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Better Business Bureau ®
Start With Trust®
In Southfield, Serving Eastern Michigan & the U.P.
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BBB Accreditation

A BBB Accredited Business since

BBB has determined that Quicken Loans, Inc. meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

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Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for Quicken Loans, Inc. include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 1288 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

1288 complaints closed with BBB in last 3 years | 496 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 192
Billing/Collection Issues 80
Delivery Issues 21
Guarantee/Warranty Issues 17
Problems with Product/Service 978
Total Closed Complaints 1288

Additional Complaint Information

Our file experience shows that this company has been responsive to any matters brought to its attention by the BBB. This report reflects national complaint activity.

Additional Information

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BBB file opened: February 20, 1986 Business started: 06/21/1985 in MI Business started locally: 06/21/1985 Business incorporated: 06/21/1985 in MI
Licensing

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Office of Financial and Insurance Svcs
P.O. Box 30220, Lansing MI 48909
Phone Number: (517) 373-0220
Fax Number: (517) 335-4978

Type of Entity

Corporation

Business Management
Mr. William Emerson, C.E.O. Ms. Laura Kreder, AVP-Client Relations
Contact Information
Principal: Mr. William Emerson, C.E.O.
Customer Contact: Ms. Laura Kreder, AVP-Client Relations
Business Category

Consumer Finance & Loan Companies Financing Mortgage Brokers Loans Financial Services

Alternate Business Names
Quicken Loans
Industry Tips
Loan Brokers

Additional Locations

  • 1050 Woodward Ave

    Detroit, MI 48226 (313) 373-3000

  • THIS LOCATION IS NOT BBB ACCREDITED

    1500 West 3rd Street, Suite 500

    Cleveland, OH 44113

  • 23810 Michigan Ave

    Dearborn, MI 48124

  • 23810 Michigan Ave

    Dearborn, MI 48124

  • 27725 Stansbury Boulevard, Ste. 175

    Farmington Hills, MI 48334

  • 3252 University Dr.,Ste.130

    Auburn Hills, MI 48326

  • 800 Tower Drive, Suite 200

    Troy, MI 48098

  • THIS LOCATION IS NOT BBB ACCREDITED

    Unknown

    Wyckoff, NJ 07481

  • THIS LOCATION IS NOT BBB ACCREDITED

    6135 Park South Dr Ste 200

    Charlotte , NC 28210

  • THIS LOCATION IS NOT BBB ACCREDITED

    PO Box 6577

    Carol Stream, IL 60197

  • 16425 N. Pima Road #200

    Scottsdale, AZ 85260

  • 9920 Pacific Heights Blvd #350

    San Diego, CA 92121

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

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BBB Complaint Process

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Industry Tips

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BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

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Additional Phone Numbers

  • (248) 796-6000(Phone)
  • (248) 796-6046(Phone)
  • (248) 796-6466(Phone)
  • (248) 974-4927(Phone)
  • (734) 805-5000(Phone)
  • (734) 805-5472(Phone)
  • (734) 805-7090(Phone)
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Additional Email Addresses

  • - eQuote
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Complaint Detail(s)

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Additional Notes

Complaint: I received what I consider to be aggressive advertising from Quicken Loans.1. On the envelope the words: "SECOND NOTICE Open Immediately-Financial Documents Enclosed" are printed in boldface font in a very large size. Just to the left of those words in the address window is my name and address. To me, the mail looked like some kind of bill that I hadn't addressed. This is embarrassing to me, mainly because others would have seen this.2. In the letter, everything is printed in sans-serif font, some in boldface , and all in various large sizes, formatted to have an intimidating effect. In the center of the letter, my first name is printed in a large font. In the first line of the body of the letter, the words "SECOND ATTEMPT" are printed, all in caps and underlined.The issue is: I never solicited any information from Quicken Loans, nor am I a customer of theirs.I feel that this kind of advertising is unethical, aggressive, and in poor taste. [NOTE] I have uploaded an attachment to this complaint.

Desired Settlement: I want Quicken Loans to have my complaint on record in their files. Also, I want them to understand my opinion: that Quicken Loans should cease this aggressive off-putting type of customer outreach advertising. There are other, more appropriate ways to promote their lending programs to intelligent consumers.

Business Response:

 

 

 

April 3, 2014

 

 

 

To Whom It May Concern:

 

Thank you for giving Quicken Loans the opportunity to respond to *** ****** concerns. We regret that *** ***** is displeased with her experience.

 

Quicken Loans periodically markets to homeowners to inform them of refinancing options that may be financially beneficial. We work with two of the largest data providers in the country to gather information regarding potential clients.  Our intent is to introduce our services to homeowners who may be in the market for a new mortgage. The practice for gathering this type of information is not unique to Quicken Loans.

 

The letter that *** ***** received was a ‘pre-screened’ offer of credit is based on information indicating that she may meet certain criteria for a refinance of her home through the Home Affordable Refinance Program (HARP). Although we regret *** ***** has issues with our letter, our intent was to inform her of the potential monthly savings we were able to offer her. We place verbiage on the envelope to encourage potential clients to view the contents. But, we never meant to imply that an unpaid bill was contained within the envelope. We apologize for leaving *** ***** with that impression. Pre-qualification letters are sent by a variety of companies, not just Quicken Loans.

 

As of March 28th, we have opted *** ***** information out of our system. She will not receive any further correspondence from us – unless she opts into our services again or applies to one of our lead-buy providers. Although we have removed her from our direct mailing campaign, it may take up to 45-days for this to take full effect. 

 

We suggest that *** ***** registers her intent to no longer receive pre-screened offers through a National Database available for this purpose. To register, she can call 1 (888) 567-8688 or visit the website www.optoutprescreen.com. *** ***** is also able to contact the three major credit bureaus (Equifax, TransUnion, and Experian) directly, if she prefers.

 

Quicken Loans trusts that this letter has answered any concerns that *** ***** may have and we would like to thank her for providing her feedback. If there are any additional concerns, please do not hesitate to contact me directly at (**** ******** ext. ***** or by emailing ****************************

 

 

 

Sincerely,

 

 

**** ** ******

Resolution Advocate

Quicken Loans

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

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Additional Notes

Complaint: I feel that the BBB should investigate Quicken Loans because of their misleading advertisements on television and on the internet. I have tried to borrow money from them to purchase a house for my husband and myself and they will not touch us. My husband has even tried to borrow money under the VA Home Loan umbrella that he is entitled to being a disabled American war hero! The VA says he is entitled to borrow money through them to buy us a house, but Quicken won't touch him either!They say his credit is not good enough for them! His credit is just as good as anyone else and I am demanding that they withdraw their statements that our credit is no good. Our credit is just as good as anyone else and I dare them to say otherwise. Tell them for me if they do not give us loan within the 24 hours, we will take them to court! I will get in touch with the FTC about this!

Desired Settlement: I want a settlement of $417,000.00 to purchase that house my husband and I want and to catch up on past due bills, plus purchase decent clothing for my husband and myself. That is, in short,to meet needs.

Business Response:

 

March 31, 2014

 

 

 

To Whom It May Concern:

 

Thank you for giving Quicken Loans the opportunity to respond to **** ******** concerns. We are sorry to hear that **** ****** is displeased with her experience. We thank *** ****** for his military service.

 

Over the past four years, Mr. and **** ****** have contacted us numerous times to inquire about purchasing a home. Mr. and Mrs. ******** most recent inquiries occurred in October 2013 and March 2014.

 

When **** ****** spoke with our Mortgage Banker in October, she informed him that her husband was a veteran and they’d like to receive VA financing. While we would like to assist, we have to ensure that our client’s meet the requirements of the loan program they are applying for.  Unfortunately in this case, the ******* credit does not meet our guidelines.

 

In an effort to assist, we informed **** ****** that we have a service available through our sister company, Fresh Start Financial Services.  Fresh Start is a service that helps clients improve their credit score so that they can buy or refinance a home in the future. The Fresh Start Program covers four mortgage credit pulls, a personalized website, along with the use of a designated consultant for 12 months.  **** ****** was not interested in pursuing that option and her inquiry was subsequently denied for credit.

 

On March 18, 2014, **** ****** contacted us again and spoke with our Mortgage Banker, ***** *********. As before, the ******* credit score was below what was necessary for them to qualify for financing. ***** suggested that the ******* pay off some of the collection accounts on their report, so their score would increase.

 

Although Mr. ****** receives an entitlement through VA which will assist him in purchasing a home, this does not mean that he qualifies for financing if certain conditions aren’t met. Credit is one of the primary determinants when qualifying our clients for financing. Until the ******* are successful in raising their score, it is unlikely any VA lender will be able to assist them.

We are required by Regulation B of the Equal Credit Opportunity Act to provide our clients with a Statement of Credit Denial if they do not qualify for financing. This information is not shared with any third parties or with the credit bureaus. We are unable to retract the denial letters that were issued, especially considering the information contained within the letter was accurate. However, neither letter should impact the ******* should they re-apply for financing with us or another lender in the future.

 

Quicken Loans advertises programs that are available to qualifying clients. The fact that the ******* do not qualify for financing does not make our advertising deceptive. We have never claimed that our loan programs are available to all Veterans regardless of their overall credit profile. Therefore, we respectfully disagree with Mrs. ******’s ascertain that Quicken Loans is engaging in misleading advertising.

  

If there are any additional concerns, please contact the undersigned.

 

 

 

Sincerely,

 

 

**** ** ******

Resolution Advocate

Quicken Loans

***** ******** ***************************

 

 

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

I feel they are not explaining it in enough detail and furthermore what should it matter how high or how low a person's credit score is? How would they like if I were in their shoes and they came to me begging for a home loan to get them off the streets? How would they feel? Not very good, I guarantee it. Well, as my dear old mother would have said, "What goes around, comes around." Somebody is going to do them that way one of these days.

Regards,

****** ****** 

 

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

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Additional Notes

Complaint: I get 10-20 emails a day on my work email from a company that I have tracked back to quicken loans. I did not sign up for any emails from them and the opt out link does not work.

Desired Settlement: Get them to quit using outside sources to blanket email when they do not have permission to contact the email owner.

Business Response:

February 25, 2014

To Whom It May Concern:

 

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******* concerns. We regret that Mr. ***** is displeased with his experience.

In researching Mr. *****’s concerns, we were unable to find any inquiries matching the properties provided in his letter. We were also unable to find the phone number, address or email address provided by Mr. ***** in any of our systems.

 

Using our email archrival system, we cannot find any record of Quicken Loans e-mailing Mr. *****.  Therefore, in order to address Mr. *****’s concerns, we need additional information to locate the communication which has taken place. If Mr. ***** has any additional information he can provide to help our research, he is welcome to contact me directly.

 

Sincerely,

 

 

**** ** ******

Quicken Loans

********** ********

***** ******** ***************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

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Additional Notes

Complaint: On October 14, 2013 I received an unsolicited email from Quicken Loans inviting me to apply for a mortgage.The email statedDear ****, Recently, you reached out to us about your home loan. We've tried, but haven't been able to contact you. We'd still love to help with your financing needs. In fact, we'd like to offer you a $25 Visa Prepaid card1 just for the opportunity to provide you with a personalized quote2. You see, we're so confident we can provide you with your perfect financing solution we're willing to give you $25 for the chance to show you what we can do! Please contact me directly at ***** ******** ext:***** within 2 days to review your options, and we'll send you your $25 Visa card! This offer expires 48 hours after receipt of this email, so please call at your earliest convenience. The email was signed by:**** ************* ***********: (**** ********, ext.***** Email: ******************************# *****The following day I spoke to Mr. ***** who told me that I did not qualify for a mortgage because my income was too low.I asked for my Visa card and was refused.

Desired Settlement: Be given a $25.00 Visa card

Business Response:

January 29, 2014

 

To Whom It May Concern:

 

Thank you for giving Quicken Loans the opportunity to respond to Mr. ********* concerns. We regret that Mr. ******* is displeased with his experience. 

 

We began working Mr. ******* when we received his inquiry from our lead buy provider (**************) on October 9, 2013.  We were initially unable to reach Mr. *******, but on October 13, he called our application line directly.

 

Mr. ******* was transferred to **** *******, who attempted to gather the information necessary to provide an interest rate and cost quote. When Mr. ******* spoke with **** about his financing options on October 15, he stated that he was unwilling to provide his social security number or date of birth. This information is required for us to review our client’s credit history so that we can ensure we are presenting options that he/she qualifies for. Since Mr. ******* was unwilling to provide the necessary information, a quote was not provided.

 

On October 17, Mr. ******* emailed the initial Mortgage Banker he spoke with (****) asking for a $25 Visa prepaid card.  Although Mr. ******* received an e-mail offering the gift card on October 14, he did not qualify because he did not meet the requirements set forth in the offer. Specifically, the email stated that a prepaid card will only be provided after our client’s credit is reviewed and a personalized quote is provided. Specifically, the offer stated:

 

“To receive a personalized quote (defined as an individualized mortgage product/rate/term scenario for your specific situation), a review of your credit report will be required. A review of other basic information such as income, employment, assets/liabilities and other qualification criteria will also be required. Offer valid for refinance or purchase and applies to first lien mortgages only. You will be entitled to a $25 Visa Prepaid Card after we pull your credit.”

 

**** responded to Mr. *******’s email, informing him that he did not qualify for the prepaid card because we did not review his credit. At no point was Mr. ******* informed by **** that he did not qualify because his income was too low; Mr. ******* did not discuss his finances in detail with any of our Mortgage Bankers.

 

We hope that Mr. ******* will reconsider providing us with the information necessary to review his loan options. If he changes his mind and is willing to provide the information necessary to review his credit. If Mr. ******* contacts me directly, I can place him in contact with one of our best Mortgage Bankers.

 

We trust this that this letter has answered any concerns that Mr. ******* may have.  If there are any additional concerns, please do not hesitate to contact me directly so I can be of further assistance.

 

Sincerely,

 

**** ** ******

Resolution Advocate

Quicken Loans

(**** ******** ext. *****

***********quickenloans.com

 

 

Business Response:

January 30, 2014

 

To Whom It May Concern:

 

Thank you for forwarding Mr. *******’s response to our prior correspondence. We regret that he remains dissatisfied.

 

We reviewed all communication, but did not find that income verification was ever discussed with Mr. *******. Mr. ******* mentioned that he was interested the Home Affordable Refinance Program (HARP), but the loan programs we offer were not reviewed in detail.

 

We trust that this letter has answered any concerns that Mr. ******* may have.  We welcome Mr. ******* to contact us if he is seeking financing, so we can review his loan options.  If he contacts me directly, I can place him in touch with one of our best Mortgage Bankers. If Mr. ******* has any additional concerns, he is welcome to contact me directly so I can be of further assistance.

 

Sincerely,

 

**** ** ******

Resolution Advocate

Quicken Loans

***** ********

***********quickenloans.com

January 30, 2014

 

To Whom It May Concern:

 

Thank you for forwarding Mr. *******’s response to our prior correspondence. We regret that he remains dissatisfied.

 

We reviewed all communication, but did not find that income verification was ever discussed with Mr. *******. Mr. ******* mentioned that he was interested the Home Affordable Refinance Program (HARP), but the loan programs we offer were not reviewed in detail.

 

We trust that this letter has answered any concerns that Mr. ******* may have.  We welcome Mr. ******* to contact us if he is seeking financing, so we can review his loan options.  If he contacts me directly, I can place him in touch with one of our best Mortgage Bankers. If Mr. ******* has any additional concerns, he is welcome to contact me directly so I can be of further assistance.

 

Sincerely,

 

**** ** ******

Resolution Advocate

Quicken Loans

***** ********

***************************

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]


It is my recollection that my income status was discussed.

Regards,

Bill *******

 

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

2/4/2014 Problems with Product/Service | Complaint Details Unavailable
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Additional Notes

Complaint: I was told that I could refinance my home at reduce interest rate, and there would be no closing cost.I told Mr. **** ****** that I have tried to get my house refiance and I was told that I owne too much money. Mr. ****** said there would be no problem, all I had to do was to send them $400.00 to start the process.I paid the money the same day.A month later they meaning Qucken Loan told me that loan was denied because I owe to much on my house. Quicken Loans refuse to give me my $400.00 back.

Desired Settlement: I would like my money returned since I feel it was taken by misleading the customer.

Business Response:

January 22, 2014

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is displeased with his experience. 

We received Mr. *****’s loan application to a refinance his primary property on December 5, 2013.  In order to quote terms and initially qualify Mr. *****, it was necessary to estimate the value of his home. When we asked Mr. ***** what he felt his home would appraise for he indicated that he was comfortable using a value of $180,000. Therefore, the initial interest rate, closing cost and payment quote provided was based on an appraised value at or above this amount.  

At application, Mr. *****’s Mortgage Banker explained that in order to start the process, we collect a Deposit of $400. We do not charge the deposit until we receive our clients completed full application package and our clients submit the initial documentation requested. When the loan closes, we credit the deposit against our client’s closing fees on the Hud-1 Settlement Statement. In the event a loan is denied or withdrawn, the deposit is refunded less the cost of an appraisal and credit report. The terms of the Deposit were explained in writing in the Deposit Agreement that Mr. ***** signed at application.

When we reviewed Mr. *****’s tax information on December 12, we discovered that he pays alimony, although we were told he did not when asked at application. When the alimony payments were added to Mr. *****’s debt-to-income (DTI) ratio, it rose from 35% to 53%. When our client’s DTI ratio is over 45%, we can only provide financing if they maintain a loan-to-value (LTV) of 90% in the property. Because of this, Mr. *****’s loan amount was lowered and $7,000 cash was due at closing to make-up the shortfall.  

Once we became aware of Mr. *****’s alimony payments, we requested a copy of his divorce decree to determine if there were any other obligations resulting from the agreement. We were informed by Mr. ***** that he was not divorced, but later we were told he was prior to the purchase of his home. We were unable to proceed until we reviewed the terms of the divorce agreement, which Mr. ***** indicated he was unable to locate.

When we received the completed appraisal report, Mr. *****’s home was valued at $154,500. Since this value meant Mr. ***** had 104% LTV in his home, it was again necessary to lower his loan amount. Mr. *****’s Solution Consultant contacted him on January 2, 2014 to discuss the lower value and the considerable funds required at closing ($31,000). Understandably, Mr. ***** did not wish to close his loan under these terms, and his loan was denied accordingly.

Since Mr. *****’s appraisal cost $400 and his credit report cost $46.94, there was nothing left of his deposit for us to refund.  We share in Mr. *****’s disappointment that we were unable to provide him with financing; however, the issues that occurred during the process were not something we could have anticipated. We cannot know the value of our client’s home until an appraisal report is completed. Furthermore, we asked at application if Mr. ***** paid alimony, child support, or separate maintenance and were told he did not.

We trust that this letter has answered any concerns that Mr. ***** may have. If there are any additional questions, please do not hesitate to contact me directly so I can be of further assistance.

Thank you,

***** *******

Senior Resolution Advocate

Quicken Loans Executive Offices

###-###-#### Ext. 35127

***************************** 

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]The information that Quicken loans ask me to send was not sent because of no address. The day I call to get the address to send the package is when I was told that my loan was denied. Therefore I did

not forward the info.

Regards,

****** *****

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

1/29/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I would like to bring a matter to your attention. I called your place of business looking to possibly cash out a rental property that currently is free and clear. I initially spoke with someone and was informed of your outrageous fees of close to $4000.00 to close to would be a refinance of a rental property for $100,000.00 in ****** ******, **. I received a call back from *** ******** stating that he could lower the fees and to continue working with him. It was very close to Christmas and I was coming down with the flu. I told him it was best to contact each other by email and gave him my information. He proceeded to completely harass me on my cell phone and I actually took some time with him which was close to 1 hour even though I was sick answering all his questions, reminding him as we got off the phone that the fees were a big issue to me and I was still sick and to please contact me by email. I ended up having to go back to the doctors because I developed bronchitis. *** continued to call me at least 3 times a day! Now my credit score is in the high 700's and I already approached my bank that we have our business with but *** assured me that he could get the fees lowered. He completely wasted my time. I got a call from him today that what he was going to put together did not make sense for me and that he could not get the fees lowered. This was a total scam!

Desired Settlement: I would like a full explanation and someone to look into my file as to why this took place. My husband was furious and so am I. I would like to receive a call from his supervisor explaining why my request suddenly did not make sense for Quicken Loans when the information was in front of him the entire time. Thank you ***** ******

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ******’s concerns. We regret that Mrs. ****** is displeased with her experience. 

Mrs. ****** contacted us on December 23, 2013 inquiring about a refinance of her investment property in ****** ******, **. As Mrs. ****** was interested in a cash-out program and her property was an investment, the costs of refinance were higher versus a refinance of a primary residence.

During her application, Mrs. ****** indicated to her Mortgage Banker (***) that she wanted to pay only $1,800 in costs.  Unfortunately, we could not lower Mrs. ******’s costs without increasing her interest rate. However, Mrs. ****** indicated that she did not want to increase her rate. Mrs. ****** then expressed interest in refinancing another investment property she owned (in ***** *****, **), as *** informed her that it may be eligible for the Home Affordable Refinance Program (HARP).

After speaking further with ***, Mrs. ****** stated that the costs for refinancing her ****** ****** property were too high and did not make sense for her.  She did indicate that she would be in touch with us regarding her property in ***** *****, though.  Mrs. ****** was not provided with a Good Faith Estimate or other documentation as she did not provide us with enough information to initiate her loan process.

We were very concerned over Mrs. ******’s comments about *** calling her when she wanted to be emailed. We reviewed all communication that took place, but did not find that Mrs. ****** ever informed *** that he was to email her instead of call. We also reviewed phone communication, and did not find that *** continuously made outgoing calls to Mrs. ****** three times a day as stated in her letter.  We found that the longest conversation between *** and Mrs. ****** was 20 minutes.

Even though Mrs. ****** did not want to move forward with her loan process after speaking with her, we hope that she will provide us with an opportunity to re-earn her trust.  If Mrs. ****** contacts me directly, I can place her in contact with one of our best Mortgage Bankers to review her options and financial situation.

We trust that this letter has answered any concerns that Mrs. ****** may have.  If there are any additional questions, please do not hesitate to contact me directly.

Sincerely,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

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Additional Notes

Complaint: quicken loans presently holds our mortgage acquired via **** bankruptcy , our original mortgage holder. Our interest rate was 5.37%. quicken loans rep. ****** **** called me via land line. his pitch was that Q.L.wanted to offer their present clients with a good faith lowering of their client's rates. he offered 4.37. he said this was a "no brainer". long detailed story cut short, all the details are in the papers which they UPS'd the next day. we have the papers we had to sign and fax back to Q;L. then I was called by ******* ***** phone #*** *** **** ** ***** who stated that they have all my papers and I would hear from an appraiser ***** ********, *** *** **** he called set a date Nov. 4th. next I rec'd call from **** **** same#*********8 ******* who advised me that all the paper was set, it would take 2 wks to prep everything closing date set for 12/13/13. appraiser came and went. at least one wk. later a call from **** **** stating our house could not be appraised, because there were no comparable properties in our area.I have a copy of appraisal which is for 350k plus 5 comparable properties.whatever all that stuff means... Q.L. stated all our calls were recorded and I am sure my complaint will stand. I have rec'd no paperwork ref. their claim that I can continue in this deal.quicken loan claims my home can not be appraised I possess a copy of their appraisal with an amt. and 5 comp properties

Desired Settlement: agree they failed in this case and complete this deal as offered

Business Response:

December 31, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ********’s concerns. We regret that Mr. ******** is displeased with his experience. 

In July 2013, Quicken Loans acquired Mr. ********’s loan from ****, also known as **** Bank. We occasionally review our servicing portfolio to determine if any of our clients would benefit from refinancing, based on their current terms. When we reviewed Mr. ********’s loan in October, we noticed that his interest rate was 5.375% but that 4.375% was available. After speaking to Mr. ********’s about his potential savings, he agreed to formally apply for refinancing. An appraisal was scheduled for his home on November 4th. 

Unfortunately, when the appraisal was reviewed by a Collateral Underwriter, it was determined that the properties provided in the report were not truly comparable to Mr. ********’s home. The appraiser made an attempt to determine value, but without other recent sales being “geo-dome contemporary” homes, it was difficult to gage the market’s reaction to the uniqueness of the property.

In an attempt to resolve the issue, we requested additional commentary from the appraiser. Specifically, the appraiser was asked to provide the last closed sale of a home with the same design as Mr. ********’s. We were willing to accept sales that exceeded our typical guideline of 3-6 months. Unfortunately, the appraiser could only find one home that fit this description although he searched as far back as January 1, 2007. This was insufficient data to gage the true value of Mr. ********’s home. The sale was considerably dated and the home itself was not comparable, although it had a similar design. Although the value given in the report was sufficient, the data to support it was insufficient to meet Fannie Mae guidelines.

Mr. ******** indicates in his letter that ***** **** provided him with a closing date. We could not find any discussions where a date was given. When we schedule closing, the loan is in final “signoff” and a review of the final figures takes place. If our client agrees, a closing coordinator will set up the actual date. We believe that the date Mr. ******** is referring to is the date his interest rate was locked until (12/13). This date would have appeared on his Interest Rate Disclosure (locked) version, and is always set to 45-days out from the date the interest rate is locked. Our closings normally take place within 30 days, unless there are issues with the loan, as was the case here.

Since we did not accept a deposit from Mr. ******** to start his loan process, we covered the cost of his appraisal and credit report. We had the best of intentions when we contacted Mr. ******** and regret that we were unable to assist. However, the uniqueness of Mr. ********’s home may cause issues in the future, if he attempts to refinance elsewhere or sell his home. We hope this is not the case, but it is important that Mr. ******** understand that Quicken Loans is not the only lender who will have this restriction.

We trust that this letter has answered any concerns that Mr. ******** may have. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

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Additional Notes

Complaint: Quicken loan asked me to give them $400.00 Dollars to lock in my loan #* *** *** ***. This money was to be used to lock in the rate and tha the $ 400 dollars will be return to me if for any reason I cannot get refinance. They never told me that the money will be used for appraisal cost. I was turn down becase I was upside down on my mortgage. It was never mentioned or in my contract That the money will be used for appreisal. This is a scam to take peoples money and I will tell every one I know not to do business with them. Tried to get my money back by asking nicely but they told me no.So here I am reporting this incident to the better Business Bureau thank you very much sincerely ****** *******.

Desired Settlement: the refund of $400 return to me.

Business Response:

December 20, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with his experience. 

Mr. ******* first contacted Quicken Loans about obtaining financing in March 2013.  Unfortunately, too much time has elapsed for us to review much of the communication that took place during Mr. *******’s application. However, we are able to refer to our notes and the documentation that was provided to us (and signed by) Mr. *******.

At application, Mr. ******* estimated the value of his home at $147,000. He signed a Property Disclosure confirming that he agreed with this amount. Based on this figure, Mr. *******’s Mortgage Banker initially qualified him for financing and quoted the applicable terms.

Unfortunately, when we received the completed appraisal report it indicated a value of $140,000.  Because of the lower than expected value, the terms originally discussed were no longer available. In order to keep Mr. *******’s loan to value below the program maximum, it was necessary for him to bring cash to closing. We also found that taxes were due in the amount of $751.82, which added to the funds required. In total, Mr. ******* was required to bring $2,250 to closing.

Additionally, when a verification of employment was ordered to verify Mr. *******’s income, we were notified that he was no longer an employee of General Dynamics as of February 27, 2012.  We later learned that Mr. ******* became a contract employee (rather than a direct hire) which is why we were told he was no longer with the organization. In order to use income earned as a contractor, we needed to verify 2-years of receiving this type of income. Since Mr. ******* had not been a contract employee for that length of time, we could not use this income to qualify him. This would have been an issue for any lender offering the same type of financing. The Application signed by Mr. ******* indicated he was an employee of the US Army (General Dynamics), earning base income $5,800, since March 1, 2006. If this information was incorrect, there was the opportunity to inform us of that, before expenses were incurred.

To initiate the loan process, Mr. ******* provided us with a $400 Good Faith Deposit. Per the Deposit Agreement he signed, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Since Mr. *******’s’ appraisal cost $540 and his credit report $14.57, there was nothing left to refund. We do not collect the deposit as a fee for locking our client’s interest rate. The deposit is in place to collect third party costs, in the event the loan does not close.

We had every intention of providing Mr. ******* with financing and we share in his disappointment that we were unable to close his loan. We do not benefit when we deny a loan, we only retain the exact amount due to the appraiser and credit bureau. If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

###-###-####

*****************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved. All I want is for Quicken Loans to tell all their customers up front if for any reason they could not refinance a mortgage that they will keep the good faith deposit and make sure it is on the contract. That is all I want. I can't believe that a company that is doing so well is fighting for a good faith deposit, yes I am a season worker and every dollar counts thank you.

Regards,

****** *******

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/27/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I applied for a mortgage loan with Quicken Loans. We had to pay $400 up front before this loan could even be started. I faxed them tons of information that was needed along with the $400. We had an appraisal done and after that we was later told that if we did not remove an old structure that we had on our land then we could not have the loan. I told them that I was not tearing done my building. They then said that they would try to go through a different type of loan so we would not have to remove the structure. Quicken loans said they asked for that to be granted only to call a few days later to say that it could not be granted. It looks as if this is how they are making their money by taking their customers money and not giving them the loan. I do not feel that I should have to remove a structure from my land just to get a loan. The appraisal was well enough for the amount we were trying to refinance. I want my $400 refunded to me or I want the loan approved. I am not happy with this company. I guess I should have looked at all of the complaints on this business before I tried to get a loan through them. I thought it was a little odd to have to pay money to get a loan. Please refund my money or approve the loan.

Desired Settlement: I want my $400 refunded that I paid for not getting the loan.

Business Response:

December 20, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****’s concerns. We regret that Mr. **** is displeased with his experience. 

At application, Mr. ****’s Mortgage Banker (***** *****) explained that we collect a deposit at the beginning of the loan process. As ***** explained, the deposit is 100% refunded if we were unable to receive initial approve after reviewing the preliminary information provided by our client. If we receive initial approval, we continue the formal application process, and begin incurring costs on our client’s behalf. 

When Mr. ****’s loan process began, we had every reason to believe we could approve him based on the information provided. Unfortunately, when we were discussing Mr. ****’s property, he did not indicate that it included a building that was in a state of disrepair. This was not known to us until we received the completed appraisal report. While there are lenders that provide financing to rehabilitate homes and/or the surrounding structures, we do not offer this type of loan. In fact, FHA has specific requirements surrounding the condition of the home and any associated outbuildings that we must follow.

When Mr. **** was contacted regarding his appraisal, he informed his Client Care Specialist that he was unable to repair or raze the building in question. Mr. ****’s Solution Consultant (******* ********) later spoke with Mr. ****’s wife regarding these same concerns. **** informed Mrs. **** that FHA is very strict about property condition and we didn’t have any leeway to approve the loan. Mrs. **** confirmed that they would not be tearing down the building, so an exception was requested to provide conventional financing (which can be more lenient towards property condition). An Exception Analyst reviewed the request and denied it shortly thereafter, leading to the loan being denied.

Since receipt of Mr. ****’s complaint, we have determined that we are able to grant an exception to provide conventional financing. We have contacted Mr. **** and he agreed to the new terms and is scheduled to close on December 24.

The $400 deposit that Mr. **** provided at application was used to cover the cost of his appraisal and credit report, as outlined in our Deposit Agreement.  Since the deposit was $400 and Mr. ****’s appraisal cost $450, there was nothing of his deposit left for us to refund. We assure Mr. **** that we do not benefit in any way by denying our client’s loan. We only retain the exact amount necessary to pay third party vendors. We do not re-coop our internal costs of processing and underwriting the loan. We also lose the opportunity to receive repeat and referral business when a client is left with a poor impression. Because of this, we would never knowingly start a loan process without the intention of closing the loan.

In regard to the complaints that Mr. **** refers to, it is important to note that we speak to tens of thousands of clients per month. The amount of negative reviews about Quicken Loans, in comparison to the number of clients we work with, actually speaks well for how we conduct business. Any business that works with as many people as we do will have some negative reviews.

We assure Mr. **** that we had the best of intentions when working with him. If there are any additional questions, please don’t hesitate to contact me directly for assistance.

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

###-###-####

*****************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

***** ****

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/25/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I am attempting to refinance a 30 year fixed rate mortgage with a cash out option. My credit is excellent and I have faithfully submitted all required documents within a timely manner. My loan has been in process since May and on November 13, 2013 Quicken Loans has yet to schedule a closing date!

Desired Settlement: I would like assistance with getting my loan closed!

Business Response:

December 19, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Ms. ******’s concerns. We regret that Ms. ****** is displeased her experience. 

We first spoke with Ms. ****** on May 18 regarding refinancing, but she did not formally apply at that time.  We attempted to follow-up several times with Ms. ******, but she informed us that she was shopping us against other lenders and wanted to place her account on hold. It wasn’t until July 2 that she decided to formally apply and her loan process began.  Unfortunately, though, we did not receive a complete application package from Ms. ****** until July 10th. When we attempted to contact her after that, to discuss the process and request additional information, we were unsuccessful in reaching her for a period of 9-days. At that point, we were uncertain if she still wanted to refinance with us, and her loan was put in “suspense” which means we are not actively processing the loan.

Nearly one month later on August 14, Ms. ******’s Solution Consultant was able to reach her to discuss the appraisal which had been completed. Since the report indicated that there were possible foundation issues, an inspection was required. When Ms. ****** agreed to continue with that understanding, her loan was in process 43 days. However, much of that time was due to the delays in being able to speak to Ms. ****** and receive the information requested.

After August 14, we were unable to contact Ms. ****** again for an extended period of time.  On August 20, her loan was suspended again due to her unresponsiveness. We informed Ms. ****** via email that if we did not hear by her by August 29, her loan would be denied. Due to federal regulations, we cannot leave a loan open indefinitely and must make a credit decision within a specific period of time.

On August 30, Ms. ****** contacted us and advised that she had changed her phone number and she did not have internet access while she was on vacation.  Previous to this conversation, we have no record of Ms. ****** informing us her phone number had changed or that she would be unavailable via e-mail for an extended period of time.  We re-activated Ms. ******’s loan, but were unable to speak with her again until September 3. When we did, we explained that the interest rate lock was expiring on September 15th and that we still required additional documentation from her. Follow-up calls placed were not returned until we spoke with Ms. ****** on September 11.

We respectfully disagree that Ms. ****** has submitted all information requested in a timely manner. For example, although we requested her divorce decree on July 6, we did not receive it until August 31.  The copy received was difficult to read, so we attempted to contact Ms. ******. Unfortunately, we could not reach her until September 11. We eventually received a new copy on September 16, but this is just one example of the documents that were required during the process.

It was necessary to extend Ms. ******’s interest rate a second time, which we did through September 30. At that point, we received the client conditions which were requested, and it appeared we could close by the 30th to avoid any additional fees. Unfortunately though, title had not yet been cleared and remained an issue beyond the lock expiration date.  

There was a title issues present because of the payoff due to Ms. ******’s ex-husband, per the Divorce Decree (received in mid-September).  The reason the issue was not resolved earlier was that Ms. ****** disputed the provision found in her divorce decree and felt a payoff was not be due. We were eventually able to gain cooperation from both Ms. ****** and her ex-husband and an agreement was made which allowed title to be cleared. However, this did not occur until November 5.  During this period, we cannot find any evidence to support we committed to closing the loan on a particular date. We certainly would have closed the week of November 5th if we were able to, but since so much time had elapsed, information obtained during the process had to be re-certified. Ms. ****** has since supplied the information for re-certification and her loan closed on 12/6/2013.

I trust our response addresses your concerns.  If you or Ms. ****** has any additional questions, please feel free to contact me direct at ###-###-####.

Thank you,

******* ****

Sr. Resolution Advocate

Quicken Loans

************ ****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/25/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I contacted Quicken Loans for refinancing of 2 properties and I told them from the beginning that one of them is a part of a Condominium Association. I provided all that they required and even have to make payments of over $3000.00 that I could have contested or asked for a waiver since they are medical collections. I also paid $500 for appraisal fees and when I was expecting that we will close the deal, I was informed that the DELIQUENCY RATE OF MY CONDOMINIUM ASSOCIATION was higher than 15% and as a result they cannot proceed with the loan, after all the sacrifices I have put in to see that the loan closes.This is not something that I can control, I cannot pay other owners condo's fees and I am not supposed to pay their condo fees for them. I have never missed a payment; both in my mortgage and condo fees since 2006 when the property was bought, so why should I be refused a loan because some people failed to pay their own condo fees. And if they know that the delinquency rates of a condominium association is so important to them, after checking my credit, income, tax returns etc. delinquency rate should have been the next thing to check before making me to go through so many hassles, paying unnecessary medical bills and appraisal since I do not have any control over it.

Desired Settlement: I want my loan closed since I have satisfied all their obligations and what they are complaining is beyond my control, it is not in any way my fault that some condo owners refused to pay their fees and they should have check this from onset before the loan gets to this level . It is their fault for not checking for the delinquency rates before letting me proceed with the loan.

Business Response:

December 19, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is displeased with his experience. 

At application, Mr. ***** explained to his Mortgage Banker that the property he was refinancing was a townhouse and that he paid dues to a homeowner’s association. In many cases this does not present an issue, but we expect our Mortgage Bankers to ask a series of additional questions when receiving this type of information. Although Mr. *****’s Mortgage Banker (April) did ask a few additional questions about his home, she did not identify the qualification issues that were present.

One of the questions we should have asked Mr. ***** was if more than 15% of the unit owners were 30 days or more delinquent with their HOA dues.  While we realize he may not have known this information, if given the opportunity he may have. When we eventually received the completed questionnaire from Mr. *****’s association, it indicated that 70 of the 288 owners in the complex were more than 30 days delinquent with their HOA dues. We placed a call to the association to confirm the information on the form was accurate and they indicated it was. This presented a problem because Fannie Mae guidelines only allow a maximum of 15% of owners to be 30 or more days delinquent. Mr. *****’s condominium had 24% of owners delinquent. As a result, Mr. *****’s loan was subsequently denied. While we understand that Mr. ***** indicated that he has continued to pay his HOA dues, Fannie Mae accesses its risk by reviewing the current standing of the unit owners as a whole.

The medical bills that Mr. ***** is referencing were required to be paid-in-full to meet the guidelines of his loan program. When Mr. *****’s information was submitted through our desktop underwriting system through Fannie Mae, the findings indicated: “If the following collection and chargeoff accounts have not been satisfied, all accounts with a balance of $250 or more must be paid in full prior to or at closing. If the aggregate of all accounts is greater than $1,000, all accounts must be paid in full prior to or at closing. Funds sufficient to settle the account(s) must be verified and documented.” Since Mr. ***** had two accounts exceeding $1,000, a paid-in-full statement or letter was required. Mr. ***** was provided with an Approval Letter on September 9 that explained this condition. It was also displayed on our web site and was verbally discussed with Mr. *****, when his Client Care Specialist outlined the outstanding conditions.

To initiate the loan process, Mr. ***** provided us with a $500 Good Faith Deposit.  Per the Deposit Agreement signed by Mr. *****, when a loan is denied or withdrawn, we will refund the deposit less the cost of the appraisal and credit report. Since Mr. *****’s appraisal cost $450 and his credit report $32.37, a refund of $17.63 was refunded to Mr. ***** on November 18. However, since April did not provide Mr. ***** with an opportunity to notify us of his association’s outstanding HOA payments, we  refunded the remainder of Mr. *****’s deposit.  A refund of $482.37 was applied to Mr. *****’s credit card on November 21.

Although we were unable to provide Mr. ***** with financing for his condo, Mr. ***** is currently has another loan that is in process with us. We are looking forward to providing Mr. ***** with financing on his other property and hope that in the future, his association will be current so that he can refinance that home as well.

We trust that this letter has answered any concerns that Mr. ***** may have. If there are any additional questions, please do not hesitate to contact me directly for further assistance.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/25/2013 Delivery Issues | Read Complaint Details
X

Additional Notes

Complaint: Quicken Loans are sharks! We were pre-approved for a mortgage loan, spent two months searching for a home, found a home and got all the way to two weeks prior to close until Quicken claimed that I no longer qualified for the loan based on information that was on my credit report. ??? What? If that's the case, why was I pre-approved based on the same credit report? Why was I approved and forward on at every step....approved to go to process, approved to go to set close date, approved to go to title/clear, approved every step until the week before close I no longer qualify for the FHA loan based on late payments on my credit report two years prior. I invested $2000 in a good faith payment with realtor/seller, $400 good faith payment with Quicken Loans, and because they approved me and set close date I set up and paid for a $550 home inspection. THEN, they say I don't qualify based on that very same report that approved me 3 times prior. ****** ******, point of contact, said this when I asked why I had been approved at every step and by two other Quicken team members, he said "You're right! It never should have got this far in the process." But he also goes on to say sorry, there's nothing we can do....we are not moving forward with the loan. BS! I'm not eating all that cost for THEIR mistake. I asked for my Quicken Loan refund of $400....I was denied because it was used to pay for the Appraisal! Oh yeah, they approved me to the point of requesting the appraisal as well.....AND THEN DENIED ME! We were upfront and transparent about everything in our credit, both good and bad. None of this was due to our lack of providing documents, or concealment of information.....all of it was due to Quicken Loans being incompetent and then trying to cover their tracks. Are you telling me that you can get people to within 2 weeks of close, have them pay for necessary fees/appraisals/inspections....AND THEN RUN A CREDIT REPORT THAT WOULD HAVE DENIED THEM IN THE FIRST PLACE? They're crooks!

