QUICKEN LOANS, INC.

2017-05-25

Douglas, MI

Applying for a mortgage or refinancing an existing mortgage

Mortgage: VA mortgage

Complaint: My husband received a prequalification letter in the mail from XXXX XXXX of Quicken Loans for a VA Mortgage Refinance. Allegedly, we could refinance our loan " with a VA loan at a low, 15-year fixed interest rate of 3.25 % ( 3.836 % ). '' However, our current mortgage is not a VA Loan, which I know is a requirement of qualifying for a VA Interest Rate Reduction Refinance ( IRRR ) loan. Additionally, neither my husband nor I, are veterans. I found this letter to be very deceitful and unfairly misrepresents a government program.
Company Response: Closed with explanation

Timely Response

2017-05-24

Soddy Daisy, TN

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: While talking to a mortga ge specialist on the phone from Quicken Loa ns we were interrupted by his supervisor. He proceeded to quote me a rate of 3.75 %, and was asking for my credit card #. I was not willing to engage without this being in writing. He did not inform me that this rate also had XXXX points for {$3400.00}. This is not acceptable to me an d may be fr aud. After complaining to this supervisor for failing to inform me about the points, the discussion became heated. I asked to speak to his supvervisor who told me this was not intentional. If not for me asking I would have been charged to proceed with a transaction that was verbal, and at no time was I informed what I was paying for. Their solution to this issue was to apologize several times, and to offer me a {$500.00} voucher for any future business I do with these glorified used car salesman. This also is not acceptable to me. I look forward to hearing from you on this matter. Thank you.
Company Response: Closed with explanation

Timely Response

2017-05-23

Amarillo, TX

Closing on a mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-05-23

Murray, UT

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: On XXXX / XXXX / 2017 I was put in contact with XXXX XXXX of Quicken Loans DBA Rocket Mo rtgage after filling out an online application. He asked me several questions. During the course of the call I got an alert from my credit reporting service about an inquiry. I asked XXXX if he had done a hard pull on my credit and he confirmed that he had. I did not consent to this. XXXX did not ask for permission and did not inform me that he would be doing a hard pull. XXXX transferred me to client relations after I requested to speak with his supervisor about this matter. The rep informed me that this was a " permissible purpose '' even though I had not consented. This is completely unfair and has a negative impact on my credit.
Company Response: Closed with explanation

Timely Response

2017-05-23

Oakley, CA

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Company Response: Closed with explanation

Timely Response

2017-05-23

Gates, NY

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-05-22

Chicago, IL

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: I recently purchased a home. Throughout the process I was aggressively steered towards unhealthy loans b y Quicken Lo ans and XXXX XXXX XXXX . Those two companies pushed me towards high APR FHA loans with the lowest down payments against my very strongly worded in terests in paying a higher down p ayment. The loan officer I spoke with at Quicken Loans seemed to make a specific effort to avoid discussing the APR of the loan she wanted to push other than over the phone. My overall mortgage shopping experience greatly concerned me, especially when put in the context of the anti-steering disclosure I eventually received at closing of my conforming mortgage.
Company Response: Closed with explanation

Timely Response

2017-05-22

Grosse Ile, MI

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Complaint: I applied for a mortgage from quicken loan, they did XXXX times hard inquiry during 2 months period, with out my authorize, XXXX in XXXX 2016 and other XXXX in XXXX 2016 , they did the XXXX hard inquiry after they cancel the pre approve, i never get the loan and my score dropped XXXX points, I filed a dispute with credit agency, they did n't solve the issue.
Company Response: Closed with explanation

Timely Response

2017-05-18

Cordele, GA

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Closed with monetary relief

Timely Response

2017-05-18

GA

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Other personal consumer report

Received unsolicited financial product or insurance offers after opting out
Complaint: Quicken L oans sent me offers for a refinance loan product after I submitted promotional opt-out information.
Company Response: Closed with explanation

