Quicken Loans Different View Livonia Michigan

Thank you for your comment although you are incorrect about the appraisal issue here. Although appraisers are regulated as I am aware of they don't always follow this regulation and that is what is occurring today because of market conditions. In fact many of these appraisers are being turned in by those appraisers that are aware of what is happening out there and have been in this business for 30-40 years.

Those lenders that find out that specific appraisers are not following legal regulation are being dismissed and taken off approval lists. In fact many of these appraisers are following these kind of dismissing procedures to gain more incentive, business and profitability, again because of bad market conditions. What most people don't recognize are these corrupt situations that are occurring out there. I have heard this from many appraiser collegues in the business for 30-40 years now and have reported many appraisers already. The Federal Investigations by the FBI and FTC will publicize these findings in time.

Although I agree with you on comparibles and the values decreasing it is true that as market values continue to decrease and foreclosures increase these values will have no choice but to be used. Here is the problem though, as this happens it causes are markets continue to crash so what can be done? Government needs to re-write how homes are to be appraised to determine the best possible evaluation of the real value. Comparing homes that are foreclosures, short sales etc will only worsen for what is yet to come. Our road has only begun, will it be a depression since we are in a recession already and the advance to jump start the market has failed.

As well in my specific situation of lending investigations, these are the findings for which to report to all governmental agencies and which all victims of Quicken Loans and many other various internet lending companies should be recognized. This process is moving forward and the sad outcome of it all is as the market conditions continue to get worse which they will more of this activity will become apparent as business like Quicken become more desparete for business. Watch the trending over the next year and even into 2009, see where we go then and watch how many of these lending companies go under and close.

I'm also a former emloyee and can see your point on all of these except the appraisal issue.

(2. They will also push appraisals on you to make more money and even suggest a second if the first doesn't come back high enough. The appraisers they use are also in on this, they will use low comparibles, foreclosures, bank owned short sales which will lower your value and affect everything with the housing market that is happening in our economy today. These are the people that are lowering our housing values not investors as that is a very small percentage compared to these people. )

Remember, Quicken sells all their loans so they have to follow the rules of the investors/servicers. Appraisers are regulated and the appraisal goes off to whoever buys the loan. True the low compariables are everywhere but that is because the few houses that are selling, are closing for way lower than 1,2, even 3 years ago.

I've worked for several mortgage companies and I've used many of the same companies at several mortgage companies.

So, although I agree or empathize with most of your post, you are way off on the appraisal issue.

Good Luck.

$500 Deposit
The Managers of this company teach the employes every trick in the book on how to get a depoist from people! Its great how the want the deposit before sending you the paperwork to know what you are really getting. Most of the time, people see the paperwork and its not what was talked about with the sales rep and this is why it changes. The sales reps are also taught to hold the deposit until the loan is closed. I recall once my manager telling me screw the customer. Don't give them their deposit back!

If you want to lose money go with Quicken Loans!!! It is all about Bait and Switch and Predatory Lending here folks. They will give you a Good Faith Estimate but at closing throw in all kinds of extra excuses and fees. Here is my experience:

1. Application deposit $500 refundable, not true. If you ask for a check at closing for this amount the banker will say sure. At closing this changes and they roll it into your loan. But if you don't qualify your out $500 dollars. Here is the way to beat them. If you want out and your $500 back, follow through with the loan, get the paperwork for your appraisals and then recind or back out within the 3 day limit. No matter what, they have to give you the $500 back through HUD. You Win!!! They Lose!!!!

2. They will also push appraisals on you to make more money and even suggest a second if the first doesn't come back high enough. The appraisers they use are also in on this, they will use low comparibles, foreclosures, bank owned short sales which will lower your value and affect everything with the housing market that is happening in our economy today. These are the people that are lowering our housing values not investors as that is a very small percentage compared to these people. Again play their game, follow through, get the appraisal done, close the loan and then back out within 3 days to get your $500 back.

3. Check all your settlement charges very careful as they will most likely change these to increase and make money off of you. In my case they charged me for 2 appraisals for $630.00 when it should have been one. I was charged for TSI Appraisal Services twice in the amount of $160 when it should have been half of that. This is the best one though, they tried to increase my rate but then charged me for an additional point of $3000 because I had a for sale sign in my front yard when the first appraiser came but not the second appraiser. They used the second appraiser/appraisal but charged me the $3000 because of the first one being there.

4. Most lending companies if you escrow through them also take out a cushion or escrow reserve in which it is included in your payment. It is an additional on average $80-$100 of your payment. No they never tell you this but you can have it removed by law with a request from the lending company. This company refuses to do this!!! Countrywide will do this and many other things for you, good company!!! As well many of the other real reputable banking firms will do the same, such as Bank of America, Chase and so forth. Staying away from internet companies is your best bet all around.

Stay away from Quicken Loans, they are a Marketing Company and will sell off your loan right away. Their loans are handled by a servicer and it is a mess!!!