Desired Settlement: I deserve a full refund of my good faith payment in the amount of $400 based on the fact that this was an error on Quicken Loans part. I was denied because they used that payment to order and pay for a home appraisal....an appraisal that NEVER should have happened according to ****** ******, point of contact, based on the fact that we didn't qualify for the loan they approved us for. If they spent that money on something that shouldn't have happened, they owe me the refund.

Business Response:

December 19, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’ concerns. We regret that Mr. ***** is displeased with his experience. 

Mr. ***** contacted us on August 9 to obtain financing for a home purchase, but he had not yet found a property.  At application, Mr. ***** informed us that the owned a rental property in ******* and that he had filed bankruptcy in March 2011.  Since the bankruptcy was not reported on Mr. *****’ credit, it was necessary to request a 24-month mortgage history to verify that payments had been made on time. We also needed to confirm that the mortgage was re-affirmed, as part of the bankruptcy process.

On October 2, Mr. ***** informed us that he had put an offer on a home.  As part of his conditional approval, Mr. ***** was required to provide additional documentation for review and verification.

Amongst the items requested was the following, “Please provide the most recent 24 months history from **** ** ******* …” Mr. ***** also informed his Mortgage Banker on October 2 that he did not have any derogatory credit items in the past 24 months.  If Mr. ***** had any concerns regarding his payment history, this would have been an ideal time to bring up the issues later described to us.  Unfortunately, when we received Mr. *****’ mortgage history, it indicated that he was consistently behind two or more mortgage payments. If accurate, this information meant we could not provide financing.

When Mr. ***** spoke with his Solution Consultant on October 23, he indicated he started a loan modification with **** ** ******* after his bankruptcy.  He claimed that **** ** ******* instructed him not to make his payments for four months while the modification was being processed. He explained that although he was given this instruction, **** ** ******* reported him as late to the credit bureaus.  Mr. ***** said that he had actually not been late on any mortgage payments since the bankruptcy was discharged 2-years ago. However, **** ** ******* would not apply the funds that were sent for a period of time. Once the loan modification fell through, Mr. ***** stated the payments were applied, but in a way that made him appear late.

On December 3, Mr. ***** was able to provide us with letters from **** ** ******* that state they are clearing up the negative reporting errors, a 24 month payment history from **** ** *******, and a payment history from M&T Bank. However, since the reporting was not yet corrected by the credit bureau, we were unable to provide final approval. It can take up to 90-days for credit reporting to be corrected. It is unfortunate that Mr. ***** did not start the process in advance of applying for financing or notify us of the issue at application.

At application, Mr. ****’s signed a Deposit Agreement which states “If your loan application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost of your appraisal and credit report”. Since Mr. ****’s loan application was denied, his deposit was retained to cover the cost of the appraisal. Our records indicate that the appraisal fee was $435, therefore there is nothing remaining of his deposit to refund.

We understand the frustration that a loan denial can cause. We share in Mr. ****’s disappointment that we were unable to complete the transaction. Although we acknowledge that Mr. **** is requesting a full refund of his deposit, we do not agree that a refund is warranted. We had every reason to believe we could proceed with the loan based on the information presented to us at application.

We trust that this letter has answered any questions that Mr. ***** may have. If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/25/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: After giving my financial information including that I was receiving Workman's Comp. benefits, and notifying Quicken Loan's verbally and in writing on several different occasions that not only did I, my doctor, my Physical Therapist, or my Employer know when I was returning to work. After Quicken Loans contacted my employer and learned that they did not know when I would return to work I was denied the loan because I was receiving Workman's Comp. benefits. I was out my time not to mention over $900.00.

Desired Settlement: I am only requesting the $400.00 for the appraisal.

Business Response:

December 3, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with his experience. 

In order to quote terms and properly qualify Mr. *******, it was necessary for us to obtain preliminary information regarding his income, employment, assets and property. When we asked Mr. ******* about his employment, he indicated that he was a ***** ****** ***** that made $22.23 per hour and that he worked 40 hours per week. Mr. ******* also explained he received $1,550 per month from his Navy retirement and an additional $880 per month because he is a disabled veteran. Temporarily as well, he stated he was receiving Worker’s Compensation of $585 every 2-weeks.

Based on this information, Mr. *******’s Mortgage Banker (******) indicated that we would require an award letter verifying his permanent disability and verify when Mr. ******* was returning to work. This information was required to be in writing and include a return to work date.  Mr. ******* indicated that he did not yet know his return date, but it should be in about a month. Since we weren’t using workman’s compensation income, and believed he’d be back at his regular job within a month, we completed the application process.  

Mr. *******’s loan was set up as an FHA loan.  Since Mr. *******’s credit score was below 640 and Mrs. ******* was on title, she was required to be on the loan as well.   Unfortunately, ****** did not realize this requirement and it was not discovered until our Underwriter reviewed the loan on October 7. When adding Mrs. *******’s income and debts, we determined that their debt to income ratio exceeded program guidelines. However, Mrs. ******* had two judgments and collections on her credit report, which were required to be paid prior to closing. Once these amounts were paid, the *******s debt to income would have met guidelines and we could have closed the loan. Unfortunately, on November 14, Mr. *******’s loan was suspended because neither Mr. *******, nor his employer, was able to provide a date that he would return to work.

To initiate the loan process, Mr. ******* provided us with a $400 Good Faith Deposit.  Per the Deposit Agreement, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Since Mr. *******’s appraisal cost $475 and his credit report was $58.12, there was nothing left of Mr. *******’s deposit for us to refund. However, because ****** did not properly add Mrs. ******* to the loan at application, we feel a full refund is appropriate. A refund of $400 was applied to Mr. *******’s credit card on December 4.

We understand the frustration that a loan denial can cause. We share in Mr. *******’s disappointment that we were unable to provide him with funding. We assure Mr. ******* that we had the best of intensions while working with him, and hope that he will provide us with an opportunity to re-earn his trust in the future. 

We trust that this letter has answered any concerns that Mr. ******* may have. If there are any additional questions, please do not hesitate to contact me directly. 

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

###-###-####

*****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/25/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My husband and I applied for a loan through quicken loans for a home just a few miles away from where we live currently. This was a for sale by owner with no realtor involvement. This is an older farm home with 28 acres. After being approved for the loan, the appraisal came back $10,000 short of the asking price. With negotiation, the homeowners were able to sell it to us for the apprasial price. The homeowners were leaving the state and moving to *******. I had called QL and told them this information. They have all the documentation that of the phone calls that were left daily regarding the process of the loan. The loan was denied d/t on the apprasial the appraiser wrote "space heaters". The underwriters insisted the home had to have a "central heating system" installed (on a home we don't yet own). After further investigation,QL was using the FHA guidelines for the apprasial of this home when we were going convential - NOT FHA. They were told this multiple times. They still insisted there were changes that needed to be made to the heating system but no one could tell me anything except "must have a central heating system". We talked to the appraiser who stated he was told this was FHA and since it isn't now,the heaters are acceptable. The paperwork was sent back from the appraiser to QL. QL ordered a final inspection (and charged me another $400). The heaters were bolted down as recommended by the appraiser. On the day of the final inspection, the appraiser went to the home but the homeowners had already gone to FL. No one knew who had the keys and therefore a final inspection could not be performed. This was 2 days before closing. Apparently since he stated it could not be done, it was cancelled by the appraiser (we knew nothing of this). Then QL extended the closing date and stated we had to install a "central heating system" into 1) a home we don't own and 2) a home we don't have the keys to. Still, noone could tell me the changes they were insisting upon.

Desired Settlement: Refund of $400 I paid for the appraisal. The appraiser did not understand the mess he created by stating "space heaters" on the appraisal. These are two FIREPLACES fueled by underground LP gas line that are connected to a 1,000 gallon propane tank. We told QL this several times over 2 month period. QL should have sent another appraiser after we argued several times they were NOT space heaters. And the appraiser did not even go back into the home for the final inspection, he cancelled it!

Business Response:

December 19, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is displeased with his experience. 

Mr. and Mrs. ***** first contacted us regarding purchasing a home on August 7, 2013.  Their Mortgage Banker (**** *********) reviewed both conventional and FHA loan options with the *****s, after which point they decided apply for FHA financing.  Shortly after we posted the FHA application package, the *****s decided they preferred conventional financing instead. **** did not want delay the process, so he suggested that the *****s sign their current application documents and he’d change their program later.

When reviewing the report, our Collateral Underwriter noted that the home being purchased was heated with two propane space heaters. While this heating source is sometimes found in rural homes, it is deemed unacceptable for financing purposes. When approving financing, we have to rely on the guidelines of the program our client has applied for; whether it is FHA or conventional. In this case, both FHA and Fannie Mae/Freddie Mac will not approve financing when a space heater is being used as the primary heating source. 

On September 30 ****** *****, Solution Consultant, informed the *****s that a central heating system needed to be installed.  Mrs. ***** explained that the appraiser indicated the issue was that the heaters were not permanently affixed.  Based on that information, ****** suggested that Mrs. ***** do what the appraiser instructed.  While county code may require space heaters to be affixed, conventional and FHA guidelines consider this type of heat to be “unacceptable”. We apologize that ****** did not research the appraiser’s suggestion further, before advising the *****s.  

As the process continued, we ordered a final inspection to evaluate the changes made to the home’s heating source. When the appraiser attempted to complete the assignment, the *****s advised that the inspection was no longer required since their loan was now conventional. However, this understanding was inaccurate. A final inspection was regardless required of the loan program. In this case, the home wouldn’t have passed inspection, since insufficient work was completed to meet FHA requirements. The only reason it was ordered was because ****** was under the impression that the *****s completed the necessary modification, based on Mrs. *****’s account of her conversation with the appraiser. 

To initiate the loan process, the Mrs. ***** provided us with a $400 Good Faith Deposit.  Per the deposit agreement, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Since Mr. *****’s loan application was denied his deposit was retained to cover the cost of the appraisal. The appraisal fee was $450 so there is nothing remaining of her deposit to refund.

We understand the frustration that a loan denial can cause. We share in Mr. and Mrs. *****’s disappointment that we were unable to provide them with financing. We assure the *****s that we had the best of intentions when working with them. Although we acknowledge that Mrs. ***** is requesting a full refund of their deposit, disagree that a refund is warranted. The issue that prevented approval was not known to us at application and as a lender, we do not have the ability to waive the requirement to have a central heat source.

We trust that this letter has answered any concerns that the Mr. and Mrs. ***** may have. If there are have any additional questions, please don’t hesitate to contact me directly for assistance.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

************ ****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/24/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On 12/11/13 I started a refinance with Quicken Loan, after talking to the QL Rep. ***** ****** I was told that I was Pre-Approved for the amount needed to be refinanced. on 12/12/13, an appraiser contacted me and appraised my house later that day. Then on 12/13/13 less than 48 hours later I was contacted again by QL and informed that I would not be approved for the refinance loan. I had to make a $400.00 good faith payment and since they pushed all the processes through without final approval I was told that I would not be refunded my Good Faith deposit because their appraiser had already been to my house. This Company knows and understands that if they do not fast track all the processes through before final approval they would have to refund everyone's money that do not meet final approval. They use word such as "You are Pre-Approved" to steal and fraud innocent working Americans out of Hard Earned money. "DO NOT DO BUSINESS WITH THIS COMPANY UNTIL YOU HAVE A SIGNED FINAL APRROVAL IN FRONT OF YOU, SIGN NOTHING!" I can not stress that statement enough, Sign nothing and pay no good faith monies without a final approval.

Desired Settlement: I would like to receive my "Good Faith" deposit back. I was up front enough to pay them to prove I was sincere about refinancing my house, Quicken Loans Should be held to the same standard, I was told I was "Pre-Approved" and feel I was lied to and they use fraudulent tactics to steal money from honest Americans!

Business Response:

December 18, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is displeased with his experience. 

Mr. ***** first spoke with us on December 11 regarding FHA refinancing. Since his credit report reflected a foreclosure within the last 7-years, FHA requires that certain requirements be met. One of these requirements is that our client doesn’t have any late payments or recorded judgments reflecting on their credit report for the past 36-months. When reviewing credit however, Mr. *****’s Mortgage Banker did not recall this requirement, and initially indicated that we could assist with refinancing. Once Mr. *****’s credit was reviewed by an underwriter, it was noted that he had two judgments filed with the Pottawattamie District Court as well as several collection accounts. As a result, Mr. ***** did not qualify for financing.

To initiate the loan process, Mr. ***** provided us with a $400 Good Faith Deposit.  This deposit is used to pay for the cost of an appraisal and credit report, and is credited back to our clients at closing. Per the Deposit Agreement, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Because the qualification issues present could have been identified at application, we agree a full refund is appropriate. A refund of $400 was applied to Mr. *****’s credit card 12/18/2013.

We ensure Mr. ***** that we had every intention to provide him with financing, but we have to be certain that our clients meet the guidelines of the program they’ve applied for.  We trust that that letter has answered any concerns that Mr. ***** may have. If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

******* ****

Sr. Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/23/2013 Guarantee/Warranty Issues | Read Complaint Details
X

Additional Notes

Complaint: DEAR SIRS,THE RETAIL BANKER WHO SOLD ME THE LOAN REASSURED ME THAT ANY PROBLEMS REFLECTING AGAINST MY CREDIT WOULD BE RESOLVED. QUICKENS COMPUTER SOFTWARE WILL NOT ACCEPT PAYMENTS OF ANYKIND AT TIMES WITHOUT EXPLAINATION OR WITHOUT COVERAGE WEEKENDS OR AFTER 5'OCLOCK. I SHOULD NOT BE REPORTED TO CREDIT BECAUSE OF ONE PAYMENT BEING LATE BECAUSE OF SECURITY ISSUES IM NOT MADE AWARE OF ,AS WELL AS AN UP TO DATE PAID ACCOUNT. QUICKEN REPRESENTS THE ONLT BLEMISH ON MY FOURTY PAGE CREDIT REPORT AND I WAS TOLD AHEAD OF TIME THEY WOULD RESOLVE ANY PROBLEMS THAT WOULD IMPACT NEGATIVE CREDIT THAT WAS A SIMPLE MISTAKE ON MINE OR THEIR END.

Desired Settlement: WITHDRAW BAD CREDIT REFLECTION AS A MISTAKE ON THIER END. REFUND LATE FEE. I WOULD BE WILLING TO FAX A COPY OF LAST MONTHS ACCOUNT STATEMENT TO PROVE FUNDS WERE AVAILABLE BUT NOT DRAWN BY QUICKEN.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *********’ concerns. We regret that Mr. ********* is displeased with his experience. 

Mr. ********* closed his loan in April 2012. Unfortunately, because of the time that has elapsed, we are no longer able to review the phone calls which took place. However, we can provide information based on the documents presented at closing and the notes present in our system.

Mr. ********* agreed to make his payments on the first day of each month. The date that payments are due was specified in the Note signed at closing and was also referenced in other documents, including the Monthly Payment Summary. Mr. ********* has a 15-day grace period to make his payments without penalty. If his full mortgage payment is not paid within this 15-day grace period, a late charge of $57.77 is assessed.

Clients have a variety of options when making their mortgage payment. In addition to mailing in their checks they can pay by phone or online (at myquickenloans.com) 24-hours per day. They can also call our client relations team and an advocate will take the payment by phone. Automated monthly and bi-weekly drafting of our client’s mortgage payments are also available.

When we did not receive Mr. *********’ November payment by November 16, we attempted to contact him on November 18, 21, 22, 23, 26, 27, 29, and 30th. After not receiving a reply to any of these messages, we also attempted to reach him on December 3, 4 and 6. Additionally, reminders were sent to Mr. ******** on November 21, November 25, and December 3.

We finally were successful in reaching Mr. ******** on December 9 and during that call, he provided his banking information so that we could draft his November and December payment. He is next due for January 1, 2014. Since Mr. *********’ November payment was already over 30-days late at that point, we reported the delinquency to the 3-major credit bureaus.

Our web site provides immediate access to our client’s mortgage statements and the ability to make payments. There is also a feature on the web site for our client’s to generate login and password information, if they no longer recall how to access their account. When our Account Advisors attempted to reach Mr. ********, they also left a call back number. If there was any uncertainty or the need to receive a duplicate statement, we were able to assist prior to the account becoming 30-days late. One of the reasons we contact our clients shortly after the late fee is accessed, is so that they still have time to make the payment before any credit bureau reporting takes place. Therefore, we do not agree it is appropriate for Quicken Loans to amend the late reporting or waive the late fee accessed. We have no record of a Quicken Loans team member assuring Mr. ********* that his late reporting would be “resolved”. This would only be the case if we received verification that Mr. *********’ made the payment prior to December 1 but it was not properly applied to his account.

We trust that this letter has answered any concerns that Mr. ********* may have.  If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

BobLippe@quickenloans.com

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/20/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Good afternoon,I have recently purchased a new home. At the beginning of the process when we were faced with a decission of who would be the best Lender, we contacted 8 different Lenders. After multiple quotes going back and forth we narrowed the choice down to two Lenders...both offered the same interest rate, but Quicken Loans came ahead with their offer of bringing about $1,500 less to the closing table. Since money played a huge role for us in this process, we wnet ahead and chose Quicken Loans as our Lender. Mortgage Loan is a stressful process with alot of paperwork involved and going back and forth, we dealt with several people at Quicken Loans and their customer service was just fantastic, but....after the exhausting 60 day process, where we quickly followed every instruction and every rule, we did as we were asked every step of the way, it was the final few days when shady things started coming into light. 1.) Quicken Loans ordered a second appraisal on our previous property and they did so without our knowledge = resulting in appraisal cost and all appraisal associated fees to be double the quoted amount. 2.) Survey Fee - this fee was disclosed and re-disclosed throughout the entire process as $0.00. Literally the evening before closing, we received the closing package and survey fee was suddenly listed as $225.00...The DAY before closing!!! 3.) Lender Title Insurance Fee - this fee was quoted to us as $25.00 and then ended up being $526.75 (more then 21x the quoted amount). Needless to say, our original choice to go with Quicken Loans was based on completely deceiving numbers and quotes. These disputes were brought up before we closed and we were told that we would just have to fight this post-closing and Quicken Loans would have to issue a refund check to us. We have been trying to get this resolved ever since. Received a very small portion of appraisal fees back..$378 out of $1,100. But how can you quote $0.00and charge $225 the very last minute and quote $25 and charge $526???

Desired Settlement: We are looking for the entire survey fee to be refunded back to us based on the fact that it was quoted as $0.00 throughout the entire process and it was not untill we received the closing package, where it appeared as $225.00.We are also looking for portion of the Lender Title Insurance fee to be refunded. It was quoted as $25.00 and then inflated to $526.75 (21x the estimate). We made every attempt to resolve this directly with Quicken Loans. We are looking for a refund $725. Sincerely,*******

Business Response:

December 16, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Ms. *****’ concerns. We regret that Ms. ***** is dissatisfied with the service we provided. 

Ms. ***** first contacted us about purchase financing on August 9. She informed us that she was converting her primary home into an investment property and would be using the rent received to qualify for her new home. In order to utilize future rent to qualify for financing, we require that our client has 30% equity in the property they are renting. We also ask require a 12-month signed lease in place, prior to closing. In order to verify the equity in our client’s investment property, an appraisal is required.

Unfortunately, we did not clearly explain the appraisal requirement to Ms. ***** and that a certain amount of equity must be present. The appraisal completed was exterior only. When it came back, it indicated that she had 20% of equity in the property, not the 30% required. We still had an alternative loan program we could offer, but it was not the same terms. Ms. *****’ agreed to the move forward based on her new estimate, and her loan was conditionally approved on September 27.

In regard to the Lender Title Insurance Fee, the fee was always $526.75; however, the fee was listed as $25 on the re-disclosure documentation provided to Ms. ***** on August 9, 15 and 22. The Good Faith Estimate provided to Ms. ***** on August 7 indicated, “Title services and lender’s title insurance in the amount of $1,015.75.” [The specific charge for “title insurance” was not specified, although it was meant to be included in this total]. Subsequent re-disclosures (August 9, 15, 22) indicated $25 in the title insurance field.

When we received the pre-close HUD-1 Settlement statement from the title company on August 21, the title insurance fee was updated to $526.75. This fee was reflected on Ms. *****’ next re-disclosure statement, provided on August 29. Since the title company was a third party unaffiliated with Quicken Loans, we will not know until closing what the final charges are and how the fees will be allocated.  Our Title Company distributes the charges differently, and lists $25 in the lender title insurance field by default.

The Survey Fee that Ms. ***** refers to in her letter was charged to her appropriately. We obtain the information regarding who is paying certain fees from the Purchase Agreement. Section 5 of Ms. *****’ Purchase Agreement stated:

“At Closing, Seller shall provide Purchaser with a plat of survey of the Lot performed by an independent, licensed surveyor or engineer….At Closing, Purchaser shall reimburse Seller for the cost of the survey and pay to Seller a reasonable fee, not to exceed Two Hundred And Fifty ($250.00), for obtaining and providing the survey.”

The cost of the survey was $225, and the seller’s title company (DHI Title) indicated that this was the amount due on the pre-close HUD Settlement Statement on August 21. Unfortunately, the Closing Coordinator did not catch that this change was made, which is why this fee was not updated until the HUD-1 Settlement Statement was provided on September 27. We apologize for this oversight; however, the Purchase Agreement did state that if a survey was required, the buyer was responsible.

We understand that buying a home can be a stressful experience. We do everything we can to make the process less cumbersome to our clients, but when there is a seller and third party title agent involved it complicates matters over a traditional refinance. Some of the requirements of approval were because

Ms. *****’ new home was still under construction.  When we started the process, Ms. ***** indicated that construction would be complete in mid-August. However, the home was not complete until September 19.  A final inspection was required, to verify no outstanding items that could impact the value of the home. We then realized we were unable to use the proposed income from Ms. ***** investment home (due to her equity position) we moved quickly to find another loan program. We were able to close her loan on September 30-not long after her final home inspection was complete.

When Ms. ***** brought her concerns to her Solution Consultant, he informed her that we would provide her with a $300 Lender Paid Credit. In addition, we also provided a refund of the appraisal charge on her previous home, since the requirement was not made clear. We sent Ms. ***** a $375 check for the appraisal as well as a second check for $80 check on December 2 for the appraisal management fee associated with the report. 

We are happy that we were able to provide Ms. ***** with financing.  We apologize for the issues she encountered, but assure her we had the best of intentions when working with her.  If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

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Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:

Good afternoon, I do not accept this resolution, because no resolution was offered. The $375.00 and $80.00 that Quicken Loans sent to us is not related to the true issue we are trying to address and I am surprised to see absolutely no offer being presented here by Quicken Loans. Quicken Loans completely mislead us with their initial offer. We contacted 8 different Lenders at the start of our process and received a great offer from one of them. I was impressed and excited and called Quicken Loans Representative Ryan to let him know we will not be going with Quicken as we have received a much better interest rate from someone else and good offer of out of pocket funds to close. Ryan asked me to email him the offer from the other Lender so he can see if they can do better. I did and Quicken Loans quickly matched the interest rate and offered about $1500 less to bring to the table to close. Quicken Loans, Engineered to Amaze, truly amazed me and so we accepted. Little did we know back then (as the true numbers and true expectations were hidden from us) that we were making a mistake and that we should have gone with the other Lender, who's number were probably more realistic.

I am not sure how I missed the part in the purchase agreement regarding the survey, but I did. However, here is the concern I have: I buy a house once maybe twice in a lifetime, I don’t know exactly what all goes into this painstaking process, I don’t know all the parts as there are so many…I rely on my Lender to guide me and provide me with all the information I need. My purchase agreement may have said there would be a survey fee of up to $250 and I wouldn’t think anything of it, but it is just one of so many little fees associated with a house purchase and so when I receive a GFE and fee disclosure and multiple re-disclosures of all these fees throughout this process, that is what I look at and those are my expectations. If I see a survey fee listed as $0.00 the entire time, that is what it should be. I understand it was listed in the purchase agreement and it is now being used against me, however in that case it should not be listed at all or listed at $250, instead of quoting something at $0.00 and then charging $225 out of the blue at the very end, knowing that your client will not back out of this deal after 60 days of stressful process, 3 inches of paperwork, loaded moving truck and keys to their new house almost in their hands. Quicken Loans admitted they overlooked this item on their part as well even though they knew the survey cost since August 27th, but charging me for this anyway because its listed in the purchase agreement I got on August 7th. So how is it ok for Quicken Loans to overlook the survey fee but it is not ok for me to overlook it on the purchase agreement. Again I, as a first time home buyer, not familiar with the process don’t think anything about a survey fee in the purchase agreement (one of the first pieces of paper I sign in the process), dealing with professionals, who do this every day for living, who’s information I rely on, who flood me with numerous fee re-disclosures for months. I do not believe I should be responsible for this $225.00 and I am asking Quicken Loans to re-evaluate their position in this and issue a refund for the full $225.00 as well as re-visit some of their practices in keeping their clients better informed.

In regards the Lender Title Insurance fee: The only thing I can say, going back to our initial decision who to choose as our lender, it is wrong to list something at $25.00 (I understand now it is a default amount in their systems) and repeatedly list it at that in fee re-disclosures until about a month into the process…I don’t know, I just feel deceived with this fee. Maybe the default amount needs to be adjusted in their systems….again as a home buyer, not familiar with every little fee in this process, I don’t know how much Lender Title Insurance normally is, and if I see $25.00, understanding most of these fee amounts are estimated…I expect to end up within reasonable range of what one thinks of as an estimate, but to go from $25.00 to $526. Am I wrong? Again I would like Quicken Loans to reconsider and maybe meet us half way on this fee.

I am not in a good position here, I understand, I signed, I closed, and with that I agreed. At the end of a very stressful process, exhausted I decided to sign, even though I was told by several people that it will be difficult to fight anything after closing. Yet I was optimistic and hopeful, because my experience with the people at Quicken Loans was just so amazing, so many wonderful people during the process. However what I was met with was just a cold matter of fact “that’s the way it is and that’s the way it stays” response, when I reached out to Quicken after closing. I never thought it would get this far and I don’t want to think how far it could end up going, but at this time I hope that all I will remember from all this is how great Quicken Loans Representatives are and leave everything else behind.

I am asking Quicken Loans for a refund for the full survey fee of $225.00 and consider covering a portion of the Lender Title Insurance fee, leaving the amount up to them.]

Regards,

******* *****

 

Business Response:

December 19, 2013

To Whom It May Concern:

Thank you for forwarding Ms. *****’ response to our prior correspondence. We regret that she remains dissatisfied. However, most of the commentary provided in her rebuttal is the same as we previously addressed.

Contrary to Ms. *****’ letter, we did not hide the ‘true’ numbers or provide vague or incomplete information. We were upfront regarding the terms of the loan we were offering; both verbally and in writing. The variances in the fees at closing were explained in detail in our previous response. When the survey and title insurance charges varied from application, we provided updated information to Ms. *****’ immediately. It is unlikely that any lender could have estimated Ms. *****’ closing fees exactly at application, given the information available. This is why we provide a Good-Faith Estimate and not the final Settlement Statement at application. It takes a period of time to finalize the figures and obtain the exact cost of services rendered by third parties.

We agreed that the appraisal fee on Ms. *****’ current home was not clearly explained and already sent a refund for the full amount. Aside from that, and the $300 lender credit previously issued, we do not agree that additional compensation is warranted.

We trust that this letter has answered any additional questions that Ms. ***** may have.  If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

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BBB's Final Determination: Consumer accepted resolution offered by the business.

12/20/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: My mortgage was sold to Quicken. They contacted me to let me know and said to contact them so we could have a smooth transition. Since I was using a third party payer I made sure to call and let them know that I used one and update my phone number so that they could contact me. I requested that they contact me if there were ANY problems. A couple of months went by and one day opening mail I see that my mortgage is past due. I call Quicken and they tell me that they don't communicate with my third party payer and that I must contact them. I repeated the fact that I had spoken to them much earlier about this problem and asked why they did not contact me. They had no record of my call and still had the incorrect phone contact. After contacting the third party and getting things straight I called to catch up the payments. ***** told me I should call them back and cancel that he could do that for me for no charge. I did cancel and called back to let him know. Another month or so later I find that I am past due AGAIN. Apparently they were STILL calling the wrong number and not once tried to email me. When I called to try to resolve the situation they say this is all my fault.

Desired Settlement: I would like a letter from them to the credit bureaus regarding that fact that I was able and willing and tried to make my payments, but that they had dropped the ball several times and my credit should NOT be impacted because of their mistakes.

Business Response:    

Thank you for giving Quicken Loans the opportunity to respond to Mrs. *****’s concerns. We regret that Mrs. ***** is displeased with her experience. 

Mrs. *****’s loan transferred from Ocwen to Quicken Loan on August 1.  Prior to the transfer, Mrs. ***** was provided with a notice of transfer from Ocwen on July 15 and from Quicken Loans on July 25. This notice of transfer letter also provided Mrs. ***** with contact and payment information.

When Mrs. *****’s loan transferred, she was next due for her September 1 payment.  Since we did not receive the payment by September 16, we began contacting Mrs. ***** regarding her account. We called over a dozen times in September and October, attempting to reach her and also sent notices on the following dates: 9/23, 10/3, 10/7, 11/25, 12/2, 12/3, 12/11, 12/12. We also would have sent email notification but were not provided an email address when the loan was transferred.

We were finally successful in reaching Mrs. ***** on October 16th. At that time, we explained the status of her account, and obtained banking information so that we could draft the September and October payments.  Mrs. ***** indicated that she utilized a third party bi-weekly payment service and that they had failed to forward the payments to us. We advised Mrs. ***** that we could set up automatic monthly or bi-weekly payments at no cost, but she declined our offer. Mrs. ***** also claimed that she did not return our calls because she was unaware we were attempting to reach her. She explained that the number we were calling was strictly associated with her security service and a secondary number provided by the previous servicer that is no longer in use by Mrs. *****. Since we were able to leave voice messages on both numbers, we had no reason to believe that either was an invalid number. The team member that spoke to Mrs. ***** intended to update her contact information as requested, but she failed to make the update. After we spoke to Mrs. ***** she left a message asking to be enrolled in our auto-draft plan. Since we did not have the information necessary to do so, we attempted to reach Mrs. ***** but were unsuccessful. This was because the team member returning the call was using the phone number that should have been updated. Although we regret this occurred, our clients are able to make payments and sign up for automated monthly drafting on our web site directly. This information was provided in each of the monthly statements sent to Mrs. *****.

When we did not receive Mrs. *****’s November payment before the grace period, we began contacting her, but we had the wrong phone number still. We were eventually able to reach her on December 9th. At that point, we collected the past due payments, and she is not due again until January 1, 2014. At this point, Mrs. ***** is still not enrolled in auto-draft, but she can sign up anytime at myquickenloans.com or by calling our Client Relations Team at ###-###-####.

Because Mrs. ***** was more than 30 days late for her September and November payments, she was reported late to the credit bureaus. However, in light of the events that led up to Mrs. *****’s late payments, we agree that removal of late reporting is appropriate. A correction has been sent to each of the credit bureaus. We have also provided coaching to the team member that failed to update her contact information when asked. Mrs. ***** will also be receiving a separate letter notifying her that the negative credit reporting has been removed.

We trust that this letter has answered any concerns that Mrs. ***** may have.  If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

************ *************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

However, I would like to respond to some of things in Quicken Loans letter.  First, when I received their transfer letter I called in and updated my information including the email address and asked that if there were ANY problems with the transfer to let me know.  My file was obviously NOT updated.  Then when I got a letter about the past due account I immediately called in to make the payment and again updated my information.  Their employee told me of their ability to make the payments at no charge and suggested that I call the third party payer and change to Quicken.  I did so and caledl back the employee and left a message that I had done so and to call me.  I never received a call.  I assume that everything is fine.  At receiving the past due notice again I call in to find that they STILL didn't have correct contact information and queried as to why they did not try to contact me by email as the employee read my email address to me.  I do not wish to trust Quicken to make my payments based on my experience with them so far.

Also I would suggest that they retrain more than the one person and that they caution their staff that handles overdue payments to be more professsional and not treat the callesr so poorly.  

Thank you so much BBB for  your help in this situation 

Regards,

***** *****

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/19/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I am writing to complain about Quicken Loans telemarketers willfully and knowingly calling my wife and I repeatedly about a home loan with which we have nothing to do. My brother in law, **** ******, in ********, died several months ago. We were NOT co-signers on his home loan, but we were listed as character references. Quicken Loans never called us before they gave **** his home loan. However, now that he is DEAD, telemarketers have called us more than 2 dozen times since his death, asking to speak with **** ******. We have kindly and respectfully told the telemarketers that **** is not at this number because **** is dead. At first, they apologized and pledged to remove our name from their calling list. That was a lie. They have continued to call us -- day and night -- asking for **** ******. In fact, I personally have talked with the same telemarketer several times re-explaining the situation. Each time she has said she would remove our name from the calling list. That was a lie. Today was the last straw. Early on a Saturday morning, my wife answered the phone, only to have this same female telemarketer ask for her dead brother, ****. My wife dutifully went through the usual questions: Why are you calling us; We're not on the loan; Why don't you call the co-signer on the loan; etc. When I saw my wife was starting to cry (this was her brother, after all), I came on the line and asked to speak with a supervisor. The telemarketer said there was no supervisor working at this time. That had to be a lie. I told her that we were going to file a complaint with the BBB (this complaint) for willful harassment and we were disconnected.

Desired Settlement: Since telemarketing calls are recorded "for training purposes," we request that all calls to our telephone number be reviewed to confirm our complaint that this telemarketer knew the correct facts of this complaint and that she knowingly continued to "harass" us at our home. We further demand that she be disciplined or, preferably, fired -- and that we receive a written letter from Quicken Loans that we will NOT be called again and that the telemarketer has been dealt with. Thank you.

Business Response:

December 19, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr.  *****’ concerns. We regret that Mr. ***** is displeased with his experience. 

In June 2013, Quicken Loans acquired the servicing rights of Mr. **** ******’s loan from *****. In August, we began calling the number we had on file for Mr. ******. When we first spoke with someone at the number we were calling, which was not until September 2013, we were told that we had an incorrect number but that “**** was not available”.  In another call, we spoke with “Mr. *****” who informed us that we should remove the phone number we were calling from our list. Unfortunately, the team member that spoke to Mr. ***** did not properly note the request and as a result, additional phone calls were placed. We agree that this is unacceptable and we expect any request for information to be opted out of our system to be processed immediately.

Since receiving Mr. *****’ letter, our Vice President of Servicing, **** **********, called to apologize for the repeat phone calls that were placed.  **** offered to send a personal apology letter and gift card, in consideration of the Mr. and Mrs. *****’ experience.  In addition, Mr. and Mrs. ***** have been opted out of all communication with Quicken Loans. They will not receive any further communication regarding refinancing, unless they choose to opt into Quicken Loans’ services by submitting their information directly through our website or through one of our lead-buy partners.

We trust that this letter has answered any concerns that Mr. and Mrs. ***** may have. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

******* ******

Sr. Resolution Advocate

Quicken Loans

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Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

**** *****

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/19/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My mortgage was "sold" to Quicken Loans. At their invitation, I began the process of refinancing at a lower interest rate over 4 1/2 months ago. I fulfilled requests to provide supporting documentation in a timely manner. As each "lock date" deadline approached, I had to initiate calls to find out the status of my process and every time there was something else they wanted. Quicken Loans personnel were not proactive and due to their lack of initiative, my original interest rate was "lost" and another lock date and rate were established. Every time this happened my credit report had to be run and this impacted me financially. I followed through with their requests and provided information as per their instruction. On Aug. 21, funds were pulled from an interest-earning asset account and placed in a checking account for closing. I contacted them again on Aug. 29 to find out when closing was scheduled. Because of the Labor Day weekend, they told me we would close after Sept. 3. My lock date was due to expire Aug. 31 and they told me not to worry - it would automatically "roll over" until closing. I heard nothing after that until I called again. On Sept. 24, I was called and told there would be NO closing because the interest rate was higher and I was unwilling to bring more money to the closing. BAIT and SWITCH - I think so.

Desired Settlement: Quicken Loans should reimburse me for the interest lost on $25,400 and also compensate me for the emotional and psychological distress they have caused. My financial advisors have prepared data (based on performance) that $657.04 of interest income was lost during this time. In addition, when considering the emotional and psychological distress , I feel that 10% of the total funds is just and fair compensation.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. *******’s concerns. We regret that Mrs. ******* is displeased with her experience. 

We received Mrs. *******’s application on May 3.  She was conditionally approved, subject to the receipt and approval of bank statements from her retirement accounts, an American Express account statement, and a paid-in-full account statement for an Amex account, amongst other items. These requirements were listed on an Approval Letter that was provided to Mrs. ******* and made available on myquickenloans.com.

We contacted Mrs. ******* several times throughout the month of May, in attempt to gather the necessary documentation to approve her loan. We eventually received verification that her Amex account had been closed on June 18.  We received her retirement account information on May 29.  If these items had been provided earlier in the process, her closing would have taken place earlier. 

When our underwriter reviewed the information received on June 18th, it was noted that the taxes and insurance amounts due on another property she owned, was not factored into her debt to income ratio (DTI). When these amounts were included, her DTI was too high to qualify. Her Mortgage Banker made an error at application, thinking that because she owned the property free and clear that he didn’t need to include these amounts it in her ratios.

We requested that Mrs. ******* provide verification that she was only responsible for half of the property taxes and insurance due on the property. We received that on July 19th but we did not receive verification that she only owed half of her insurance premium. Considering the reduced tax liability, we were able to qualify Mrs. ******* but only if she brought $20,000 to closing. This amount was required to buy down her interest rate, so that her new payment amount would keep her DTI below the program maximum. Mrs. ******* agreed to bring this cash to closing, and her loan was once again conditionally approved on July 19.

Earlier in the process, Mrs. ******* indicated that her balance owing to AMEX was zero. When we received the statement however, it indicated a balance of $1,468.60.  When we added the minimum monthly payment to Mrs. *******’s debts, her DTI once again exceeded guidelines. We asked again if she could provide proof she only owed half of the insurance payment due on her other property. We finally received this information on August 19.  We were able to move forward at that time, but only if Mrs. ******* closed out a ****’s and a ******** **** credit card, so her DTI would meet guidelines. We received the necessary documentation on August 20th.

Mrs. *******’s loan was originally locked for 45-days, ending on June 17th. We are able to auto-extend the interest rate up to 3-times (if a closing is foreseeable), but there is a cost associated with extending the rate on the secondary mortgage market. Depending on the situation, we are sometimes able to cover the cost of the extension and other times, pass the .25 expense to our client. Each time an interest rate is extended, a disclosure statement posts indicating the cost on myquickenloans.com. As we worked with Mrs. *******, we extended her interest rate on June 17, July 17, and August 1. As of August 20th, we still required proof of liquid assets, the cover the cash due at closing. Mrs. ******* informed us that she did not want to liquidate any assets until she knew that we were going to close her loan. We discussed the need for Mrs. ******* to provide us with proof of assets multiple times before her rate expired on August 31. Unfortunately, our Mortgage Banker did not realize Mrs. *******’s rate had already been extended 3-times when he stated it would be extended again on August 28th

Due to Mrs. *******’s rate no longer being locked, and changes in the market, the cash due at closing increased substantially in order to buy down her rate. The loan no longer made sense at that time and we withdrew the loan from process, at Mrs. *******’s request.

We made every effort to close Mrs. *******’s loan and at the agreed upon terms. What occurred was not an example of bait and switch, because there were material changes to the loan during the process. The information used to verify Mrs. *******’s initial qualification was not the same as the actual situation when verified. The delay in us receiving client conditions added time to the process, and impacted our ability to close within the rate lock period. The conditions requested were provided directly through Fannie Mae’s desktop underwriting system, and would have been likely the same whichever lender Mrs. ******* chose. We would extend a refund of the deposit we typically charge, to cover third party costs. But in this case, no deposit was collected.