Timely Response

2017-05-16

Rochester, NY

Applying for a mortgage

Mortgage: Other type of mortgage

Complaint: On the Rocket Mortgage website, consumers are prompted to apply for a quick decision and a mortgage as they provide their personal access to their bank accounts. Rocket Mortgage is a form a scamming site since it prompts for " Simplicity-Securely share your financial info at the touch of a button to get the most accurate numbers, Speed-Get approved in minutes, and Control-Adjust your down payment to find a solution that works for you '' All turns to be a huge XXXX and disappointment for the consumer. After submission of the application, the Rocket Mortgage at Quicken Loans have all personal information available - social security numbers, bank account, access directly to the bank accounts, addresses. At the end of the quick review, Rocket mortgage shows XXXX options of the loan amount with XXXX different rates. Then, the system urges the consumer to 'chat ' with the Rocket Mortgage Specialist. After the chat, the specialist denies the application even if the credit score of the applicant is good, even if the Rocket mortgage automatized system is showing that the customer is approved. It gets ugly when a customer starts asking questions as 'where is my application ' and why my mortgage application disappeared from your site? The role of the online mortgage officer is to make sure the Rocket mortgage does not have any record of any transaction. Then the customer is objecting and stating that it is not fair Rocket Mortgage to ask for bank accounts Before any pre-approval of the Mortgage application. The mortgage officer is terminating the chat. SUCH SCENARIO happened with me. I was denied Rocket Mortgage by the Quicken Loans Senior Mortgage Officer, while their automated system pre-approved me and at the same moment I applied for the regular approval at the Quicken Loans application for a mortgage which is separate. It was given the impression that I was pre-approved for a mortgage, but after the Chat with the Senior Mortgage Loan Officer, all applications disappeared. Thus, I received an immediate Denial Letter by the Mortgage Online officer, and my credit score will be harmed due to their hard inquiry. More importantly, the Quicken Loans - Rocket Mortgage has all my bank accounts and ACCESS to my bank accounts/account numbers and login information. I feel something is very wrong and unfair in the above process of pre-approving customers. I thing that the Rocket Mortgage is scamming customers as asking for bank account information and login access to screen who of the customers has more finances to pre-qualify and deny applications.
Company Response: Closed with explanation

Timely Response

2017-05-16

Hinsdale, IL

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: I applied for an investment property mortgage with Quicken loans. I was told by the loan application processor that I had a range of options for determining my interest rate by selecting points that I paid or received. I selected to receive XXXX points credit in exchange for accepting the highest interest rate on the spectrum. When my interest rate lock came through, it listed me receiving XXXX points instead of the XXXX I was told I would receive. When the disclosure papers came through, it had me PAYING XXXX points with the still highest interest rate. I was told by two different people at Quicken that it was just a simple error and they would correc t it. They took off the XXXX points, but offered me no credits. I then spoke to the Director of Mortgage Banking at Quicken who ( verbally ) told me that they could n't honor the XXXX points because it was an investment property but he would issue me a credit in the amount of {$1400.00} to pay application and processing fees. On the day of closing, Quicken st onewalled my attorney and the title company about providing final closing numbers and delayed the closing by three hours. By the time the final numbers came in, the credit they issued was {$1100.00}, not {$1400.00}, or even the amount that was guaranteed in my rate lock paperwork which is now archived and inaccessible to me. The original amount I was told I would receive in credits was {$3700.00}, the points I was told I would be credited wa s ~ {$1 400.00} and the credit I was told I would receive was {$1400.00}. The person at Quicken who submitted the final numbers did n't know anything about any credits beyond the {$1100.00} and the Director of Mortgage Banking did not return my call when I tried to get clarification at closing. Quicken loans acted dishonestly and in bad faith throughout this process.
Company Response: Closed with monetary relief

