Quicken Loans Review
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Quicken Loans is a national online lender which also operates as Rock Financial in southeast Michigan, and One Reverse Mortgage, based in San Diego, California. We located four websites, twelve telephone numbers, and several complaints and lawsuits.
Quicken Loans Website and Phone Contacts
Quicken Loans Websites: http://www.quickenloans.com
http://www.rockloans.com
http://www.rockfinancial.com
http://www.onereversemortgage.com
Quicken Loans Phone:
(248) 427-3300
(216) 586-8900
(248) 312-1600
(248) 451-5400
(313) 359-0170
(313) 359-2012
(734) 462-1431
(800) 226-6308
(800) 603-3922
(800) 731-7625
(800) 981-6144
Fax: (734) 805-7073
Address: 20555 Victor Parkway, Livonia, MI 48152
Quicken Loans Review
Any mortgage retailer with this many consumer complaints, lawsuits, and has pushed interest only mortgages as a good idea, should be avoided like the plague. You can read what I think of the interest only mortgage here.
I found a Quicken Loans employee complaint online warning potential customers to NOT use Quicken Loans saying,
“The cost of doing mortgages through our company is high. Period”
It appears when I search for complaints against Quicken Loans, there are many. Click the link to see all the Quicken Loans complaints listed in Google.
BBB Activity on Quicken Loans
” BBB processed a total of 654 complaint(s) about this business in the last 36 months, our standard reporting period. Of the total 654 complaint(s) closed in the last 36 months, 320 were closed in the last 12 months.”
See Comments Below to Add/Read Customer Opinions On Quicken Loans
We would really like to hear your experience with Quicken Loans so add your comments in the section below.
Thanks!
Author: The Mortgage Insider
Date: September 24, 2008
Tags by Post Complaints, Interest Only Mortgages, Mortgage Company Reviews
Technorati Complaints, Interest Only Mortgages, Mortgage Company Reviews
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We got screwed by Quicken. I am a real estate broker, successfully selling homes in my neighborhood. The appraisal we figured, might be as low as the tax value, which is tradtionally lower than market in my county.
The appraisal came out $100,000 less than tax value, they tried to force us to close an equity line we had with Bank of America for kids’s college. They “approved us” then we had constant calls from a woman named Erica that they needed more paperwork “within 24 hours.” Paperwork on a loan which they claimed to “approve” 11 days before. They are a nightmare and I will be reporting them to the BBB.
We were looking to refinance and contacted Quicken Loans for rates. They require so much information up front just to give you rates, it’s ridiculous! Anyway, there is no warning that they will be running your credit report. But they surely did. In spite of having excellent credit, they told us they didn’t have a loan to meet our needs.
Then the emails start of their sales people trying to sell us a loan they already told us they couldn’t do. I finally demanded they remove us from their database. Too late! They had already ran our credit report! Did I mention WITHOUT our knowledge?
I contacted them regarding the fact that they had run our report, and they said that it was explicit when I asked for rates and will not remove it from our reports.
NOW, we can’t seem to get off their physical mailing list either!
CONSUMER BEWARE! AS SOON AS YOU CONTACT THEM: 1) THEY WILL RUN YOUR CREDIT REPORT (whether or not they offer you a loan) AND 2) THEY WILL INUNDATE YOU WITH SPAM AND JUNK MAIL!
My wife and I were in the process of refinancing our house. We contacted Quickenloans to begin the process of securing a loan. They promised a VA certified appraiser would do a thorough inspection of the house and compare its price to sales in the neighborhood.