We trust that this letter has answered any concerns that Ms. ******* may have. If there are any additional questions, please contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

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Consumer Response: Contrary to the report from Quicken Loans, my transactions with them did not occur as they stated. Quicken Loans did not contact me in a expedient manner regarding any of the information they needed to move things along. The Amex account they refer to was compromised (unauthorized charges were made on my account that account was immediately closed). The balance was paid and a new account issued. Amex provided me with proof of this and I forwarded it to Quicken Loans as soon as I received it. Quicken also refers to the extended lock rate. Each time we neared expiration of that, I had to contact them to find out what the status of my process was. Quicken Loans was NOT proactive and each time, we were down to the wire and they asked for additional information. I provided that information as quickly as I could, but needed to rely on others to get me documentation. I feel strongly, that as a customer, I should not have had to prompt them to find out what was holding up the process. Quicken Loans began this process - I did not approach them asking for a re-finance. As the current holder of my mortgage, they "invited" me to begin this whole process. It not only impacted me emotionally and psychologically, but I had to involve others in this debacle to try to get them the information they requested! I also, repeatedly, asked Quicken to contact me on my home phone. This request was ignored and I received calls on my cell, often in the presence of others who then heard personal financial details. This is NOT an acceptable way to conduct business of a personal nature. At the instruction of Quicken Loans, I liquidated assets to prepare for closing. I lot interest on these funds and that is also not acceptable. I feel strongly, that the interest I lost is the fault of Quicken. Even though the funds did not change hands, they were not earning the interest that I depend on for my livelihood. I had my financial advisors compute a conservative estimate of the interest lost on the funds I withdrew for closing and I feel that, even though the funds did not change hands, Quicken caused the loss of that interest and I should be reimbursed in the amount of $657.06. Quicken Loans states that I withdrew from the process. This is also NOT true. The door was "slammed" on me! I believe that Quicken Loans is at fault for not conducting business in an efficient and professional manner. If my situation were such that I could not meet the standards required - and my DTI ratio was out of line - it would be impossible for me to be closing with another reputable mortgage company. And, just for the record, that process has taken no more than 35 days! Same situation - different mortgage company!!! I also have asked Quicken Loans to return all my proprietary information. I gave them copies of tax statements, asset account records, etc. I received some of these documents, but one tax year was missing. I want that returned to me asap. Quicken has refused to acknowledge any further communication with me so my efforts to resolve this have come to a dead end. I look forward to having this resolved - and appreciated your efforts on my behalf.

Business Response:

Thank you for forwarding Mrs. *******’s response to our prior correspondence and providing Quicken Loans with the opportunity to respond. We regret that she remains dissatisfied. However, most of the commentary provided in her rebuttal was previously addressed in our prior response.  

Contrary to Mrs. *******’s statements, she did not have to contact us to find out the status of her loan.  The dashboard that our clients have access to when logging into MYQL continually provides updated information, in addition to updated disclosures. Mrs. ******* received updated interest rate disclosures via her MyQL account on June 20, July 23 and August 5.

In reviewing the calls during the process, we were unable to find an instance where we were advised not to call Mrs. *******’s cell phone. Instead, we found that she advised her cell phone was the best means of contact while she was on vacation in July. Later that month, she also advised us that she would not be home.

As part of her loan approval, Mrs. ******* was required to move assets to a liquid account so that we could verify her funds before closing. Quicken Loans understands that interest may have been lost on those funds, but we find it unreasonable to expect reimbursement for the movement of funds. Any lender offering the same type of financing would have required the funds be moved to a liquid account, prior to final approval.

We are pleased that Mrs. ******* was able to obtain financing through another mortgage lender. However, despite Mrs. *******’s statements that we were unable to get her debt-to-income (DTI) ratio “in line”, we were able to do so after verifying additional information such as her annual property taxes and insurance, credit card debt, and assets. By the time we were able to resolve the DTI issue though, we were unable to honor the original interest rate quote without additional costs. It is important to note that the steps she took at Quicken Loans, likely helped her with qualifying at another lender. For example, through our process she had already closed credit card accounts and transferred assets.

We have returned all of the tax information that we have for Mrs. ******* at her request. These documents were sent via UPS (tracking number ******************). UPS confirmed that this package was delivered on December 5.

We trust that this response has clarified any additional concerns that Mrs. ******* may have. If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

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BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/18/2013 Advertising/Sales Issues
12/18/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: On Nov. 1, 2013 at 7:45am CST, Quicken Loans attempted to make a pre-authorized automatic payment in the amount of $1470.82. I had not yet made it to the bank to deposit money, so the payment was not made due to nonsufficient funds. About 2 hours later, I made my bank deposit and called to make a payment for our mortgage in the amount above by phone. The payment was immediately withdrawn from my checking account. Then, at 7:45am on Nov. 4, 2013, Quicken Loans withdrew another $1470.82 from my checking account. This was not a pre-authorized payment. I called Quicken Loans immediately and they assured me that the payment would be returned to my checking account in 5 business days. It is now Nov. 12, 2013 and despite assurances from two Quicken Loans employees (Reggie and Lauren) that the money would be returned today, it has not shown up in my account. Their unauthorized payment debited from my account has resulted in 15 dollars in overdraft fees. 8 days later, I would expect to see that refund applied. Both bank and mortgage statements showing the double payment and lack of refund can be provided, if needed.

Desired Settlement: I would like the $1470.82 deposited to my checking account immediately. Quicken Loans has the needed bank information on file to accomplish this.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ******’s concerns. We regret that Mrs. ****** is displeased with her experience. 

On November 1, two payments were drafted from Mrs. ******’s bank account.  This occurred because one payment was previously scheduled to automatically withdraw on the first of November, and another payment was made that same day via our automated phone system.

When we attempt to draft a payment and the funds are unavailable, the payment will still post to our client’s account as the bank attempts to obtain the funds on 2-additional occasions. If after the third attempt the funds are still not available, the payment posted will be reversed from our system. Ultimately, we received two payments from Mrs. ******.

On November 4, Mrs. ****** contacted us to regarding the duplicate payment. As she stated in her letter, we advised that we could refund her after 5-business days. This hold is necessary so that we can be certain the bank will not reverse the funds from our account due to a stop-payment or for insufficient funds. Since November 11 was Veteran’s day, the refund was sent to Mrs. ******’s bank electronically on November 12. The credit can take 2-days to post at our client’s bank it is possible that Mrs. ****** did not have access to these funds until November 14.

Holding funds in order to verify the check “will clear” is not unique to Quicken Loans and is the standard employed by most financial institutions. However, we understand the frustration Mrs. ****** experienced and apologize that our system does not present a warning when ACH is scheduled but a payment is made by phone. Mrs. ******’s November mortgage statement did state that the next payment will be made via ACH (see attachment) as did our web site, if Mrs. ****** logged into her account. Because of Mrs. ******’s experience, we are researching if there is any way we can present a message through our automated phone system, for these types of situations. The difficulty is that some clients make their payment via ACH but call in to make extra principal payments by phone or to pay ahead on their mortgage.

We trust that this letter has answered any concerns that Mrs. ****** may have about the duplicate payment.  If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

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BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/18/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was looking to refinance my mortgage. I saw an advertisement on msn.com and clicked on it to find the mortgage refinance rates in my State. I was looking to get a mortgage from a local bank or credit union if the rates were good. I got a call from Quicken Loans and they told me how good they were. I got my existing mortgage from them with a good experience about 4 years ago. However, this time they said in order to give me the best interest, they would need to get my credit scores. I told them no, do not do this because I do not want a bunch of credit inquiries on my credit reports which could lower my credit scores. The Quicken Loan representative promised me that it would not show up on my credit reports. I asked him how can they do this. He said they have their ways.I have ID watchdog, and accessed my credit history with Transunion, Experian, and Equifax. The Quicken Loan inquiry did show up on my Transunion credit report. I called Quicken Loans to take care of this, and the representative said that she could not take care of this. I asked the Quicken Loan Representative if there is anyone at Quicken Loan that could take care of this, and she said no. I have not refinanced my mortgage in four years. I was just checking out what lower rates were out there during the first month(s) of 2013.

Desired Settlement: I would like Quicken Loans to contact Transunion via letter, or some other acceptable means, saying this was a mistake, and I did not authorize them to check my credit until I decided who I might refinance my mortgage with. (I probably should have refinanced with Quicken, but I chose ********** ****** Bank. I did not refinance because ****** Bank took to long to get a qualified appraiser to my house, among other things, and by then the interest rates rose and a refinance became impractical.)

Business Response:

December 11, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *********’s concerns. We regret that Mr. ********* is displeased with his experience. 

Mr. ********* spoke with our Mortgage Banker, **** *******, about refinancing his home in January 2013. We received Mr. *********’s information from our lead-buy partner, guidetolenders.com. According to the Fair Credit Reporting Act, when Mr. ********* inquired about his lending options with ****, permissible purpose was met. However, it is our policy to always request that our client provide us with permission as well as their social security number and date of birth.  Our process is to review the results of the credit inquiry with our client, as we discuss their available options.

While we regret that this matter has caused Mr. ********* concern, the impact of our credit inquiry was negligible. For most clients, a credit pull only impacts their score by 3-5 points. Additionally, any mortgage inquires within a 45-day window only count as a single inquiry. Accessing credit history is a standard practice for mortgage lenders since it is necessary to provide an accurate quote.  

We hope that Mr. ********* will provide us with an opportunity to re-earn his trust. If he contacts me directly, I can place him in contact with one of our best Mortgage Bankers so we can review the mortgage options that are currently available to Mr. *********’s.

We trust that this letter has answered any concerns that Mr. ********* has. If there are any additional questions, please do not hesitate to contact me.

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

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BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/18/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Refinanced my home with Quicken Loans (QL) in April 2013. At same time, I bought out the other owner and received 3 quit claim (QC) deeds. These deeds were included in my loan package by the notary at closing and sent to QL. However, they have not been recorded as promised nor can i get anyone at QL to help in locating them.These documents are extremely important legal papers and should have been carefully handled and processed in a timely manner. Without them, i can't claim ownership of $650,000 in property that i paid for with money from the refinance. I am concerned that QL has lost them or thrown them away. I have tried to get an answer by calling the Help line but no one there has been able to help me so far.

Desired Settlement: I would like QL to locate my 3 Quit Claim deeds and make sure they are properly recorded in **** County, ** ASAP.

Business Response:

December 12, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Ms. ******’s concerns. We regret that Ms. ****** is dissatisfied with the service we provided.   

Ms. ****** closed her loan with us in April 2013.  Although we’d like to review the communication which took during the process, due to the length of time that has elapsed, calls are not available. Therefore, we are only able to rely on the notes in our origination system and the documents that were presented to Ms. ******.

Any recordable documents such as the Mortgage or Quit Claim Deed, is handled by the title company insuring and closing the transaction. When we ordered title from Title Source, the vesting came back in the name of “******** M. ******, unmarried, and ******** ******, unmarried, as tenants in common for life with the remainder vesting in the survivor in fee”. As the lender, we do not complete a deed removing a person off title or adding them to it. We had no issue with how title was vested. As a courtesy, we can arrange for the title company to prepare a deed to change ownership. However, in this case we have no record of this being arranged for Ms. ****** or her requesting that this be completed for her. We apologize if during the process she was advised otherwise.

When we received the closing package for Ms. ******’s loan, no deeds were provided.  Instead, the other party signed non-borrowing title holder documents. In addition, there is no collection on Ms. ******’s HUD to record any deeds. Therefore, if the expectation was set that a deed would be prepared, we are uncertain why this issue was not brought to our attention at that time. If nothing was signed at closing indicating a change in ownership, then no ownership change could occur. We are also unsure if the property that Ms. ****** is referring to is the loan we closed. The only property we financed appraised at $330,000.

We trust that this letter has answered any concerns that Ms. ****** may have.  If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

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BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/17/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Quicken explained risks of obtaining an appraisal for $400 after reviewing financials. 11 months ago, we did not get the required appraised value and therefore loan did not go through. Fair enough since risk was known and actions were taken accordingly. Since values had gone up, I talked to Quicken and we decided it might be worth trying again. This second time we received the value we needed. Quicken then informed me that the loan could not go through due to a condition stated by the bank holding our 2nd mortgage. However, this risk had not been conveyed in advance as an issue that I could have investigated before sending another $400 to Quicken Loans. I requested a refund for this second situation and have been refused. This is not fair business practice. I accept the risk for the first $400 because the risk was clearly explained. I am not in agreement with the second because the risks were not clearly explained.

Desired Settlement: Refund the second $400 sent to Quicken Loans.

Business Response:

December 16, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ********’ concerns. We regret that Mr. ******** is displeased with his experience. 

Mr. ********’ first loan application was denied in January 2013. As stated in his letter, the denial was related to his home appraising for $95,000 less than expected.  The lower value caused Mr. ********’ combined loan-to-value (CLTV) to reach 97.75%. This exceeded the CLTV limit of Mr. ********’ loan program, which was 90%.  Since Mr. ******** could not bring the additional cash to closing, his loan was denied.

Mr. ******** contacted us about refinancing again in late September. When asked what he thought his home would appraise for this time, he stated $600,000.  Fortunately, at that time there were sales to support a higher value and the appraisal came in at $650,000. This meant that Mr. ******** CLTV was at 87.48%, which allowed us to move forward with refinancing.

Once we had the appraisal and title work, we were able to begin the process of requesting a subordination agreement from Mr. ********’ Home Equity lender (Reading Coop). We were informed that although the CLTV met our requirements, Reading Coop would not approve the subordination unless the CLTV was at 80% or less. This is normally discovered earlier in the process, when we request preliminary information about the second lien holders’ requirements. It is not unusual though, for a lender to officially give one requirement but to accept something different – such as a higher CLTV-based on the overall merit of our client’s profile. However, in this case Reading Coop did not provide a counter-offer or vary from their requirements.

Once this information was received, Mr. ******** was assigned a Solutions Consultant who attempted to reach him for 2-weeks, beginning on October 7, Eventually on October 25. we reached Mr. ******** by e-mail. We explained that Mr. ******** could pay down his Home Equity Line to $2,500 and keep his current loan amount, lower his new loan amount to $509,000 and have a $10,000 HELOC, or pay off the balance on his HELOC.   Mr. ******** informed us that none of these options were acceptable. We suggested that Mr. ******** contact Reading Coop directly, to see if they would make an exception since the request was coming from him directly. Mr. ******** did not feel this was a viable option and stated there was some sort of issue between himself and his second lien holder.

In reviewing the process, we do not agree that there were delays present in the processing of Mr. ********’ loan. The costs incurred were necessary, because without the credit report and appraisal, we could not properly qualify Mr. ********. It is common for lenders to subordinate liens when combined loan-to value reaches as high as 95%.  We had every reason to believe that the subordination would be approved by Reading Coop.  Although the Deposit Agreement signed by Mr. ******** stated that we’d refund the deposit less the cost of the appraisal and credit report, we will be refunding half of the good faith deposit as a goodwill gesture.  A refund of $200 was applied to Mr. ********’ credit card on November 20. Please allow 3-5 days for these funds to post.  We would like to stress that we are not refunding because a complaint was filed. We are refunding because it’s the right thing to do. We apologize that Mr. ********’ information was not proactively sent to the Client Relations team for further consideration.

We trust that this letter has answered any concerns that Mr. ******** may have. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

******* ******

Sr. Resolution Advocate

Quicken Loans

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Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

What Quicken has stated is factually correct. The issue is not in the fact that Reading Coop would not yield and resume 2nd position. This issue lies in the fact that Quicken failed to explain that there was a risk other than those that they had explained prior to risking another appraisal fee. Essentially, they failed to give me the opportunity to check in with Reading Coop in advance before spending another appraisal fee with them. In my opinion, the first time through paying for an appraisal is all on me; the house simply did not get appraised at the desired value. However, the second time is on them. I met all the conditions for refinance other than this issue that they brought to my attention after spending the money. While I agree that it might not be normal for a bank to not resume a 2nd position, this is Quicken's business to know these things and explain the risks. They failed to explain the risks of spending the money. Like me taking responsibility the first time, I do expect that a professional business should take responsibility for its failures or mistakes.

As for there being an issue with Reading Coop -- This issue is that my business left that bank with its corporate business so there is no incentive to change its policies in loan conditions. If my business was still banking with Reading Coop, then I might otherwise have leverage and be able to overcome the issue. In the later case, it would mean that I would have overcome something Quicken failed to warn me about.

In addition, the loan analysts was very nice and explained things well. The statement by her essentially was that the position of Reading Coop was not normal business practice. However, normal business practice and lack of risk to a loan, and therefore risk of all of our time and money, was not properly explained prior to this analyst being assigned.

Bottom line, Quicken is not taking responsibility for its actions or lack of preparation of its customers. They are standing behind what another bank had placed as a road block as we neared completion which means that they did not have control of the process explained up front. I met the conditions, spent the appraisal fee, and then they stood up another issue after the fact. My opinion is they are culpable to the loan failing to process.


Regards,

**** ********

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

12/17/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On or about September 2013 we began a loan application with Quicken Loans. All documentation was submitted to them Ina timely manner. Documents include but are not limited to 2011 tax returns, asset statements, bank statements to name a few. A credit application was made a credit review was performed by Quicken loans wherein we were conditionally approved. Our rate was locked till On or about October 15th and we were told we needed to close by that date for our rate. Bear in mind they advertise "engineer to amaze" and "close most loans within 30 days." Quicken Loans has changed the conditions of approval for our loan TWICE now despite the fact they have held the paper work for review approximately 6-8 weeks. As stated previously, the terms for our loan has changed twice now where we have approached closing/expiration of our rate they suddenly discover a problem and need more money from us. Their last minute decision is based upon paper work they have held onto for 6-8 weeks that suddenly becomes a problem and they request substantial more money.The most recent is where they have categorized a one time business expense paid with cash as long term debt and therefore need to increase our rate, bring $15,000.00 to closing and prolong our loan to 30 years past the 15 years we requested and charge us more in points because it is a risky loan since the loan is further out. YES, YOU READ THAT RIGHT!!! This smacks of fraud, deception and another way of predatory lending.If Quicken Loan does not keep to their original terms we will proceed to the Attorney General

Desired Settlement: We request the loan at the agreed rate and terms originally agreed upon.OrThe refund of our appraisal since all conditions were known at the time the appraisal was ordered.

Business Response:

December 11, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. *******’s concerns. We regret that Mrs. ******* is displeased her experience. 

We received Mrs. *******’s application on August 29. At application, we gathered preliminary information about Mrs. ******* and her husband. We reviewed credit and entered it into our desktop underwriting system through Fannie Mae and received initial approval to provide financing.  A list of conditions was also provided, indicating what documentation was necessary to complete the loan process. We provided this list to Mrs. ******* in an application document called “Things We Need From You”.

At application, Mrs. ******* informed us that we’d only be using her husband’s income ($123,000 base salary) to qualify. We asked if her husband had any tax write-offs and were told yes, he had some but that Mr. ******* still “netted” about $7,200 per month. Mrs. ******* also mentioned that she had started her own business, which should have prompted additional questions. Instead, Mr. *******’s income was the only amount considered to initially quality the *******s.

When Mrs. ******* and John spoke about her home’s value, she indicated an expected appraisal of $365,000. This is the figure we used to quote the available terms. Unfortunately, when we received the completed appraisal, it indicated a value of $355,000. Because the value came in $10,000 lower than expected, we could no longer offer the same terms. Mrs. ******* agreed to the new terms we could offer and the loan was conditionally approved on October 3rd.

When we reviewed the 2011 tax transcripts for Mr. and Mrs. *******, we discovered that they had unreimbursed business expenses.  Because of this, we required full 2011/2012 Tax Returns with all schedules. We began requesting the returns on September 10, and at that time Mrs. ******* informed us that she had filed an extension for her 2012 returns. We were first told that the returns would be available October 7, but did not receive them until October 23. When the information was reviewed, it was noted that we did not receive Mr. and Mrs. *******’s Schedule E for 2012. We requested the additional schedule and received it on October 31.

Once we considered the *******s’ 2012 unreimbursed Schedule E losses for 2011 and 2012, Mr. *******’s debt-to-income (DTI) ratio rose from 41% to 52%. The new percentage exceeded the guidelines for the loan program.  In order to overcome the issue, the *******s were required to bring nearly $20,000 to closing. Since this was not a viable option, the loan was denied accordingly.

Mrs. *******’s loan was originally locked for 45 days ending on October 15. We are able to auto-extend the interest rate up to three times (if a closing is foreseeable), but there is a cost associated on the secondary mortgage market. Depending on the situation, we are sometimes able to cover the cost of the extension; but other times, we pass the .25 expense to our client. Each time an interest rate is extended, a disclosure statement posts indicating the cost on myquickenloans.com. As we worked with Mrs. *******, her interest rate was extended until November 14 at no expense to her. There was no benefit to Quicken Loans to prolong the process or deny the loan. We much rather have closed at the agreed upon terms and gained a satisfied client.

To initiate the loan process, Mrs. ******* provided us with a $500 Good Faith Deposit.  As it was explained in the Deposit Agreement provided at application, when a loan is denied or withdrawn we will refund our clients the deposit less any costs incurred. Even though an appraisal and credit report were received, we have decided to make an exception to our deposit policy. We have refunded $500 to Mrs. *******’s credit card on November 15. The reason for the refund is not that a complaint was filed. Rather, we felt it was the right thing to do since additional questions could have been asked at application to better understand the *******’s overall financial picture. We sincerely apologize that their experience was not referred to our Client Relations team previously for consideration.

We share in Mrs. *******’s disappointment that we were unable to provide her with financing. We assure Mrs. ******* that we had the best of intentions while working with her, and hope that she will provide us with an opportunity to re-earn her trust in the future. If there are any other questions, please do not hesitate to contact me directly.

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

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Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

I have not seen the response from Quicken Loans.  The form sent from the BBB online gives an "accept" only as the default and does not let me see their response.  


Please, show the response from Quicken loans before I will accept it.

Regards,

******* *******

 

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

 The information reported by the Quicken loans rep is incorrect on numerous matters.  It is still predatory lending in that they changed the rate even though none of the information we gave then had changed. They lowered the payment amount however doubled the rate and increased the pay back time. Again, predatory lending.They are wrong in what they classified as long term debt and was in fact a one time expense.

 

She is correct in that I am not an appraiser but an interior designer so I would not know what the appraisal amount would be for.  However, after much disagreement they did return our appraisal money.  Bear in mind Quicken loans has faced disciplinary and legal action for inflating appraisals before...

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

12/16/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was contacted by Quicken numerous times during the course of a month. In answering a call, I was told it was a great time to refinance (I had refi-ed with Quicken a few years ago). The salesman/banker filled me in and on paper it looked good. I proceeded forward and was transferred to a different customer specialist.My loft was appraised for $33K less than it was appraised for two years ago (when I first refinanced). Due to this fact, I no longer qualified for the loan I was offered w/out paying PMI. I was so truly convinced the appraisal was wrong that I studied it (when it was actually available for me to view; this took weeks). In doing so, I noticed many errors on the basic specs of my home. Square footage, number of stories, interior (mine is mostly brick and some drywall and the appraisal said all drywall; my floors are all hardwood and the appraisal said hardwood and carpet; we have two elevators and the appraisal said one; I own my parking spot and the appraisal did not mention this; etc.). I then looked at the comparables and they were NOT comparable at all. The customer specialist suggested I create a document detailing these items, as well as seek out comparables myself. I did so immediately and provided a pdf the following day. I had to wait another 1-2 weeks to get a response which, again, I had to seek out. I was simply told "the appraiser said my comparables had to be more comparable." This made no sense as anyone who looked at the numbers would see mine were more comparable. Several of his were 700 sq ft units on garden or 1st floor levels while my unit is 812 sq ft on a 2nd floor, and it's a loft, not a typical walled condo. Quicken transferred me to several other people and I had to keep repeating my situation as no one knew what the other was doing. They are 'looking into it.' Weeks go by. Then I was basically lied to; when I said I absolutely did not want to pay PMI, I was told I wasn't paying it. However, it was just added into my principle. I am very frustrated.

Desired Settlement: As the appraiser refused to make any sort of change even though, looking at the numbers/facts, it's obvious there were errors/dissimilar comparables in his report, I am asking for a refund of the $500 deposit I had to put down. I am aware I signed a document when I paid this deposit. However, due to a faulty appraisal and Quicken's disorganization (being shuffled around; 'specialists' not knowing what the other was doing; no one getting back to me), I feel my case warrants a special exception.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Ms. *****’ concerns. We regret that Ms. ***** is dissatisfied with the service we provided. 

Ms. *****’ appraisal was reviewed and cleared by our Underwriters on September 28. The report was posted to myquickenloans.com and an e-mail sent to Ms. ***** notifying her of the same, on September 29.  Although Ms. *****’ estimated her home would be worth $223,000, the report indicated that her home was worth $190,000. 

Due to the lower appraisal, we were no longer able to offer the terms previously discussed. When Ms. ***** spoke with her Solution Consultant (*** ********), he explained that since her LTV was now above 80%, she would either be required to pay Private Mortgage Insurance (PMI) or obtain Lender Paid Mortgage Insurance (LPMI).  With LPMI, Ms. ***** would be required to pay an additional 1.75 points (or $2992.50) in place of paying monthly PMI. Ms. ***** agreed to LPMI, and her loan continued to move through the process with that understanding. Unfortunately, when we spoke to her on October 29th she changed her mind and no longer accepted the new terms.

Ms. ***** indicates that the square footage, elevator count, parking situation, number of stories and interior material of her home are all incorrect on the appraisal. Even if this were the case, the impact to value these items would add, is minimal. Aside from square footage, the items are more of an individual preference than an influence on value. In regards to the square footage, the discrepancy is only 30 feet, which could be due to a difference in rounding. 30 square feet is unlikely to cause a buyer to pay more for a property.

The original report received contained a clerical error that indicated the property was 2-levels. We apologize for the appraiser’s oversight, but assure Ms. ***** that the value was based on the appropriate information of 1-Level. We have attached a copy of the appraisal addendum and have highlighted where the clerical error has been corrected.

Ms. ***** states that the comparable homes provided by the appraiser were not comparable to her home. In the appraiser’s opinion, this is not the case. The appraiser reviewed records from the multi listing service and the county, to confirm the aspects of these homes and the similarity to Ms. *****’ home.  Page 26 of the report includes the comparable properties considered by the appraiser, but were set aside for more similar sales, for evaluation purposes. The other comparable sales provided by Ms. ***** were deemed to be less similar than those used in the report. An appraiser cannot overlook homes that are a better representation of value, in the interest of using sales that sold for a higher value.

To initiate the loan process, Ms. ***** provided us with a $500 Good Faith Deposit.  Per the deposit agreement, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Since Ms. *****’ appraisal cost $435 and the credit reports fees were $16.25, a refund of $48.75 was refunded to her Visa account on December 3.

We understand the frustration that a loan denial can cause. We share in Ms. *****’ disappointment that we were unable to complete the transaction. Although we acknowledge that Ms. ***** is requesting a full refund of her deposit, we do not agree that a refund is warranted. Her property appraising for less than estimated is something that is outside of our control.

We trust our response helped clarify Ms. *****’ concerns. Please contact me directly at the number provided below if you have any remaining questions.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

 

There are several reasons as to why I am not satisfied with the resolution as offered by *** *****, Senior Resolution Advocate, Quicken Loans.

1. I did not 'estimate' that my home was worth $223,000; I merely brought forth evidence that it was appraised for that amount two years ago, and that the market in ******* was better now than it was then, which only added to my confusion regarding my home's low appraisal value.

2. I NEVER agreed to LPMI. NEVER. This is an outright falsehood. In fact, I stated clearly in no uncertain terms to Mr. *** ******** that I did not want to pay PMI, and thought it ridiculous that a 'refinance' would end up resulting in the principal of my loan being raised (due to the PMI). I have emails to prove this, and I'm sure Quicken has recorded conversations I had with several members of the Quicken team stating this very thing. I was pretty clear cut regarding this matter. It appears *** K. went ahead with it on his own without my knowledge, as I never did and never would agree to those terms, and I never signed anything agreeing to it. I vehemently told him this (and several other people I was shuffled around to at Quicken including ******** ****** (Executive Office Resolution Advocate) and ******* ****** (Director, Solution Consulting). I was told that they would try to see if they could 'come up with any other options.' Again, I heard nothing and had to contact them regarding this after the initial time period they had given me had passed, only to be told that there were no other options. There was no 'changing of my mind.' I was always firm on this point. I would not pay LPMI.

3. I understand the areas of my home appraisal that were erroneously documented may or may not have had an impact on an appraiser's ultimate value; however, the point in bringing to light the many errors was to solidify my view that I did not trust the skills/job of an appraiser that would make so many errors on the basic details of my home in his report.

4. I will argue point to point as to the comparable issue. The appraiser's comparables were NOT more comparable than the ones it was suggested by *** ******** that I provide. My comparables were closer in size (800 sq feet, 825 sq feet) and 2nd floor units, as my 821 sq. foot home is on the second floor. The appraiser's "comparables" ranged from 925 to 700 sq feet, and most were on the first floor or garden level (!). This makes absolutely no sense, and why he deems them 'more comparable' is beyond me. I have all the documentation detailing these comparisons and am ready and willing to share the details if needed. The appraiser noted that ONE of the comparables I provided was 900 sq feet..saying this was not relevant. However, TWO of the comparables provided in his report were 900 sq feet! Again, this makes no sense at all, and was extremely mind boggling.

Therefore, due to my belief that the appraiser did a subpar job on my home appraisal (from the plethora of errors regarding my home's basic details down to the comparables he provided), along with Quicken's 'going forward' with a loan I *never* agreed to (with the paying LPMI), I cannot in good faith accept Quicken's offer. I still believe I am due a full refund of the 'good faith' $500 I put down when the process started. 

 

Regards,

******* *****

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

12/16/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I contacted Quicken Loans to refinance my home to obtain some cash to do some home improvements. We paid $400 for an appraisal with them telling us a closing date would be September 19, 2013. We have for our appraisal in August with that stipulation. They were aware of a former foreclosure in 2008 as I did advise them this information up front. There were no problems until they asked about balances in 2 weeks before closing regarding the foreclosure and then finally told they were not going to be able to close on the loan. They had me invest $400 in an appraisal knowing all this information up front. When I asked about some type of refund, they stated well, we didn't know there was an outstanding amount on the foreclosure eventhough they knew about in the beginning when they ran the credit report..... They lied took my money and **** in their client relations stated well, we had cost too.. and that was it.

Desired Settlement: I would like a refund of the $400 appraisal that I didn't need if they had told me this up front. If there was no way I could refinance my current home, there would be no reason for an appraisal and send Quicken Loans all my personal information regarding refinancing.

Business Response:

December 4, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ********’s concerns. We regret that Mrs. ******** is displeased with the service we provided. 

As Mrs. ******** stated in her letter, we knew of her previous foreclosure, but we were unaware of the issues that would arise as a result of it, during the process. Mrs. ********’s credit report indicated that she had a closed charge-off account with **** for a Home Equity Line of Credit (HELOC).  When asked if the HELOC that was charged-off in 2008 was part of the foreclosed property, Mrs. ******** said it was. Mrs. ******** also informed us that she did not own this property anymore. She also stated that several accounts showing as due, past-due, or charged off on her credit report had actually been paid in full. Based on this information, we were able to provide financing. However, as Brian indicated to Mrs. ********, our ability was contingent on receipt of several items. We explained the outstanding conditions in detail in the Approval letter posted to Mrs. ********’s account on August 12th. Specifically, the letter stated:

Foreclosure documentation or written letter from you:  Your loan application is showing a past foreclosure.  If that is correct, please provide foreclosure documentation indicating the foreclosure was not filed within the last 36 months and has been satisfied.

Paid in Full Account Statement or Letter:  Please provide a paid in full account statement or letter for the charge off for ********** account number **** in the amount of $35,021 for ****** D. ********.  Account must be paid prior to or at closing. 

Paid in Full Account Statement or Letter:  Please provide a paid in full account statement or letter for foreclosure for ********** account number ********** in the amount of $125,865 for ****** D. ********.  Account must be paid prior to or at closing.

Paid in Full Account Statement or Letter:  Please provide a paid in full account statement or letter for the Account for ** ********* account number***-***-****in the amount of $16,413 for ****** D ********.  Account must be paid prior to or at closing. 

Paid in Full Account Statement or Letter:  Please provide a paid in full account statement or letter for the account for Santander Consumer USA account number *********79271000 in the amount of $14,156 for ****** D ********.  Account must be paid prior to or at closing. 

Paid in Full Account Statement or Letter:  Please provide a paid in full account statement or letter for the Past Due Balance for ************ account number **************** in the amount of $2,442 for ****** D ********.  Account must be paid prior to or at closing. 

We followed up with Mrs. ******** regarding these items on August 15th.  Mrs. ******** informed her Client Care Specialist (CCS) that she did not have any documentation indicating her accounts were paid in full.  However, she did state in a subsequent call she was working on obtaining the paperwork. On August 22, Mrs. ******** stated the same but she also explained that **** was unable to find an account for her. In an effort to assist, we ordered a credit supplement to obtain additional information from HSBC. This required Mrs. ******** to complete a conference call with **** and our credit vendor. In doing so, our credit vendor confirmed that the account appearing on Mrs. ********’s credit report was hers and was showing as charged off.  We still needed to obtain proof of payment and receive bank statements showing the source of funds used to pay off this and other accounts. We also were waiting on close out letters from each creditor.

We received additional documentation on September 3 from Mrs. ********. This information was reviewed, but it was insufficient to clear the remaining conditions on the loan. We still did not have proof that the **** account had been paid in full and we had not received bank statements verifying the funds used to close the accounts came from Mrs. ********’s savings. Even if the HELOC with **** was from a past foreclosure, we still required proof that the debt has been paid to meet the underwriting requirements of the loan.   Since the account was listed as a “charge-off” by HSBC, this implied that the amount due was never paid. We ultimately did not receive the documentation required for final approval and the loan was denied accordingly.

Mrs. ******** contacted our Client Relations Team, with her concerns regarding her loan denial. She spoke with **** ******, who explained that even if **** is unable to place a judgment, they were still able to collect on the debt – which is why we needed a paid-in-full letter. **** reviewed the communication which took place at application and confirmed that we advised Mrs. ******** of this requirement. We have also confirmed that Mrs. ********’s Mortgage Banker properly explained our Deposit policy.

When she initiated her loan process, Mrs. ******** supplied us with a $400 deposit and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

Since Mrs. ********’s appraisal cost $420, there was nothing left to refund. 

We were up-front regarding the requirements for approval. We provided a list of conditions both in writing and several times verbally as we attempted to obtain the necessary documentation. Mrs. ******** could have easily stopped the process prior to the appraisal cost being incurred, if she had notified us she’d be unable to obtain any of the necessary documentation. The information requested was what was necessary to provide FHA financing. It is unlikely that any other FHA lender could have approved the loan, without these same items being required. At no time did we state the loan was in final approval or would close on a specific date. September 19th was mentioned because this was the date Mrs. ********’s interest rate was locked until. The meaning of this date was explained in the Interest Rate Disclosure provided to Mrs. ********.

We trust that this letter answers any concerns that Mrs. ******** may have.  If there are any additional questions, please do not hesitate to contact me directly.

Sincerely,

******* ******

Sr. Resolution Advocate

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

Regards,

****** ********

 All documents were presented to quicken loans everyday ***** was calling regarding these forms and due to the age of the documents they were asking for there was no record of the **** loan it was not available and we could not get anyone on the line to answer the ridiculous question regarding the**** account on the phone number that quicken loans provided and they held that against me.

They knew these accounts from the foreclosure were not paid in full and they make you think and sign forms for refinance.

 

For the comment about refinance by any other company my home is currently financed through FHA and did obtain they money without their traps of their lies and misrepresentation of a legitimate business. I still want my $400 from these crooks. With all the complaints filed on the BBB website against them explains their tactics.

Business Response:

December 11, 2013

To Whom It May Concern:

Thank you for forwarding Ms. ********’s additional feedback.  We are sorry that she remains dissatisfied with the service we have provided. 

As previously stated, Ms. ******** advised that the **** account in question was included in her 2008 foreclosure and was no longer owed.  Based on this information, we had no reason to believe that the debt had not been paid in full. The foreclosure was not the issue- the unpaid accounts were, which is why the conditional approval letter provided to Ms. ******** explained what documentation was necessary from her.

Each and every client deserves to have their concerns honestly and thoroughly reviewed.  We have done that for Ms. ********.  Obviously her perception of what has occurred is much different than ours.  That is unfortunate; however, we are confident that we treated Ms. ******** fairly and did everything we could to educate her regarding what documentation was necessary.

Thank you,

******* ******

Senior Resolution Advocate

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

Regards,

****** ********

 This company did not treat me as professional as the allege as they ran the credit report prior to asking me to invest in an appraisal so what they doing now is back peddling in their improper handling of my file knowing full and well they were never going to refinance my loan.... I will never be satisfied with this company no matter how this is resolved because they will continue to lie 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

12/15/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Request 7 times to not receive any general solicitations. Each time vendor indicated my privacy was updated to no longer receive calls. Still receiving phone calls with offers on my recently closed loan. Cannot get "offer" calls to stop. I did not agree to get harassed repeatedly with offers when setting up a loan with Quicken Loans.

Desired Settlement: No more phone calls from Quicken Loans.

Business Response:

December 9, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******’s concerns. We regret that Mr. ****** is displeased with his experience. 

Mr. ****** closed his loan with us in August 2013.  Shortly afterwards, our sister company contacted Mr. ****** to determine if he was interested in learning more about their home security service called Protect America. Several attempts to reach Mr. ****** were made in October, before Quicken Loans was requested to stop the calls from occurring.

Although our team member opted Mr. ****** out of future marketing efforts at Quicken Loans, this information did not properly flow to our sister company. We were unaware of the technical issue present, so the person that informed Mr. ****** that he was opted out of future calls truly thought that was the case. The same issue occurred when Mr. ****** requested that we opt him out again during subsequent conversations with Quicken Loans.

We apologize that the issue was not realized earlier and for the unwanted calls Mr. ****** received. We have since corrected the technology issue that prevented Mr. ******’s opt out request from transferring to our family of companies. He will not receive any further phone calls or emails from us, unless he opts into our services, completes an inquiry form with one of our lead buy providers or if an issue arises relating to the servicing of his closed loan.  In consideration of Mr. ******’s experience we would like to extend a gift certificate to a retailer or restaurant chain of his choice. We ask that Mr. ****** either e-mail or call the undersigned with his preference, so that we can extend our offer.

We trust that this letter has answered any concerns that Mr. ****** may have.  If there are any additional questions, please contact me directly.

 

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/15/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was told over the phone by **** ***** or ******* ****** that if the loan with Quicken Loans that I was applying for did not go through they would refund my $500 that I had to pay for the appraisal on my house. I gave them my debit card number and they took the money out of my bank account. Then in a few days I received a letter concerning the appraisal. Since they had assured me they would refund my money if the loan failed I just signed and returned to them. Then when the loan was not approved and I tried to get my money back I was no longer able to talk to the one that had told me this, they referred me to someone else that said they would not give me the money back. I told the new representative what I had been told, that if the loan failed I would get my money back and I was told that they would NOT give me my money back. I feel that they were so sure that my loan would be approved that they just told me this so I would apply and they never thought there would be a problem and would not have to worry about this.

Desired Settlement: I would like for the company to do as they said they would do and give me my money back.

Business Response:

December 9, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is dissatisfied with the service we provided.   

We began working with Mr. ***** on March 5, 2013 when we received an application to refinance his primary residence. His loan was given conditional approval on March 6. Mr. *****’s Conditional Approval was contingent upon receipt and verification of several pieces of information, including a verification of his income and employment.

We experienced difficulty verifying Mr. *****’s employment, which resulted in delays in processing his loan. We were unable to verify the work numbers that were provided by Mr. ***** at application. When we initially attempted to verify his employment, the number Mr. ***** provided was disconnected.  We attempted to find another number on our own, but we’re unsuccessful at first. We eventually contacted the church Secretary and Treasurer (******** *******), who informed us that the church Mr. ***** worked at did not have a phone. As such, we needed to request additional documentation to confirm that Ms. ******* was in fact the Church Treasurer so we could proceed with the verification of employment. As a result of these issues, the verification of employment took longer than expected. We eventually did obtain the required documentation, but because the church did not have a fax machine or e-mail, everything had to be completed by mail. This created a delay which is not normally present.

Unfortunately, when we received the employment verification a week later, the year to date earnings were omitted. We informed ******** of the error and sent a new form. When we received the corrected form on June 24th, we needed clarification regarding expenses that Mr. ***** was being reimbursed. We received a letter from ******** outlining Mr. *****’s pay and expense account on July 2, but what was provided did not completely answer the question.  We contacted ******** and were eventually able to resolve our unanswered questions on July 10.

When reviewing Mr. *****’s loan, we found that he informed his Mortgage Banker (****** ******) he was receiving $750 per month for expenses; however, they did not discuss what these expenses were.  Since Mr. ***** is a Pastor, ****** assumed that the allowance was for housing, which we often see when working with members of the clergy. However, when we spoke to Mr. ***** about his allowance, he stated that it was for an expense account. Mr. *****’s verification of employment confirmed this, but we needed additional information about the account, to determine if it should be considered in our income calculation. After asking additional questions, we were informed that the allowance was for auto expenditures.  Since it was not reflected on Mr. *****’s tax returns, we could not consider these funds income. When we shared this information with Mr. *****, he stated the allowance was actually a reimbursement – which is why it was not included in his tax returns. The distinction was important because we are required to calculate income differently depending on the scenario. When income was calculated to reflect this information, as well as unreimbursed business expenses on Mr. *****’s returns, his debt to income exceeded the guideline for his loan program. Mr. *****’s loan was denied accordingly.