Timely Response

2017-05-16

Ridley Park, PA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: On XXXX / XXXX / XXXX I responded to multiple email from Quicken loans regarding refinancing or home equity line of credit. I spoke to Quicken Agent XXXX XXXX . I really did not know what the value of my home is. The call was very high pressured and rushed. I even stated during the call " well maybe is good you are n't giving me time to think because I probably wound't do this if I had time to think about it ''. I said this because of all the promises XXXX was making rapidly about how much money I could get to fix up my home on refinance. He said $ XXXX to XXXX would be the amount I would have left over on refinance to fix up my home. I had to pay {$500.00}, but was assured that I would get it back when my home was refinanced. XXXX also asked if I was doing any remodeling and I said that I had pulled down a lot of wood trim to strip a lot of paint. XXXX said that this would not matter to the appraiser. I got some document from Quicken by email two days later saying that I was approved based on a home value of XXXX . I was shocked. I called Quicken and spoke to one agent and said " where is Quic ken coming up with XXXX ''? I was getting very nervous about Quicken at this point. I was transferred to XXXX , who said he got XXXX from me. " From me?! '' I said. We 'd talked about a lot of numbers on the original call, based on numbers I 'd been given by real estate agents, XXXX numbers looked up by XXXX , the XXXX appraisal I was quoted by XXXX bank. I reminded XXXX of this. I was shocked that Quicken was using XXXX and questioned this amount to XXXX . XXXX said the appraisal might come in on the low side at XXXX but I will still get something. I said I was n't so sure, and I do n't want to be out {$500.00}, I 'd stated to XXXX . XXXX said that wo n't happen. XXXX would n't discuss it further and rapidly stated " you 'll get something ''. I figured it must be too late to back out now. Then the appraiser came out. He complained about the wood trim being pulled down in two rooms and the paint stripping going on. He rated my hom e " fair condition ''. He appraised the home ridiculously low at XXXX . Nothing in my town sells that low. This appraisal is lower than appraised value XXXX when I bought it 2 1/2 years ago ; and despite major upgrades made by me since then ( new electric, new heating system ect. ) Its $ XXXX lower than the identical houses two doors down and across the street s old for in the last few weeks. Those homes are the same size and style as mine and they ARE ON MY BLOCK. The appraiser did n't even consider them and went with homes farther away in time and distance since I 'd been rated " fair condition ''. My comps became homes on highways and in distress. Then Quicken offered this horrible refinance deal that would raise my interest rate by 1 % and leave me with nothing after closing costs ect. I 'd be back to square 1 with my mortgage, only at a higher interest rate, and {$100.00} more a month payment. I believe that I was just scammed out of {$500.00}, and I want to find a way to get this refunded. Unfortunately I did n't read the Quicken consumer reviews until after I was " scammed '' out of {$500.00}. I found a whole bunch of complaints stating the same thing- low appraisals that do n't make sense and feeling completely scammed out of {$500.00}. Everyone rolls their eyes when you say you think your appraisal was too low. Everyone who does n't live in my town, that is. I know that you no one believes you when you say that 's a crazy low value. But I did n't believe that my home was of the same value as my neighbors at XXXX , because mine needs cosmetic work like painting and paint stripping and hardwood floor refinishing ( a little ). I do n't think I 'd over valued my home. But this value that came back XXXX is really crazy. I think the low appraisals might be part of the scam, based on what I am reading of other 's complaints
Company Response: Closed with explanation

Timely Response

2017-05-10

Centennial, CO

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Reporting company used your report improperly
Company Response: Closed with explanation

Timely Response

2017-05-10

East Orwell, OH

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-05-10

Randolph, AL

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Information belongs to someone else
Company Response: Closed with explanation

Timely Response

2017-05-09

Glyndon, MD

Applying for a mortgage

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2017-05-08

Portland, OR

Applying for a mortgage

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2017-05-08

Phoenix, AZ

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: I was in the process of obtaining a mortgage loan from Quicken Loans. At one point a representative from their under writing department stated to me " because you are so young, we believe you 're going to use this as an investment property ''. So I firmly believe they treat " younger '' people as liars. Additionally, if those are normal underwriting practices, it makes it unfair for " younger '' borrowers. Towards the end of this loan I encountered another issues. I received news from them that the loan woul d be declined , two differ ent representatives told me the decline reason was because the property was " unlendable ''. Which if its a rule due to it being a condo I am fine with it. But what I am not fine with, is them giving me a decline letter that states the reason for decline is because my debt was too excessive. So miscommunication or misinformation is another issue.
Company Response: Closed with monetary relief

Timely Response

2017-05-08

CO

Closing on a mortgage

Mortgage: Conventional home mortgage

Complaint: To whom it may concern, Quicken Loans advertises financing as easy as 1-2-3 but that is not the case. In fact many real estate agents I have worked with say quicken is not a good way to go. A : Quicken has held me hostage to " conditional '' approval of my loan- even after all of my objection deadlines for the property that I am under-contract for. This strategy gives them the upper hand and lets them set the terms. B : Quicken requested repairs to the property that were not requested by the appraiser and not considered an impact on the valuation of the home. They said, " Its something they just wanted done. '' It almost killed the deal, cost me money on a property I do n't own yet and made it impossible to do an appraisal objection since it was quickens request- not the appraiser. C.Quicken has asked for documentation for every amount down to {$100.00} going in and out of ALL my bank accounts. Basically causing me the inconvenience of 'freezing ' my account activity so that they will not HARASS me with any more documentation requests. D. Quicken keeps on coming up with new " problems '' they had n't noticed before like asking me to pay off my auto-loan to qualify AFTER they had already qualified me. The auto-loan had been there all along. It is my professional opinion and that of my legal counsel that quicken is doing whatever they can to block this loan. E. Quicken has repeatedly attempted to find ways to charge more points to my loan so that it is more profitable to them.
Company Response: Closed with explanation