Their day will come especially if we all continue to complain. Make sure you complain to the Attorney General, BBB, Consumer Protection Agencies for the state and county, Federal Reserve, Governor and even the President, send a letter what do you have to lose? Something will be done it time with these finacial companies just like is happening now with the Insurance companies. Keep pushing and Quicken will be investigated.

Kurt - Your math is misleading. The deposit does not end up costing $1000 to the client. The $500 deposit is credited back on the HUD....simple. Think of it as paying $500 worth of closing costs up front on a credit card instead of as a "deposit."

Of course directors push for deposits. They want to close loans! Keep in mind that is what the company is in business to do. Although you dont want to admit it there is very little (if any) profit from deposits. Think of all the expenses that come from credit reports alone that are pulled for clients who do not qualify or go elsewhere.

Bottom line....

The company wants to close a loan, not just take a deposit. Closings are where the money is.

Is there a top down pressure that can make directors and bankers over zealous and pushy? sure. That I would agree with but no one on the front lines (bankers or directors or RVP's) benefit at all from deposits on loans that fall out.

Never give up and fight for what you believe otherwise you will always be taken advantage of in life just like Quicken does to its customers. Life is short but failure is only if you let it be.

There are many negative points that people are overlooking about Quicken Loans. Everyone should take a look at Ripoffreport.com and search for Quicken Loans. There are many many problems with their predatory lending and bait/switch techniques stealing money from many customers. They ask for a $500 refundable deposit which is not the case. They will double charge you on appraisals and other additional fees. They will change your interest rate last minute or charge you for additional points. They have terrible customer service and once they realize they have your loan and money you no longer matter because they are a Marketing Company not a loan servicer.

Quicken Loans is not a great place to work and if you enjoy working many hours for low pay then I guess that is your choice. Again please everyone, look at Ripoffreport.com and you will what is happening here. There are multiple class action lawsuits against this company for many reasons.

Here is the truth, read for yourself.

Is this predatory lending?

I used to work for the company, I know how the math works.

If you want your $500 back at the end of the loan, yes, the loan amount has to go up by $500. Your HUD-1 statement will show the $500 credit that you paid applied to the loan. If you want that $500 back, then that $500 credit has to be taken away with a corresponding $500 cash in hand.

I'm neither defending the company nor promoting it, I'm simply stating how it would have shown up on your HUD-1 statement.
Heres a little truth for the people that actually close a loan with quicken, $500 deposit IS NOT refundable at closing. In fact the deposit is actually $1,000 for people who close....how you ask? Easy, when you request the deposit back at the table, they have to increase the loan amount by $500 to cover it.

So if your refinancing, all costs are rolled into the loan....INCLUDING THE APPRAISAL FEE (the apprasial does not have to be paid by the lender after a few days post the loan closing) So you give quicken $500 for good faith, want it back? SURE! we will roll it into the loan and charge you interest on it as well! so here are the main points, The good faith deposit is actually $1000 if your loan closes, the $500 is PURE PROFIT even if the loan does close, and your stuck paying the money they gave you for your deposit back with interest.....

A major source of revenue for Quicken Loans is the thousands of $500 deposits that they take on a daily basis. There are currently 2000 mortgage bankers. Each Mortgage Banker is required to have at least 15 loans per month.

That is 30,000 loans per month. 30,000 loans x $500 = $15,000,000 per month ($180,000,000/annually)in deposit fees.

As a former mortgage banker at Quicken Loans we are constantly harrassed by are directors to get a credit card number. They actually walk up and down the sales aisles with their headsets on listening to our sales calls screaming at us to get their $500 deposit. We even have constant sales meetings emphasizing that the most important item we need to do is obtain a credit card number.

Personally I think it is a shame that we have to take someone's money even if they will never qualify for the loan.

Unless the thousands of consumers who have had their deposits taken from them write the State of Michigan's Attorney General complaining about this practice nothing will happen and consumers such as yourself will continue to be stiffed.

I agree with your posting. The hours are long and the pay is low. I now come to this site often simply to be entertained by bitter people that have absolutly nothing better to do in life then to complain about things that are in the past and can not change. I learned lessons from my time at Quicken, some positive and some negative. I agree when you say move on. Life is too short. Why live in the past when you are not promised tomorrow.

I agree with your posting. The hours are long and the pay is low. I now come to this site often simply to be entertained by bitter people that have absolutly nothing better to do in life then to complain about things that are in the past and can not change. I learned lessons from my time at Quicken, some positive and some negative. I agree when you say move on. Life is too short. Why live in the past when you are not promised tomorrow.

I agree with your posting. The hours are long and the pay is low. I now come to this site often simply to be entertained by bitter people that have absolutly nothing better to do in life then to complain about things that are in the past and can not change. I learned lessons from my time at Quicken, some positive and some negative. I agree when you say move on. Life is too short. Why live in the past when you are not promised tomorrow.

I agree with your posting. The hours are long and the pay is low. I now come to this site often simply to be entertained by bitter people that have absolutly nothing better to do in life then to complain about things that are in the past and can not change. I learned lessons from my time at Quicken, some positive and some negative. I agree when you say move on. Life is too short. Why live in the past when you are not promised tomorrow.