Unfortunately, when ****** initially calculated Mr. *****’s income he did not include any unreimbursed business expensed (URBEs). Once the URBEs were factored in to Mr. *****’s income we were no longer able to approve his application. The URBEs and removal of the monthly expense reimbursement reduced his monthly income and caused his debt to income ratio to exceed our underwriting requirements.

As part of the application package, Mr. ***** signed a Deposit Agreement. By signing the Deposit Agreement, Mr. ***** acknowledged the terms and conditions in which his deposit was retained and used. Specifically, the Deposit Agreement states that “If your loan application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost of your appraisal and credit report”. Since Mr. *****’s application was denied our Accounting team retained his deposit to cover the cost of the appraisal ($525) and credit report fees ($23).  Since the costs exceeded the deposit there was nothing remaining to refund Mr. *****.

We understand the frustration that a loan denial can cause. We share in Mr. *****’s disappointment that we were unable to complete the transaction. After further review of Mr. *****’s loan process, we agree that a full refund of the deposit is warranted. His Mortgage Banker should have verified Mr. *****’s unreimbursed business expenses at application so that the proper calculation could be performed prior to the appraisal being completed. We would like to stress that our decision to refund was not due to the complaint being filed; rather, we felt it was the right thing to do. We apologize that Mr. ***** was not aware our Client Relations team was here to assist him. Our Accounting team issued a $500 refund to Mr. *****’s Visa account on December 5.

We trust our response addressed Mr. *****’s concerns. Please contact me directly at ###-###-#### if you have any additional questions.

Thank you,

****** *****

Resolution Advocate

Quicken Loans Client Relations

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/15/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Quicken Loans did not let us know that if our loan did not pass they would charge us a 400 dollar appraisal fee until after our loan was rejected. Then they wanted an extra 2000 dollars to carry our loan.

Desired Settlement: We would like our 400 dollars returned.

Business Response:

December 9, 2013

 

To Whom It May Concern:

 

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is dissatisfied with the service we provided.

 

We began working with Mr. ***** on December 4, 2011 when we received an application to refinance his primary residence. Mr. ***** applied for a 15 year fixed FHA loan of $35,880 with an interest rate of 3.5%. His total estimated closing costs (excluding pre-paid interest and escrows) were $2,269.62. Based on what was known at application, we anticipated that Mr. ***** would not need to bring cash to closing.  

 

Mr. *****’s loan was approved contingent upon the receipt and verification of several pieces of information, including a satisfactory appraisal of $87,000. The appraised value is what we base our loan amount on. If it comes in lower, the loan to value increases. If the increase is above the maximum for the loan program, we can no longer offer financing unless cash is brought to closing.

 

When we received the completed appraisal report, it indicated a value of $57,000. Unfortunately, we were unable to offer the loan terms initially presented as a result. This is because we were only able to lend up to 97.75% of the home’s value. When considering Mr. *****’s loan to value, we also had to include his $25,000 second mortgage which was remaining in place. Due to the new value however, Mr. *****’s loan to value ratio was 106.80%[1]. This meant that the maximum loan amount we could offer Mr. ****** was $30,400. Due to this reduction, it was necessary for Mr. ****** to bring funds to closing. Since he did not wish to do so or was unable to, Mr. *****’s loan was denied accordingly.

 

By signing our Deposit Agreement at application, Mr. ***** acknowledged the terms and conditions in which his deposit would be retained and used. Specifically, the Deposit Agreement states that “If your application is denied for any reason, we will refund your deposit minus the actual amount of out-of-pocket costs incurred on your behalf for, among other items, the cost of an appraisal and credit report”. Since Mr. *****’s loan application was denied his deposit was retained to cover the cost of the appraisal. The appraisal fee alone was $400 so there was nothing remaining of his deposit to refund.

 

We trust that this letter has answered any concerns that Mr. ***** may have. If there are any additional questions, please do not hesitate to contact me directly.

 

Thank you,

 

****** *****

Resolution Advocate

Quicken Loans

(313) 373-356

****************************


*** ******** ******** **** ****** * ******* ****** ***** * ******* ********* *****

 

 

 

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/14/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We have been nice, we have been patient.We endured QL Loans stupidly long process and intolerable ignorance during processing.We even persevered with their underwriter that could not read a credit report. What we will not tolerate any longer is their incessant phone calls and offers.We have called them numerous times trying to resolve this issue. We have opted out of everything possible.Still, they continue to harass us with phone calls like a common telemarketer that will not take NO for an answer.The ONLY thing they have 'amazed' us is how incompetent and uncaring Quicken is.Therefore we will now treat them as a common telemarketer.Regardless of our business dealings we have asked them not to call us NUMEROUS times.We have requested that they OPT US OUT of all calls and offers.They are NOT calling to collect a debt, they are TELEMARKETING.We are on the Federal and ******** No Call Lists.They have been reported to both parties and we will testify in court against them.We maintain an incoming phone call log (Thankful to Vonage for that).We have blocked their calling number and will do so with all subsequent phone calls.This is Felony Telephone Harassment.Our complaint through the BBB is solely upon QL Customer Service and their failure to remove us from their credit offer, optional services and promotions call list.Their inability to secure our personal information from their own telemarketing center is a violation of trust concerning PII and their inability to secure our information.We have tried to resolve this issue with QL in JUNE, JULY, AUG, SEPT and OCT 2013.Now our only option is FTC, BBB, FED/MO No-Call Complaints and if calls persist a criminal complaint, followed by a civil lawsuit.This BBB complaint is to document the problems with QL and possibly save some consumers the same fate as we have endured.

Desired Settlement: Same request since June 2013.STOP CALLING AND HARASSING US!STOP TELEMARKETING CALLS TO US!

Business Response:

December 10, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****’s concerns. We regret that Mr. **** is displeased with his experience. 

Mr. **** closed his loan with us on June 11, following a 7 week process. We encountered a delay in processing his loan (April 26 to May 14), due to issues verifying Mrs. ****’s employment. During this period however, we simultaneously ordered vendor items and reviewed documentation as it was received.

After reviewing Mrs. ****’s paystubs on April 26, our underwriter had concerns regarding her base pay and year-to-date income. We were unable to obtain clarification until May 14 through her employer. The number we were provided at application did not have a voicemail and we were unable to reach anyone who answered the phone “live”. After trying unsuccessfully several times we requested a new number, but the person who answered stated that Mrs. **** didn’t work there. Finally, we were told to contact the CEO directly.  We were unable to contact the CEO until May 9. He asked that we fax the paperwork directly to him, which we received back on May 14.

Mr. **** is incorrect in his assumption that we read his credit report incorrectly. There is an account listed with *** on his credit report showing as closed because the consumer reported it lost or stolen.  *** provided him with a new account number however we needed to make sure the accounts were one in the same and not separate auto loans.  When we requested additional information from Mr. **** he stated that the account had been closed. So, we asked for verification of that, but Mr. **** was unable to supply it. We ultimately were able to resolve this issue after receipt of a credit supplement ordered through our credit vendor.

After closing, Mr. **** received phone calls from our sister company to determine if he was interested in learning more about their products. Several calls were placed in October and November, but we were unable to reach Mr. ****. Once he informed us of his preference, we opted Mr. **** out of future communication with both Quicken Loans and our sister company, Rock Connections. Unfortunately, unbeknownst to our team member, the transfer of information from Quicken Loans system to Rock Connections was not working properly. Therefore, the team member that attempted to opt Mr. **** out on November 1 did so in good-faith, unaware that the information would not transfer. Once we identified this issue we quickly worked to correct it and sincerely apologize that Mr. **** received additional calls. We can confirm that Mr. **** will not receive any further phone calls from Rock Connections or Quicken Loans unless he completes an inquiry form with one of our lead buy partners or Quicken Loans directly. We will only call if it’s necessary in conjunction with the servicing of Mr. ****’s loan.

 

We trust that this letter has answered any concerns that Mr. **** may have.  If there are any additional questions, please contact me directly.

 

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

###-###-####

*****************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and although it is full of errors (apparently any complaint during processing is discarded); I find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved. We have assisted QL with their will not call offer by blocking their numbers. Our advice to other consumers is to contact a local lender for mortgage services to avoid the impersonal, uncaring loan process and the unwanted selling of your information by QL. I would like to note that we opted out of all offers immediately after loan closing in June and should not have been contacted at all. Additionally, had the processing team used my wife's employer phone number provided them rather than performed a 'Google search' and contacted the wrong company; her employment and salary verification would not have taken months to complete.

Regards,

***** ****

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

12/12/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: That at the beginning of May I contacted Quicken Loan as the processor for VA Military Loans which I was inquiring about. I inquired as to whether I would qualify for a VA Loan due to the my length of service in the military. Quicken stated that they would find out for meand that we should proceed forward. Quicken assured me that since I was currently in the military this would not be a problem as they had processed many of these. I reiterated my concerns which were summarily dismissed.Quicken asked for a my credit card number to authorize $400 for a "good faith" deposit to show*my* sincere interest in moving forward. This $400 would be charged to me when the loan packagewas completed along with other charges to close the loan. As part of this application process, I had to have a water test and a pest inspection and a well inspection all of which I had to pay for in excess of $450 out of my own pocket. Quicken kept on stringing me along, asking me to pay for additional inspections from May until the end of august, padding their pockets all along. They mislead me into thinking my loan was being approved until the last minute. 5 months later, they told me that it was not approved but that they could give me a different type of standard loan at a much bigger rate if I wanted to put in a deposit of $20,000 Holy! are you kidding me? This is a bait and switch scam! I was mislead, they used deception and fraud and unethical business practices that force me to spend money with them so that they could scam me into a higher interest rate. I called the VA and they have no record of my loan be applied for with them. According to the State of CT website, its appears that Quicken does not even have a license do conduct business here: ????? https://www.elicense.ct.gov/Lookup/LicenseLookup.aspxThat Quicken outlined to be in their own documentation a "Good Faith Estimate" which shows settlement charges and fees to be"settled" at the conclusion of the loan process (which never occurred). This was a good faith estimate and it even says that these chargesmay "change" upon settlement. That settlement never occurred, because the loan never closed because they required me to pay a $20,000 feeto continue working with them. I refused to pay and they refused to continue with the loan and I had not heard back from them since the end of August.

Desired Settlement: I would like my good faith deposit of $400 refunded in full.Thank you.

Business Response:

December 9, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *********’s concerns. We regret that Mr. ********* is displeased with his experience. 

On May 9, 2013 Mr. ********* applied for VA financing. As part of his application package, Mr. ********* was required to complete a form titled, “Information Needed to Obtain a Certification of Eligibility”. Once we have this form signed, we are able to verify our client’s eligibility to obtain financing with the VA. Mr. ********* indicated that he was still active or currently serving in the military when asked at application. We made the assumption that he met the 90-day active duty requirement, when in fact this was not the case.

On May 14 Mr. ********* received a document, Things We Need From You. This document stated that both a pest inspection and water test were required for him to obtain VA financing. These tests are required by the VA and not Quicken Loans. As such, Quicken Loans does not collect to pay these at closing; they are paid for by the homeowner.

At application Mr. ********* indicated his home was valued at $278,000; however, once the appraisal was completed, the value provided was $250,000. With the lower value, it meant that Mr. ********* was no longer eligible for the original loan terms. Mr. ********* agreed to lower his loan amount and bring funds to closing, so that he could still refinance his loan.

At this point, we were still waiting to receive documentation from VA to confirm eligibility. On July 15 we received notice from VA that Mr. *********’s eligibility was rejected. They requested that Mr. ********* submit his point statement for six years prior to 2012.  Mr. ********* informed us that he was unable to provide the requested information. We provided the documentation that Mr. ********* was able to provide, but VA would not accept the information as proof of eligibility.  

The $20,000 Mr. ********* is referencing is the funds required at closing, due to the lower than expected appraisal, if he were to switch to FHA financing. We attempted to contact Mr. ********* several times to discuss this option, but after several messages we denied the loan.

Quicken Loans did not “bait and switch” Mr. ********* during his loan process.  We had no way of knowing at application that the appraisal would come in low and that VA would not approve Mr. *********’s financing. These are 2 significant material changes to the loan, which eliminated our ability to provide the original terms. Bait and switch refers to changing costs when there are no significant changes. We assure Mr. ********* that we attempted to find an alternative option, but unfortunately bringing significant cash to closing was the only alternative. Fluctuating interest rates when Mr. *********’s loan was in process had absolutely no bearing on his loan denial. His interest rate was locked for 45-days on the secondary mortgage market.

Mr. ********* mentions that Quicken Loans is not licensed to conduct business in the State of Connecticut. We can assure Mr. ********* we are licensed in all 50 states. Our licensing number is **** for 1st mortgages and **** for 2nd mortgages. Additionally each of our bankers hold an individual license in the states they write loans in. Mr. *********’s Mortgage Banker (*** *******) has an NMLS number of ******.

To initiate the loan process, Mr. ********* provided us with a $400 Good Faith Deposit.  Per the Deposit Agreement, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Since Mr. *********’s appraisal cost $375 and his credit report cost $33, there was nothing of his deposit left to refund.

We understand the frustration that a loan denial can cause. We share in Mr. *********’s disappointment that we were unable to complete the transaction. Although we acknowledge that Mr. ********* is requesting a full refund of his deposit, we do not agree it is warranted. If there are any additional questions, please do not hesitate to contact me directly.  

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

###-###-####

*****************************

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID 9800508, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

Some of the information and response provided is false. My intention was to obtain a VA loan and NO other loan. I called Quicken as a supposed "leader" in VA Loans.

They assured me that as I was "active" I would be approved. After more than 90 days, the VA rejected me, NOT because of information I provided or didnt provide (which was a lie, I did provide ALL documentation that was asked of me), the VA rejected me b/c I did not have enough YEARS of service.

Quicken Loans should have known this and shouldnt have asked to to PAY FOR all these additional FEES (water test, etc, etc) UNTIL I was approved. I questioned them on this,  time and time again, and was always told, "dont worry we will get you approved".

Apparently, I was not approved and I was forced to expend this money for no good reason. None of these expenditures should have occurred until approval, EXCEPT that they told me they would NOT proceed until I did pay these fees!

(BAIT AND SWITCH)

Then once denied (by the VA), they (Quicken) offered me another LOAN, which was at a higher rate and for which I would have to put over $20,000 down. If the VA loan was approved it would have been at a lower rate and WITHOUT the $20,000 down.

THIS, this had NOTHING to do with the value of the house, and had everything to do with the fact that Quicken LOANS would be making for profit off of me by using their conventional loan and not a VA loan.

Quicken then refused to extend the current rate terms to me, offered a rate that was much higher at which point I told them No. Then they said, I was denied. Wrong, I refused to submit to the outrageous terms of their non-VA Loan. Period.

I am reporting this to the Military Authorities as well as the VA that Quicken Loans is trying to make a profit off of Military Personnel by wrongfully and falsely steering them to conventional loans instead of using the VA loan process.

Additionally, I see no approval and license in the state of ** for Quicken Loans to be doing business here which is fraudulent business conduct if they have no such lending/loan license/approval.

For these reason, I am rejecting their claims as false, misleading, dishonest and in violation of ******* Stae Law requiring the return of any such funds. They broke the law here and I am requiring a refund for it.

Regards,

**** *********

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

12/11/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I had contacted Quicken Loans to refinance my Home in ******* a few months ago. During this process I was asked for and agreed to a $400 deposit which was to be used for the appraisal of my home. Once the loan was closed I would be refunded this deposit. The loan proceeded along and the appraisal was received by Quicken Loans and myself. The value of my home was grossly understated and the entire appraisal was incorrect. The overall square footage was reduced by nearly 700 Sq foot and there were other obvious errors that had a negative impact on my projected mortgage. In fact because I had sought a VA mortgage and I was locked into the inaccurate appraisal for a minimum of 6 months. Even if the appraisal was redone I would still not be able to use it. Because of this I was denied my mortgage.Quicken loans would not refund my $400 but wanted the appraisal to be redone and corrected with the true figures. When I asked how this would affect my mortgage application they agreed it wouldn't change anything but I could start all over with my mortgage application. The appraisal was then done for a second time and there are still glaring errors in the appraisal. This time the Sg footage is still off on the garage and the appraiser says she returned and measured the property. I don't think that the appraiser was ever at my home for this corrected appraisal. IF they were they could not have got in the house to take the measurements as shown on the appraisal. I once again asked for a refund of my $400 to which I was told no.Quicken loan says that they paid for the appraisal through a 3rd party and therefore have no responsibility to refund my money. However I want someone to explain to me how I have to pay and be financially responsible for an inaccurate and sloppy appraisal on my home. Quicken Loans should be held responsible for anything they contract outside of their offices.

Desired Settlement: I would like my $400 refunded for the appraisal that has been done 2 times and is still not correct

Business Response:

December 9, 2013

RE: Complaint # *******

       Quicken Loans # **********

To Whom It May Concern:

Thank you for your letter and for the opportunity to respond to Mr. ********’ concerns. We regret that Mr. ******** is dissatisfied with the service we provided.

On September 12, 2013 Mr. ******** spoke with our Mortgage Banker, ******* ******, regarding a refinance. We based our discussion of available loan programs on Mr. *********’ home appraising at or above $340,000. This figure was based on the information Mr. ******** provided at application and the information being returned by an automated home value estimator. Mr. ******** agreed to proceed with a loan program based on the quote we provided, and supplied credit card information for a $400 deposit. Mr. ******** later electronically signed his application documents and sent in supporting documentation, after which time the deposit was charged.

We received the appraisal back on October 21st reflecting an appraised value of $255,000. On October 24th our Client Relations team was made aware of the issues Mr. ******** had with the appraisal including the square footage being off by about 590 square feet. We reached out to the appraiser and requested they go back out and measure the home to verify accuracy. We received an updated report on November 4th stating that the appraiser went back and measured the outside of the home and admitted that they did miscalculate the square footage the first time. The amended appraisal reflects an updated square footage of 2,750 sq ft. This increased the appraised value of Mr. ********* home to $270,000. Unfortunately, the increase wasn’t enough for us to offer the original terms to Mr. *********. Accordingly, the loan was denied for low appraised value.

We are sorry that Mr. ******** home did not appraise high enough for us to provide financing and that he feels that there are still errors in the appraisal report. We had the appraiser correct errors and comment on the why additional correction would not be warranted. While we certainly understand his disappointment and desire to receive his deposit back, we do not agree that a refund is warranted. We did not profit from Mr. ******** loan and only asked that he cover the cost of the appraisal and credit report, as agreed upon at application. In Mr. ******** case the costs incurred on his behalf were $364.57 and a refund of $35.43 was processed back to Mr. ******** Discover card on October 29th. The terms of the deposit were disclosed to Mr. ******** prior to it being charged in a document called the Deposit Agreement.

We trust this addresses your concerns. Please contact me directly at ###-###-#### if any further information is required.

Sincerely,

******** ****

Executive Resolution Advocate

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

Quicken loans says in their reply that they contacted the original appraiser to correct the errors in the initial appraisal.  In their response they state that the appraiser returned to the home and measured the house to correct the obvious errors on or about November 4th.  If this was done then I would like to know how the measurements were done.  First of all NO ONE ever returned to my house to take further measurements that I'm aware of.  I live alone and there was no one to let anyone into the house.  Secondly, how do you measure a 2nd floor from the ground and get accurate measurements?  While I would agree that the figures were much closer the second time I still disagree in the total square footage.  My house was just built in 2013 and I know that the square footage is still not accurate on the second appraisal based on the blue prints that I have available.  I can also use a tape measure myself and show that the appraisal is not correct.  There are other errors as well including the number of baths shown on the appraisal.  I paid good money for an accurate and fair appraisal.  Quicken loans hired someone to do this and even after supposedly being done twice it is still not correct.  While I don't disagree with the loan denial I do strongly disagree that I should have to pay for any appraisals that are not done correctly or that are accurate.  In my opinion the product (appraisal) is a defect/damaged product and as such I should be entitled to a full refund of my money.  Quicken loans themselves should demand a refund from the Appraisal services them selves for the haphazard and sloppy appraisal that was provided.  How many time should someone be allowed to "attempt" to get this correct?

Regards,

**** ********

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

12/9/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In March 2013, I was contacted by phone by representatives from Quicken Loans several times. At that time they were NOT our mortgage holder. The reps wanted me to provide information concerning my current mortgage. I said, NO. My current mortgage company had not notified us that the mortgage was sold to Quicken Loans. The rep agreed that QL did not currently hold my mortgage. I told them that this was not the way to do business.A few months later, Quicken Loan bought our mortgage. Since then, my husband and I have been harassed through US mail, registered mail and now daily phone calls to refinance. In their words our mortgage has been "red flagged." We have always paid our mortgage in full and on time. We have excellent credit. Quicken Loans simply wants to soak upfront refinancing costs from us as well as lengthening the term of our loan. Recent Quicken Loans calls: ###-###-#### / ###-###-#### / ###-###-####

Desired Settlement: Stop the harassment. No more mailings or phone calls. And do NOT sell our information to third parties.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ******’s concerns. We regret that Mrs. ****** is dissatisfied with the service we provided. 

We first contacted Mrs. ****** on May 3, after receiving her information from Fannie Mae. Quicken Loans was asked by Fannie Mae to assist Ocwen clients with refinancing through the Making Home Affordable Refinance Program (HARP). Quicken Loans has both an origination and servicing platform, whereas Ocwen does not originate new loans.  When we spoke with the ******s, we were informed that they were not interested in refinancing and their information was updated to reflect that in our system.

We acquired the servicing rights for ******s’ loan on August 1. Since the ******s indicated they were not interested previously – rather than asking we remove them from our “list”- we were under the impression that they would be open to speaking with us in the future. Therefore, on October 24th we began trying to reach the ******s. We eventually reached them on October 31 and discussed a no cost refinance option that would have put them in a better financial situation.  However, in order to verify the ******s qualified and to quote terms, it was necessary to review the ******s credit report. Mrs. ****** did not provide us with authorization to do so and the process ended there. 

We assure the ******s that we do not sell, share or rent our client’s information with other parties that may market them in the future.  We also confirmed that the ******s were opted out of future calls or e-mails from Quicken Loans, unless contact is necessary due to issues with the servicing of the loan.  We will not contact them further about refinancing unless they apply directly on our web site or through one of our lead buy providers.  

While Mrs. ****** has indicated that she did not trust refinancing with us, we hope that she will give us an opportunity to earn her trust. If Mrs. ****** contacts me directly, I can place her in contact with one of our best Mortgage Bankers to review her financial situation. If refinancing does not make sense we’ll be honest about it and be clear about what terms we are able to offer, if we are able to lower the ******s monthly payment.

We trust that our response addressed Mrs. ******’s concerns. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/8/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: 8/27 Held an initial discussion with with the banker, *** **********, we discussed a range of values for my home. He looked at "comps" for me, and informed me that he thought the value I estimated was indeed good. Based on the information he provided, I gave him approval to pull my credit report. Based on that he gave me a rate quote, and made no mention of points. Based on the rates, I gave him authorization to charge my credit card $500 for a appraisal deposit. 8/28 *** sent over the application package, which now has a "Loan Discount Fee" of .875% to achieve the same locked rate we already discussed. 9/13 Appraisal is completed.9/19 Given Access to Appraisal. The appraised value is $30K less than what *** saw on comps. The comps used on the appraisal are old, and from a different neighborhood. The loan cannot be completed with that value, without additional MIP.10/10 Professional Realtor looked at appraisal points out flaws, and supplies me with 9 more recent comps, from MY neighborhood, all much higher than the appraisal. Also points out homes in my neighborhood are selling for over list price, confirmed by the comps. Supplied comps to Quicken loans.10/17 Quicken Loans informs me they are not changing the appraisal, "informs me it's like buying a car, everyone will come up with a different value"

Desired Settlement: I would like the $500 deposit for my appraisal refunded.

Business Response:

November 27, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******’s concerns. We regret that Mr. ****** is displeased his experience. 

Mr. ******’s conditional approval was subject to a satisfactory appraisal indicating a value of at least $210,000. This figure was based on our conversation with Mr. ****** at application. Mr. ****** indicated that he researched home values on ********** and the site indicated his home was worth $212,000. Our Mortgage Banker completed a similar search and found that there were homes in Mr. ******’s area that sold for $223,000; therefore, the value suggested by Mr. ****** appeared reasonable.

Unfortunately, online evaluation tools are not as reliable as a professionally prepared appraisal report. Online tools often use sales that are older, less similar, or further distance than the comparable homes used by professional appraisers. As such, we cannot know with certainty what a home will appraise for but can refer to these sites in an effort to test the reasonableness of the estimated value.

When the appraisal was complete, the value of Mr. ******’s home came in at $185,000.  The lower value caused Mr. ******’s loan-to-value (LTV) to increase to 88.97%. This meant that Private Mortgage Insurance (PMI) was required. In order to avoid PMI, Mr. ****** would have needed to bring $16,000 to closing.

All three comparable home sales used in the appraisal report were within 0.4 miles of Mr. ******’s home. The sales were within the last six months and required minimal adjustments (to the sales price) to make the homes comparable.  In order to support the value, the appraiser used an additional active listing and a pending sale to demonstrate current market conditions. However, these homes were not used to derive the value used in the report.

Since Mr. ****** disagreed with the value, he sent additional sales which had sold in his area. His Solutions Consultant did review the comparable sales with a Collateral Underwriter, but the information was not routed to the appraiser for commentary. We have since done that, to fully address Mr. ******’s concerns.

None of the nine properties provided were a better representation of value than the comparable sales provided in the report. A comparable sale is considered a better choice if it requires fewer adjustments to make it similar to the subject property. It also must be a recent sale and in close proximity to the subject property. Unfortunately, the properties provided by Mr. ****** required more adjustments than those in the report, to make the homes equal for comparison purposes.

The property provided by Mr. ****** at 8309 Elk Mountain Trail was an active listing, which cannot be used to determine value since the end sales price is unknown. The homes at 8404 Blacktail Trail, 8409 Blackwater Creek Trail, and 7905 Blacktail Trail did not have ‘sold’ dates available in the multi listing service. Additionally, the home at 8004 Twin Oaks Dr. was sold after the effective date of the appraisal report. The property at **** ****** ***** ***** was already considered by the appraiser, but another property was selected for the report, because it was a better representation. Lastly, the home at **** ****** ******** ***** sold for an amount similar to the appraised value of Mr. ******’s home, so its value would support the value returned by the appraiser.  

The appraiser concluded that the sales that were used in the original appraisal were better comparable sales to Mr. ******’s home because fewer adjustments were required to make the sales equal to the subject property. Adjustments are reflected on page 2 of the grid section of the report. Adjustments can be for such things as age of the home, square footage, number of bedrooms, etc.

We apologize that Mr. ****** did not have a better understanding of his closing costs at application. We agree that it is important our client’s understand the terms they are applying for. Mr. ****** was provided with both a Good Faith Estimate and Here’s How Your Numbers (HHYNW) Work document at application, which detailed the fees associated with his loan. If Mr. ****** disagreed with the terms presented, he had the option to decline to sign his application documents, and the deposit would not have been charged.

To initiate the loan process, Mr. ****** provided us with a $500 Good Faith Deposit.  Per the deposit agreement, when a loan is denied or withdrawn, we refund the deposit less the cost of the appraisal and credit report. Since Mr. ******’s appraisal cost $440 and his credit report $23.87, a refund of $36.13 was due to Mr. ******. We were unable to process the refund because Mr. ****** filed a dispute with his credit card company. When this occurs, we forward the contract signed at application and the invoices associated with the costs incurred. When this information is reviewed, the credit card company typically returns the funds to us and then we can process the partial refund.

We share in Mr. ******’s disappointment that we were unable to provide him with financing, but the value of Mr. ******’s home is something that Quicken Loans does not control. We simply communicated the value provided by a third-party professionally licensed appraiser.  Unfortunately, recent sales of similar homes in Mr. ******’s market did not warrant as higher value.

We trust that this letter has answered any questions that Mr. ****** may have.  If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/3/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I CALLED QUICKEN LOANS BECAUSE THEY WERE REFERRED TO ME. I SPOKE TO A WOMAN, ****** ******* (******************************). I TOLD HER WHAT I WAS LOOKING FOR IN A LOAN AND SHE SAID SHE COULD BE COMPEITITVE. SHE RAN MY CREDIT AND DAMAGED IT. SHE SAID SHE COULD PROMISE THE RATE AND A FEW OTHER THINGS. SHE LIED ABOUT THE PROMISE AND TRIED TO HIDE FEES THAT SHE SAID I WOULD NOT BE CHARGED. I CHASED AFTER HER VIA EMAIL AND SHE GAVE ME EXCUSE AFTER EXCUSE WHEN HER SUPERVISOR TOOK OVER AND ADMITTED ****** MADE PROMISES SHE COULD NOT EXECUTE. THEY WITHDRAWLM MY APPLICATION BECAUSE THEY KNEW THEY WERE WRONG. DO NOT USE QUICKEN LOANS OR MAKE SURE TO ASK THEM THEY UNDERSTAND WHAT YOU ARE ASKING.

Desired Settlement: QUICKEN LOANS SHOULD PAY TO REPAIR MY CREDIT.

Business Response:

November 25, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with the service that we provided.

On October 17, Mr. ******* contacted Quicken Loans regarding purchasing a home. He spoke with Mortgage Banker ****** *******, who reviewed the loan options available. To accurately quote a program, ****** advised Mr. ******* that we would need to run his credit. As ****** explained, when a lender reviews a client’s credit history, there is a window where multiple pulls can be made by different lenders without diminishing credit scores. While Mr. ******* is concerned that we damaged his credit, we made a single inquiry into his credit history. For most of our clients, the impact of an inquiry is only 3-5 points, which is negligible. Since Mr. ******* provided us with his Social Security Number, his birthdate, and he was inquiring about a mortgage, Quicken Loans had permission and purpose to access his credit history.

In addition to reviewing Mr. *******’s credit, income, and property information, we also needed to obtain approval through our desktop underwriting system prior to completing his application. We were unable to get to that point in the process, but we were able to provide Mr. ******* with an estimate that is quite similar to a Good Faith Estimate. ****** sent this estimate through an email titled ‘options’ starting on October 18.  Before this email was sent to Mr. *******, ****** presented him with two loan options over the phone.

****** never promised Mr. ******* a particular interest rate. In fact, Mr. ******* did not agree to a loan program or sign documentation to begin the process. ****** informed Mr. ******* what terms we could offer when they spoke, but she also explained that rates can change daily. Mr. ******* said that he understood, and would email ****** to let her know if he wanted to move forward with the loan.  After reviewing the estimate, Mr. ******* was upset about the 1% origination fee that was associated with the loan. After this, he spoke with ******’s Team Captain, ******* *****, and her Director, ***** ****.  We expect our Mortgage Bankers to clearly explain any origination fees or points associated with a particular interest rate.

To initiate the loan process, Quicken Loans accepts a Good Faith Deposit to cover the cost of the appraisal and credit report, should the loan not close. This deposit is not charged until we received a completed application and the initial supporting documentation that is required. When the requirement for providing a Good Faith Estimated is met, an application is automatically posted on myquickenloans.com within three days, regardless of if there is a credit card on file or not. The posting of the Good Faith Estimate does not depend on an individual Mortgage Banker like ****** – it happens automatically when the necessary requirements are met.

After we reviewed the communication that took place, we found that ****** did not properly explain the origination fees involved with Mr. *******’s loan. Although she was correct in stating the interest rate was with zero points, the origination fee should have been clearly explained.  In light of Mr. *******’s experience, we offered to cover .75% of the 1% origination fee included in the estimate.  We have reached out to Mr. ******* several times, but have not been able to get in contact with him. As of November 4, we were able to offer Mr. ******* this pricing, but the market changes daily and we cannot guarantee that this will be an option in the future. 

We understand that a mortgage is one of the largest financial decisions that our clients will make, and we sincerely apologize that we did not properly communicate with Mr. *******. We hope that Mr. ******* will give us an opportunity to review his loan options and re-earn his trust. 

We believe that this letter has answered any questions that Mr. ******* may have.  If there are any other concerns or if Mr. ******* would like to further discuss his financing options, he is welcome to contact ******’s Director of Mortgage Banking, ***** ****, at ###-###-#### or via e-mail at **************************.

Thank you,

 

 

***** *******

Sr. Resolution Advocate

Quicken Loans

************ *****************************

 

Consumer Response:

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:  No offer was made to resolve by Quicken Loans.

The letter written by Ms. ******* is not accurate per emails and recorded phone conversions contradicting  her written statement.  It appears that her statements were written to benefit Quicken Loans and does not accurately portray the actual facts in what occurred.  I spoke to ****** *******, and she did indeed say given your credit score I can give you this rate.  Any consumer shopping for a mortgage would ask for rates prior to having their credit ran.  Ms. ******* was asked specific questions, which she showed a working knowledge and understanding of my specific questions based on her answers to my questions.  1) I asked if Quicken Loans charges origination fees, Ms. ******* answered no.  2) I asked about a 90-Day lock (Settlement date is 12/30) Ms. ******* said no problem we could lock in the rate for 60 days and extend it for no cost.  3) I asked her again about the interest rate and explained to her that the rate she gave me was lower than other offers.  She said that Quicken Loans stays competitive and will beat rates if they need to.  I was still hesitant on the phone to allow her to run my credit based on the answers seemed too good to be true as it turns out I was correct to feel that way.  Ms. ******* certified that the rate was good and I told her I would need to think about it.  I sent Ms. ******* several emails over the next few days requesting to see the breakdown of 3rd party and lender fees.  Ms. ******* refused to send me the breakdown of the costs.  She started trying to avoid my questions that were very specific.  When it became apparent that she was avoiding my questions or had a lack of misunderstanding I requested she seek assistance with a manager which she said she understood my questions.  I was not certain she understood since she was not answering my questions with clear and concise answers.  I even sent her an example closing worksheet for her to fill out.  Ms. ******* sent me an email response explaining that she had never seen a closing worksheet.  This is when her manager Mr. ****** took over the calls and assisted with the closing costs worksheet. The worksheet showed the correct interest rate but had all the fees that Ms. ******* had stated were not present.  It became apparent that Ms. ******* absolutely had an understanding and decided to hide the truth as she was trained and taught to do by Quicken Loans.  

Quicken Loans represented by the employees of their company wronged the consumer by providing false and misleading information to gain the business of the consumer.  The unethical qualities portrayed by Quicken Loans and their representatives is wrong on all accounts.  Other consumers just like myself having the same or close to the same atrocious experience with Quicken Loans are harmed and damaged by their behavior everyday.  The internet does not lie when it comes to discussing Quicken Loans.

Director of Loans, ***** **** offered to resolve this issue by notifying the Credit Bureau to reverse the credit pull as it was apparent that I would never have authorized the credit pull if Quicken Loans was upfront  and honest.  Approx 20 minutes later ***** **** rescinded his offer via email.  To satisfy this issue with the Better Business Bureau, the following would need to be met:

1) Reverse the credit pull with TransUnion, Experian, and Equifax 

2) A letter from *** ******, President of Quicken Loans and/or **** *******, CEO apologizing for the misconduct of his employees ****** ******* and **** ******, and notifying me that the credit pull has been reversed and all applications have been withdrawn

3) A letter from ****** ******* apologizing for the attempt to gain an advantage by offering misleading information which lead to damaging my credit score.

Thank you for your time.  I look forward to your response.

Regards,

**** *******

 

Business Response:

November 29, 2013

To Whom It May Concern:

Thank you for forwarding Mr. *******’s response to our prior correspondence. We regret that he remains dissatisfied. However, the commentary provided in his rebuttal is the same as we previously addressed in detail. Therefore, we will only address the additional information brought forward.

While Mr. ******* mentions that he saw online complaints, it is important to note that we speak to tens of thousands of clients per month. The amount of negative reviews about Quicken Loans online, in comparison to how many clients we work with, actually speaks well for how we do business. Any business that works with as many people as we do will have negative reviews.

We will not be providing Mr. ******* with any letters from Bill *******, *** ******, or ****** ******* as he is requesting.

If there are any additional concerns that were not addressed in our previous response, Mr. ******* can contact me directly.

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

***** ********

Stacy*******@quickenloans.com

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

Ms. ******* has failed to demonstrate her ability to offer any proper compensation or suggestions on remedying the situation.  The several issues on hand were the wrong doings of Quicken Loans.  The intentional dishonestly and lack of integrity of several employees to gain an advantage over the customer by offering false information to gain my business.  The same issue can be and should be compared to a restaurant purposely selling an expensive meal with the intent of under-cooking it to make the customer ill and with the same intention of not fixing the bill.  The malicious behavior is unbecoming of a company that prides itself in supposed customer service and an accredited BBB company.  I remind you that if it were not for the intentional dishonesty of Quicken Loans, I would have never proceeded in the process in the initial phone call.  

Quicken Loans, represented by Ms. ******* has admitted that I was wronged by several employees in her previous statements on BBB and and statements sent to my personal email.  Ms. ******* is attempting to walk away and pretend that the truth does not exist.  Additionally, Ms. ******* is attempting to say Quicken Loans is above and beyond doing the right thing and is ignoring the purpose of the existence of the Better Business Bureau. Due to this admittance of fault, I have yet to see Ms. ******* make any reasonable suggestions on conflict resolution.  I came up with three solutions, and all three were rejected by Ms. *******.  I will compromise the apology letters, but I am still requesting the following for the sole purpose of the filed complaint.

1) Reverse the credit pull with TransUnion, Experian, and Equifax.

2) A letter signed and dated from Quicken Loans that credit pull has been reversed and all applications have been withdrawn.

Regards,

**** *******

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

12/3/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We have a mortgage with Quicken Loans from a couple of years ago. They contacted us and sold us on the idea of a re-finance of the mortgage at a lower rate with "no cost to you".Quicken loans request a "Good faith gesture" of $500 and we were told that that money would be refunded at closing.When we signed the original papers we noticed $2300 in fees buried into the new loan amount. When questioned about this Quicken told us that that would be removed at closing and that we should refer to the "How your numbers work document" for the "real" details. This document was never received by us.As closing approached the fees were still in the mortgage and there was no refeence to the $500 dollar deposit. When question repeatedly about this we got the same answer as before. (remove at closing, see the ficticious document). As time when on the person who started teh loan with us (***** ******) would no longer deal with us and kept telling us to talk to other people at Quicken.The day before closing the fees were still in the mortgage, the new people (*** ********) claimed no knowledge of the "no cost to us" offer and said that since we signed the first set of documents we had to pay the fees.I called headquarters to cancel the deal and was told I would receive my money in 5 to 10 days.Quicken only returned $4.78 claiming the rest of the money was to cover the appraisal and credit docs.

Desired Settlement: I want a refund of my full "good faith gesture" especially since Quicken did not act in good faith. I also want ***** ****** to be terminated by Quicken for his fraudulent actions.

Business Response:

November 5, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ********’s concerns. We regret that Mr. ******** is displeased with the service that we provided. 

We began working with Mr. ******** on August 7th, when we quoted terms for a 7/1 (Adjustable Rate Mortgage) ARM at 3.625%, with no closing costs.  A detailed application package was posted to our web site for Mr. ********’s review, but the package was not submitted for processing. We attempted to reach Mr. ******** on several occasions, because as stated in the Interest Rate Disclosure provided, we can only hold the interest rate lock for a set period of time without our client formally applying. We explained this to Mr. ******** on August 14, but offered to extend the interest rate if we received the application quickly.

When ***** spoke with Mr. ******** again on August 15, he indicated that he viewed the application online, but he had a question regarding his escrow account. Mr. ********’s Mortgage Banker, *****, answered his question and sent a follow-up. However, we did not receive the documentation required to begin processing the loan.

When Mr. ******** contacted us again on August 26 – 11 days later – he asked if he could move forward with the loan.  ***** informed Mr. ******** that the terms discussed was no longer available. ***** informed Mr. ******** that we would have to start a new application and re-price the loan to see if we could honor the original terms.  After ***** reviewed current market pricing, he called Mr. ******** back and informed him that we could offer the same 7/1 ARM at 3.625%; however, Mr. ******** would now be responsible for $1,800-$2,000 in closing costs. ***** explained that rates had increased considerably since the original quote. ***** also explained that we were giving Mr. ******** the maximum in lender paid credits we could provide. We were originally offering a lender credit of $8,753.15, to cover origination and third party costs; however, due to market conditions, we could no longer cover all costs. However, we were able to extend $9,500 in lender paid credits to offset the increase in pricing. ***** also informed Mr. ******** that he would not have to bring the $1,800 to $2,000 in costs to closing – the costs would be rolled into his loan amount.  Mr. ******** said that he understood these terms and he was provided with a Good Faith Estimate stating the same.

