QUICKEN LOANS, INC.

2017-03-17

VA

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: My flood insurance for the year of XX/XX/XXXX was cancelled due to non payment from my escrow account. I was sent an over payment check from my escrow account that was supposed to be used to pay for my flood insurance, then told to me by your agent XXXX that this was a mistake on Quicken side ; this is not reliable business to have since I 'm living in a flood zone area in XXXX Va. Then XXXX tells me that I would have to pay the money back that I was n't expecting, to pay on a cancelled flood policy that has n't been pain on since XX/XX/XXXX.The money has been spent. I was not notified that I had to pay any money back when I received the check ; that 's a mistake that Quicken made. I have since got another flood insurance policy and paying much less than before ; there should be a change in my mortgage payments, why do I have to wait for a escrow analysis because of mistakes Quicken has made. I have also changed my home owners insurance for a decreased premium rate and still paying the same amount of mortgage. which brings me to another mistake Quicken has made, told to me by XXXX, by paying 2 premiums in the month of XX/XX/XXXX, for my home owners /hazard insurance, each payment was XXXX, WHY? why is my hard earned money being tossed around this way? I 'm amazed and not happy about this
Company Response: Closed with monetary relief

Disputed: No Timely Response

2017-03-15

Gastonia, NC

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: I refinanced with Quicken Loans last year. They apparently greatly under estimated my escrow by over {$1500.00}. If I do not pay the total shortfall my new monthly payment will be over {$2300.00}. This is more than I was paying with my previous mortgage company. I do n't believe the tax value on my property increased that much to have missed by such a large amount.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-13

Charlotte, NC

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: For the second year in a row, I am expected a $ XXXX escrow refund from Quicken Loans. Essentially, I am giving Quicken Loans an interest free loan. They do not pay interest on this money back to me. It is absurd that they do not adjust my escrow and instead keep what amounts to an extra mortgage payment for one year before providing me a refund.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-13

Superstition Mtn, AZ

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: We began the process of a " Rocket Mortgage ''. After giving information online Quicken needed to get our credit report. After checking our credit ( XXXX and XXXX, for some reason it always comes up less in the mortgage process ), Quicken said we needed to contact them to continue as our income is primarily from rental properties. Had we know this in advance, we would not have approved the credit check and subsequent credit hit we would take from it, and I did let XXXX from quicken know about it. After an hour and a half online, Quicken need my tax returns. I was not quick enough in getting it to their online service and was told they would look at it when it was there and they ended the chat. This morning I tried to load my tax returns and I discovered a letter telling me my loan application has been denied for not having my income supported as I was about to do. This is clearly retaliation as I had indicated I would forward this to the CFPB. Now I have a second " ding '' on our credit for the loan denial. Something wrong is going on here and I hope you will examine it. I do have transcripts of the online chat, and the rejection letter.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-13

GA

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: I feel like I was financially damaged by Quicken Loans in Michigan. I told them before the loan was approved that I was on a fixed income and could afford no more than {$550.00} a month in payments. It is an FHA loan and the payments were calculated to be {$510.00} a month. I added the additional to pay down the principal and have paid $ XXXX/mo consistently, never late. Here recently, I received a notice from Quicken that they had miscalculated my escrows, not by a few dollars, but by more than {$1000.00} per year. That made my mortgage payments go up to an unaffordable $ XXXX per month, and then an unaffordable $ XXXX per month after I had to borrow the money to make up for the missing escrows due to their error. This is more than {$100.00} more than I told them I could pay from the start. Had they done the escrows right by HUD regulations, I could have turned down the loan or lowered the amount borrowed at least to make it more affordable. I am on XXXX and ca n't afford those payments and they have substantially jeopardized my ability to keep my home because of the calculation error, and upped the payments more than {$40000.00} over the life of the loan. I informed them that my taxes were going to be around {$1400.00} a year after the homestead exemption was filed, and they based the tax escrows on those of the previous owner who was over XXXX and was only paying {$140.00} a year under a property tax freeze that I do not have. Also, he got an 80-percent reduction on the county school taxes because he is over XXXX, and that amount should NOT have been used to estimate my property taxes. They were supposed to use the amount I gave them and now it has substantially increased my mortgage payments beyond what I can afford on XXXX.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2017-03-13

Winston Salem, NC

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: The broker and his supervisor are telling me they make the appraisal they send me a fake approval of the loan for {$97000.00} to pay off my loan with XXXX but the loan never was paid to XXXX. Quicken loan and XXXX intention is to keep the {$500.00}.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2017-03-12

Lower Makefield, PA

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-11

Charlotte, NC

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Quicken Loans misapplied extra payments I made on my mortgage. These extra payments should have been applied to principal. After raising this issue with Quicken Loans, they sent me to a debt collector.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-10