Please follow these steps to resolve problems at Quicken Loans:


1. Contact the Banking department of your state where they have licence to operate

2. Report them with the better business bureau at bbb.org

3. Send a letter to their CEO and avoid the Directors and Bankers. Go above their heads right to Client relations or the CEO and tell them you were lied to

4. Threaten to take them to a small claims court.

5. Contact your state attorney generals office and file a complaint, just google 'attorney general state of michigan' and you can complete the complaint on line.

6. Call your credit card company and dipute the charge.

7. Demand them to listen to the call clip -- ALL CALLS are recorded

8. Contact the Banking department of your state where they have licence to operate:
Detroit Alliance for Fair Banking
76 Lothrop
Detroit, MI 48202
(313) 871-9050

9. I would personally email Tom Walsh from the local Detroit paper.

10. Complain to local tv stations and consumer protection agencies for the state and county.

11. Contact Teresa Drexler at NKA at 612.256.3268. They are in the beginning stages of a class action law suit against Quicken Loans about this very thing, bait and switching loans, not disclosing fees etc. If the APR that they quoted you is more than 1/8th off - they HAVE to get you all new paperwork. They are excited to hear from you.

12. Demand to see the invoice from the appraiser and demand the difference back. And do NOT pay for any QLSS or any other junk fee. Screw it, call the appraiser direct and ask for a copy of the invoice.

13. Tell your friends and family not to do business with them.

14. All of this will not cost you a penny and in most cases you will get your money fully refunded.

15. Predatory Lending HOT Line - 1-800-SOLVE88 for the state of Michigan.

Lets show the government what Quicken is up to!!!! Goodluck!!!

Please follow these steps to resolve problems at Quicken Loans:


1. Contact the Banking department of your state where they have licence to operate

2. Report them with the better business bureau at bbb.org

3. Send a letter to their CEO and avoid the Directors and Bankers. Go above their heads right to Client relations or the CEO and tell them you were lied to

4. Threaten to take them to a small claims court.

5. Contact your state attorney generals office and file a complaint, just google 'attorney general state of michigan' and you can complete the complaint on line.

6. Call your credit card company and dipute the charge.

7. Demand them to listen to the call clip -- ALL CALLS are recorded

8. Contact the Banking department of your state where they have licence to operate:
Detroit Alliance for Fair Banking
76 Lothrop
Detroit, MI 48202
(313) 871-9050

9. I would personally email Tom Walsh from the local Detroit paper.

10. Complain to local tv stations and consumer protection agencies for the state and county.

11. Contact Teresa Drexler at NKA at 612.256.3268. They are in the beginning stages of a class action law suit against Quicken Loans about this very thing, bait and switching loans, not disclosing fees etc. If the APR that they quoted you is more than 1/8th off - they HAVE to get you all new paperwork. They are excited to hear from you.

12. Demand to see the invoice from the appraiser and demand the difference back. And do NOT pay for any QLSS or any other junk fee. Screw it, call the appraiser direct and ask for a copy of the invoice.

13. Tell your friends and family not to do business with them.

14. All of this will not cost you a penny and in most cases you will get your money fully refunded.

15. Predatory Lending HOT Line - 1-800-SOLVE88 for the state of Michigan.

Lets show the government what Quicken is up to!!!! Goodluck!!!

Please follow these steps to resolve problems at Quicken Loans:


1. Contact the Banking department of your state where they have licence to operate

2. Report them with the better business bureau at bbb.org

3. Send a letter to their CEO and avoid the Directors and Bankers. Go above their heads right to Client relations or the CEO and tell them you were lied to

4. Threaten to take them to a small claims court.

5. Contact your state attorney generals office and file a complaint, just google 'attorney general state of michigan' and you can complete the complaint on line.

6. Call your credit card company and dipute the charge.

7. Demand them to listen to the call clip -- ALL CALLS are recorded

8. Contact the Banking department of your state where they have licence to operate:
Detroit Alliance for Fair Banking
76 Lothrop
Detroit, MI 48202
(313) 871-9050

9. I would personally email Tom Walsh from the local Detroit paper.

10. Complain to local tv stations and consumer protection agencies for the state and county.

11. Contact Teresa Drexler at NKA at 612.256.3268. They are in the beginning stages of a class action law suit against Quicken Loans about this very thing, bait and switching loans, not disclosing fees etc. If the APR that they quoted you is more than 1/8th off - they HAVE to get you all new paperwork. They are excited to hear from you.

12. Demand to see the invoice from the appraiser and demand the difference back. And do NOT pay for any QLSS or any other junk fee. Screw it, call the appraiser direct and ask for a copy of the invoice.

13. Tell your friends and family not to do business with them.

14. All of this will not cost you a penny and in most cases you will get your money fully refunded.

15. Predatory Lending HOT Line - 1-800-SOLVE88 for the state of Michigan.

Lets show the government what Quicken is up to!!!! Goodluck!!!