Mr. ******** claims that “fees were buried” in his loan amount, but this is not the case. Prior to October 7, Mr. ******** never expressed that he was uncomfortable with the cost of his loan in any way. Prior to this, Mrs. ******** requested to ***** provide her with a document to show the lender credit we were providing them. ***** emailed Mrs. ******** her Here’s How Your Number’s Work (HHYNW) document on the same day, and also provided her with instructions on how to read and interpret this document. The HHYNW that was provided to the ********s did show the Good Faith Deposit was being applied to the loan, as well.

During the entire loan process, the costs of Mr. ********’s loan remained consistent. The only significant change related Mr. ********’s prepaid interest and escrows. At application, we estimated these amounts at $1,134.65. However, when figures were finalized, we determined $4,175.51 was required. Mr. ********’s initial escrow deposit increased for a few reasons. Initially, we were collecting $1,134.65.  This amount was based on a projected closing date of September 26 and a first payment date of November 1.  However, since there were delays experienced while Mr. ******** was in process, his closing date moved to October 16.  This meant that we were required to collect Mr. ********’s entire upcoming homeowner’s insurance (HOI) premium due in December 2013 as Mr. ********’s first payment date was now December 1. The delays in the loan also caused us to now collect 11 months of county taxes instead of 10, and we were collecting 10 months of township taxes instead of 9.  In addition, we were now collecting 6 months of school taxes instead of two.  We were now collecting $3,591.19 for Mr. ********’s escrow account. Additionally, Mr. ********’s HOI had increased. These increases were off-set partially by Mr. ********’s mortgage payoff coming in $1,499.31 less than expected.

When Mr. ******** spoke his CCS on October 7, he expressed his dissatisfaction with his loan and the amount of cash-out he was receiving (which had increased). His concerns were eventually referred to a Solutions Consultant, *** ********. *** ordered an updated payoff, since Mr. ******** stated he had made his October payment. Unfortunately, the payoff once received did not yet reflect the payment, so *** was unable to reduce our loan amount. *** offered to waive the closing costs Mr. ******** was responsible for, in consideration of his pre-paid items increasing. However, Mr. ******** declined the offer. It is important to note that Mr. ******** will pay the same amount in escrow whichever lender he chooses or if he does not refinance at all.  While it is unfortunate our estimate did not reflect the full amount needed to establish the account, the change was not the result of a fee being charged by Quicken Loans.

To initiate the loan process, Mr. ******** provided us with a $500 Good Faith Deposit.  As explained in the Deposit Agreement provided at application, when a loan is denied or withdrawn the deposit is refunded less any costs incurred. In this case, Mr. ********’s appraisal was $475 and his credit report $20.75. Mr. ******** was refunded $4.75 on October 23. We do not agree that any additional refund is warranted in this situation.

We were also very concerned about Mr. ********’s comments regarding *****.  We reviewed all communication and found that ***** only referred Mr. ******** to another Team Member on October 9. This was because Mr. ********’s loan had been suspended due to Mr. ********’s concern over his final figures, and the loan had been reassigned to our Solutions Consulting group. We were unable to locate any calls or e-mails where ***** indicated he didn’t want to ‘deal’ with Mr. ********.

We trust that this letter has answered any concerns that Mr. ******** may have. If there are any additional questions, please contact me directly.

Thank you,

******* ******

Sr. Resolution Advocate

Quicken Loans

###-###-####

******************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/3/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: Since July 2013 we have been requesting to be put in a biweekly payment plan offered by QL. The payments should be atken from my account in the amount of $ 2800.00 every other Wednesday starting back on September 4th.It did not happened in Sept 4th or the 18th and they were applied manually. We received a lot of excuses and assurance that will start on Wednesday Oct 2nd. Payment on October 2nd was taken but not on the next due on October 16th. I called QL and they told me that even the $ 2799.99 (not $ 2800.00 as we agreed) was not apply to my account and has been in "hold". They cannot explain why? the moneys are not being applied to our principal, promissed biweekly plan is not working, we are paying extra interest in our loan because of they failure.Someone from management had to call me not later than yesterday Tuesday 10/22 but they never did and I have been calling talking to several cusotmer service and "ambassadors" and no response or solution has been presented to this situation.

Desired Settlement: We need seriousness and a final solution to this problem and all extra interest charged to us due to their mistake to be removed from our account.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ********’ concerns. We regret that Mr. ******** is displeased his experience. 

We attempted to set-up Mr. ******** for bi-weekly payments on August 19. We informed him that his bi-weekly draft would begin on September 4th and his draft amount would be $2,800.  Unfortunately, Mr. ******** bi-weekly payments were set up incorrectly in our servicing system and as a result, the payment did not draft as scheduled. We were informed of the error on September 9 when Mr. ******** contacted our office. At that time, we corrected the error in our system and drafted his September payment (in full) that same day. We also scheduled Mr. ********’s account to draft the October payment on September 18th. This allowed bi-weekly payments to begin on October 2. In order to begin making bi-weekly payments, our clients must be paid ahead.

On September 21, we received an email from Mr. ******** advising that he would like any extra payments applied to principal. Unfortunately, the Client Advocate who received his email did not recognize that this was in reference to the bi-weekly payment structure, but instead reversed Mr. ********’ 9/18 payment and applied it fully to principal.  Due to this misunderstanding, Mr. ******** was again due for October.

Mr. ********’ 10/2 bi-weekly payment drafted as scheduled, but it was applied to a suspense account. Since the previous payment made on September 18 was reversed, Mr. ******** was still due for October. This prevented the second bi-weekly draft from occurring as scheduled, which would have completed the October payment due.

On 10/24, Resolution Advocate ******** ******* addressed Mr. ********’ concerns after his payments did not draft.  Mr. ******** informed us that he would rather have a one-time payment drafted on the 10th of each month and then make additional principal payments on his own if he wishes.  ******** was able to make the necessary corrections to Mr. ******** account. His November payment drafted on 11/11, and it will draft the 10th of every month after. If the 10th falls on a non-business day, the draft will be delayed until the next business day.

In addition to the November payment, we also received $2,800 on 10/28 that was applied directly to principal.  If Mr. ******** wishes to mail additional funds towards principal in the future, it is important he designates how the funds should be applied. Otherwise, the funds may be applied to the next payment due, which would prevent the following month’s auto draft from occurring.

We sincerely apologize for Mr. ******** experience and have provided additional training to the advocates that initially assisted him. We also have also introduced new technology for our advocates, which should prevent errors such as the one Mr. ******** experienced when he first attempted to set-up bi-weekly payments.

We trust that this letter has answered any questions that Mr. ******** may have regarding his payments. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/2/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My spouse and I applied for a loan through Quicken Loans to refinance our home near the end of May, 2013. We were up front about our income, our financing through a third-party lender, and the fact that we had purchased a single-family home that was utilized as a two-family unit prior to our taking possession of it. We had moved into the downstairs level of the house and were making cosmetic repairs to the upstairs rooms, and Quicken was also informed of this. My wife initially contacted Quicken Loans merely to find out if we would pass the inspection with some minor repairs projects in progress. During these initial consultations, the company's representative informed us enthusiastically that all of these complexities were acceptable and that a loan qualification process could proceed. This continued for several months. Quicken stayed in constant contact with us, and its employees were very helpful. However, after endless requests we had to fulfill, we asked if our current lender had been paid off prior to our third projected closing date, and our client specialist informed us, definitively, that he had been. As such, we waited to hear from Quicken for further instruction. When we finally had to contact Quicken to find out what was happening, we were told that we would not be closing. We immediately contacted Ken's Lending LLC to resume payments. Our lender did not penalize us, and was himself not pleased with how Quicken was handling our loan process. We promptly paid him August's payment, (this payment was not considered to have been overdue), but Quicken used this "late payment" as a pretext on October 16, 2013, to disqualify us according to Federal Housing Administration rules. So now, not only have we been denied a loan from Quicken, after a four and a half month run-around, we are out the $400 deposit we paid them and now have an alleged "late payment", preventing us from qualifying for FHA-subsidized loans for the next twelve months.

Desired Settlement: Quicken should refund the $400 deposit we paid them, seeing as we are now out the nearly five months of our time we could have been applying elsewhere for financing, (taking advantage of the lower rates), and now cannot qualify for FHA loans. We complied with all of their requests and requirements in a timely manner. We lost a loan refinance approval due to Quicken's employees ushering us into a loan prematurely, and providing us with flagrantly misleading information.

Business Response:

November 26, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****** ****’s concerns. We regret that Mr. **** is displeased with his experience.  Based on the preliminary information provided to us by Ms. ***** at application, and after a review of her credit report, we had every reason to believe we would be able to provide her with financing.  

At application, Ms. ***** informed her Mortgage Banker (******* ***********) that she was in the process of partially remodeling her home. ******* informed Ms. ***** that any repairs noted in the appraisal would need to be completed before the loan closed. With that understanding, Ms. ***** and Mr. **** agreed to formally apply for financing.

When we received the appraisal report, it indicated, “The first floor unit is owner occupied and the second floor unit is currently being remodeled.” Because of the commentary in the report, we requested that the appraiser provided additional information and estimate the cost of completing the project.  On July 17, we received the amended appraisal back from the appraiser. It indicated that the value was subject to renovations being completed in the second floor unit.

Prior to receiving the amendment, Ms. ***** indicated that the repairs would be completed within a “few weeks to a month”. On August 2, she indicated that the repairs had been completed, and a final inspection was ordered.  We received the final inspection on August 12.

We are required to verify employment just prior to final approval, to ensure that our client has not lost their job or had a change in their employment status. Unfortunately, when calling Mr. ****’s employer on August 28th we were informed he no longer worked at ******* ****** Hotel. Prior to that point, we were unaware that he no longer had that source of income. At application, we verified that Mr. **** earned $1,733 per month working full-time at the hotel.  With this income, Mr. ****’s debt-to-income (DTI) was at 38%. We were unable to use Ms. *****’s income at application because she indicated was a per diem substitute teacher – which meant she was not under contract. When we contacted Mr. **** on September 3, he informed us that he began a new job that day, and he would be sending us paystubs once he received them.  We informed Mr. **** that per FHA guidelines, clients need to have been at a job for 30 days before we can close their loan.

We received Mr. ****’s pay stubs on September 17, but a verification of employment indicated that Mr. **** was a part-time employee. Since Mr. **** had been at this job for less than a month and did not have a two year history of part-time employment, we were not able to use his income. When discussing this with Ms. ***** on September 18, she notified us that she had been hired as a full-time teaching assistant, and she provided us with her paystubs. Unfortunately, Ms. *****’s paystubs indicated that she was paid on a ten month scale and her DTI ratio was too high for us to proceed with the loan.

We informed Mr. **** and Ms. ***** that their best option was to have another person co-sign their loan so that they could qualify. On September 27, Mr. ****’s father, *******, was added to the loan as a co-signer. While Ms. *****’s DTI was still too high, we were able to grant an exception to use *******’s income so that the loan could be approved. We also had to make an exception to approve the loan, given Ms. *****’s debt to income ratio, which is a consideration even when a co-signer is present. Our ability to grant this exception was contingent on verification of Mr. ****’s employment before the loan closed (even though we were not using his income to qualify) and was contingent on Mr. **** and Ms. *****’s approval through our automated desktop underwriting system.

At application, Ms. ***** was informed that she was required to continue making payments on all her financial obligations during the process. Ms. ***** was also provided with an Approval Letter on June 7 that stated:

 “Please Continue To Make Your Monthly Payments

Just wanted to remind you to please continue making all of your mortgage, credit card, car loans and any other monthly payments as scheduled until we are completed finished with your new loan. As we get closer to closing, we will only order a payoff statement from your current mortgage lender which must confirm that all payments have been made on time …”

Ms. ***** was also reminded by her Client Care Specialist (CCS) on June 7 and June 18 that they should continue to make the payments on the mortgage we were paying off. However, on October 14, we found that the Mr. **** and Ms. ***** had made their August payment more than 30-days late. FHA does not permit us to close a loan if our client has been more than 30-days late on a mortgage payment within the last 12-months.

In his letter, Mr. **** states that Quicken Loans had indicated that their current lender had been paid off prior to their closing date.  We reviewed all communication, and did not find that anyone ever informed either Mr. **** or Ms. ***** that their current lender was paid off, or that they were to stop making their mortgage payments. We do not disburse funds until after closing and after a three-day right-to-rescind period has passed.

We regret that Mr. **** believes that he provided unnecessary documentation during the loan process. When we reviewed communication, we found that most of the documentation required was related to Mr. ****’s employment and mortgage history. The information requested, in our opinion, was not unnecessary.

To initiate the loan process, Ms. ***** provided us with a $400 Advanced Fee.  As it was explained in the Advanced Fee Disclosure that was provided to her at application, when a loan is denied or withdrawn we will refund the deposit less any costs incurred. These costs include credit reporting fees and the appraisal cost. Since the cost of the appraisal exceeded the deposit, there was nothing left to refund.

We share in Mr. ****’s and Ms. *****’s disappointment that we were unable to provide them with financing.  Unfortunately, after we discovered that Mr. **** and Ms. ***** had a late payment, we were no longer able to offer financing. We assure Mr. **** and Ms. ***** that we had every intention to provide them with financing, but we have to make sure that our clients meet the guidelines of the loan program they are applying for.

We trust that this letter has answered any questions that Mr. **** may have.  If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

Dear Ms. *****,


I reject this response from Ms. ***** and Quicken Loans on the grounds that it selectively addresses my prior complaint.  Additionally, I do not accept Quicken Loans arbitrating my description of our correspondence.


In the initial complaint, my frustration with the nearly five months of wasted time the application process turned into was not due to “unnecessary” requests for information, but the obnoxiously piecemeal way in which this company asked for it.  While never shy about sending sensible requests, such as a need for pay stubs and other income documentation, the people at this company we corresponded with became reticent as two projected closing dates lapsed without a successful conclusion.  Both times, we had to call to find that we had failed to meet this or that requirement.  The second lapse, as I previously reported, led to our application being rejected.  Immediately prior to this tentative date of conclusion, I sat next to my spouse as she spoke with Quicken employee Tiffany ******* on the phone regarding the payoff to our lender.  Ms. ******* was asked, unambiguously, if the payoff had been made.  Ms. ******* responded, “Let me see.  Yes, that appears to have happened.”  We took this response as an affirmative.  After this intended closing, we had to contact our lender and find out the hard way that he never received payment.  Ms. *****’ letter states that “we reviewed the correspondence” and the conversation I sat in on did no happen the way I claim it did.  However, this company is not in a position to draw this conclusion objectively without presenting evidence.  Let them furnish the recording of this conversation to the Better Business Bureau so they can make this decision.  


Whichever party is proved correct still does not make Quicken’s defense any less nonsensical.  If, as Ms. ***** saw fit to point out, our income was too meager for Quicken to grant us a new mortgage without requiring a co-signer and months worth of submissions, then requiring us continue paying a loan that has already been paid off is patently absurd.  Also, the letter presented as evidence of Quicken’s lack of culpability creates a major inconsistency.  It states that an applicant’s current mortgage lender must confirm that all payments have been made on time.  Our lender confirmed exactly that.  Despite our one payment arriving past its due date because of the confusion described above, our lender does not consider it to be tardy, nor reported it as such.  Quicken made that judgment, then fell back on the usual excuse of F.H.A. regulations forcing their hand.  It should also be noted that this business was graciously granted an extension on the time they were given to respond to this simple grievance; a leniency they will not extend to anyone applying for financing.


In this response letter, it is stated how the appraisal of our house cost the company more than the $400 fee we paid, and as such, there is no money to refund.  This conclusion leaves out the fact that the appraiser was sent to inspect the house twice.  This, I contend, was needless.  Ms. ***** notes that Ms. ***********, the mortgage specialist, informed my spouse that our repair work to the second floor level of our home needed to be completed before the loan could close.  This being the case, then why were we not simply instructed to complete the repairs before the appraiser was dispatched in the first place?  Instead, our money was squandered on a second appraisal after Quicken decided, after the first one, to move the goalposts and demand a do-over.   While the time spent cannot be recouped, I find the haughty assertion that Quicken Loans cannot pay back the money it frittered away to be false, and therefore unacceptable. 


F.H.A. loans may help this company entice buyers, but the accompanying government rules are then used to explain away the mismanagement and incessant roadblocks to acceptance we experienced.  After what we went through, other potential applicants should have the opportunity to see how Quicken Loans operates.

 

Regards,

****** ****

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

12/2/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: We gave a deposit of $500.00 to refinance our home loan. Now they say they underestimated our home owners insurance (which is not our fault) so we will lose our deposit. They may refund part of it minus the $310.00 for a home inspection. My problem is I should not have to suffer because of their error. I should either get the loan refinanced as promised or get all of the money I deposited because the error was on theirs not mine.

Desired Settlement: I want all of the $500.00 deposit back because they cannot come through on their end of the deal.

Business Response:

November 22, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ********’s concerns. We regret that Mrs. ******** is displeased with the service that we provided. 

Mrs. ******** closed a loan with us in June of 2011. At that time, her home appraised for $305,000. When we contacted Ms. ******** in September 2013, our goal was to determine if refinancing made sense.  Mrs. ******** spoke with Mortgage Banker **** *******, and after reviewing the communication that took place, we found that **** did not ask Mrs. ******** what she felt her home was worth. Instead, our Mortgage Banker assumed the home had appreciated and set-up the loan with an anticipated value of $320,000. Although, Mrs. ******** hand-signed a Property Disclosure, stating she agreed with the value used, our Mortgage Bankers are expected to discuss this information with their client prior to beginning the application process. Mike did explain during the application call that if the home did not appraise at $317,000 PMI would be required.

As stated in Mrs. ********’s letter, there was an issue regarding Homeowner’s Insurance. Mrs. ********’s current loan is based on a monthly insurance collection of $119.21.  However, **** mistakenly entered information indicating a monthly collection of $101.58. Since Mrs. ********’s insurance increased from the previous escrow analysis, the correct monthly collection would have been $131.89. 

Based on recent sales of similar homes in Mrs. ********’s market, the appraisal was only able to support the same value as in 2011. Therefore, it was necessary for us to add PMI (private mortgage insurance) to her payment and also increase the monthly insurance collection so it was accurate. As a result of these changes, the estimated payment increased by almost $100 per month. Understandably, Mrs. ******** declined to move forward with refinancing.

To initiate the loan process, Mrs. ******** provided a $500 Good Faith Deposit.  As explained in the Deposit Agreement signed by Mrs. ********, when a loan is denied or withdrawn we will refund the deposit less the appraisal and credit report. Even though these costs were incurred, we have decided to make an exception and refund the deposit in full. A refund was processed to Mrs. ********’s credit card on October 28.

We sincerely regret that **** provided Mrs. ******** with a poor experience. Quicken Loans had every intention to provide Mrs. ******** with financing, and apologize that **** did not set the proper expectations during her loan process. We apologize that Mrs. ********’s experience was not forwarded to our Client Relations team previously, so that we could have proactively processed the refund.

We trust that this letter has answered any concerns that Mrs. ******** may have.  If there are any additional concerns, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/2/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I attempted to refinance my mortgage and in the process got my appraisal lower than expected. When I started asking questions as to why the appraisal only took 15 minutes and the appraiser never inspected any of the components of my home, quicken Loans refused to answer. Quicken Loans then tried to sell me other products than what I wanted and when I declined and advised them that they had poor customer service they issued a denial letter. This is both very petty and not customer service at friendly at all. I would have asked for a reappraisal but they were mad that I didn't want to buy their other services. Also when I asked on the price of the appraisal they kept ignoring me trying to tell me that they didn't have the appraisal ready when in fact the appraisal was already issued and made available for me to inspect. Quicken Loans needs to have my house reappraised as I am sure that I reserve the right to have this done. Their appraiser used incorrect comps and quicken Loans was quick to dismiss me when I refused to buy other products from them.

Desired Settlement: A refund of the 500.00 deposit as they did not give me the opportunity to challenge their appraiser when I did not elect to buy other term loans. Instead they issued a "denial" letter when they were clearly trying to bait and switch me a couple of hours earlier and failed to respond to my complains on their customer service.

Business Response:

November 25, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****’s concerns. We regret that Mr. **** is displeased his experience. 

When Mr. **** originally spoke with his Mortgage Banker (**** *********), his goal was to reduce his loan term from 15 to 10 years and get out of the (Private Mortgage Insurance) PMI he was paying on his current loan. When Mr. **** spoke with **** about his home’s value, he estimated that his home would appraise between $110,000 and $115,000. In reviewing Zillow.com though, the estimate indicated was $103,000 which should have guided **** to use the most conservative figure offered. However, he instead used a higher figure ($121,000) to quote terms. This figure was indicated on the Property Disclosure hand-signed by Mr. **** at application.

When we received Mr. ****’s appraisal, the value received was $105,000, which meant that Private Mortgage Insurance (PMI) was required on the loan.  Although Mr. ****’s states he has concerns with the appraisal, he did not mention this to **** when they discussed the value received or when he asked to cancel his loan. Shortly thereafter, we denied the loan for collateral.

The majority of an appraiser’s work is completed in advance of the home inspection. Therefore, most appointments are short in duration. Appraisers are able to obtain information about the subject and the comparable sales through county records and the Multi Listing Service (MLS). The inspection is only meant to access the overall qualify of a home and to identify additional features not listed on county records.  The value provided by the appraiser was supported by comparable home sales in Mr. ****’s market. The three homes selected were within 0.87 miles of Mr. ****’s property and sold within the last three months.

After we received Mr. ****’s letter, we contacted him requesting the comparable sales that he felt should have been used by the appraiser. Mr. **** initially stated that he would submit additional homes; however, he later indicated he would not be doing so. Since the value in the report was supported by the data provided, we have no reason to believe that the appraised value was inaccurate.

To initiate the loan process, Mr. **** provided us with a $500 Good Faith Deposit. As explained in the Deposit Agreement signed by Mr. **** at application, when a loan is denied or withdrawn we refund the deposit less any costs incurred. Even though we incurred third party costs such as the appraisal, we have decided to make an exception to our refund policy. We feel that our Mortgage Banker should have used a more conservative value when quoting terms and informed Mr. **** what his home had to appraise at, to avoid PMI. Per our Deposit Agreement, a refund of $45.68 was applied to Mr. ****’s credit card on October 28. The remaining $454.32 was applied on November 4. 

We trust that this letter has answered any concerns that Mr. **** may have.  If there are any additional questions, please feel free to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/2/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I contacted Quicken Loans approximately 2 weeks ago to inquire about mortgage refinancing. I also contacted several other lenders to make a product comparison, and made the decision to refinance with another institution. I received e-mails and phone calls from Quicken Loans' sales personnel at the time of my initial inquiry, and I informed them of my decision not to use their services. I have continued to receive harassing phone calls daily, several times a day, requesting I contact them for their services. I answered the phone one time, and the sales person was unrelenting, would not listen to my request to stop calling me, and I was forced to tell him to take No for and answer, and I hung up. The calls continue each day. I called the client services line today, and they assured me I would be opted out of their distribution list. I am concerned however, that Quicken Loans is harassing other people in a similar way. It is disconcerting and annoying to have to deal with this type of stress on a daily basis.

Desired Settlement: That Quicken Loans refrain from harassing people via phone, internet, and mail.

Business Response:

November 20, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Ms. ********’s concerns. We regret that Ms. ******** is displeased with her experience. 

We began contacting Ms. ******** after she provided her information to one of our lead-buy partners, lowermybills.com. We attempted to contact Ms. ******** beginning on October 31. On November 1, one of our Mortgage Bankers e-mailed Ms. ********. She responded the next day stating she was staying with her current lender. However, she did not specifically ask that we remove her from our system or opt out her information. The same occurred when another team member contacted Ms. ******** a few days later. We apologize that neither team member realized that Ms. ******** would not welcome further contact. Since we understand that is her intention, we have since opted her out of our system on November 14. She will not receive any further phone calls or emails from us – unless she opts into our services or applies to one of our lead buy providers.

We trust that this letter has answered any concerns that Ms. ******** may have.  If there are any additional questions, please contact me directly.

 

Thank you,

***** *******

Sr. Resolution Advocate

Quicken Loans

###-###-####

*****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/2/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was preapproved for a VA funded mortgage with Quicken Loans in Jun 2013. After the Govt shutdown was over, I was called by ******* ******* at the Woodward Det office asking me to get approved again. I was still looking for a house to purchase, so she pulles my credit report again.. It didnt change from last time.. Same scores. She then emails me saying i need to come up with some money for a down payment.. VA gauranteed backed, does not require a downpayment.. The biggest issue is i had to find another lender, ***** ***** who went by the VA guidelines to preapprove me, but im waiting for the letter to come in the mail now. Which could cost me to loose this house i wanted to put a bid on.. Thanks to Quicken Loans deceptive business practices.

Desired Settlement: I request a full detailed answer from their headquarters of why there brokers are crocks.

Business Response:

 

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is displeased with his experience.

When Mr. ***** contacted us on June 25, we gathered preliminary information and reviewed his credit report. We then entered his information into our desktop underwriting system through VA, we received initial approval. Accordingly, Mr. ***** received a pre-approval letter for a $140,000 VA purchase loan with no down payment required on June 27.

When Mr. ***** contacted us on August 20, he advised that he had found a house that he liked – but needed to be pre-approved for a higher loan amount.  Since Mr. ***** had additional disability income that was previously not considered, we were able to raise his pre-approved loan amount to $160,000. Unfortunately, Mr. ***** was outbid on the house he was interested in, but later contacted us again on September 11 to increase his pre-approval to $200,000, which we were able to do.

By October 25, Mr. ***** had still not found a home.  Since his credit report was 120 days old, it was necessary for us to re-pull credit in order to update his pre-approval letter. When we reviewed his credit, there was no change in Mr. *****’s qualifying credit score, but we were unable to get approval through VA. Occasionally, the algorithm used behind the scenes will change and what variables are approved at one point are not at a later date.

After Mr. *****’s Mortgage Banker (******* *******) was unable to gain approval, she emailed Mr. *****. In the email, she mentioned that the VA had become more conservative in their approval process since Mr. ***** was first approval back in June. Since ******* was unable to get approval through the VA, she asked Mr. ***** if he was able to put any money down on the home. Mr. ***** indicated that he did not want to do that and informed us he would contact another lender.

We share in Mr. *****’s disappointment that we were unable to provide him with financing.  Unfortunately, this is a situation where the qualification requirements changed, due to the length of time Mr. ***** was searching for a home. If there are any other questions, please contact me directly.

Thanks,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/2/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Started the loan process stating clearly that my old cardiology practice merged with a new one July 1, 2013. Was told that is not at all an issue. Went through the whole loan process including the appraisal with fees. There a 5 cardiologists in the group with the 5th on up for partnership. I was told I could not have greater than 25% ownership (much later in the process). We had a partner meeting and 5th person was made partner and therefore I had 20% partnership in new medical practice. This was not acceptable to Quicken though I provided a notorized letter from the new corporation's CPA stating my ownership interest. Quicken stated that I need to still provide next year's taxes since I joined a new practice. Meanwhile, my nurse practioner bought new house and it was not an issue for her and she closed under 30 days. I believe that it was deceptive to tell me it would not be an issue at all (on a recorded line for quality assurance and training purposes, nonetheless) and then withdraw the loan on this basis. There were no other issues whatsoever with loan approval. I will also be filing a Consumer Protection Financial Bureau complaint.

Desired Settlement: I would like the funding of my loan as originally as promised or at the very least a refund of all of my fees.

Business Response: November 26, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Dr. *****’s concerns. We regret that Dr. ***** is displeased his experience. 

When we first began working with Dr. *****, he informed us that he was a partner in a medical practice making $39,589 per month.  We were able to conditionally approve Dr. ***** based on this and other information received at application. Dr. ***** had also informed us that he had $100,000 in reserves, which was considered in our preliminary underwriting analysis.

When we received Dr. *****’s IRA statement, it indicated that the funds were not held in his name but in the LLC’s. For this reason, the funds could not be used for qualification. 

Dr. *****’s tax returns indicated that he is a 7.93% owner of a partnership (***************** ***** ***), but Dr. ***** informed us on October 8 that he became a 25% owner of his partnership after ***************** ***** *** merged with ***** ******** ************ *****. Since Dr. ***** owned 25% of the practice, this meant that he had to be considered self-employed for qualification purposes. Accordingly, we requested 2-years of personal tax returns to verify self-employment income. Unfortunately, Dr. ***** could not supply this, since he did not have a 2-year history of receiving this type of income.

Dr. ***** later informed us that he actually owns 20% of the partnership, which meant that we no longer had to consider him self-employed. Although we received a letter from a C.P.A. stating the same, the conflicting information relating to Dr. *****’s ownership percentage was a concern. Dr. ***** was also unable to provide documentation to support that he had the necessary personal funds in reserve. Accordingly, we informed Dr. ***** that we would not be able to provide financing, until he filed his 2013 income tax returns.   

On October 18, Dr. *****’s loan was reviewed by Resolution Advocate Sean Shunkwiler. Dr. ***** informed Sean that he had $30,000 in funds available in a personal IRA, which was the first time that we were informed these funds were available. Dr. ***** also agreed to move $10,000 from an LLC IRA to his personal IRA, so he would have the necessary funds required in reserve. Upon further review, we were able to consider the letter from Dr. *****’s CPA confirming 20% ownership and as a result, consider Dr. ***** to be salaried versus self-employed. This meant that we did not need a 2-year history of self-employed income in order to qualify Dr. *****.

We have begun a new loan application for Dr. ***** and hope to close his loan soon. We thank Dr. ***** for providing us with a second chance to assist him and regret that his first process did not go smoothly. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

12/2/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: THIS COMPANY IS TAKING ADVANTAGE OF SENIOR CITIZENS...I APPLIED FOR A LOAN AND WAS PROMISED THAT IF THE LOAN DIDN'T GO THROUGH I WOULD BE ENTITLED TO BE REFUNDED MY 400.00 DOLLARS. THESE PEOPLE GAVE ME THE RUNAROUND AFTER THE MONEY WAS TAKEN OUT OF MY CREDIT CARD....THEY SAID THEY WOULD HAVE AN ANSWER FOR ME WITHIN 24 HRS AND I HAD TO CALL THEM BECAUSE IT WAS THE 4TH DAY AND I HAD NOT HEARD FROM THEM, NOW THEY ARE TELLING ME THAT I AM NOT ENTITLED TO THE REFUND BECAUSE THAT PAID FOR THE APPRAISAL OF MY HOUSE. I WAS NEVER TOLD THAT BECAUSE IF HE WOULD HAVE MENTIONED THAT BELIEVE ME I WOULDN'T HAVE GONE THROUGH WITH THE PROCESS. I AM A RETIRED SENIOR CITIZEN LIVING OFF A FIXED INCOME AND HE WAS AWARE OF THAT. MY REASON FOR LOAN INQUIRY WAS TO CONSOLIDATE INTO ONE BILL AND NOW I AM OUT OF 400.00 DOLLARS.

Desired Settlement: I WOULD LIKE TO HAVE THEM REFUND ME MY 400.00 DOLLARS.

Business Response:

November 25, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *****’s concerns. We regret that Mr. ***** is displeased with the service that we provided. 

When Mr. ***** first spoke with Mortgage Banker ****** *****, he informed ****** that his home was recently listed for sale, but it was de-listed in September.  ****** informed Mr. ***** that he’d see if an exception to provide financing would be possible, since we normally require a longer period of time to elapse after de-listing.  During this conversion, ****** also asked Mr. ***** what he thought his home may be worth. Mr. ***** indicated his last appraisal was $200,000 and that most homes in his neighborhood were selling between $165,000 and $200,000.  Mr. ***** asked that we use a value of $190,000 for qualification purposes.

Mr. *****’s loan was structured as an FHA cash-out refinance.  Since Mr. *****’s loan amount was $143,000, this would have put his Loan-to-Value (LTV) at 75%.  Our guidelines require that if our client’s LTV (on an FHA cash-out refinance) is above 70%, the property must have been delisted for at least 180 prior to the application.  This is why ****** indicated that an exception to proceed would be necessary.

As soon as Mr. *****’s full application was received, an appraisal was ordered along with several other vendor items. It was not until the loan was reviewed by underwriting a few days later that the exception was considered. Unfortunately, it was determined that we could not provide an exception and the loan was denied accordingly. We apologize that ****** did not confirm the exception was granted, prior to vendor items being ordered.   

To initiate the loan process, Mr. ***** provided Quicken Loans with a $400 Good Faith Estimate (GFD), and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

Even though an appraisal was completed, we agree that a refund is appropriate. We regret that the Mr. ***** was not referred to our client relations team for assistance prior to receipt of his complaint.

A refund of $10.43 was applied to Mr. *****’s credit card on October 27. The remaining $389.57 was applied to Mr. *****’s credit card on October 28. 

We were unable to locate any unreturned calls during the process, using the phone numbers we had on file. If Mr. ***** could provide additional information regarding that, we can research this portion of his complaint further.

We share in Mr. *****’s disappointment that we were unable to close his loan.  Quicken Loans does not benefit in any way when we deny a loan since we retain only the exact amount necessary to pay third party vendors. We believe in doing the right thing for our clients, and hope that by refunding the deposit in full, Mr. ***** will have a more favorable opinion of Quicken Loans.  If there are any additional questions, please contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

***** ********

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/28/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I continue to get telephone calls from various Quicken Loan phone numbers, all beginning with 313 area code. This has been going on for over a month and I have repeatedly asked them to stop calling me but they just call me again from a different telephone number. I average about 3-4 calls per day from this organization

Desired Settlement: cease and desist all communication, specifically telephone calls but to include email and postal mail

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ********’s concerns. We regret that Mrs. ******** is displeased with the service that we provided. 

Mrs. ******** was enrolled into our marketing campaign when we received her information from our lead buy partner, ***********.  When we receive a client’s information through a lead-buy provider like ***********, we contact them to provide additional information regarding the financing we offer.

We attempted to contact Mrs. ******** beginning on September 17 and left messages over the next few days. We were finally able to speak with Mrs. ******** on September 25, at which time she indicated that she did not wish us to contact her further. Unfortunately, the person that received this request simply marked the inquiry indicating Mrs. ******** was not interested, instead of selecting the opt out feature. As a result, we attempted to reach Mrs. ******** again about a month later, in case her financing needs were not met. 

As of October 22, Mrs. ******** was opted out of all further phone calls and e-mails from Quicken Loans. She will only hear from us again if she opts into our services by inquiring directly with Quicken Loans in the future or one of our lead buy partners.

We trust that this letter has answered any concerns that Mrs. ******** may have. We apologize that she received unwanted calls and thank Mrs. ******** for her feedback. If there are any additional questions, please contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/28/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On or around June 11 I was contacted by Quicken Loans which is the company that already has my mortgage offering to refinance and reduce my rate and have my current 5 year arm change to a 7 year arm. I was told what documents they wanted, what the rate would be and that I with the rate they could give me I would save $12,000 over the seven year team even if I only made the payment required and not added any extra principal to the payments. I sent in all the paperwork they requested and a week later was told they needed the tax returns signed, now I was also told they were also getting my tax return transcripts from the IRS, I was not informed they would need signed copies, they even told me that my account could send them a copy of the returns, he does not have any signed copies either, that took some time before they came back to say they wanted my investment account statement showing how much I had in investments, I sent the page showing my balances and was told another week later that they wanted papers showing all my actual investments, then I needed and document from my insurance company showing that another house and another property I owned did not have a mortgage on either of them, they said my insurance document would should if the was anyone holding a lien on either property, they also backdated my paperwork to June 3. They kept changing the paperwork wanted and how they wanted it that it went past the time that my rate was guaranteed that I was told on July 18 that I would then have to pay an additional $1386.00 to get the rate I was promised, I felt that they were the one's who dropped the ball on getting the paperwork done in time to get the rate I was promised and they should have to eat these cost's, I was told they would not do anything for me so I told them I wasn't interested in doing business with them since the extra cost's were there fault. I told them I wanted the $140.00 that was left of the $500.00 I paid them from the cost of the appraisal which I still haven't received.

Desired Settlement: I want the $140.00 that was left from the $500.00 since the appraisal was only $360.00 I was told I would get this back, I also want the $12,000.00 in savings I would have had if they didn't manage to mess up my paperwork for so long that it went past the timeline for which my rate was guaranteed. I still have the documents which they took off mu Quicken website thinking I wouldn't take the time to print them so I could prove how they committed this fraud and stole my money.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ***’s concerns. We regret that Mr. *** is displeased with the service that we provided. 

When Mr. *** was conditionally approved on June 14, we provided him with a letter that listed the conditions of his approval, and what additional documentation was required.  Prior to that, we provided the Things We Need From You, in Mr. ***’s application package. This document explained what was required by underwriting, in order to start the process. Both the Things We Need From You and the Approval letter indicated that we we’d be verifying Mr. ***’s income through IRS tax transcripts. Additionally, we explained that if taxes were owed, Mr. *** was required to provide proof of payment. The Approval Letter specifically noted that Mr. ***’s business tax returns needed to be signed, along with his personal tax returns.

We received proof of Mr. ***’s tax payment on July 3. When we contacted the IRS for copies of the tax transcripts, we were informed that our request could not be completed. This was because the signature on the original Request of Transcript of Tax Return form (4506T) was different than Mrs. ***’s name was listed on line 1a of her tax return.  As it turned out, Mr. *** accidentally completed Mrs. ***’s transcript request form in error.  Once this was corrected, we were able to receive the transcripts.

Mr. *** informed us at application that his property taxes due on July 1 had been paid. When we requested proof of payment, Mr. *** was only able to provide the bill he received – not a cancelled check or verification from his tax assessor. Without this verification, we had to collect the amount due to pay the tax, at settlement. When cash is due at closing, we must verify the source of funds, which is why we requested bank statements from Mr. ***.

Mr. ***’s conditional approval was also subject to a satisfactory appraisal.  At application, Mr. *** advised that his home was worth $215,000. His initial quote and qualification was based on this figure. When the appraisal was returned, Mr. ***’s home was valued at $175,000.  This lower value caused Mr. ***’s Loan-to-Value (LTV) to increase, and for that reason his loan was considered higher risk. A pricing adjustment of 1 discount point ($1,386) was due to provide the same interest rate previously quoted. Alternatively, we could have increased Mr. ***’s interest rate and kept the points the same. Since neither option was accepted by Mr. ***, his loan was denied for collateral.

To initiate the loan process, Mr. *** provided us with a $500 Good Faith Deposit (GFD), and signed a deposit agreement which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, Mr. *** acknowledged the terms and conditions under which Quicken Loans would retain and use his deposit. Since the appraisal was $360 and the credit reporting fees were $36.90, Mr. *** was refunded $103.10 on August 5.  These funds were applied to his credit card.  

We share in Mr. ***’s disappointment that we were unable to provide him with financing. Quicken Loans does not benefit in any way when a loan is withdrawn or denied. We had every reason to believe we could provide the terms initially quoted, but unfortunately recent home sales in Mr. ***’s area did not warrant a higher value. If there are any additional questions or concerns, please contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/26/2013 Advertising/Sales Issues
11/26/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I have been receiving calls from quicken loans multiple times a day for the last month. Each time it is a different person that calls, and they all say the same thing. That I have contacted them with a request for a refinance(which I have not, rates are higher then my current loan is). They all say that they want to tell me why they are getting a bunch of awards the last few years. (who cares, I certainly don't) They do give me their phone number with a 313 prefix, and an 888 number to call back on.The most frustrating part is that they keep filling up my voice mail message box. I have had 22 calls.

Desired Settlement: I have put my phone number on the national do not call list. Since that takes 31 days to apply, I would like them to "put me on their do not call list".

Business Response:

November 25, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Ms. ****’s concerns. We regret that Ms. **** is displeased with the service that we provided. 

Quicken Loans works with two of the largest data providers in the United States to gather information about potential clients.  Our intent is to introduce our services to homeowners who are in the market for a new mortgage. This type of practice for gathering information is certainly not unique to Quicken Loans, as many service providers do this so they can market directly to customers who may benefit from their services.

We began contacted Ms. **** on September 17. Even though our Team Members left some messages that indicated that we had spoken with Ms. **** regarding a refinance, it does not appear that we were ever able to contact her.  Because we did not speak with her, we did not realize that Ms. **** did not want us to contact her.  Since we have received this letter indicating that Ms. **** is not interested in any of our services, she has been opted out of all communication with Quicken Loans. 

As of October 24, Ms. **** has been opted out of all of our systems. She will not receive any further phone calls, emails or other correspondence from us – unless she opts into our services again or applies to one of our lead buy providers. Although we have opted Ms. **** out of our direct mailing campaign as well, it may take up to 45 days for this to take full effect. 

Ms. **** has mentioned that she has signed up for the National Do Not Call Registry, and we would like to verify that we are in receipt of this registry. When Ms. **** was contacted by us, she had not yet signed up for the Do Not Call Registry. Our Subscription Account Number (SAN) is ******************.

We trust that this letter has answered any concerns that Ms. **** may have.  If there are any additional questions, please contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

************ ****************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me. I am happy to say that Quicken Loans did follow up on what they said in their letter, and removed me from their call list.  I have not received calls from them since they received my complaint.