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-08

Gloucester City, NJ

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-06

Columbus, OH

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I first contacted Quicken loans in XX/XX/XXXX and spoke to XXXX XXXX. During that conversation, he suggested that he would be able to get our monthly payment down to around {$1100.00}. This estimate was given based on our current monthly payment, loan amount, escrow with insurance, and additional information. When I asked if that included taxes and insurance, he said yes. In a follow up conversation a few days later, he told me that he could get our monthly payment in the {$1200.00} - {$1300.00} range. I asked if he could get XXXX due at closing, and he said, " Yes, we do n't do closing costs at Quicken. '' Based on these promises, we decided to move forward and initiate the loan process with Quicken. Our initial Loan Estimate stated that our monthly payment would be {$1400.00}. On, XX/XX/2017, we were asked for a {$500.00} dollar good faith deposit. This had not been mentioned in any previous communication and it came as a bit of a surprise. Nevertheless, we proceeded. The very next day, XX/XX/2017, we received notification of an increase in our loan estimate. It was now {$1400.00}. I did not appreciate how this increase was not communicated and explained to us with a phone call. Rather, it was disguised as just another document that we needed to sign on the online interface. Furthermore, when I sent an email to XXXX XXXX to inquire about the discrepancy between the XXXX and XXXX estimates, he said that the difference was primarily due to changes in insurance and taxes, and the principle and interest portions of the second estimate had not changed from the original. I have attached documents that demonstrate this is false. The closing disclosure was sent to us on XX/XX/2017. This stipulated a significant increase in closing costs, now totaling over XXXX. When I contacted XXXX to discuss this discrepancy - going from XXXX down at closing to XXXX, he asserted that it was due to an increase in our county taxes. How could this not have been known during the XXXX previous loan estimates? He offered to roll the closing costs into the loan, which would increase our monthly payment " a few dollars. '' This offer was never executed. Meanwhile, we received multiple phone calls every day to try and set us up with a closing date. Even after we told multiple people that we needed more time to think about it, we still had multiple calls a day. When we explained why we were waiting - how we were told things that changed multiple times, we were given very contradictory explanations and reasons for these changes. We contacted XXXX XXXX on XX/XX/2017 in hopes of resolving some of these issues. We told her our story and our fundamental frustration at the ever increasing numbers and our lack of trust with the process with Quicken. She said that Quicken never gives out estimates until they have all the required documents. At that point, our phone cut out as we were driving in a remote area. XXXX XXXX called me back on XX/XX/2017 with XXXX XXXX on the line. They said that they could n't do anything with the numbers of the loan itself, but they could offer us a {$250.00} good faith credit. After discussing it with my wife, I told XXXX on XX/XX/2017 that despite the fact that the process had been less than ideal, we would like to move forward. She called me back five minutes later and left a voicemail saying that the {$250.00} good faith credit would no longer be offered because we were already " maxed out on our credits. '' Despite this, we still considered moving forward. Then, XXXX XXXX called on XX/XX/2017 to try and set up closing, she informed me that the monthly payment was now up to over {$1400.00}. She could offer me no assurances that the monthly payment would n't increase if we scheduled a closing and was unable to explain the increase. We withdrew our loan application. We are frustrated and would like our {$500.00} deposit returned in full.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-06

Rome, NY

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-03

Yeagertown, PA

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: Loan officer at quicken loans did not explain fees up front and lied when I directly asked the question about fees. She eventually apologized saying she misunderstood. Once I submitted my application and submitted my {$500.00} appraisal deposit she refused to order the appraisal saying I need to submit all my documentation to order the appraisal. I know this is not the case and want them to start processing my loan or the sellers agent said they will terminate the agreement. I also need to get a credit decision for their special loan program and told the loan officer if I do n't qualify for that program I would not use them. I think she is stalling to get closer to settlement date so I do n't have the option to start elsewhere. The loan officer said I was approved for the special program even though she is not an underwriter and did not have an underwriter look at the file.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-03-03

Mount Airy, MD

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with monetary relief

Disputed: No Timely Response

2017-03-02

Chula Vista, CA

Improper use of my credit report

Credit reporting:

Report improperly shared by CRC
Complaint: on or about XX/XX/XXXX I was trying to refinance my home. My mortgage was currently held by Quicken loans. I called the XXXX business office and was referred to their Arizona office. In the meantime I searched reviews on my pc about Arizona Quicken loans and they were negative so I declined to do business with them. I was receiving calls from Arizona and XXXX offices and declined to do any business. I then went to my bank and inquired about refinancing my home. When they checked my score I was told that there was high rate of hard inquires ( 6 ) from Quicken for one month. That lowered my score. Recently ( XX/XX/XXXX ) I was attempting to refinance with my current mortgage holder XXXX and they contacted me expressing that they wanted to keep servicing my loan. I am refinancing with another company and received from XXXX a packet for mortgage loan. I feel that XXXX contacted the credit companies as Quiken has without my authorization. Can you please help me with this problem
Company Response: Closed with explanation

