of the loan were much higher than what she had quoted to me on the phone for me to move forward with the loan.

Quicken loans scammed me for $500. Shame on them!

Push sales people convince you into something after you say no, the costs are too high essentially insuring that the loan is an excellent idea and you would be crazy not to do it. He also claimed to have checked county housing trends and comparables to be able to assure me that we had plenty of equity to do it. The deposit is not disclosed until you agree to do the loan and it is "a commitment to do business" and "will be refunded at closing". He neglected to state that if the appraisal (which was not supposed to be a problem) did not come in high enough we would lose the deposit. He also neglected to say that 2 appraisals would be required. Turns out the second appraisal was too low and we lost nearly $500 (a small amount was refunded as he did not tell us upfront about the 2nd appraisal). Overall, had he provided honest, complete information up front, I would never have started the process and would have saved a lot of money and headaches. Unfortunately, it appears that they provide incomplete and inaccurate information to get people to agree, even on loans that may not go through as with the deposit, even though some will not they are not out that much money and they make money on each one that squeeks through. I would stay as far away from this company as possible.