 

Thanks for helping,

******** ****

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

11/25/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Initiated loan with Quicken Loans, GFE on 9/28/2013. Locked in rate of 3.75, documents on line included releases for QL to obtain VA, USAA (bank and insurance), tax forms for the application. A few days later, asked for the documents from VA, USAA, and taxes. Informed QL third party and cannot obtain them themselves. Documents supplied, including VA disability (100%) and VA letter of Certificate of Eligibility for loan guaranty, military medical discharge, income (VA disability) verification, etc. Documents 'not acceptable', need more. Given phone number to call Army/military records office, called and information passed on. QL has all the documents they send vets for loan applications. Appraisal done 10/8/2013. No contact, no info. On 10/11/2013, I received 'updated' documents to sign - Interest Rate Disclosure that would tie me into a higher rate at closing than current and added costs of points on the Good Faith Estimate(+$547.50), violating their own contract I signed and this I did not. Reviewed the documents (I was able to access) and wrote a letter to QL to cancel the loan process due to failure to provide services and fraud.***Today, 10/12/2013 is first recording under "all documents" of receipt of ANY documents sent fax and email. Only 5 documents had been listed prior to today - all done on web site.

Desired Settlement: I not only want a refund of my $400.00, I would like your 'office' to foreward these hundreds of complaints to legal in your state for investigation and action.Allowing this kind of behavior is a direct reflection of both your business atmosphere and integrity as a business and state. Consumer Affairs web site has almost 900 similar complaints of victims paying thousands. It is past time for addressing this company.

Business Response:

November 18, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Ms. *******’s concerns. We regret that Ms. ******* is displeased with her experience. 

When Ms. ******* began the loan process on September 25, her loan was structured as a 15-year fixed-rate VA loan at 3.75% with zero points. To facilitate the processing of the loan, Ms. ******* signed a Certification and Authorization, which allowed us to access her accounts. She also signed document which allowed us to request tax transcripts from the IRS. 

As part of Ms. *******’s Conditional Approval, we required that her USAA account be closed out so that this debt could be omitted from our underwriting analysis. As a third-party, Quicken Loans cannot close out a line of credit – only Ms. ******* is able to do this. The Certification and Authorization only enabled us to obtain information on behalf of Ms. *******.  Ms. ******* was able to close out her USAA account and provide us with a closeout letter on October 5.

Ms. ******* was also required to provide a copy of her Certificate of Release or Discharge (DD 214 form) from the military and an Honorable Discharge Letter. Ms. ******* advised that that she did not have an Honorable Discharge Letter because she left the military due to medical issues. She explained that she called VA and they confirmed she would not have this paper work. We have confirmed that the military only has 2-types of discharges, honorable and dishonorable. There is no separate document, or lack of discharge documentation, when a service member is discharged due to medical reasons. Therefore, if this information was conveyed to Ms. ******* by the VA, the person she spoke with was inaccurate. If Ms. ******* could not find the paper work she received when discharged, the VA should have been able to order the documentation upon request.

On October 8, Ms. *******’s requested that her loan be changed from a VA to a conventional, so that less paper work would be required. Ms. ******* was transferred to Mortgage Banker, Jeff O’Neil.  Jeff informed Ms. ******* that conventional financing would increase her interest rate to 4.25% with 1.5 points. Ultimately, Ms. ******* elected to continue the process as a VA loan; however, because her loan was briefly switched to conventional, a re-disclosure package triggered on October 11. The figures posted did not reflect the pricing we were planning to provide Ms. *******. We still intended to provide an interest rate of 3.75% with zero points, but the paper work reflected the 1.5 points we were charging on the conventional product. This was due to our Mortgage Banker neglecting to remove the points when the loan was switched back to VA. A Solution Consultant attempted to contact Ms. ******* to explain the error. We could have posted updated documentation to confirm the pricing we were offering, but Ms. ******* made it clear she no longer wanted to work with us. 

We sincerely apologize that Ms. ******* had a negative experience. We made every effort to close her loan at the agreed upon terms.  In regard to the online complaints Ms. ******* refers to, it is important to note that we speak to tens of thousands of clients per month. The amount of negative reviews about Quicken Loans online, in comparison to how many clients we work with, actually speaks well for how we do business. Any business that works with as many people, on an issue as sensitive as their ability to qualify for financing, will have negative reviews.  

When Ms. ******* initiated her process, she provided us with a $400 Good Faith Deposit. As explained in the Deposit Agreement provided at application, when a loan is denied or withdrawn, we refund the deposit less any costs incurred.  Before we could return the deposit, less the cost of the credit report, Ms. ******* filed a dispute with her credit card company. Although a contract was in place with respect to the deposit, since an appraisal was not completed, the full $400 was returned. We normally would have retained $23.07 to cover the cost of the credit report. It is possible that Ms. *******’s credit card company may return $23.07 to us, but we will not be pursuing the funds further. 

We assure Ms. ******* that we had the best intensions while working with her. We hope that she will provide us with an opportunity to re-earn her trust should she require financing in the future. She is welcome to contact me directly if she requires further assistance. 

Thank you,

**** ******

Resolution Advocate

Quicken Loans

***** ******** ***************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/20/2013 Problems with Product/Service
11/15/2013 Problems with Product/Service | Complaint Details Unavailable
11/14/2013 Problems with Product/Service | Complaint Details Unavailable
11/13/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I have been a customer of Quicken Loans for approx 6 months. On Oct 20th I received a phone call from a staff member stating that it is extremely important for me to call him back before I made my next mortgage payment. Thinking that something was wrong with my mortgage I immediately called the main line back. Customer Service had no knowledge of the call. After listening to the message again, I called the number he left. The person I spoke to stated that as part of my mortgage i was eligible for a rate reduction, and I didn't have to pay any money, just sign a couple papers. Fortunately, I spoke to my original account rep. I was mortified to learn that i was being fast-talked into a 5 year adjustable rate mortgage from my 30 year fixed which I just began. Shame on Quicken Loans for misleading customers and withholding IMPORTANT information just to make a few more $ on existing customers. I will not trust ANYTHING I hear from Quicken Loans going forward. Poor ethics in trying to take advantage of people!!

Desired Settlement: I want to know what disciplinary action was taken against this rep and what Quicken Loans is doing to prevent this from happening again. I am well aware that ALL calls are recorded and it can easily be determined what games are being played to mislead customers.

Business Response:

October 31, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with the service that we provided. 

Our current clients are often contacted by a Mortgage Banker to review their loan options. Since interest rates change daily, we may be able to place our clients into a lower rate or shorter term. When Mr. ******* received a voicemail from us, it indicated that he needed to call us before he makes his next payment.  We regret this terminology was used, as we never intended to give Mr. ******* the impression that something was wrong with his loan. We hope that he will accept our apology.

When Mr. ******* spoke with Mortgage Banker ****** *****, he was offered a lower interest rate without an appraisal being required. ****** indicated that Mr. ******* should work with his prior Mortgage Banker and that he (**** ****) would be contacting him. When **** contacted Mr. *******, he explained that the program ****** quoted was a 5/1 ARM. We agree that this information should have been made clear, because Mr. ******* was not previously on an ARM. We thank Mr. ******* for informing us of his experience and have shared it with ******’s leader.

As requested, we have opted Mr. ******* out of all marketing campaigns from us. He will not be contacted by us in the future regarding refinancing, unless he opts into one of our lead buy partners or applies through QuickenLoans.com. We hope that in the future he will reconsider working with us.

We trust that this letter has answered any concerns that Mr. ******* may have.  If there are any additional questions, please contact me directly.

Thank you,

******* ******

Sr. Resolution Advocate

###-###-####

******************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/13/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My husband and I recently applied for a refinance through Quicken loans. Through the whole process my husband and I were told everything looked good and we were approved for the loan. In the process of explaining to my husband and I what we were approved for we were told we needed $400 to lock in our interest rate and when we signed papers we would get that money back. We asked several times and were told the same thing each time. About a week went by and I received a phone call from *** and he proceeded to tell me that my loan was not able to go through because my appraisal did not come back for enough. He acted like he did not want to answer any of my questions and was ready to put my file on the back burner and be done. I wanted answers and asked about my $400 I was then told that my money went to pay for an appraisal. My husband and I was never told that our money was for that and we have felt like we were done wrong. I feel like the customer service we received was misinforming. If I would have known that we would have went through a local bank because they don't make you pay for an appraisal if your loan doesn't follow through.

Desired Settlement: It is plain and simple on what my desired settlement would be and that is I feel like I deserve to get my $400 back. My husband and I were misinformed and were never told our money would go for an appraisal.

Business Response:

November 7, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ********’s concerns. We regret that Mrs. ******** is displeased with the service that we provided. 

At application, Mrs. ******** and Mr. ******** both signed a Property Disclosure stating that they estimated their home’s value to be $220,000.  This is the value that Mrs. ******** believed her home would appraise for. As such, we quoted terms and qualified Mr. ********, based on this amount.

At application, we ask that our clients complete a property disclosure which outlines our understanding of their property. One of the questions on the disclosure is if our client’s home is in the process of being renovated or is in need of repairs. When the ********s completed the disclosure, they did not indicate this was the case.

To initiate her loan process, Mrs. ******** provided us with a $400 Good Faith Deposit (GFD) which also acted as a commitment to do business.  She signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

When we received the appraisal, the value of Mrs. ********’s home came in at $156,000 – more than $60,000 below the value used to set up her loan. Unfortunately, the maximum Loan-to-Value (LTV) we are able to offer FHA clients is 97.75%. We notified the ********s within 3-business days of their appraisal being submitted for underwriting.

In the report, the appraiser noted that several repairs were required in order for their home to meet FHA guidelines. These repairs included deck completion, installing vinyl trim, repairing masonry on the threshold of a utility door and painting the interior of the garage.  Even though the need for these repairs did not directly lead to the ********s’ denial, we apologize for not asking additional questions regarding the property at application. However, there was an opportunity for the ********s to notify us of these things, when they completed the Property Disclosure at application.

In regards to the GFD, we expect our Mortgage Bankers to explain that it is collected to cover third party costs if the loan does not close and if it does close, that it is applied to our client’s closing costs. In reviewing your experience, the deposit was represented as being used to lock your interest rate. While we require our client to be in process to maintain an interest rate lock, your deposit is applied towards the cost of the appraisal and credit report.

Although the ********s signed documentation indicating they understood how their deposit would be retained and used, we acknowledge that we could have done a better job when beginning the application process. In consideration, we are making an exception to our deposit policy and will be refunding Mrs. ******** in full. A refund of $400 was applied to Mrs. ********’s credit card on October 23. We thank Mrs. ******** for her feedback and assure her that we have shared her experience with the appropriate leaders.

We also understand that Mrs. ******** was displeased with the Solutions Consultant that assisted her after her appraisal came in low (*** ********). This was a difficult situation for ***, because he really didn’t have a solution he could provide, due to the low appraised value. We were unable to locate any conversations where *** did not address Mrs. ********’s questions. If this was the case, we certainly apologize.

We know that denial can be very frustrating. We share in Mrs. ********’s disappointment that we were unable to close her loan.  We would never place a loan in process without the intention of providing financing, but unfortunately the value of Mrs. ********’s home is too low for us to assist her.  If there are any additional concerns, please do not hesitate to contact me directly for assistance.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/13/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I decided to go through quicken loans for a home mortgage. My credit score was run and I was approved for a $107,000 mortgage. When they asked for the documentation to make sure I had the funds to pay for the house, I told them I was going to be using a trust fund my grandmother had left me when she passed away a few years ago. There was clearly enough money in the trust account but according to quicken loans, every possible form of paperwork and account statements weren't good enough for them. Apparently they have never worked with a trust fund before because they wanted my trustee (financial advisor that helps with the trust) and I to commit bank fraud and put the required funds in my personal bank account to show we had the funds, then take the money back out and put it back in the trust account. All I can say is that quicken loans does not know what they're doing when it comes to mortgage loans. And I highly advise no one ever use them for anything.

Desired Settlement: I would like all funds returned within the next week.

Business Response:

November 7, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****’s concerns. We regret that Mr. **** is displeased with his experience.

When Mr. **** applied for financing, he informed his Mortgage Banker (*** ******) that he was using funds from his trust account as the down payment for his home.  As such, Mr. **** was provided with an Approval Letter on August 29 that stated, “Please provide a statement from your … account showing that it’s been liquidated from Lincoln Financial Group … in the amount of $56500. We also need an updated statement showing that the same amount has been deposited into your checking or savings account …”

On September 11, Mr. ****’s mother-in-law, *******, who is the trustee on the account, informed us that the funds from the trust are held in a Morgan Stanley account. We advised that this is fine, but we need to make sure the funds are in a money market account so they can be liquated. ******* explained that Mr. ****’s name is not on the account and that she’d be writing a check to him for the amount required.  Our Mortgage Banker did not realize this would be an issue; however, it was because Mr. ****’s name was not on the account.

When we received bank statements from the ****** ******* account, our underwriting team conditioned for these funds to be moved to Mr. ****’s personal account. ******* indicated that it was inappropriate for her to do so, per her attorney’s advice. We have confirmed that we did not ask ******* to move the funds into Mr. ****’s account only temporarily. We requested that the funds be liquidated and placed into an account with Mr. ****’s name on it. 

During this period, we continued to process Mr. ****’s loan. We initially had difficulty verifying Mr. ****’s employment with **** Motor Company but we were able to resolve this issue after working with *** **** ******, the verification service **** utilizes, and Mr. ****’s Manager. We also followed up with Mr. **** regarding his ability to get a paid in full letter on a collection account and homeowner’s insurance. Outside these issues, Mr. ****’s loan continued to move through the process, as we prepared his loan for closing.

Since ******* is the owner of the ****** ******* account, we were required to treat the transfer of money from the ****** ******* account to Mr. ****’s account as a gift. As such, it was necessary for us to obtain certain documentation from both parties.  Mr. **** initially indicated on October 9 that he would seek financing elsewhere, but he later changed his mind on October 17, only to tell us the next day that the seller chose another offer.  Any lender providing Fannie Mae financing would have required gift documentation, Mr. ****’s name to be on the account, and for the funds to be liquidated.

To initiate the loan process, Mr. **** provided Quicken Loans with a $500 Good Faith Deposit (GFD). He also signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, Mr. **** acknowledged the terms and conditions under which we would retain and use his deposit.  Even though an appraisal was completed and credit reporting fees incurred, we have decided to make an exception to our policy and have refunded Mr. **** his entire deposit. This decision was made because our Purchase Specialist did not recognize the issue with the trust account and did not set the proper expectations as a result. 

While Mr. **** informed us he will be renting for the foreseeable future, we hope that he will provide us with another opportunity to re-earn his trust. If Mr. **** decides to proceed with a loan, he can contact me directly and I can connect him with an experienced Mortgage Banker.

We trust that this letter has answered any concerns that Mr. **** may have. If there are any additional concerns, please contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/12/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: Yesterday, I received a personalized letter stating: "*** PXXXXXXXX-Quicken Loans has prequalified you to refinance your home loan up to $571,624 for 30 years at a fixed interest rate of just 4.25% (4.39% APR) for only $2,812.05** a month! CALL ************ BEFORE NOVEMBER 13, 2013""Dear *** PXXXXXXXX,Thanks to the government's Home Affordable Refinance Program (HARP), you've been prequalified for a 30-year fixed refinance loan up to $571,624 with a rate as low as 4.25% (4.39% APR).""**Payment stated does not include taxes and insurance premiums. The actual amount will be greater."When my husband called today, he was told that we did NOT qualify, because our mortgage was not Fannie Mae or Freddie Mac.When he asked he asked what "Prequalified", with all the specific loan details, meant? Their representative stated that the mailing was a mistake.

Desired Settlement: For Quicken Loans to stand by their advertised, written promise!

Business Response:

November 11, 2013

 

To Whom It May Concern:

 

Thank you for giving Quicken Loans the opportunity to respond to **** *********** concerns. We regret that **** ********* is displeased with the service that we provided. 

 

Quicken Loans often advertises to potential clients in order to inform them of loan programs that may be financially beneficial. Our intent is to best serve the personal and financial needs of our clients and the terms advertised are estimates of current available loan terms and rates to eligible clients with eligible properties. 

 

Since there are many factors that determine if a homeowner is able to qualify, we include information in our correspondence, which explains the eligibility requirements. We have limited information about our prospective client when we contact them by mail. We only know that based on what is known to us, they may be a candidate for HARP refinancing.

 

On the second page of **** *********’s letter, it stated that in order to be eligible for HARP her mortgage must be securitized by either Fannie Mae or Freddie Mac on or before May 31, 2009. The letter also explained that our client’s Loan-to-Value must be equal to or less than 200% of the current market value of their home. That she must be current on existing mortgage payments and make sufficient income to support the new mortgage payments. It also stated Quicken Loans must be participating with her Mortgage Insurance provider in order for her to qualify.

 

We receive a list of potential clients through an arrangement we have with the credit bureau. Although the information received is generally accurate, occasionally there are discrepancies. We apologize that this was the case with **** *********. It was certainly not our intent to mislead her. We simply wanted to introduce our services.

 

Mr. ********* spoke with one of our Mortgage Bankers, ****** ****** on October 28. During their call, they discussed how Mr. ********* attempted to obtain a loan modification through Bank of America, but it had not yet been approved. Mr. ********* informed ****** that he was “underwater” on this mortgage – he owed approximately $423,000 between his two mortgages and believes that his home was worth around $400,000. At this point, Mr. ********* said that his loans were not backed by Fannie Mae or Freddie Mac. Since his loans were not backed by either agency, ****** informed Mr. ********* that he would not be eligible for HARP refinancing. 

 

Mr. ********* again called on November 1 and stated that he received a letter that said he was pre-qualified. Since his loan was not backed by Fannie or Freddie, he was given the same information as before. He then spoke with Mortgage Banker **** ***** on November 4. **** looked into a 30-year, fixed-rate conventional loan program. Since we could not offer a HARP loan, he looked at a traditional refinance, which does not allow us to finance our client’s home for more than it’s worth. **** mentioned to Mr. ********* that he may have to bring money to closing, but would not know the amount unless an appraisal was completed to determine value.  When **** left a voicemail for Mr. ********* the next day, he had worked through the numbers, and clarified that Mr. ********* would need to bring $43,000 to closing, based on his estimated value. At no time did **** state he would be able to offer HARP financing.

 

We are researching ways in which we can improve the pre-qualification process, so that our correspondence only reaches the intended audience. We apologize that our letter gave false hope.  That was not our intention in sending correspondence to Mr. and **** *********. We sincerely wanted to assist them, but regret that based on their home value we do not have a program we can offer at this time. If there are any additional questions, please do not hesitate to contact me directly.

 

Thank you,

 

***** ******* *** ********** ********

Quicken Loans

***** ******** *****************************

 

 

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

Your letter states: "Mr. ********* again called on November 1 and stated that he received a letter that said he was pre-qualified. Since his loan was not backed by Fannie or Freddie, he was given the same information as before. He then spoke with Mortgage Banker **** ***** on November 4."

Very cleverly worded! I did not make identical calls on 10/28 and 11/01; but in any case the 11/04 call was initiated by **** ****** NOT by me. The point of my complaint is that the letter I received clearly stated, on its face, that Quicken Loans has PREQUALIFIED me to refinance my home at a fixed rate of 4.25%. And yes, the fine print on the back-side of the letter negates the promise on the front, but how dare you claim that your deception was unintentional!

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

Regards,

*** *********

 

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

11/12/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Started a loan process,gave a$500.00 deposit.Quicken checked my credit score and it was790 so I passed,Quicken then said they had 3 comps for my house.I needed comps to be 50k or greater to get loan for40k(80%),but ALL Quickens comps were short sales so Quicken comps came out to$49,500 and outdated,some by a year one so I missed the target number by just $500.00,My independent comps were on my street(********),all were around 100k,and within 3 months,so I sent mine to Quicken and told them that they had unfair real estate comps because of short sales and foreclousures,Quicken said nothing they can do and gave me 170.00 back on my credit card,I said I passed everthing that Quicken had for me and only missed with THEIR comps by only 500.00,so If you could not give me the loan I will go elsewhere and need my good faith total of 500.00,I did my part,I think they do this on purpose to keep peoples money.Quicken try to find a minor flaw to keep the deposit.Quickens minor flaw on me was THERE real estate comps,All unfair,some a year old.to keep my money

Desired Settlement: 330.00 refund

Business Response:

To Whom It May Concern,

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with the service that we provided. 

At application, we gathered preliminary information from Mr. ******* and reviewed his credit report. We entered this information into our desktop underwriting system and received initial approval to provide financing. A list of conditions was provided to Mr. *******, indicating what documentation was necessary to complete the loan process. Mr. ******* signed a Property Disclosure in which he estimated the value of his home to be $85,000.00.  Once we received Mr. *******’s signed application, along with the initial documentation suggested, his loan was sent to underwriting for further review. 

When Mr. *******’s Mortgage Banker set up his loan, the estimated payoff of his current loan was $14,761.  Using the value of $85,000.00 for the home, we estimated that Mr. ******* would receive $41,686.58 back at closing.  This was based on a $60,000.00 loan amount. If his home appraised at the value indicated at application, Mr. *******’s Loan-to-Value (LTV) ratio would have been 70.5%.

In his letter, Mr. ******* mentions that we provided three comparable homes for his property. In actuality it was the appraiser, who is a third party to Quicken Loans, which selected the homes which best represented Mr. *******’s current value. Quicken Loans does not directly interact with the appraiser, this function is handled by TSI Appraisal Services.  The appraiser is required to follow Uniform Standards of Professional Appraisal Practices and Fannie Mae guidelines.  These standards and guidelines require the appraiser to select the most recent sales, closest in proximity and most similar to our client’s home. The appraiser is unable to overlook certain sales, or use less similar, further or older sales, in order to yield the desired appraised value.

In researching Mr. *******’s market, the appraiser found that housing prices for single family homes were ranging between $28,100 to $50,000. In the past year, the appraiser indicated eight sales were comparable to the subject property. Of these, 6 were short sales or bank owned properties. Therefore, it would be inappropriate to omit distressed sales from the appraiser’s analysis. If the condition of these homes were not comparable to Mr. *******’s the sale would not have been used or there would have been adjustments to the sales price (it would have been increased for analysis purposes) to make the home comparable to the subject property.

The two additional sales that Mr. ******* provided were reviewed. It was determined that these sales were less similar to the properties used in the appraisal report. The homes provided were significantly larger in size. Mr. *******’s home is 996 square feet, while the two comparable homes he provided were 1,368 and 1,475 square feet.

Although Mr. ******* believes we could have provided financing if his home appraised $500 more, this is not the case. With the lower appraised value, it was necessary to reduce the loan amount in order to stay within lending guidelines. Since Mr. *******’s property was an investment home and he was receiving cash-out, the maximum LTV we could offer was 75% or a loan amount of $34,500.

We reached out to Mr. ******* on October 23 to see if he was interested in receiving approximately $13,000 cash out – the maximum allowed based on the appraised value. Mr. ******* indicated he was no longer interested in refinancing.  

To initiate the loan process, Mr. ******* put forth a $500 Good Faith Deposit, and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, Mr. ******* acknowledged the terms and conditions under which Quicken Loans would retain and use his deposit. Since Mr. *******’s appraisal was $300, and his credit report $28.25, a total of $171.75 was refunded to Mr. ******* on September 5. 

Quicken Loans also does not benefit when we do not close a loan. We only retain the exact amount due to the appraiser and credit bureau. It is in our best interest to receive a credible appraisal report. Our review of Mr. *******’s appraisal does not support that the methodology used or the value conclusion drawn was inaccurate. There simply were no recent sales in Mr. *******’s market to warrant a higher appraised value.

We trust that this letter has answered any concerns that Mr. ******* may have.  If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

 

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

 

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/12/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I have interacted on several occasions with Mr. **** ******. At every step he indicated the deposit was to make sure "I meant business". The loan process stalled because of a lien on the property and a representative unwilling to find solutions. I have requested a refund from Mr. ****** and he indicates he has no idea as to how much he can refund and is suggesting I wait 14 days more to receive my refund (whatever amount they feel is correct). I find this unacceptable and I believe it to be a bad faith delay on Mr. ****** part to harm me. I am requesting the refund for the full $500 be issued promptly as I have other responsibilities to take care of.

Desired Settlement: Prompt refund within 5 business days. Full amount, less $20-$30 processing, as promised/guaranteed by Mr. ****** on our initial conversations.

Business Response:

November 3, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****’s concerns. We regret that Mr. **** is displeased with the service that we provided.

When a title commitment was completed on Mr. ****’s home, we found that there was a previously undisclosed tax lien for $50,000. Due to the size of the lien, this presented a considerable obstacle in approving Mr. ****’s loan. Since a tax lien will supersede a mortgage lien, it was necessary for the lien to either be paid in full or if it was previously paid, we needed a lien release. 

When Mr. **** was contacted by our Title Communication Specialist, ****** ******, he stated he had no knowledge of the lien.  After ****** emailed Mr. **** a copy of the title abstract, he indicated that the lien should have only been for $400. Mr. **** indicated he’d pay the amount due and obtain a release, so that we could still provide financing.  

A week later, Mr. **** informed us that he sent a check for $400 to pay off the lien and that he would provide us with the cancelled check. He later stated that the lien was actually $1,200 and that he didn’t have additional funds to pay the remainder due. At first we thought we could still assist. The additional amount due to payoff the lien ($800) could have been added to Mr. ****’s loan amount and disbursed at closing. Subsequent calls to Mr. **** were not returned and when we finally reached him on October 22, he indicated he no longer wanted to refinance.

While Mr. ****’s letter indicates that we were unwilling to find a solution, this was not the case. We were actively working to clear this condition and resolve the lien issue with Mr. ****. ****** left Mr. **** detailed voicemails explaining that we were unable to confirm that amount of the lien because the tax office was still reporting his debt at $50,000.  ****** attempted to reach out to Mr. **** many times in order to resolve the lien issue and to see if there was anything else we could do to assist Mr. ****.  Mr. **** left ****** a voicemail asking that she contact the tax office to obtain the lien amount herself, but as stated earlier, the tax office was reporting Mr. ****’s lien at $50,000. Without contrary information supporting that the lien amount filed was inaccurate, we would not receive clear title when paying off Mr. ****’s current lender. The title company would not have insured over the tax lien.

To initiate the loan process, Mr. **** provided us with a $500 Good Faith Deposit, and signed a Deposit Agreement, which states:

                   

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, he acknowledged the terms and conditions under which Quicken Loans would retain and use his deposit. A review of communication found that Mr. ****’s Mortgage Banker properly explained to Mr. **** that he would be refunded minus any costs incurred for credit reporting and for an appraisal.  But since Mr. ****’s loan program did not require an appraisal, he was only responsible for the cost of the credit report.

When Mr. **** decided to not to proceed with his loan process on October 29, he requested a refund from his Mortgage Banker.  Mr. ****’s Mortgage Banker informed him that his refund would be processed over the next couple of weeks, and that Mr. **** could contact him if he did not see a refund after this time had passed.  Mr. **** did not indicate that he had any issues or concerns at that point. Because of his concerns involving his refund, we have expedited the process for Mr. ****.  Since credit reporting fees were $44.25, Mr. **** was refunded $455.75 on October 31. Please allow 3-5 business days for these funds to post.

We ensure Mr. **** that we would never have initiated his loan process without the full intention of closing his loan.  We simply had no way of knowing that a lien existed on his home, prior to receipt of the title commitment. If there are any other questions, please do not hesitate to contact me directly. 

Thank you,

******* ******

Sr. Resolution Advocate

###-###-####

******************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/11/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was contacted by ****** *****, Quicken Loans Mortgage Banker to offer terms about a refinance. *** said, '...ok let's take a look at your credit' Before I even had a chance to speak ***** had pulled up my 3 reports and was telling me what I already knew. I'm a Lifelock member and get 3 free reports annually. Lifelock called that day to tell me a 3rd party had made a HARD PULL on my credit asking if I authorized this. NO WAY. I then contacted ***** who said 1. This is the way we always do business. When I asked, 'You never tell the customer it's a hard pull, and ask for authorization?' he said YOU SHOULD KNOW THIS. I said, 'This is illegal'. He responded, 'if I did that' I told him 'The recorded conversation indicates as much; NO MENTION OF HARD PULL.'Secondly, I don't know how he got my social security #. This is ******* ****'s fraudulent activity. I never passed this on. In fact I didn't fill out any online form in 2013! I didn't authorize this information being used~ ***** knew he was doing a hard pull and knew I might object. He's a broker and just out to push numbers no matter how it effects anyone's credit standing. He should be made accountable or call the department to call the 3 bureaus to have it expunged from my record. I SHOULDN'T WASTE MY TIME ON HOLD TO BE TOLD THEY ARE LOOKING INTO IT. The Quicken loan team should be accountable.

Desired Settlement: HAVE THIS TAKEN OFF MY RECORD WITH THE 3 BUREAUS. SHOW PROOF. IF IT TAKES MONTHS HAVE THEM FOLLOW UP WITH THEIR LEGAL TEAM UNTIL THIS IS ACHIEVED.HAVE Q.L. ISSUE A VITAL REMINDER TO ALL BROKERS THAT WITHHOLDING INFORMATION IS A FEDERAL OFFENSE.

Business Response:

November 5, 2013

To Whom It May Concern:

Thank you for allowing us the opportunity to respond to Ms. ****’s concerns. We regret that Ms. **** is dissatisfied with the service we provided.

Ms. **** submitted a mortgage inquiry with one of our lead buy providers on October 24, 2013. As such, our Mortgage Banker ****** ***** contacted Ms. **** that same day to discuss refinancing options. During their conversation, ****** gathered preliminary information, such as Ms. ****’s social security number, so he could access her credit history. This step is necessary before we can accurately quote available loan options, interest rates, and closing costs. The Fair Credit Reporting Act requires a permissible purpose to access a prospective client’s credit history. When Ms. **** submitted her online inquiry and provided her social security number to ******, the requirement for permissible purpose was met.

We regret this matter is causing Ms. **** concerns and can only conclude that she is under the impression that the impact of a credit inquiry is significantly more than it is. The “new credit” portion of a credit score is based on many factors, of which inquiries is just one. For most clients, the impact of an inquiry is 3-5 points, which is negligible. The impact of such things as derogatory reporting on a credit report is much more significant. Additionally, the credit bureaus understand that people often speak to several lenders prior to making a decision. Therefore, if Quicken Loans pulls credit within 30 days of another lender, there is no impact on the score. Similarly, any mortgage inquiries within the past 45 days of one another only count once against a client’s score.

In order to remove an inquiry, we as a lender must say it was requested fraudulently. We do not agree that this is the case based on our research. If you have additional concerns, please don’t hesitate to contact me directly for assistance.

Respectfully,

****** ** *****

Resolution Advocate

###-###-####

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

1. Irrational assumptions

''When Ms. **** submitted her online inquiry and provided her social security number to ******, the requirement for permissible purpose was met''.
Please explain how asking a social security number (which I don't exactly recall) is the SAME as asking if it is OK TO DO A HARD PULL OF CREDIT. Two different things in the real world.

2. False claims
 ''
there is no impact on the score''

4.
Contradicts false claim
  ''...For most clients, the impact of an inquiry is 3-5 points, which is negligible''.

3. E
xtraneous rationalizing
''...
any mortgage inquiries within the past 45 days of one another only count once against a client’s score just one. For most clients, the impact of an inquiry is 3-5 points, which is negligible.


Conclusion: If a claim of 'fraudulency must be admitted to reverse the hard pull, that's completely acceptable. No where in the explanation is it said that ******* **** was TOLD a HARD PULL was involved and ASKED if that was permitted. Assuming I knew this is fraudulent. The illogical and contradicting rationalizations are  simply incompetent filler.

******* ****

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

11/11/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I was called by a telemarketer and was proposed an opportunity to lower my mortgage rate based on some preliminary information, after being passed through several individuals who needed additional information I finally landed at the desk of rep that went by the name of ***** ******** phone number ###-###-####, he identified himself as a mortgage broker who could lend up to 120 percent of the value of the home and confirmed what the prior representatives that passed me along to him also confirmed.After providing Mr.******** with some information he asked me to do some home work and find out what the real value of the home was by partaking in some research on my own, he also suggested that I speak with a few different real estate agents to determine what I could buy my house for and what I could sell my house for and he even provided a snap shot to me with a web site that he had handy and told me that it was valued around $170,000. To make a long story shorter he called me to ask what is going on and I said I emailed you what I was able to find and I have forwarded him this information he mentioned that he received it but it wasn't worth much and that he could do 80% of the house value and asked if I was ready to go forward with the loan which would have required a $500.00 appraisal fee. When I questioned him about what we originally spoke about he told me we cant do loans that were not Freddie or Fannie backed loans, and this was after I specifically mentioned to him in our first conversation that my loan was not backed by Freddie MAC or Fannie May.This to me was a clear cut case of a bait and switch and his actions should be reprimanded by those in charge of the banking legislation, I am struggling with my home to pay for it and I cant afford to dole out $500.00 for some one who posing as a trusted authority in the banking community. I want to be assured that Quicken Loans is not holding onto my information and has a checks and balances for this type of activity!

Desired Settlement: As I stated in my last sentence of my complaint I was to be assured by a ranking member of this banking institution that any of my personal information has been destroyed and cant be used in any other device

Business Response:

November 5, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ****’s concerns. We regret that Mr. **** is displeased with the service that we provided. 

When Mr. **** contacted us through one of our lead buy partners on August 19, he indicated that he owed more than his home was worth. Our Mortgage Banker, ***** ******, explained that unless his Note was owned by Fannie Mae or Freddie Mac, we were unable to assist him. Although Mr. **** indicates that we informed him we could lend “up to 120 percent of the value of his home”, the communication which took place supports that we stated we could lend up to 80% Loan-to-Value (LTV). It is possible that Mr. **** is referring to our advertising, which references the HARP program offered through Fannie Mae and Freddie Mac.

After we explained to Mr. **** that we were unable to assist, he completed an inquiry form through one of our lead buy partners. Mr. **** spoke with Mortgage Banker, ****** ********, and provided the same information he provided earlier.  Mr. **** indicated he felt the value of his home was approximately $180,000 and ****** shared the value provided by Trulia.com and Zillow.com, which was approximately $160-170,000. ****** then advised Mr. **** that it would be beneficial for him to research his home’s current market value further.  About 2-weeks later, Mr. **** contacted ****** to discuss refinancing further. ****** explained that unless the appraised value came in at $275,000, we’d be unable to assist him.   ****** then discussed HARP financing with Mr. ****, not realizing that Mr. **** was ineligible since his Note was not held by Fannie or Freddie.

We apologize that ****** did not immediately identify we could not assist, just as our prior Mortgage Banker had done. Justin’s intentions were good, he simply wanted to find a program that worked, and had forgotten that HARP is not an option in every case.  We have provided additional training to ****** and apologize for Mr. ****’s experience.  The loan process was stopped prior to Mr. **** beginning the formal application process.

Unfortunately, we are not able to destroy all of Mr. ****’s information as he’s requested. This information must be kept for compliance reasons, such as HMDA reporting. We would like to ensure Mr. **** that Quicken Loans will not sell or share his personal information and that we employ safeguards to keep his information secure. 

We have opted Mr. **** out of all communication from Quicken Loans, and he will not be contacted again unless he opts into our services directly or through one of our lead buy partners.

Although we charge a good-faith deposit once our client completes the application process, Mr. ****’s communication with us never got to that point. Therefore, there will be no fees charged to him in association with his inquiry with us.

We trust that this letter has answered any concerns that Mr. **** may have.  If there are any other questions, please contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/6/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Quicken Loans initially approved me for a loan to refinance my fully paid off home. After supplying them with all the documentation and the $500 deposit, they denied the loan stating that the it "unacceptable Property type" I still have not received a valid explanation for the denial but the closest I can come is that the club house and pool in this town home community have not been completed. This was the case prior to starting the loan application as well. They stated the basis for this determination was a questionnaire supplied by the home owners association.Therefore, Quicken loans took the deposit from me even though, by their own standards, the home would never have qualified for loan under any circumstances. I received a loan for this same home in February 2013 from another lender with no problem whatsoever and paid off the same loan in April 2013.

Desired Settlement: I want my full $500 application fee refunded since Quicken took it from me under false pretenses.

Business Response:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******’s concerns. We regret that Mr. ****** is displeased with the service that we provided. 

When Mr. ****** was conditionally approved, his approval was contingent on the receipt and verification of certain items. A satisfactory appraisal, information regarding his condominium’s insurance, and information about the condominium association were some of the items indicated. As indicated in the Approval letter:

“Your property is a Condominium and could have additional requirements. We may contact your Condominium Association Management Company to obtain a Questionnaire, Bylaws, Master Deed and Annual Budget for review and approval. If the development is under construction, allows for vacation rentals, or has hotel like features such as a front desk, maid service, etc., we are unable to provide financing."

Mr. ****** was also provided with a document called the Condo Disclosure. This document, along with the Approval Letter, was available for Mr. ****** to review on myquickenloans.com.  This document is provided so our clients are aware of potential issues that could prevent us from providing financing on condos.  Listed on this letter as potential issues are:

1.       There are incomplete common areas such as a pool, clubhouse, tennis courts, etc.

2.       The complex has hotel amenities such as a front desk, room service, maid service, or short-term vacation rentals.

3.       The condo association is still under the builder’s control.

4.       The condo association is pending litigation.

5.       The condo association does not put 10% of their dues into a reserve account.

6.       The condo association has an insufficient amount of Fidelity Insurance

The disclosure also notes, “While these are the most common issues, it is not a complete list. As your loan application move through the process, we will collect additional information to verify that your condo complex meets our loan approval requirements. We may do this by asking your condo association complete a questionnaire. We will also order an appraisal …” Mr. ****** e-signed this document on September 11.

When we received Mr. ******’s completed appraisal on September 29, it indicated that 150 of the 200 units had been completed. Since the complex was still under construction, we were unable to provide financing on the property. Mr. ******’s loan was then denied.

To initiate the loan process, Mr. ****** provided us with a $500 Good Faith Deposit (GFD) and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.”

By signing this agreement, Mr. ****** acknowledged the terms and conditions under which Quicken Loans would retain and use his deposit. Since Mr. ******’s appraisal cost $330 and the credit reporting fees were $17.80, a refund of $152.20 was applied to Mr. ******’s card on October 10.  However, after reviewing the communication which took place, we found that Mr. ******’s Mortgage Banker, ***** *****, did not ask the questions we require when our client is financing a condominium.  While Mr. ****** did sign the Condo Disclosure, we train all of our bankers to go over the condo issues verbally in order to set the proper expectation.  *****’s Team Leaders have been informed of his error and ***** has been coached on this so he can set the proper expectations for our clients.

Because ***** did not ask the condo questions, we have decided to make an exception to our deposit policy and refund Mr. ****** the remaining $347.80 of his deposit.  The refund was applied to Mr. ******’s card on October 30. Please allow 3-5 days for these funds to post.

We share in Mr. ******’s disappointment that we were unable to close his loan.  We hope that by refunding his deposit, Mr. ****** will have a more favorable impression of Quicken Loans. If there are any additional questions, please contact me directly.

Thank you,

*** *****

Senior Resolution Advocate

Quicken Loans

###-###-####

*************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I consider this complaint resolved.

However, I find that Quicken Loans response is disingenuous and only reflects the fact that they are concerned with retaining their A rating with the BBB. I had to push hard to prove that

a) The details of the Homeowner's association internal planning was and would have been unknown to me

b) If it was a factor in approving the loan, then the state of the community should have been research prior to accepting my deposit.


Regards,

****** ******

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

11/6/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On 9/19/2013, I inquired about refinancing my home at **** *********** ***** in *******, ***** through the VA. The process was going smoothly until last week when the underwriters of Quicken decided to pull out from an already "approved" deal with VA and myself. The whole pull out was based off the evaluation of an appraiser that quicken hired to assess the value of the home. By the appraiser stating that it was "their belief that the home had a tenant" that the home was considered to be a "investment property." After battling the information presented to me by Quicken and answering all the questions about it, Quicken informed me on 10/14/2013 that the loan has been closed.Quicken did not contact the Department of Veteran Affairs in regards to this information. I personally on 10/14/2013 sent an email to the VA asking specific questions about my rights as an Active Duty Service Member wanting to use the VA for refinancing my home.Quicken Loans on 10/14/2013 denied me from speaking to a supervisor or a senior review specialist that could of resolved these issues on 10/14/2013 by talking to me and the VA via a conference call to take care of this issue.

Desired Settlement: If this issue can't be resolved in the matter of the loan being allowed to move forward to closing; I am requesting the following:1) All monetary funds returned in full2) Additional monetary funds for all the time & effort3) Removal of all/any inquiries to my credit history on all 3 credit reports4) All documents returned to me. The business is to shred their copies. Business transaction is not to be known to exist.

Business Response:

November 5, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with the service that we provided. 

At application, Mr. ******* informed us that he was in the **** and currently stationed in ******.  He explained that while in ******, he has someone watch his home in *****, but that this person is not renting the property. Based on this information, it was not necessary for us to consider Mr. *******’s home an investment property. We quoted terms and initially qualified Mr. *******, based on that understanding.