Timely Response

2017-05-05

Corpus Christi, TX

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: We closed on our house on XXXX XXXX XXXX XXXX wit h Quicken L oans. In XXXX XXXX XXXX , when making our online payment I noticed a large credit of about {$3000.00} towards the account. Not understanding where this came from I called to inquire about it. I was told that at closing they over estimated taxes and insurance and that it was going to be refunded to us. We received a check a week later. In XXXX we were told that they recalculated our escrow and were lowering our payment by {$50.00} per month. Towards the end of XXXX we finally decided what to do with the refund and proceeded with flooring and paint. Days later I received a notification that our house payment is now going to be {$200.00} more each month because they mistakenly refunded us money and they would like it back. Um. What? We called, verified and waited 3 months to spend that! Not only that, but every month, I was paying {$50.00} per month over our monthly payment towards principle, and while not an enormous amount of money that was {$600.00} per year that I will not be able to pay towards my principle. So, they are now tying this 'repayment ' to my mortgage. Can they do that? The point is that I should not be held accountable for this money as I did EVERYTHING right. If I call to verify and am reassured that this is indeed 'for real ' and even wait to spend it ... .I do n't really care if they are gracious enough to drop {$200.00} into my escrow account but I am still responsible for the balance. I do n't care if I had {$5000.00} sitting in my savings account ( which I do n't ), they should not be able to do this. If your boss gave you a bonus at the end of the year and then realized they gave you too much ... and then docked your paycheck for a year ... ..
Company Response: Closed with monetary relief

Timely Response

2017-05-05

Erie, PA

Applying for a mortgage

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2017-05-04

Bohemia, NY

Communication tactics

Debt collection: Mortgage debt

Used obscene, profane, or other abusive language
Company Response: Closed with explanation

Timely Response

2017-05-02

Galena, OH

Closing on a mortgage

Mortgage: FHA mortgage

Complaint: I applied for an FHA mortgage with Quicken Loans agent XXXX XXXX and was pre approved signed a contract for a 30yr mortgage onXX/XX/XXXX. His mortgage license number is XXXX. None of my credit score or financial information has changed in the past few days but Quicken Loans changed their offer to a 15yr mortgage todayXX/XX/XXXX and claim that is the only way to finance the home. This is a bait and switch which is a violation of consumer laws. I would greatly appreciate your assistance in fully investigating their practices.
Company Response: Closed with explanation

Timely Response

2017-04-28

CA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I have a mortgage throug h QuickenLoans. I got in touch wit h XXXX mortga ge representatives including representatives which were assigned to the case in the client relations department. They all claimed that there is nothing wrong with their system and that the calculations are accurate and proceed to direct me to the transaction history page on their portal. My complaint is not about payments not posting, it is about the lender charging interest on early payment of the loan. The lender allows payments in advance, I have sent all the payments in which would have been due the first of each month until XXXX XXXX , the next payment due date is XXXX XXXX . This is for the purpose of having some form of cash backup by not having any mortgage dues for the nex t 5 to 6 months. Now that I am 4 months ahead of payments, I began sending payments of {$2400.00} directly to the principal. Although the amount paid to the principal did reduce the principal balance and future payments, those due XXXX XXXX and thereafter, will have less money going towards interest and more towards the principal, as expected, the payments however, which I made in advance prior to principal only payments were NOT affected by this extra payment towards the principal nor were they affected by the fact that the payment was sent months in advance rather than on the due date even though the lender received the money for all of these payments on XXXX and XXXX . The lender is effectively charging me interest on amounts which have already been paid towards the principal on all payments made months in advance since their system does not recalculate payments made prior to a large principal payment once a payment transaction posts even if it is several months before the payment due date. Their system treats the payments sent months in advance as if the payment was applied on the due date. The contract does not state any fees or penalties for early repayment, the contract allows early repayment, moreover, their website has a tool to calculate how much money can be saved by sending larger payments. However, that tool, similar to their payment system, only takes into account future payments and not payments submitted months prior to their due date or payments applied to the principal after having 6 months paid in advance. On their tool, if I hypothetically send {$100000.00} today it would have the same effect as if I send i t on XXXX XXXX sinc e that is how far I have paid the mortgage in advance. Please refer to the attached documents. On the second spreadsheet on the excel file, I per form recalculations on how the mortgage amounts should have been calculated after making additional payments to the principal. The first sheet is data directly as it is given on the QuickenLoans portal and downloaded as a XXXX .
Company Response: Closed with explanation

Timely Response