From the beginning we were weary of the appraiser because although we were told she was local and that she knew our particular neighborhood, she got lost. Her inspection was quick and consisted in a few pictures, a walk around the property and a couple of questions; a little too fast for my liking but I did not question her methods. Two weeks later I contacted Quickenloans for the results of the appraisal and was told it was $145,000, it was not enough, and that the loan process had been cancelled. I had to ask more than 3 times for the original report that I paid for to see what basis was used to arrive to that appraisal price. When I finally got the report my suspicions of a sub-standard service were confirmed within the first few pages
The appraiser quoted a price for the property with little or no justification or reasoning for having arrived at that assumption. I base this off a phrase included in the report that says, “…there were no four bedroom sales available within a one year time frame and within a one mile radius…, …Sales #1,3, 4 were given greatest consideration due to recent sales and least amount of adjustments”. In other words in the appraiser’s opinion she did her comparison with properties of less rooms (3) because similar properties were not available; so she went ahead and used a different set of standards instead of trying to ascertain if addition information was accessible. Also, although she uses Sales 1 and 3 as part of her basis, she does mention that they are Real Estate Owned properties, which normally means repossessed by a Bank and in most cases sold as is because they are a trouble asset. Still she used these and compared them to a house that she herself admits was in good care.
This information that “was not available” was in fact easily accessible because just 2 days after receiving the report we proceeded to a Real Estate agency and were able to find 4 houses with similar characteristics to ours, and in the same neighborhood that were sold in the last year. All properties that we found had a higher final sale price than our property assessment. This means that the statement that no comparable properties were available was either a lie from the appraiser or a lack of effort and care in the service provided. I therefore did not want to pay for a deficient service. If I can walk into a Real Estate office and request sale records, a property assessment specialist that has access to all this information herself should do better.
I contacted Quickenloans about this and they were immediately not receptive about requesting a new appraisal and told me that I would have to pay for a new one if I want to “try and do this again”. I mentioned that I was being charged for a substandard service and that they were being willing participants in what seemed to be a fraud since there were no checks and balances when it came to protecting the customer who was at the mercy of seemingly unqualified service providers. I mentioned the possibility of disputing the charges for the appraisal and I was told that they encouraged that I not take that route and that because there were no 4 bedroom houses to compare mine “… the appraiser had a tough job coming up with the proper value”. Sadly it would seem that the appraiser really didn’t do her job at all because it took me 30 minutes at a real estate office to get the public record on recent sales of comparable properties.
I will not pay for another appraisal, and the unwillingness of Quickenloans to back a client who is given a less than standard service makes me question their business ethic and therefore I am disputing any charges that Quickenloans makes on my credit card because I believe that these predatory practices in the times we are currently going through are ridiculous.
Just out of curiosity…what did you have to pay? What did they charge you upfront for this shoddy appraiser?
I tried to refiance my home through quicken loans. It was a disaster. The man on the phone was really pushy, leading me to electronically sign papers that I had not read yet. Telling me how much money I am saving by refinancing my home through them. Then when I read the good faith estimate I realized that they were charging me outlandish prices for closing. Instead of saving me money it was going to cost me $6,000 to refinance my home. They also put down false information on the estimate to make it look better than it was. Knowing that my home was nowhere close to what they had put down I knew that when the appraiser comes out it would not appraise for that price and I would lose my $500 security deposit so I canceled my application immediately. Now those loan sharks refuse to give me my security deposit back even though I canceled the Loan in less than 3 days. They are getting rich off us poor folks who are in need of finacial help during these trying times. Don’t let them take your money also. Stay away from them, if they call hang up.
Got approve then when I saw the settlement statement I was shock to see 2141.37 for disount fee which before was $2400 for all the closing and now jump to $4541. I was never told about. Appraisal was low $130000 but only owe $87736.25, so I had the 20% down payment. Was told they give me that back in cash but I see no paper showing that. I know they got my $500 which they said I get back if I did not like the loan agreement or was not approve, but now they made a excuse to keep it. Two days before I was to close I back off since it took them that long for me to see the settlement papers and found the extra cost. They said the $2141 was a mistake and would give me cash since loan papers are made out at closing. Since they would not put that in writing I back out 2 days before I was to sign the contract. I will not even answer their telephone calls anymore and now worry they have alot of my finance personal information.
They did give me back the $500 after I wrote BBB, FTC and others…I went to my old loan company who finally went down lower on the interest and got it under $2000 closing fees and my appraisal was a little over $10,000 more then Quicken gave me…My advice if this happens to others is to write BBB, FTC and ever complaint forum online…it woke them up…they said they was giving back my $500 cause of the letter to BBB, but who knows…