On October 8, Mr. *******’s loan was suspended because the appraiser noted that the home was ‘tenant occupied’. We contacted Mr. ******* regarding the appraiser’s comments. He informed us that the person in the home was his friend, not a tenant. However, by that point we received Mr. *******’s Homeowner’s Insurance which indicated that the home was tenant occupied. We also received information through a public records database program (********) indicating the presence of a tenant in the home. Due to the combination of factors present, we could not consider the property as Mr. *******’s primary residence. We are unable to provide VA financing when the home is an investment property.

Mr. ******* spoke with Client Relations on October 14 and requested that we complete a conference call with VA. The person he was speaking with explained that she was unable to do this, but she could transfer Mr. ******* to our Executive Office. At that time, Mr. ******* spoke with **** **********. **** attempted to assist Mr. *******, but he was asked to transfer him to a Team Leader or a member of our Senior Research Team. **** explained that no one was available at that time, but he arranged for Mr. ******* to speak with ******** ****** on October 16. ******** handles escalated issues on our senior research team. ******** explained to Mr. ******* that we could not approve his loan based on the information obtained during the process. Even if we had conference called VA, it would have not changed the outcome. We are entrusted with the responsibility of underwriting the loan on VA’s behalf. As a lender, it would be inappropriate for us to base our decision on a phone call to a general client service line.

To initiate the loan process, Mr. ******* provided us with a $400 Good Faith Deposit (GFD) and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

Since Mr. *******’s appraisal cost $400, there was nothing left of his deposit to refund; however, we can release his appraisal to another VA lender. We do not believe that a different lender would interpret the information received any differently, but Mr. ******* is certainly able to re-apply elsewhere.

We are unable to shred the documentation received during the process for compliance reasons. We must maintain the information for regulatory and VA exams and also for HMDA (Federal) reporting. We assure Mr. ******* that his information is stored in a secure location.

Additionally, since we were processing a loan on Mr. *******’s behalf, we had permissible purpose to access his credit. As such, it would be inappropriate to remove our credit inquiry.

We trust that this letter has answered any concerns that Mr. ******* may have.  If there are any additional questions, please contact me directly.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

1)  Quicken Loans instead of going ahead with the full out right process should of asked more questions at the beginning of the process.  If this was done, the deposit, credit inquiry, etc. would of not been complete.

2) Thanks to Quicken Loans going through with the process of attempting to make the loan process go through, the current lender processed everything in advance with the current escrow account.  By doing so, this raised my currently loan payment another 10.00 a month due to the new escrow analysis being done.

3) Finally, when the time comes to refinance my home, I will be in an area to talk to ***** Mortgage in person to utilize a VA loan through them.  Quicken Loans will not be the lender of choice when I conduct this process again.

BBB is authorized to close this case with the dissatisfaction of this complainant.  BBB may also pass this rejection to Quicken Loans as well to state my response in this letter.

Regards,

***** *******

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

11/6/2013 Delivery Issues | Read Complaint Details
X

Additional Notes

Complaint: I closed on my loan on 10/11/2013. I still have no money.My brother had financed my house and I refinanced to pay him off. He lives in the state of ** and I live in **.I was originally told that I would have a closing and walk away with a check. 3 days before closing, I was informed I have a 3 day right to cancel and would not get a check yet but would likely receive it by the end of the 3 days.At closing, we had s mountain of paperwork presented by a notary. My brother had completed a request for his check and I was asked if I would like mine mailed or deposited. I was in ** for my grandmother's funeral with no check book so opted for mail.The next week, I was expecting my check and when I called, they told me it would be sent out on the 17th instead of receiving it by the 17th. On the 17th my brother received his funds. Then on the 18th, I got a check in the mail but it was made out to me AND my brother (plus spouses). I spent several days getting passed around customer service until I finally get a call from ***** ****.Apparently, in the mountain of paperwork we signed, one of the documents had been improperly prepared and had approval for all 4 names to be on the check. The signing may have been an oversight on my part but the preparation was an oversight on their part.After being passed around since the 19th when I first made them aware of this issue, I was told they would need to send more paperwork that must be notarized signed by all 4 of us before they will send the new check.The disbursement date was the 17th. It is the 23rd. If everyone moves as fast as possible, the soonest I will have my money is 10/29/2013. That is 18 days after closing and 12 days after the disbursement date.All I asked was that as long as they hold my portion of the money that they do not charge me for a service I am not receiving. They refused. They are making money from my money as they charge me interest due to their lack of due diligence.

Desired Settlement: I am demanding a refund of any interest charged for a service I am not receiving. Due to the lack of responsiveness, I am seeking a fee of $100 for the hours I spent dealing with this issue.I am using their policy of payments not made within 15 days grace period are subject to a 3.5% of the amount due.$959.00 Late fee (If funds are postmarked after 10/26/2013)$100.00 For My personal Time$2.85 Per diem for falsely charged interest. Currently ($17.10)$976.20 Plus $2.85 per day

Business Response:

October 31, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******’s concerns. We regret that Mr. ****** is displeased with the service that we provided. 

On October 9, Mr. ****** spoke with Client Care Specialist (CCS) ***** ********. ***** informed Mr. ****** that he would not need to bring any funds to closing. She also explained that he’d be receiving $26,500 to $27,000 after closing. After he spoke with *****, Mr. ****** was contacted by Closing Care Representative ******* *******, who explained that after closing, Mr. ****** will have a three day right to cancel period. This is federally mandated, when our client is refinancing their primary residence. Our clients are presented with a notice at closing that explains the requirement and when their loan will disburse.

We were able to disburse Mr. ******’s loan on October 17th. We also informed Mr. ****** on October 10th that he was receiving $26,975.59 cash out. We were able to send these funds to Mr. ****** through either UPS delivery (whether a signature is required at delivery is at our client’s discretion) or through a wire transfer.  Mr. ****** indicated that he wanted his funds delivered to him and that he would sign for it.  

Since October 11 was a Friday, Mr. ******’s three day right to cancel period occurred from Monday, October 14 to Wednesday October 16. Three full business days must elapse for the right to cancel requirement to be met. The day of closing, Saturdays, Sundays and Holidays do not count as a business day. Mr. ****** did not contact us about any concerns during this period.

At closing, Mr. ****** and three other title holders signed a document called Loan Proceeds Delivery Instructions. On this document, it states:

“… Place a check mark in the box next to their name if they will be on the check as a payee.  If you chose to receive a check, but do not select any people, the check will be made payable to all people listed.”

Since Mr. ****** did not select any of the four people listed, the check was made out to all four of the title holders. Mr. ****** also selected to receive the check via UPS with a signature required at delivery.  The Loan Proceeds Delivery Instructions document was signed by all four title holders at closing on October 11.

Mr. ****** spoke with our Executive Office on October 29th, regarding these same concerns. ******** **** offered to provide reimbursement for the interest paid on the cash-out proceeds Mr. ****** did not have access to. The refund offered was $45, which represented 16 days of interest (through November 2) on the cash-out amount of $26,975.59. On October 23, an Affidavit of Proceeds Authorization form was also sent to all four title holders via overnight mail. Once we receive the completed forms, we will be able to reissue the check to ***** ****** only.

We are pleased that we were able to close Mr. ******’s loan and hope that our reply is helpful to Mr. ******. If there are any additional questions, please feel free contact me directly.

Thank you,

***** *******

Sr. Resolution Advocate

###-###-####

*****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/5/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: One is a military veteran that served our Nation and honorably discharge. This company messed w/ thy credit score lowered took $299.00 dollars wrongfully because of ill intent, and I'm just one of many. Yes one is disabled and very lucky one did not go over seas, however, know what is like and not like to be in one shoes for military services have amazing hidden Godly secrets. this is wrong and thievery is wrong. No Amarican soldier deserves to betaken away from since we have already have lost enough as is. They took my credit and money. A pinch, that was only the begining

Desired Settlement: My credit

Business Response:

October 30, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ****** *******’ concerns. We regret that Mrs. ******* is displeased with the service that we provided. 

Based on the information that Mrs. ******* provided at application, and after reviewing her credit report, her Mortgage Banker recommended that she speak with a member of our Fresh Start program in order to improve her credit.  Mrs. *******’ qualifying credit score was 577, which was too low to qualify for FHA financing.

Fresh Start Financial Services helps our clients improve their credit score, so that they can buy or refinance a home in the future. The Fresh Start Program requires a $299 membership fee, which covers four credit pulls, a personalized website, along with the use of a designated consultant for 12 months.

Mrs. ******* spoke with Fresh Start consultant **** ****, who advised that it usually takes 30 to 120 days for our clients to improve their credit score.  Mrs. ******* advised that she was looking to close within 30 days on their new home, but **** said that we would not be able to improve their credit in that timeframe. Mrs. ******* was also informed that her collection accounts had to be paid 12 months prior to closing, in order to qualify. 

On September 9, Mrs. ******* informed **** that she wanted to move forward with the Fresh Start program and we accepted her $299.00 membership fee. **** advised Mrs. ******* that the $299 would be credited to her loan at closing. He also explained that if Mrs. ******* doesn’t close a loan with us, the fee would be non-refundable. Mrs. ******* reiterated that she needed her score to increase within 30-days, and once again **** explained that it is very unlikely it would. Mrs. ******* enrolled in Fresh Start, knowing that we could not guarantee the results she wanted in such a short time frame.

When Mrs. *******’ credit was pulled again on October 7, her qualifying score had improved to 605, but it still fell short of the 620 credit score requirement, we have for FHA financing. Although Mrs. ******* indicates that her desired settlement is for her “credit to be improved,” her decision to no longer participate in our program is what is preventing her from accomplishing her goal. Large credit score improvements do not happen overnight, and Mrs. ******* was well aware of that when she provided us with her membership fee. 

Even though Mrs. ******* was informed that her $299 membership fee would not be credited back to her if she did not close a loan with Quicken Loans, we have decided to refund her fee in-full.  This good faith gesture was done as a courtesy for Mrs. *******.

We hope that Mrs. ******* will give us an opportunity to re-earn her trust and improve her credit scores.  If her qualifying credit score improves to at least 620 and the collections are resolved, we will be able to offer Mrs. ******* financing with an FHA loan product.

We trust that this letter has answered any concerns that Mrs. ******* may have. If there are any other questions, please do not hesitate to contact me directly.

Thank you,

**** ******

Resolution Advocate

Quicken Loans

###-###-####

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BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/5/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was called by an associate of Quicken Loans for re-financing my mortgage in July of 2013. I was told I could get extra money to pay off my debts. It sounded like a good idea to do. I submitted my information and I was asked for a $500.00 for earnest money. My house was appraised for $141,000 and I was called after that and told they would only go with 80% of homes value for refinancing. The loan # was **********. I was told by Quicken Loans to re-think my loan and to apply for a lower amount, which I did. I went through all the paperwork again. This time I was asked for $100.00 in earnest money. My house was appraised again on 9-18-2013. This time my appraisal was $125,000. The appraisal killed the 80% they required for the loan. I saked them how came your appraiser thought that my house lost nearly $20,000 in value in less than 2 monthhs? The second loan # is **********. I then talked to a *** ****** at Quicken Loans about it. I did not get a satisfactory answer. I asked for a refund of my $600.00 and was more or less shrugged off. After all this I will stay with current mortgage and would like my $600.00 back that I paid for my earnest money.

Desired Settlement: I would like to have my $600.00 back that I put on my credit cards for their required earnest money. . I thought that re-financing my home would payoff debts not add to them. At first when I got contacted by Quicken Loans the the Lady seemed eager to help.

Business Response:

October 30, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******* ********’s concerns. We regret that Mr. ******** is displeased with the service that we provided. 

At application, we gathered preliminary information from Mr. ******** and reviewed his credit report. We entered this information into our desktop underwriting system and received initial approval to provide financing. This approval was based on Mr. ******** receiving cash out at closing, in order to pay off debts.

Mr. ******** applied for a 30-year fixed-rate loan at 4.5%. Since his median credit score was 696, the maximum Loan-to-Value (LTV) we could provide was 80%. When we asked Mr. ******** what he thought his home would appraise at, he indicated just under $150,000. Unfortunately, his Mortgage Banker was overly optimistic and assumed a value of $200,000. This was likely because our automated evaluation tool indicated a value of $228,000. Our Mortgage Bankers are expected to discuss any information they receive that conflicts with their client’s opinion of value. We also stress the benefit of being conservative, so that when we discuss terms it is not based on a value which is unrealistic. The $200,000 value was on the Property Disclosure that Mr. ******** signed at application, and there was not any indication on the form that there was an issue with the value used.

To initiate the loan process, Mr. ******** put forward a $500 Good Faith Deposit (GFD), and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, Mr. ******** acknowledged the terms and conditions under which Quicken Loans would retain and use his deposit.

When we received the completed appraisal of Mr. ********’s property, the value came in at $141,000.  This amount was substantially lower than the amount the loan was initially based on. At $141,000, the LTV was at 92%.  In order to get the LTV in-line, the loan amount needed to be reduced to $112,500.  At this amount, there was no room left for cash out, which negated the purpose of the refinance for Mr. ********. His loan was then denied on August 27.

On September 5, Mr. ******** spoke with ***** again and started another application.  Mr. ******** was placed in another 30-year fixed-rate program, and while he wasn’t receiving any cash at closing, we were paying off $4,913 in debt. This time, Mr. ******** estimated his property’s value to be $141,000 – the value that the home was appraised for just weeks earlier.  When he applied again, ***** should have confirmed with our underwriting team that we could use the appraisal received rather than ordering a new one. Even though a short time transpired, there is always the risk that sales have occurred which lower the appraised value or that the data will be interpreted differently by a new appraiser. In this case, this is what occurred, since the value of the home came in at $125.000. 

At this value, we were unable to finance Mr. ********. When we received Mr. ********’s letter, the value discrepancy was brought to our attention and our underwriting team completed a side-by-side review of both appraisals.  We apologize that we did not evaluate both appraisals previous to receipt of Mr. ********’s complaint. It was determined that the original appraisal’s value was better supported. The first report did not utilize distressed sales as the second appraisal did. As a result of our review, we were able to make an exception to use the higher appraised value and resume Mr. ********’s process.

We would like to thank Mr. ******** bringing his concerns to our attention and for allowing us to identify the opportunities that were present during his loan process. We appreciate Mr. ********’s willingness to accept our apology and for him agreeing to continue working with us. We look forward to re-earning his trust and will do all we can, to bring his loan to closing as quickly as possible. If you or Mr. ******** has any additional questions, please don’t hesitate to contact me.

Thank you,

****** *****

Resolution Advocate

Quicken Loans

###-###-####

****************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/5/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I refinanced with Quicken loans in August of the current year. The first time around I was informed that I had to get a termite inspection done, contact the termite company on my own, and set up the inspection. In *** ****** it is illegal to have the lender contact the termite company and get the termite inspection done. I was unaware of this fact when I agreed to do it. I was also told over the phone that I would be reimbursed the full a,punt of $250.00 for the inspection whether the loan closed or not. There were certain issues that arose before closing and they wanted more money from me. So, I could not close the loan. About one month later we received another phone call from Quicken loans and all the sudden there were no issues and they went ahead with the refi. When I asked about the reimbursement for the termite inspection I was told that they were not going to give me the money back because it was from the other refinance that did not close. I talked to every one I could at the office and they will NOT reimburse me. I am a disabled Vietnam Veteran and live on a fixed income. I would like the money back for the termite inspection. It was done illegally and I should not of had to come up with the money out of pocket. Normally, it is added into the closing costs. Please contact me regarding this issue and let me know if you are able to get the money back. If not I will go to the lender board and file a complaint with them. Thank you. **** *. ******* **.

Desired Settlement: Reimbursement in the amount of $250.00 for termite inspection.

Business Response:

Re:  Complaint ID # *******- **** *******

Loan #**********

Dear Ms. *****:

Thank you for allowing us the opportunity to address Mr. *******’s complaint. We have previously spoken to Mr. ******* regarding these same concerns on several occasions.

Mr. ******* applied for refinancing with us on 1/2/2013. Due to the location of his property (NJ) VA requires a clean pest inspection prior to providing financing. This requirement would have been the same with any VA lender Mr. ******* chose. VA requires this inspection in many areas. It is not a requirement unique to NJ or the east coast.

We provided Mr. ******* with a Good Faith Estimate (GFE) on 1/3/2013 which listed the pest inspection and an estimated fee of $125.00. We also provided a document which explained that this service does not need to be performed by a certain provider and that our client can shop for whichever vendor they chose. In order to assist our clients, we also provide a document which provides the names of vendors that our clients have used in the past, in the same area. Mr. ******* chose his own company to work with, and we received a paid invoice for the service on 1/24/2013.

Mr. ******* asked us to cancel his loan process because he found better terms at another lender.  Accordingly, the loan was withdrawn on 2/22/2013. There was no agreement between Quicken Loans and Mr. ******* that if his loan did not close, we would pay for the pest inspection on his behalf. However, we offered to provide a lender credit towards this cost at closing in the interest of concluding business. The credit would have been listed on Mr. *******’s Hud-1 Settlement Statement. We do not agree that this offer implied we’d pay the inspection regardless if Mr. ******* closed his loan with Quicken Loans. Furthermore, the inspection can be used for any VA loan, as long as that loan closes within 90 days of the inspection.

We are uncertain why Mr. ******* is stating that he withdrew his loan because he had to bring additional cash to closing. This does not appear to the case. At application, Mr. ******* was bringing approximately $5.72 to closing. The last estimate we provided on 2/21/2013 (Here’s How Your Numbers Work) indicated that we were providing $949.44 cash to Mr. ******* at closing. Therefore, it is difficult to respond to this portion of the complaint, without additional information.

If any questions remain, please contact the undersigned directly at ###-###-####.

Sincerely,

******* ********

Senior Resolution Advocate

Attachments  

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

We were told that we HAD to get the termite inspection done on our own by the company that we chose. They did not give us any information on who to contact. And we were not told we would receive $949.00 at closing either. We also did not close because we were told we had to come up with more money because if the appraised value of the home. All we were told was to get the termite inspection done and send the invoice and we would be refunded the full amount. Never were we told that the loan had to close. It was as simple as get the inspection done and we will refund it to you because they couldn't do it on their end. I have worked with mortgages for a very long time and never did I make the client do their own inspection. In fact, in the state of ** it is illegal for the buyer/refinancer to order the inspection. Also, we are very disappointed with the results. Everything that was sent to your business is not at all truthful. I do not understand what the problem is. The funds were put out on our end like we were told to do and now we are being made fools of because it looks like we do not know what we're talking about. This is not going to be resolved until we are given back the full amount of the pest inspection that we HAD to have done. In the future, they need to be more clear on what is expected of their clients. We are very disappointed in Quicken Loans, and will not refer them to anyone that we come across in the future. 

Regards,

**** *******

 

Business Response:

October 30, 2013

To Whom It May Concern:

Thank you for allowing Quicken Loans the opportunity to address Mr. **** *******’s concerns. We have previously addressed these same concerns with Mr. *******. We regret that he remains dissatisfied. 

When we provided Mr. ******* a Good Faith Estimate (GFE) on January 3, 2013, the cost of the VA required pest inspection was included in the costs. We estimated that it would cost $125.00. Included in the documentation we provided Mr. ******* was a document which explained that the pest inspection did not need to be performed by a specific provider. In order to assist Mr. *******, we provided a “Service Provider List” that provided the names of vendors in Mr. *******’s area. However, it was at Mr. *******’s discretion if he wanted to utilize these vendors or search for alternates.  Later in the process, Mr. ******* was provided with a second list of pest inspection companies by his Client Care Specialist (CCS), ******* ********.  Included on this list was ******* **** ********, who Mr. ******* selected to complete the inspection. We received a paid in full invoice from ******* **** ******** on January 24, 2013.  

Because of the location of Mr. *******’s property, a pest inspection was required by the VA before we could lend on the property. This inspection would have been required by any VA lender.  Mr. ******* states that it is illegal for the buyer or refinancer to order a pest inspection, but it is only prohibited for the buyer to pay for the pest inspection on purchase transactions. For purchase transactions, the inspection must be paid by either the seller or the lender. This requirement does not apply to refinance transactions.

We are still uncertain why Mr. ******* is stating that he withdrew his loan because he had to bring additional cash to closing.  This was not the case.  At application, Mr. ******* was bringing approximately $5.72 to closing with an estimated home value of $180,000.  Since the appraisal came in at the same value as the estimate, any change to the figures would be the result of amounts such as escrow, interest, and payoffs being finalized during the process.

On February 21, Mr. ******* was provided with Good Faith Estimate (GFE) and Here’s How Your Numbers Work (HHYNW) document on myquickenloans.com. These documents both indicated that based on the latest figures, Mr. ******* was receiving $949.44 at closing. When Mr. ******* withdrew his application on February 22, Mr. ******* advised us that he had found a new lender who was offering a better rate. His Solution Consultant, **** *****, tried to reach Mr. ******* but he did not respond. If Mr. ******* was under the impression that he was now required to bring cash to closing, he did not share this concern with us when he indicated he was going elsewhere.

Contrary to Mr. *******’s letter, there was no agreement that Quicken Loans would pay for his pest inspection if the loan did not close.  ****** told Mr. ******* that the pest inspection would be an upfront fee that is paid out-of-pocket, but would be covered in the loan amount when the loan closes.  There was no statement made that the fee would be refunded to Mr. *******. We did offer to provide a lender credit toward the inspection at closing to appease Mr. *******. However, a lender credit is issued at closing on the HUD-1 Settlement Statement. While it is unfortunate Mr. ******* assumed that this agreement would apply if his loan did not close, we do not agree that it was reasonable for him to come to this conclusion.

We trust that our response has clarified any additional concerns that Mr. ******* may have.  If there are any additional questions, please contact me directly.

Thank you,

**** ******

Resolution Advocate

Quicken Loans

###-###-####

***************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/5/2013 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: On October 12, 2013 we received a letter from Quicken loans stating "Regarding Pending sale of **** ****** **" and "Please contact us within 15 days of receiving this notice regarding the sale of your current address: **** ****** **."Our home is not for sale and was never listed for sale by us.Upon a call back from a "customer relations specialist" from quicken, it was stated that this letter was a "mistake" and that the information that was rec'd from their marketing vendor was wrong.I later rec'd a phone call from another 'relations specialist" who was unable to get me any further information. I asked for a call back from the director of client services, ***** ****. My complaint will require the following to be withdrawn: 1) Documentation outlining the procedure that is in place by Quicken Loans to ensure data provided from 3rd party vendors to Quicken loans is reviewed and verified for accuracy. 2) Explanation why the information regarding our file was not identified as incorrect by Quicken when received from the 3rd party vendor. 3) Specific Information regarding the file, to include: a) file number b) vendor name contact information c) date the file was rec'd d) The vendors source for this information, including "a", "b", and "c" above. e) any other information that will provide the EXACT data that was provided to Quicken in error. Successful completion by Quicken Loans of the conditions presented may satisfy the complaint, but does not preclude further requests/conditions to be requested to resolve the issue(s), nor does it imply that legal action may not be pursued at this time.

Desired Settlement: 1) Documentation outlining the procedure that is in place by Quicken Loans to ensure data provided from 3rd party vendors to Quicken loans is reviewed and verified fro accuracy.2) Explanation why the information regarding our file was not identified as incorrect by Quicken when received from the 3rd party vendor.3) Specific Information regarding the file, to include:a) file numberb) vendor name contact informationc) date the file was rec'dd) The vendors source for this information

Business Response:

October 29, 2013

 

To Whom It May Concern,

 

Thank you for giving Quicken Loans the opportunity to respond to Mr. ********* concerns. We regret that Mr. ******* is displeased with the service that we provided. 

Quicken Loans works with two of the largest data providers in the United States to gather information for our letters. We have been purchasing data from these providers for many years, so when a new data list was built targeting homeowners who are likely to be in the market for a new home, we obtained this information for marketing purposes. Since we have been purchasing data from our providers for years, we trusted that our partners had a high level of accuracy in their information. Our intent was to introduce our services to homeowner’s who were in the market for a new mortgage. This type of practice is certainly not unique to Quicken Loans. There are many service providers who purchase lists such as these, so they can market directly to consumers who would benefit from their services.

Unfortunately, the information that was provided to us included homeowner’s that were not in the process of selling their home. We were unaware of that until homeowner’s, such as Mr. *******, contacted us. We have since contacted the vendor that provided the information and have also informed our marketing team of Mr. *******’s complaint.

We received Mr. *******’s data from **********  The specific information that **********provided included Mr. *******’s full name, city, state, and zip code.  When asked, **********indicated that they received this information from “public county records”. **********can be contacted by calling ***** ********; however, we cannot guarantee that **********will provide any additional information beyond what we’ve included in our response. 

We apologize for the concern this matter has caused Mr. *******. We have opted his information out of any future direct mail and thank him for letting us know that the information contained in the letter was inaccurate.

Sincerely,

**** ****** ********** ********

Quicken Loans

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/4/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I was provided incorrect information in order for quicken to collect $500. I was advised that the issue would be investigated back in August, and I have not heard anything from them since. Had I not be given the incorrect information, then I would not have been swindled into giving them my money. The loan was canceled, and restarted several times due to the loan officers initial lie, and bad customer service and now I am out $500. I even have a voicemail from the manager *****, telling me that I was given incorrect information, and I would be getting a refund.

Desired Settlement: Since the $500 was paid due to false information, it should be refunded. If I had been given the correct information from the start, then I never would have put given the down payment.

Business Response:

October 29, 2013

To Whom It May Concern,

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ****** ******’ concerns. We regret that Mrs. ****** is displeased with the service that we provided. 

Based on the information that Mrs. ****** provided at application, we had every reason to believe that we would be able to provide her with financing.  However, Mrs. ****** was laid-off from her job during the loan process and she was unable to provide sufficient proof that the dispute on her credit report had been removed.

When Mrs. ****** initially contacted us on July 25, she spoke with Mortgage Banker ***** ***** about an account reporting as “in dispute” on her credit report.  As ***** advised, our guidelines require that our clients not have any accounts in dispute on their credit report. Therefore, we were required as a condition of initial approval to have the dispute against Southern Management removed, so we could receive an accurate credit score. Although ***** initially indicated that an exception may be possible, we clarified for Mrs. ****** on August 2 that this was not the case.

Mrs. ****** contacted us again on August 12, indicating that she had removed the credit dispute. However, when we re-pulled credit, it was still showing on the credit report. This additional inquiry did not impact Mrs. ******’ credit score, since it occurred within 45-days of our original inquiry.

Mrs. ****** was provided with a conditional approval letter on August 21.  As stated in the letter, she was required to provide a letter of explanation regarding the dispute with ******** ******************** **********.  Mrs. ****** had previously provided us with a letter of explanation on August 16, but this letter did not specifically identify which account she was referring to.  Even with the letter of explanation, we could not ‘override’ the dispute that still appeared on Mrs. ******’ credit report. 

When Mrs. ****** spoke with ***** again on September 4, she advised that the dispute showing on her credit report was only a ‘comment’ made by the creditor. She also stated that only Equifax was showing the comment (not the two other bureaus) and that the company would not remove the dispute for 30 days.

Mrs. ****** mentions that she attempted to address her concerns in August, but she never heard back. We apologize if this is the case. She was told by the ** on Sept. 4 that she would be contacted by client relations about her concerns, and from there she was contacted by ******* ********.

We do not have record of receiving anything from Mrs. ****** in client relations, prior to her call with ******* ******** in early September. As ******* explained to Mrs. ****** on September 6, her concerns would be researched internally and her loan was back on track. Research was completed, but we did not find any phone calls that supported Mrs. ******’ claim that we informed her that the dispute removed. Unfortunately, since Mrs. ****** is no longer employed (as of our last contact), we can no longer qualify her for financing, even if the credit dispute is removed.

Although Mrs. ****** states we promised her a full refund of her deposit, this simply not the case. We informed her that we would review the communication which took place, and would determine if a refund was appropriate. Since Mrs. ****** was not provided with inaccurate information during the process, we do not agree that an exception to our deposit policy is warranted.

To initiate her loan process, Mrs. ****** put forth a $500 Good Faith Deposit and signed a Deposit Agreement, which states:

                   

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, she acknowledged the terms and conditions under which Quicken Loans would retain and use her deposit. Since the appraisal alone cost $520, there was nothing left of Mrs. ******’ deposit to refund.

We trust that this letter has answered any concerns that Mrs. ****** may have. If there are any additional questions, please contact me directly.

Thank you,

 

**** ******

Resolution Advocate

Quicken Loans

###-###-####

***************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/3/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Recently we applied for a mortgage with Quicken Loans, and we were pre-approved. We were told by a Quicken Loans Employee that we had to sell our house in order to purchase the house that we had found. We did exactly as we were told, and we did it quickly. Approximately 20 days before closing, quicken pulled the plug due to a credit issue. Now, our family of 5, including three young children have no place to go, in about 15 days, we will be homeless. Quicken is blaming it on the Credit Reporting Agency, but in fact, had they done their job, this would have been all done before we were told to sell our home. We will be getting attorney's involved. Families should be warned!!

Desired Settlement: Get this matter resolved so that I can have a home for my children!

Business Response:

October 28, 2013

To Whom It May Concern,

Thank you for giving Quicken Loans the opportunity to respond to Mr. *******’s concerns. We regret that Mr. ******* is displeased with the service that we provided. 

Based on the information available at application, we could not have anticipated that the *******s would be later denied for credit.  When we set-up their loan, we were not made aware that they had recently been late in making mortgage payments to *****. When our Mortgage Banker reviewed the credit report with Mrs. ******* on September 6, derogatory items on the report were discussed. For example, we discussed a late payment reported by ***** ***** on an auto loan and medical bills.  If we had issued the pre-approval knowing about the recent late mortgage payments, this would have at least been discussed at application. We asked Mrs. ******* on September 6 to write a letter explaining the ***** ***** payment and medical bills for the underwriter’s review. This would have been an appropriate time for Mrs. ******* to discuss her late mortgage payments. For your reference, we have included a copy of the credit report obtained at application, which does not indicate any late mortgage payments.

Since credit reporting can be delayed, it is our practice to obtain a credit supplement during the process. We obtained 2, with the latest dated October 7. That report indicated that the *******s were over 30 days late in making their September payment, over 60 days late in making their August payment and 60+ days late in making their July payment. Even without a prior bankruptcy, this would have disqualified the *******s from qualifying.

When we discussed the information obtained from *****, Mrs. ******* assured us that the late reporting was in error. She offered to provide us with documentation indicating the same. What we received was simply a payment history indicating that the *******s were next due for their August 1 payment. Considering the payment history was from October 3, this actually confirmed that the *******s were delinquent in making their mortgage payments.  

On October 2, Solution Consultant **** ***** spoke with both Mr. and Mrs. ******* about holding off on the sale of their home. **** advised that they should consider doing this. When asked if this is something that is usually resolved, **** explained that as long as Mr. and Mrs. ******* have documentation to prove that they made the payments, they should be “all set.” **** gave this advice, based on what the *******s had told him. If they had been forthright about their payment history at *****, we could have better advised them regarding our ability to assist.

We assure the *******s that we had every intension to provide them with financing. We truly regret that we were unable to do so, but we simply were not provided with the information we needed to make a proper determination at application. It is likely that whichever lender they chose, would have encountered a similar issue, since they would have received the same credit report that we did. Ordering credit supplements during the process is not unique to Quicken Loans.

We trust that this letter has answered any concerns that Mr. ******* may have. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

**** ******

Resolution Advocate

Quicken Loans

###-###-####

***************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

11/3/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My husband and I applied for a refinance loan with Quicken Loans on May 2, 2013. At that time we were told to go for a VA Loan because my husband is a veteran and we would close in 30 days. We were asked to put $400 up front for the appraisal fee and told we would be bringing nothing (no money) to closing. After signing the initial papers we did not hear anything for almost a month until we called to learn we had a new loan officer. We had to keep calling them. NO one ever contacted us. Finally an appraiser contacted us. It again, was another month with no reply from Quicken Loans as to what was going on. Again, WE had to be the ones calling and emailing only to find that the appraiser and Quicken did not agree. They scheduled and completed a second appraisal (which the appraiser spent one quarter of the time the first appraiser did) that came in just short of the value they estimated and said they could rework it but, instead they dragged us on yet for another month and now we are into August by this point. They said they needed a pest inspection, so we did this which cost $64.00. Finally we were contacted by a man from the "Problem Resolution Team" who told us we could close but now we had to bring nearly $4,000 to the table. They also raised our interest rate. THEN, at the last moment, we were denied because my husband was not vested on title. It was 3 1/2 months of complete chaos. By the time the first appraisal was accepted and carried out, the title review should have been back and showing that my husband was disqualified for this loan per Quickens guidelines (on vesting). It was never explained to us why he couldn't be deeded onto the title at close and we've had no contact since. We've requested, verbally, our appraisal fee back and were ignored.

Desired Settlement: We would like a full refund of our money invested for both the appraisal and the pest inspection that wasn't necessary because they should have known that the loan and title would not go through. We would like $464 refunded.

Business Response:

October 3, 2013

To Whom It May Concern,

Thank you for giving Quicken Loans the opportunity to respond to Mrs. ***** ***** ********’s concerns. We regret that Mrs. ******** is displeased with the service that we provided. 

Mrs. ******** was conditionally approved on May 11. Contrary to her letter, when her loan was initially set up, Mrs. ******** was required to bring an estimated $1,205.12 to closing.  The total cash required was explained on the HHYNW (Here’s How Your Numbers Work) document that Mrs. ******** e-signed on May 2. The cash due at closing was based on Mrs. ********’s home appraising at $85,000. We also confirmed that this same information was reviewed with Mrs. ******** verbally by phone. Therefore, we are uncertain why she was under the impression she would not be bringing funds to closing.

On May 3, Mr. and Mrs. ******** signed the Property Disclosure included in their application documents. As stated in the disclosure, “the estimated property value we are using for your home is $85,000.00. Is this an accurate estimate?” The ********’s did not indicate they had an issue with this value and signed the form. If they had indicated they wanted us to assume a different appraised value, we could have prepared updated documents and quoted terms based on the lower figure.

TSI ordered the appraisal on May 5th through the VA. It was accepted by a local appraiser on May 11th. As the appraiser completed his preliminary assessment, he asked which lots should be used for appraisal purposes. According to the inquiry Mrs. ******** indicated that all 4 lots should be appraised, but the appraiser found conflicting information in the legal description. As this information was sorted out, Mrs. ******** decided that she no longer wanted to work with us and the appraisal was not completed.

Mrs. ******** contacted us again on June 21, asking to resume the process. It was necessary for us to request that VA re-open the case number and ask the appraiser to complete his report.  The VA agreed to re-open their case on June 27, but the new appraisal order was not accepted by the appraiser until July 12. We received the completed report on July 19.  VA manages the selection of appraisers and the process of receiving the completed report, so while we agree this was a long period of time, our ability to speed up the process is extremely limited.

In reviewing the report, our Collateral Underwriter determined that the “borrower” field of the appraisal required correction and that a photo of the main living area of the home was not included in the report. An addendum was ordered that same day and was received on July 23. Mrs. ********’s loan was then routed to a Solutions Consultant, ****** *******, due to the value coming in $4,000.00 lower than expected. As a result of the lower appraisal and other updates to the loan, $2,207.70 cash was now required at closing. At application, we estimated $1,002 would be necessary. To help off-set the increase, we increased Mrs. ******** lender credit by $2,550 (it was previously $450).  We could not provide Mrs. ******** with a higher loan amount (in order to roll in her costs), because she was limited to 90% loan to value, due to her credit score.

****** offered the option of refinancing with only Mr. ******** on the loan, but found that this was not possible because he was not on title for 6-months, which is required for this type of transaction. He could have been added to the loan as a co-borrower, but could not have been the only person on the loan.  We explained why we could not write the loan in Mr. ********’s name alone, at application.

We have systems in place to ensure that we follow up with our clients to provide updates, and request any documentation required, on a frequent basis. Any outstanding client conditions and status updates are also available on myquickenloans.com. In reviewing the communication which took place, we did not find any significant periods when our Client Care Specialist was not in communication with Mrs. ********, Mr. ******** or their daughter. The longest period of time that elapsed without any communication taking place was nine days, which was when we were waiting for VA to confirm that the original appraiser would be able to complete the report. During the process, we also did not find any unreturned calls or e-mails. While we regret that Mrs. ******** was dissatisfied with the communication which took place, we found that our team members were following up as needed.

In regards to the pest inspection, Mrs. ******** was made aware of the requirement at application. It was included in the Things We Need From You document and again in the May 11th approval letter:

 “The VA or the appraiser has indicated that your property requires a pest inspection. Please contact a licensed inspector to complete the inspection …” This requirement would have been there regardless of which lender the ********s choose. If they preferred, they could have waited to complete the pest inspection until later in the process. They can also still use the inspection, if they apply with another VA lender and close within 90 days of the inspection date, the same inspection can still be used.

During the application process, we explained to Mrs. ******** that to initiate the loan process we accept a $400 GFD (Good Faith Deposit) which is credited back to the client at closing. Mrs. ********’s Mortgage Banker, ******* *****, explained that the deposit would also be used to cover the cost of an appraisal, and that if the loan is not to close, she will be refunded the deposit minus any third-party costs incurred. Mrs. ******** signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, Mrs. ******** acknowledged the terms and conditions under which Quicken Loans would retain and use her deposit. Unfortunately, as explained to Mrs. ******** by her Solution Consultant ****** *******, the third-party costs of an appraisal and credit reporting fees exceeded her $400 GFD. Because of this, a refund was not issued.

We share in Mrs. ********’s frustration that we were not able to close a loan with her. Quicken Loans does not benefit in any way when a loan is denied or withdrawn. We only retain the exact amount necessary to pay third party vendors. If there are any additional concerns, please do not hesitate to contact me directly.

Sincerely,

**** ******

Resolution Advocate

###-###-####

***************************

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:]

I will agree that "we" signed the initial loan disclosures in early May. I explained at that time to ******* ***** that we have nothing to bring to close and she reassured me on the phone that I would have "little to nothing" to bring to close.  She told me to NOT be alarmed at the numbers that we see on the GFE. This was also to be a VA LOAN totally dependent upon my husband.  Would you NOT make sure the veteran was on title before proceeding? They had plenty of opportunity to examine the title commitment and verify vesting, BEFORE charging us for an appraisal which happened a month later.

When we did not hear from Quicken Loans at all after the first appraisal we called to see why.  They told us they were waiting on the appraiser.  The APPRAISER later called US (whose name we still have) and told us that HE was waiting on Quicken Loans to tell him how to proceed in reference to which parcels (2 or 4) should be included in the final appraisal. He had contacted Quicken, but no one would respond so he contacted us directly. After a conversation with my daughter it was determined that he would NOT be finishing the appraisal. I contacted him, myself, later to confirm this. 

Another 2 weeks passed and we went on vacation in July. Quicken decided on their own to order another appraisal, WITHOUT my consent.  As, I returned home from out of state I had a message that an appraiser would be at my house the following day.  It did not even give me time to talk to Quicken Loans and ask why? When we spoke to Quicken about what happened to the first appraisal, they had "no record" of this first appraisal ever having taken place OR even being ordered. The second appraisal was completed and amazingly, this made someone respond!  Mr. ******* called me and asked me to give them a chance to work with them and continue the loan. He spoke with my daughter as well and did seem to have a good offer for us, until it came to closing and he blind sided me with a huge amount to bring to close.  I did NOT ask them to reopen the loan as indicated in the response. 

During, all this process I kept telling each person that called me when we looked at the numbers...I could not bring anything to close. I was always told "Not to worry about the numbers on the GFE".  Then, when they wanted to close and bring nearly $2,200 to close and I once again explained that we simply could not bring anything to closing as we had told everyone from the very beginning.  Mr. ******* said...Well I guess there is nothing we can do for you then.  I will put in an order to refund your $50.00 from the unused appraisal fee.  That has never been returned either.  I feel this is very much a "Bait and Switch" scenario and we've been robbed of $400.

I am requesting any and all recorded calls between myself, my husband and my daughter and any employee of Quicken Loans or their assigned agent/affiliate to back up the statements/claims they have made in their response.   In addition, if we do not get some type of satisfaction we will be directing this to the **** Attorney General.

Sincerely,

***** ********

 

Business Response:

October 28, 2013

To Whom It May Concern:

Thank you for forwarding Mrs. ********’s response to our prior correspondence. We regret that she remains dissatisfied. However, most of the commentary provided in her rebuttal is the same as we previously addressed in detail. Therefore, we will only address the new concerns brought forward.

The VA selects its own appraisers, and because of that, we cannot influence the length of time it takes for an assignment to be accepted or the length of time it takes to receive a completed report. We certainly monitor this information and have conversations with VA regarding any concerns, but the length of time it took for the appraisal to be completed – after the VA agreed to re-open the case – was outside of our control. 

Contrary to Mrs. ********’s letter, Mrs. ******** and their daughter were advised on July 30 that due to the low appraised value, an additional $5,000 would be required at closing. Mr. and Mrs. ********’s daughter advised that this was not an option.  In an effort to resolve the issue, Solution Consultant, ****** *******, advised that we could lower the cash due at closing, by increasing the interest rate from 3.25% to 4%.  The higher interest rate allowed us to provide a $3,000 lender credit to help off-set the closing costs. We were originally providing the ********s with a $450 Lender Credit, as was indicated on their HHYNW (Here’s How Your Numbers Work) document from May 2. With this change, the ********s would have only needed to bring $2,200 to closing. This figure was based on the figures available to us at that time. We were informed that the ********s would consider the offer and contact us if they wanted to complete the process.

When ****** spoke with the Mrs. ******** on July 31, he explained that figures were updated and that the new estimated cash required at closing was $2,207. Since we were waiting for an updated payoff, ****** mentioned that the figure could decrease, if the amount due was less than estimated. Mrs. ******** was willing to continue working with us, based on that understanding. However, on August 5 we were informed that they were only able to bring $1,200 to closing. Since we could not increase the loan amount (since it was already at the maximum loan to value permitted), there was no option to lower the cash required. We had already extended a larger lender credit to off-set the costs as much as possible.

Quicken Loans records calls for training and quality assurance purposes. We consider these records proprietary and do not release this information, regardless of the content. We assure both the BBB and Mrs. ******** that we had the best of intentions. Although we were unable to provide the financing terms desired by Mrs. ********, our account of what occurred during the process was both thorough and accurate.

If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

**** ******

Resolution Advocate

Quicken Loans

###-###-####

***************************

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/31/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I contacted quicken loans for a va home equity loan on my property that I own outright in ******** ** well after going back and for with them requesting me to gather more and more paperwork from the va paying them 400 dollars good faith money to start the process and an additional 150 dollars for a va required pest inspection it turns out that even thou they had told me its great I own the property outright and have no mortgage the va will not issue a loan for a home that is owned outright even thou I made that clear to them day one of the process they did not find that out till day 48 of the process further more according to the va I was not suppose to pay for the pest inspection they were so now im out 550 dollars and no home loan

Desired Settlement: refund my 550 dollars and black listed from being allowed to due business with veterans

Business Response:

October 18, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******** **********’s concerns. We regret that Mr. ********** is displeased with the service that we provided. 

At application, we gathered preliminary information from Mr. ********** and reviewed his credit report. We entered this information into our desktop underwriting system through the VA, and received initial approval to provide financing.  Once we received Mr. **********’s signed application, along with the initial documentation required, his loan was sent to underwriting for further review.  Unfortunately, Mr. **********’s Mortgage Banker did not properly set up his loan at application, which led to the loan’s denial when it was reviewed during Final Signoff.

Mr. ********** originally applied for a VA cash-out refinance. His intention was to use the funds to pay off debt and lower his monthly payment.  At application, Mr. ********** informed his Mortgage Banker, **** ***********, that he owned his home free and clear. Based on that information, **** gathered the necessary preliminary information to begin the process. Unfortunately, **** was unaware that VA does not allow cash out refinancing if the home is owned free and clear. Our Mortgage Bankers do not encounter this situation very often, although we agree that **** should have anticipated it could be an issue and reviewed guidelines at application. We sincerely apologize for his oversight and assure Mr. ********** that this issue has been addressed with Senior Leadership.

While in process, Mr. **********’s loan was initially suspended because of income issues. However, we later realized that we were not utilizing Mr. **********’s VA disability income. Once we considered the additional income, we were able to restore Mr. **********’s conditional approval. During this period, we also communicated the additional conditions required before closing. One of these items was receipt of Mr. **********’s VA Service Paperwork. Additionally, VA required a completed pest inspection, indicating the home was free of infestation.

Mr. ********** was originally offered the VA cash-out option because he is a veteran and his qualifying credit score was too low for our FHA cash-out refinance. The FHA loan required a minimum credit score of 640, whereas Mr. **********’s score was a 620. When we reviewed title work and determined that VA financing was not an option, we attempted to restructure the loan so that Mr. ********** could still accomplish his refinancing goals. We attempted to add Mrs. ********** to the loan, but her credit score was also below the threshold for our FHA cash-out program. As a result, Mr. **********’s loan was then denied on October 21.

When Mr. ********** decided to move forward with the loan process, he provided us with a $400 Good Faith Deposit, and signed a Deposit Agreement, which states:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

By signing this agreement, Mr. ********** acknowledged the terms and conditions under which Quicken Loans would retain and use his deposit. Even though Mr. ********** signed this documentation, we have decided to make an exception to our policy and fully refund Mr. **********’s $400 deposit.  This refund was applied to Mr. **********’s credit card on October 24.  Please allow 3-5 days for these funds to post. Even though the pest inspection was a VA requirement, we also agree it’s appropriate to reimburse this fee as well. We have sent Mr. ********** a check for $150 to cover the cost of the inspection.  Please allow 7-10 business days for delivery.  

We trust that this letter has answered any concerns that Mr. ********** may have.  If there are any additional questions, please contact me directly.

Thank you,

******* ****** 

Sr. Resolution Advocate

###-###-####

******************************

Consumer Response:

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

******** **********

 

BBB's Final Determination: Consumer accepted resolution offered by the business.

10/30/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I applied for a loan over the phone. The guy took some information then said he would call me back. He called me back and said he had a deal for me with a good interest rate and could save me $100 on my mortgage. He said that it wouldn't cost me much and that most of the cost would be rolled into the loan. I expressed my concern about my condo appraising low, and also stated that the cost I had originally was from Zillow. I told him that a lot of people said not to use Zillow, but he didn't sway me from using it as the estimated value of my condo. He then asked for a $500 good faith deposit which I handed over, but felt uneasy about doing. I wish I had listened to my instincts because they were saying, "no!" I asked him what happens if they cant finance me, he said I would get my money back minus the appraisal and credit check fee which he said was about $250 bucks. I figured I could afford to lose $250 bucks if it meant taking a chance and saving money on my mortgage. The loan rep sounded so sure that none of this would be an issue that I handed over the deposit. The next few weeks I supplied them with all the paper work they needed, then a loan officer called me and said that because my condo appraised lower than expected I would have to pay close to $4,000 in closing cost and would only save about $40 bucks a month on my mortgage. I was furious and demanded my money back.I then was put in contact with a woman named **** who said she would investigate my case for a refund. She refunded me $80, but told me that I signed the papers stating how much I thought the property was worth, and because it came back much lower thats why they couldnt give me the financing they originally offered me. This is something I already knew, and tried to convey to the loan rep, but when she listened to the call, she said, You didnt push back with regard to how much your property was worth. She was trying to take the responsibility of knowing what my property is worth on me even though I didnt really know. I had even called Quicken Loans a month earlier and they turned me down immediately when I told them how much I thought my property was worth going by several on-line calculators I had found. It was so obvious talking to **** that she had been coached and trained to blame the customer for being turned down for the original loan. This company is so dishonest and sleazy that it literally made me sick to my stomach listening to her gross, mischievous tripe as to why she wasnt going to refund my money. Even when I said, Did you listen to the part where he said that an appraisal would cost about $250? She was quiet for a few seconds and said, No, I didnt hear that, but I can go over the call again. Sure ****, you didnt hear that. Funny because on line there are numerous postings of the exact comments made by other people who were refused a refund of their deposit with Quicken Loans after being turned down or made an offer that was financially out of reach for them. The first mistake I made was thinking that Quicken Loans wanted to help me better my financial situation by giving me access to a fast and affordable mortgage refinance program even though the rep made it sound just that way, but really all they care about is making money, and all their reps care about is making quota, and all their resolution advocates care about is not refunding peoples money because I am sure they dont get bonuses and raises by handing out refunds. I am lucky that $400 isnt going to affect me much, but I feel sorry for all of those people out there on limited or restricted incomes who fall pretty to these unscrupulous, disingenuous, greedy, horrible people.

Desired Settlement: I would like a refund of $215 per the the original conversation I had with the loan officer who stated an appraisal would cost around $250. They have already refunded $85 of the $500, so I am asking for $215 be refund to me from the $500 I supplied Quicken Loans. This is only fair. If I have to hold myself to the papers I signed with Quicken Loans, then they have to hold themselves to the promises and comments their loan officers make over the phone.

Business Response:

October 18, 2013

To Whom It May Concern:

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******* *****’ concerns. We regret that Mr. *****’ is displeased with the service that we provided. 

Based on the information that Mr. ***** provided at application, and after reviewing his credit report, we had every reason to believe we could provide him with financing. However, Mr. *****’ condominium appraised significantly lower than the estimated property value provided by Mr. *****. This caused his Loan-to-Value to exceed guidelines, and his loan was denied accordingly.

When Mr. ***** applied for financing on September 18, his Mortgage Banker, **** *****, asked the value of his home.  Mr. ***** responded by saying he didn’t know, but that he had seen an estimate on Zillow for $108,000.  Based on this information, **** set up Mr. *****’ loan based on this value. While Mr. ***** is concerned that **** did not try to ‘sway’ him from his estimate, there was no reason for **** to assume he should. Our evaluation tool through a third-party vendor indicated an even higher value, but without a professionally prepared opinion of value, we have no way of knowing what value should be used for qualification purposes.

We disagree that Mr. ***** was ‘rushed’ to provide an estimated value. If he had indicated he was uncomfortable with using an expected value of $108,000 we could have offered to check additional online evaluation tools, recommended a realtor in our network to discuss home values with, or used a lower value to quote terms. The value being used was included in the Property Disclosure Mr. ***** signed at application.

When Mr. ***** provided a deposit to initiate the loan process, he told **** that he wanted some sort of documentation that “stated what his $500 is going towards.”  **** told Mr. ***** he would have this sent to him, and he was provided with a Deposit Agreement, which states:

                   

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

Mr. ***** signed this document, acknowledging and agreeing to the terms and conditions under which Quicken Loans would retain and use his deposit.  When Mr. ***** asked **** if there were any circumstances where the $500 would be forfeited, **** said that the amount will go toward third-party fees in the worst case scenario that the appraisal came back low and we were not able to offer him a loan program. **** said in this scenario, the third-party costs that were not incurred would be refunded to him. Mr. ***** had multiple opportunities to express any concern about the value of his property since **** foreshadowed the consequences of a low appraisal. However, Mr. ***** did not state that he was concerned about the appraisal.

Mr. ***** was also never told by **** – or any other Quicken Loans Team Member – that his appraisal would only cost $250.  When Mr. ***** was provided with a Good-Faith Estimate on September 19, his appraisal fee was estimated to be $480. 

Mr. ***** also states that he contacted us a month before we started his loan’s process and was “turned ... down immediately” because of his property’s value. We reviewed the prior communication which took place.  Mr. ***** spoke with our Mortgage Banker, ******** ******, on July 30. However, during their conversation Mr. ***** did not state what he felt his home was worth. He simply said that he owed more than his home was worth and was considering foreclosure, but that was the extent of the conversation.  Mr. *****’ new Mortgage Banker, Mike, did not have access to the phone call that took place previously and had no reason to believe the estimated value being used was inaccurate.

When we received the appraisal report, it indicated a value of $75,000.  This increased Mr. *****’ LTV to 97%, which was too high for us to offer the loan terms originally presented at application.  When Mr. ***** requested that we refund his deposit as a result, he was transferred to **** ******, a Resolution Advocate in our Executive Office. **** thoroughly researched Mr. *****’ concerns and found that an exception to our refund policy was not warranted.  Since Mr. *****’ appraisal cost $400 and his credit reporting fees were $14.32, a refund of $85.68 was applied to Mr. *****’ credit card on October 17.

In regard to the online complaints Mr. ***** refers to in his letter, it is important to note that we speak to tens of thousands of clients per month. The amount of negative reviews about Quicken Loans online – in comparison to how many clients we work with – actually speaks volumes for how professionally we conduct business. Any business that works with as many people as we do will have negative reviews.

It is very concerning to us that Mr. ***** believes that his loan was denied so we could keep his deposit. We do not benefit in any way when a loan is denied because we only retain the exact amount necessary to pay third party vendors. We do not re-coop our internal costs of processing and underwriting the loan. We also lose the opportunity to receive repeat and referral business when a client is left with a poor impression after a denial. We would never knowingly start a loan process without the intention of closing the loan. We had full intentions to provide Mr. ***** with financing.

We trust that this letter has answered any concerns that Mr. ***** may have.  If there are any additional questions, please contact me directly.

Thank you,

******* ******

Sr. Resolution Advocate

************ ******************************

Consumer Response:

etter Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

First off, I expressed multiple concerns regarding my appraisal. I explicitly remember **** telling me over the phone during one of our conversations that an appraisal usually runs about $250.

Secondly, I do not believe that Quicken Loans appraisal tool provided a higher estimated appraisal amount than I found on Zillow.com as ******* stated. **** never mentioned once to me any such tool or counter amount. Also, if this tool is available to Quicken Loan reps why didn’t any of the reps I spoke to on other occasions including **** make reference to such a tool?

I felt rushed and swayed into applying for a loan by Quicken Loans because I felt they withheld information from me and were disingenuous as to the true facts involved. Also due to the representative implication by the inflection in his voice that the loan being offered to me was temporary and I needed to act quickly.

I did mention to **** that I had checked several on-line tools which appraised my property much lower than $108,000. I mentioned this fact to **** who replied, “You can’t always go by those tools: they are all different.”

Quicken Loans did not provide me with documentation regarding the "Good Faith Deposit" until after I supplied my debit card information.

I feel Quicken Loans uses the term “Good Faith Deposit” instead of “Loan Application Fee” as a way to detract from the fact that you will most likely forfeit your deposit if you don’t accept whatever loan terms they present you even if the loan terms are far from the original offer.

If Quicken Loans is so honest and forthcoming why is it that they have to disguise their loan application fee under the umbrella of a “Good Faith Deposit” instead of calling it a "Loan Processing Fee" like most banks and mortgage lenders?

Also, with regard to the conversation I had with ******** earlier, the comment regarding foreclosure is taken out of context, and I have not considered foreclosure, but mentioned during the conversation that is always an option.

What Quicken Loans has done with my complaint is to twist the phone conversation, and leave out information in order to make them appear as if they have done nothing wrong which is incorrect.  

Why didn't the quicken Loans representative have access to all of my correspondence from earlier calls during the loan process? Why it is that information was not made available to **** during our conversation?

I absolutely did express concern regarding my property appraising low. I remember stating, "I am concerned that my property might appraise low."

Finally, it is a incorrect to state that Quicken Loans doesn't benefit from the $500 good faith deposit. Absolutely they generate revenue from the deposit whether that be directly or indirectly through contracting with local appraisals and underwriters.  

I don't believe Quicken Loans is totally honest with the public, and complaints and comments abound on-line regarding not just their loan process, but dealing with them after a loan has been issued.

To say that "we speak to tens of thousands of clients per month. The amount of negative reviews about Quicken Loans online – in comparison to how many clients we work with – actually speaks volumes for how professionally we conduct business," is absurd considering that every business should strive to have absolutely no negative reviews regarding the treatment of customers with regard to the services they provide. What your comments says to me is that it is the customers fault that we are unhappy with your services and that you have no fault with regard to any of the issues being expressed on-line or lodged with the Better Business Bureau.

The negative reviews do speak volumes to the quality of communication, and the lack of insight Quicken Loans has toward their current customers and prospective customers who call in expecting to be guided through the loan process by competent, honest people.

Quicken Loans is one of the most arrogant and sanctimonious companies I've ever dealt with, and I am looking forward to the day when Quicken Loans and their subsidiaries are sued for fraud and misrepresentation.

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

10/30/2013 Problems with Product/Service | Complaint Details Unavailable
10/29/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Quicken Loans is aggressively attempting to defraud me on a VA Mortgage by requiring me to pay a monthly property tax payment of $160.99 per month for a property tax liability for which I am entirely 100%, totally exempt.They fraudulently represented this line item on my monthly payment summary and are now refusing to remove it even though I have provided them perfected evidence that I have no property tax bill due to my status as a 100% disabled veteran in *******, eligible for the Homestead Exemption.I have even sent them on 5 different occasions a Tax Bill for 2014 and beyond which clearly shows my property tax bill to be ZERO. ZERO! And they are seriously acting like they can force me to pay a nearly 20% increase in my monthly mortgage into an escrow account to cover a bill which we know to be ZERO.In addition to that they have committed numerous blatant errors and misstatements in the transaction which I believe to be intentional attempts to defraud me and the seller of funds. This includes attempting to coerce me to sign a VA document with blatant lies regarding the nature of our transaction.

Desired Settlement: Remove the $160.99 monthly charge on my statements since I do not have a property tax liability.ZERO!

Business Response:

September 20, 2013

***** *****

***** ********* ********** ****** ******** ****** ***** ********** *** **** *** *********** ** **********

RE:  ****** ****** ********/ Case # *******

Dear Ms. *****:

Thank you for allowing us the opportunity to address Mr. ********’ concerns.  We regret that Mr. ******** remains dissatisfied with the service we have provided. 

We first began assisting Mr. ******** with the purchase of a new home on 7/11/2013.  At that time, his Mortgage Banker presented him a VA loan option with a monthly payment of $1,220.56.  The break down was as follows:

Principal and Interest = $876.24

Homeowner’s Insurance = $183.33

Real Estate Taxes = $160.99

We presented a detailed application to Mr. ******** for his review and signature. Included in the package was a document called ‘Here’s How Your Numbers Work’, which was signed by Mr. ******** on 7/12/2013.  The document listed his monthly payment amount and the costs associated with the loan.

VA requires that we escrow all funds required for taxes and insurance when providing financing.  We explained this requirement to Mr. ******** when we began the process. At no point had we communicated he had an escrow waiver. Our documentation always indicated that an escrow account was required.   

When we prepare the initial Good-Faith Estimate, we base the tax amounts due on an electronic feed we receive through our third party tax service. This information is confirmed when we receive a completed tax certification with the title work. On July 17, we confirmed that the 2012 taxes due on the property were paid in full. The 2013 tax bill is not issued until November, so we set up Mr. *******’s escrow account so that when the bill comes due, we have the funds available.

Mr. *******’s taxes are paid in arrears, which mean when the November 2013 bill is paid it’s covering November 2012-November 2013, which covers part of the period the seller lived in the home. In these cases, the title company calculates the number of days the seller lived in the home during the tax period, and the buyer receives a credit on the HUD-1 for these amounts.  Accordingly, Mr. ******** received a credit from the seller for $1,277.26 on line 211 of his Hud-1 Settlement Statement.

Mr. ******** was advised prior to closing that we could not base his escrow account on his expected tax amount (once he received an exemption). Mr. ******** could not file for the exemption because he was not yet the homeowner on record, as the mortgage was not yet executed and recorded. This did not mean that we could not evaluate Mr. *******’s tax escrow in the future, once he received the exemption. In fact, Mr. ******** has since provided Quicken Loans with documentation indicating he is exempt beginning in 2014. The exemption was not retroactive, so he will still be responsible for the 2013 tax bill. Accordingly, we have advised Mr. ******** that once we have disbursed funds for the 2013 taxes, we can accommodate his request to re-evaluate his escrow account.  I have put a follow-up appointment in my outlook calendar to check Mr. *******’s account periodically, to verify the disbursement has taken place.

If after reading our response Mr. ******** still feels there were errors made to his account, I encourage him to contact me directly at ###-###-####. I would welcome the opportunity to further address his concerns and also review the document that he mentioned he was asked to sign, without having a chance to review it. If he prefers, he can also provide a copy of the document he is referencing by e-mailing me at *******************************

Respectfully,

******* ******

Senior Client Advocate

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below.

This is no offer, this is noise.  It completely ignores the issue at hand, which is the fact that monies are already escrowed to cover the 2013 property tax liability which we know to be exactly $1956.69 and is the only disbursement scheduled for the remainder of this calendar year. it is payable as early as 01 November and due no later than 15 December.

The issue (one of many) is the monthly payment that Quicken is trying to force me to pay in October, November and December of 2013, and possibly beyond, which is essentially monies for taxes payable in 2014 and later which will never be owed as I am 100% exempt.  This 160.99 per month is completely unnecessary to cover their escrow "cushion" requirements as the balance of the escrow account without this illegal escrow payment is going to be $2403.23 before the 2013 payment is made leaving $446.54 in the escrow account.  This is nearly three times the legal monthly escrow payment due of $157.10.  Two months is the legal maximum for cushion in an escrow account.

Attached is my initial letter of dispute to Quicken Loans following our disastrous closing, their errors are literally too numerous to mention so read for yourself.  The fact is that Quicken cannot collect monthly payments for a non-existent liability no matter how much they want to.  I have informed them of this from the beginning and will get a Judge to explain it to them in real simple short little words if they force me to.  

All Quicken has to do, and must, is write the word EXEMPT on the line where it says monthly property tax payment.  The 2013 taxes are fully funded right now and they cannot and will not collect another cent from me as escrow against an imaginary liability. Why they would even try is mysterious and bizarre.

For the record, Quicken has failed to correct numerous errors in both their closing documents and Title and Deed submissions even though I have brought them to their attention on many occasions.  They mis-reported the sales price of the property and underpaid the Documentary Sales Tax, they failed to get my legal name correct on my deed and title work, they charged excessive fees above the VA regulations after taking the maximum 1% Origination Fee, they have failed utterly to explain serious inconsistencies in the HUD documents and they attempted to coerce me into signing false statements on forms to VA including Form VA 26-1820.

This explanation is completely insufficient and hereby rejected.  I do not owe Quicken another cent in this lifetime for Property Tax on this residence and that is exactly how much they will receive.  It is amazingly foolhardy on their part to belabor such a plain and simple point and I am stunned at both their ignorance and lack of professionalism.

Regards,

****** ********

 

Business Response:

***** *****

***** ********* ********** ****** ******** ****** ***** ******* **** ***** **** *** *********** ** **********

RE:  ****** ********/ Case #*******

Dear Ms. *****:

Thank you for forwarding us the additional comments you received from Mr. ******** following our response to his complaint.  We regret that he remains dissatisfied with the solution we have presented.

At Mr. ********’ request, we have removed the escrow account we had in place for payment of future property taxes due. The funds we had in escrow, for payment of Mr. ********’ November 2013 property taxes, were refunded.  Mr. ******** is responsible for paying the November 2013 property tax due as well as all future tax payments.

The only item that we are escrowing for Mr. ******** is his Home Owner’s Insurance. His insurance is scheduled to renew on August 23, 2014. The premium amount last paid was $1,885.16. As such, Mr. ********’ escrow payment for insurance is $157.10 per month. 

When we calculated the escrow reserves required at closing, we considered the escrow payments we’d receive each month, prior to the tax or insurance installment becoming due.  When Mr. ********’ loan closed, we estimated that his annual property taxes were $1,931.88. This figure was based on the 2012 property tax payments made.

At closing, we collected $1,931.93 for Mr. ********’ initial escrow deposit. Since Mr. ******** was beginning his monthly payments on October 1, we would have had sufficient funds to pay his November 2013 taxes and his Homeowner’s insurance when due. 

We have supplied Mr. ******** with an escrow analysis, which reflects that we will no longer be escrowing for property taxes. As stated on Page 2 of the escrow analysis, the required low point balance for Mr. ********’ escrow is $314.20. This figure is based on the equivalent of 2 months of Mr. ********’ revised escrow payment. Any amount over $314.20 is considered an overage in Mr. ********’ account.

Since Mr. ******** projected low point was $1,774.87, he had an overage in his escrow account of $1,460.67.  We refunded this amount to Mr. ******** on 10/7/2013.  Since taxes normally increase annually, it is not unusual that the amount due is higher than the overage present in Mr. ********’ account. We would have collected 2-additional escrow payments prior to the tax disbursement, towards the amount due. Therefore, the additional funds required to remit Mr. ********’ tax payment in full are his responsibility and not that of Quicken Loans.  If we were to pay the full amount due, there would be a shortage in Mr. ********’ escrow account, since we would not have the funds necessary to pay his insurance in full, when it becomes due next summer.

We have also provided Mr. ******** with a revised Quit Claim Deed, which corrects both his name and the purchase price of the property. We have made arrangements with the seller, who has agreed to sign the updated document. Once the revised Quit Claim Deed is signed, we will send it for recording with Mr. ********’ county.

Mr. ********’ signed a Good-Faith Estimate and Here’s How Your Numbers Work document at application, which outlined the closing fees due. Mr. ********’ closing fees were actually $805.07 less than his estimated fees, due to his transfer taxes, per diem interest and homeowner’s insurance premium costing less than originally anticipated.  Mr. ********’ closing fees were competitive to other lenders in the industry.

Mr. ******** received credits to cover the majority of his closing fees. Line 205 of his Hud-1 Settlement Statement indicates a $1650 lender credit and line 206 indicates a $6623.32 seller credit.  Both credits helped reduce the cash required at closing. Additionally, some of the items collected included pre-paid interest and escrow (which would have been due at any lender) and a full year’s of homeowner’s insurance totaling $1885.16. None of the fees charged were outside of VA regulations.

The “V.A. Report and Certification of Loan Disbursements” and the “Settlement Statement Addendum” are both standard documents that should not be causing Mr. ********’ concern. We have reviewed these documents with Mr. ******** and have not found any evidence that either was prepared incorrectly or does not properly reflect the transaction which took place. 

Mr. ******** is able to receive additional assistance regarding his concerns with the process and the documentation that we’ve asked him to sign after closing. If he’d like, he is welcome to contact VA directly at the following address and telephone number:

********** ** ********* ******* ** ******** **** ****** **** *** ***** ***** *** *********** ** ***** ******* ********  **** *** ***** *** *********** ** ***** **************

I trust that our response addresses your concerns.  If you or Mr. ******** has any additional concerns, please contact the undersigned direct at ###-###-####.

Respectfully,

******* ******

Senior Resolution Advocate

Executive Office

Quicken Loans

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/29/2013 Problems with Product/Service | Complaint Details Unavailable
10/28/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: My refi has taken over 4 months (told they take 30 days ) they won't honor the original rate lock of 3.75 percent due to there negligence and un organization ! I asked for my 500.00 dollar deposit to be refunded and it was denied the full amount , which is unacceptable ! I did all they asked and the did not do there part in a timely manner , very un professional also !

Desired Settlement: 1000.00 dollars refund for undue stress caused by there negligence and putting my financial future on hold for months !!!

Business Response:

October 25, 2013

To Whom It May Concern,

Thank you for giving Quicken Loans the opportunity to respond to Mr. ******* ******’s concerns. We regret that Mr. ****** is displeased with the service that we provided. 

Based on the information that Mr. ****** provided at application, and after reviewing his credit report, we had every reason to believe we could provide him with financing. However, delays in Mr. ****** providing the documentation necessary to approve his loan, led to his closing being delayed. After his rate-lock expired, Mr. ****** did not want to accept the interest rate we could offer at current market prices, which ultimately lead to his loan’s withdrawal.

Mr. ****** was informed at application that we required confirmation that the judgment appearing on his credit report was paid in full, before we could close this loan. This same information was included in the Conditional Approval letter provided to him shortly thereafter. The letter specifically referenced that we required a paid-in-full account statement (or letter) for the $1387 judgment filed by the Employee Development Department.  Mr. ****** was also contacted by his Client Care Specialist, **** ****** for this same information and we added this to the “things we need from you” section of myquickenloans.com. We were not informed by Mr. ****** that obtaining this document or paying the judgment in full would be an issue. If we had known that it would be, we could have better advised Mr. ******. Ultimately, we did not receive the necessary paper work from Mr. ****** until August 23.

When Mr. ******’s loan was originally approved, his interest rate was locked for 45 days. When an interest rate is extended on the secondary market there is often an additional cost passed on to our client. However, in this case we extended Mr. ******’s rate an additional 30 day period, at no additional cost. When the extension expired we could no longer cover the cost of extending the rate. It was necessary to charge .25 points. And, as that extension expired, another .25 point charge was accrued. Eventually, it got to the point where extending Mr. ******’s interest rate no longer made sense, since we did not have a foreseeable closing date. We were able to offer Mr. ****** current market pricing (4.875%) when we had the information necessary to close his loan. The extension fees previously due no longer applied. However, because it was not the same pricing originally discussed. Mr. ****** declined our offer.

To initiate the loan process with Quicken Loans, Mr. ****** provided us with a $500 Good Faith Deposit (GFD).  As Mr. ******’s Mortgage Banker explained at application, the GFD would be used to cover third-party costs such as the appraisal and credit-reporting fees. Mr. ****** was also provided with a detailed explanation of the GFD called the Deposit Agreement that he signed on May 16.  This Deposit Agreement states, in-part, that:

“When you close your loan with us, your deposit is fully credited to your closing costs. The credit will be reflected on your settlement statement. If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual cost or your appraisal and credit report.” 

Unfortunately, the appraisal cost $600.00 and the credit reporting fees were $44.65.  Because of this, there was nothing left of Mr. ******’s $500 deposit for us to refund.

We share in Mr. ******’s disappointment that we were unable to close his loan, but do not agree that any refund or compensation is warranted.  We had the best of intentions when working with Mr. ****** and were up-front regarding what was required to approve the loan. If there are any additional questions, please do not hesitate to contact me directly.

Thank you,

**** ******

Resolution Advocate

Quicken Loans

###-###-####

***************************

 

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. 

The loan was started on May 15 2013, and I was told it would take 30-45 days to complete. 4.50 months later they could not get it done ! All the documentation was done 2 weeks prior to the closing date , so I do not know what they are saying here? Also I was told by **** ******** numerous times that the judgement could be paid at closing . And it was paid in full and they knew that . Finally , **** ******** was reassigned Half way through the loan ???  They are very misleading and unaccountable . And I would like a refund of my 500.00 . To close this matter!

Regards,

******* ******

 

BBB's Final Determination: After reviewing the information provided by all parties, BBB determined that the business handled the matter appropriately, and no further action was needed.

10/28/2013 Billing/Collection Issues
10/28/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: This letter is a response to the letter denying my loan. Needless to say, I was very disappointed. While I understand the reasons for the denial, I must communicate my disappointment in the way in which this loan was handled.When the loan was initially requested, my credit report was pulled and I assumed analyzed before any offer was made. You started the process and stated it should be no problem to approve based upon the info you had and barring any unforeseen problems. You proceeded to prep the actual loan paperwork in advance of underwriting approval. This loan was taken through the process by requesting much paperwork, which I provided in a timely manner. Everything looked promising; however the loan was denied in final underwriting due to the info on my credit report. Even though my credit report clearly (according to your denial letter) did not warrant your moving forward with the loan process, an appraisal was nevertheless ordered on the property. I had to send $500.00 (for which I did not have and had to borrow) for this appraisal. Why on earth would you allow me to even think this loan had a chance with the items listed on my credit report? Why would you wait until I had paid $500.00 for an appraisal, get within days of closing the loan only to then decide that the items on my report would not allow for the loan to be granted. This information was on my credit report at the initial stage of my request and should have therefore not been allowed to move through the process (over 30 days) only to ultimately be denied.With this being said, I would therefore request that you refund the $500.00 that was paid for an appraisal on the property that obviously had no chance of being refinanced based on my credit report.

Desired Settlement: I request that the $500.00 be credited back to my credit card immediately.

Business Response:

October 2, 2013

***** *****

***** ********* ********** ****** ******** ****** ***** ******* **** ***** **** *** *********** ** **********

RE:  ****** ******/ Case # *******

Dear Ms. *****:

Thank you for allowing us the opportunity to address Mrs. ******’s concerns.  We appreciate Mrs. ****** sharing her feelings with us regarding her loan process and regret the frustration she experienced.

Mrs. ****** applied to refinance her investment property on August 2, 2013.  At that time, her Mortgage Banker gathered preliminary qualifying information regarding Mrs. ******’s income, assets, property, and credit.  Mrs. ******’s credit report indicated that she had two mortgages – one for Mrs. ******’s primary residence and one of the investment property she was refinancing.  Her primary mortgage was reporting as modified on the credit report. However, there were no late payments reporting, which meant that this would not prevent us from providing financing.

Whenever a modified mortgage loan is present on our client’s credit report, we must:

·         Verify that the loan modification is permanent

·         Verify that 12 months have passed since the loan modification was completed, as evidenced on the new modified Note for that mortgage

·         Verify that there have been no late payments in the 12 months following the loan modification, starting from the date the modification was completed

As the loan progressed through the underwriting process, we asked Mrs. ****** to supply a copy of the new modified Note for her primary residence, in order to verify that the modification is permanent and to verify the date it was completed.  We also ordered a credit supplement to verify that the payments made on the modified loan have been received in a timely fashion. 

Unfortunately, when we received the completed credit supplement dated 9/9/13, it indicated that Mrs. ****** had not made her July and August 2013 payments.  As such, we were no longer able to provide financing to Mrs. ******.

As part of the application process, Mrs. ****** signed a Deposit Agreement which states, “If your application is denied or withdrawn, for any reason, we will refund your deposit minus the actual costs of your appraisal and credit report.”  We also explain our deposit policy on our web site and prior to charging our client’s card.  If Mrs. ****** wanted additional time to consider her decision, her card would not have been charged until she submitted her completed application. 

The Deposit collected from Mrs. ****** was used to pay for third party costs.  We did not retain funds for any other purpose.  On September 16, 2013, we refunded Mrs. ******’s Visa $117.63.  This amount represented Mrs. ******’s $500 deposit less the cost of the appraisal ($350.00) and credit report ($32.37).  We share in her disappointment that we were unable to provide financing, however, we disagree that a full refund is warranted. 

If you or Mrs. ****** has any additional concerns, please feel free to contact the undersigned at ###-###-####.

Respectfully,

******* ******

Senior Resolution Advocate

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

[You must provide details of why you are not satisfied with this resolution. Please type details here:] I reject the response because according to the copy of the credit report (which was forwarded to me from Quicken Loans) it does state there were late payments.  I'm not sure what Quicken Loans is referring to when they mention "credit supplement on the modified loan".   Yes the loan was modified (Approx. May, 2012) and the credit report still shows late payments.  So unless Quicken Loans has a credit report that shows no late payments. I reiterate my request for the full $500.00 to be refunded.

Regards,

****** ******

According to a copy of the  

Business Response:

October 15, 2013

***** *****

Trade Practices Consultant

Better Business Bureau

26777 Central Park Blvd, Ste. 100

Southfield, MI 48076-4163

RE:  ****** ******/ Case #*******

Dear Ms. *****: 

As we stated in our prior response to Mrs. ******’s concerns, we do not agree that we could have predicted Mrs. ****** had not made her July or August mortgage payments on the modified loan based on the information available to us at the time that Mrs. ****** applied.  While her primary mortgage was reporting as modified on her credit report, there were no late payments reporting as of August 2, 2013.  As long as her payments had been made on time, the modified loan would not have prevented us from providing financing.

Unfortunately, the credit supplement completed on 9/9/2013 indicated that Mrs. ****** had not made her July or August 2013 payments to her primary mortgage, which was not reflected on Mrs. ******’s credit report.  As such, we were no longer able to provide financing to Mrs. ******.

While we share in her disappointment that we were not able to move forward with the loan, we disagree that a full refund is warranted. 

If you or Mrs. ****** has any additional concerns, please feel free to contact the undersigned at ###-###-####.

Respectfully,

******* ******

Senior Resolution Advocate

Client Relations Executive Office

Quicken Loans

Consumer Response:

[A default letter is provided here which indicates your rejection of the business's offer. 

Better Business Bureau:

I have reviewed the offer made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of why I am rejecting this offer appear below:

As indicated on the credit report dated 8/2/13, the modified loan was 30-59 days late 4 times; 60-89 days late 2 times and 90+ days late 3 times.

I reached out to Quicken loans to refinance my investment property in order to catch up on, among other bills, the mortgage on my primary residence.  There were no late payments on the investment property showing on the credit report.  The investment property is what I was attempting to refinance.  At no time was my primary residence discussed since I was not requesting the refinance on this property but rather the investment property.

 

Obviously I was relying on the refinance to go through in order to catch up with the payments on my primary residence.  It was not until over 30 days after I applied for the refinance did Quicken Loans decide to delve into the payment history of my primary residence.  If moving forward with the loan depended on the payment history of my primary residence, in addition to the investment property, then that history was there in plain view at the very beginning.

 

I am still requesting a full refund and do not intend to continue going back and forward with this issue.  Therefore, if this issue is not resolved by issuing me a full refund within 15 days from today's date (10/16/13), I intend to file a complaint with the Consumer Financial Protection Bureau as well as the Attorney General.


 

Regards,

****** ******

 

Business Response:

October 18, 2013

***** *****

***** ********* ********** ****** ******** ****** ***** ******* **** ***** **** *** *********** ** **********

RE:  ****** ******/ Case #*******

Dear Ms. *****:

Thank you for forwarding us the additional comments you received from Mrs. ****** following our response to her complaint.

Mrs. ******’s account of her initial conversations with Quicken Loans is inaccurate. Mrs. ****** initially contacted us regarding the possibility of refinancing her primary residence on August 2. When she informed us the following day that her primary residence was manufactured, we explained we would be unable to assist. Mrs. ****** asked if we could help with her investment property, and since it wasn’t manufactured, we indicated we could begin the refinance process.

Mrs. ******’s credit report indicates a history of past delinquency involving her primary mortgage.  As previously stated, whenever a modified mortgage loan is present on our client’s credit report, we must:

·         Verify that the loan modification is permanent

·         Verify that 12 months have passed since the loan modification was completed, as evidenced on the new modified Note for that mortgage

·         Verify that there have been no late payments in the 12 months following the loan modification, starting from the date the modification was completed

Mrs. ******’s August 2 credit report indicated that she had not been late on her primary mortgage for over 12-months. Additionally, the Modification Agreement supplied to us on September 5, indicated that the modification was permanent and it was completed on August 1, 2012.  Therefore, we had every reason to believe Mrs. ****** qualified, but additional verification was necessary. A credit supplement was ordered, to verify that the information contained within the August 2 credit report was correct.

When the supplement was completed, our credit vendor was informed that Mrs. ****** had not made her July or August 2013 payments. Neither payment had been reported as late on the credit report yet, which is why we were unaware of it. It’s for this reason we cannot provide financing to Mrs. ******.

If you have any other questions regarding this matter, please contact me directly at ###-###-####.

Respectfully,

******* ******

Senior Resolution Advocate

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/23/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I responded to a letter from Quicken Loans to refinance my house. I talked with an Agent on the 19th of September and immediately was told that I had to give a CC# $500 deposit as the cost of doing business. I was told it would go toward an appraisal of my property and to pull my credit report should the application proceed. I told the Agent that I did not want to proceed with any appraisal until he knew the application was possible. I sent him my full tax records for 2011 and 1012. I told him that I received Trust money. He called me back and said there would be no problem as the Trust appeared on my 2012 Income Tax return. I was not told I had to supply anymore information concerning the Trust income and the application continued. Immediately an appraisal was done on the 21st. This was before the loan officer had gathered all the necessary documents to secure the refinancing loan. After the appraisal was done, I then was told I had to supply information concerning the family Trust. I told the loan officer my Trust administrator, who is also my brother, would not do that as this Trust benefits other people in the family. My brother did offer to write a letter stating that I did receive money from this Trust. The loan officer passed this information to the underwriters. I also told the Agent that if that would not suffice I could go no further. If I had known this I would not have had the appraisal done. Then I was told that yet another loan officer on the "special team" would call me to work out a solution. This Agent told me that a letter from the Trust Administrator would not work as he is my brother. Today Oct 10th I spoke to yet another Agent who told me that since I had signed the online agreement that listed verification of the Trust I had agreed to the Quicken process. This was never pointed out to me! Apparently one can not trust Quicken without the services of a lawyer. They also pulled my credit report 4 times! Thank you.

Desired Settlement: Refund of my appraisal fee. As a result of contacting Quicken Loans all I have is a useless appraisal that can't be used for another loan and my credit has been lowered by their repeated pulling of my credit report. I have no problem with Quicken requiring documentation but they did not tell me what they needed before rushing the appraisal. I did inform the last Agent I talked to that I would file a report with the BBB and CFPB. He replied that Quicken would just respond the same.

Business Response:

October 16, 2013

***** ***** ***** ********* ********** ****** ******** ****** ***** ******* **** ****** **** *** *********** ** *****

Re:  Loan No. **********

Dear Ms. *****:

Thank you for allowing us the opportunity to address Mrs. ******’s concerns.  We feel it is important to address this matter and regret that it has reached your office.

Mrs. ****** applied for refinancing with Quicken Loans on September 19, 2013.  At application, we gathered preliminary information to provide Mrs. ****** with an interest rate and cost quote. During our discussion, we asked Mrs. ****** about her income, employment, and credit. Mrs. ****** advised that she makes $50,000 per year, but she only pays taxes based on an annual income of $30,000.  She also explained that she receives $1,500 a month from her mother’s estate. 

In order to properly qualify Mrs. ******, her Mortgage Banker, *** ********, requested that Mrs. ****** provide her last two years’ tax returns so that he could