Disputed: Yes Timely Response

2017-03-02

Burleigh, NJ

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: I find it deeply concerning, while making amends to my bad credit due to a loss of my job in XXXX, that I am unable to obtain a lender 's blessing for a mortgage! Posted all over the internet are the claims of obtaining a mortgage even with bad credit! After 4 different applications no one is willing to give me chance!! XXXX receive second chances or even more regardless of their past behavior. Why ca n't I obtain a First Time Homeowners mortgage after a ONE time issue in my life with credit that was n't my fault? Please tell me who will give me a mortage with my credit?
Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-28

Macon, VA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with monetary relief

Disputed: No Timely Response

2017-02-27

Mill Valley, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: We applied for a residential mortgage on XX/XX/2017 directly with Quicken loans We locked the rate in at 4.375. My co applicant was the main point of contact and over the course of 90 days, she expressed frustration on the lack of response, confusion over fees which changed constantly I took over as the main contact in XX/XX/XXXX, identified what I perceived as the fees disclosed from the various disclosures and an assurance that we would close by the next rate lock of XX/XX/2017. I was told that everything was in place and no problem going forward. The process moved from person to person with a complete lack of timeline. The XX/XX/XXXX rate lock passed despite earlier assurances to the contrary. XXXX was told that there would be no problem with the rate lock being extended at no cost. We received a disclosure dated XX/XX/XXXX which was agreeable. The process continued to drag and when the final numbers were put to us, the closing costs were XXXX compared to the XX/XX/XXXX disclosure of {$3500.00} in closing costs after a constant flipping between the discount rate and the credits back to us. This is a difference of {$700.00}. The responses back from Quicken/XXXX XXXX were unbelievable " I would be upset if I was in your place ''. " There is nothing that you did wrong ''. " This is as good as it gets ". At my insistence on speaking to his supervisor, I was told " You can but it wo n't do you any good '' XXXX supervisor XXXX XXXX gave me the same message " There are no more credits to give '' Since the rate lock was coming up again and the appraisal was due to expire, we reluctantly proceeded to closing and signed the papers as is. When I reviewed the documents, Quicken had put both of us on the Deed of Trust despite our agreement that I would only be on the loan and not the property. When I questioned this with a Quicken " title expert '' XXXX XXXX, I was told that the deed only affected the loan and not the property. Wrong! Now I am having to employ an attorney to prepare a quit claim deed and have it recorded and pay a transfer tax ( as well as legal fees ) in order to remove my name from the property. I am damaged in that by paying {$700.00} more in fees, there was less cash disbursed to me and now my co applicant has to pay me that cash out of her pocket. Overall I feel that we were deceived and having to pay additional fees. I have no doubt that Quicken wanted this loan to go away because the rate was under market and at no time did I feel that they were making the process clear and helping us close the loan. I am a banker and know what I am doing so I hate to think what an unsuspecting lay person would be subjected to.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2017-02-24

San Mateo, CA

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I attempted to refinance with Quicken Loans, after 4 months my application seem to be stalled somewhere within the company. After a lot of fighting, I am presented with a redisclosure packet that has terms that are not even remotely close to the terms originally offered - points added, lender credits removed, closing costs not paid by lender - despite having perfect XXXX credit, more than 60 % equity in my home, and {$250000.00} in annual income backing a $ XXXX loan. I believe they are in violation of 12 CFR 202.9 of the ECOA, due to not notifying me of an adverse action for 30 days, along with various portions of TRID, due to removing lender credits without giving a specific reason.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-23

Main Office, VA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: My husband and I were told by our CPA to go with Quicken Loans to refinance our home to get a lower interest rate. My husband is XXXX and working as a full time XXXX, I am an XXXX and in my XXXX. We both have near perfect credit scores. Starting back in XXXX, we agreed on a fixed interest rate with Quicken. Since XXXX up to the present date, Quicken required us to provide an ongoing stream of documentation to prove our credit worthiness ( despite our having a joint income of {$500000.00} annually ). Some of the documents they asked for went back as far as 30 years. The list never stopped, and sometimes they asked for duplicate documents. We provided all documents, but even after providing more and more documents, they would raise the bar, and ask for more documents. Then, this past week, they told my husband that we would have to negotiate another fixed interest rate, and more documents would be needed! I notified Quicken that we will no longer deal with them. I also feel enraged. It is my belief that this is how Quicken discriminates against individuals, who they decide that they do not want to loan money to. They keep a battery of employees that continually ask for more and more documents ( presumably hoping that either the individual ca n't produce the documents, or that they will find something to justify not extending a loan ). I might also add, that their advertisements mislead people into thinking that their loans will be relatively easy and without a lot of paperwork - quite the contrary. I believe that my husband and I were discriminated based upon our ages. I can not express the anger I feel towards Quicken. I had misgivings in the beginning, but we relied on our CPA. It is a junk company and I belief rife with insincerity about its loans.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-22

Baltimore, MD

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-22

CO

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: I received an email explaining my credit was reviewed after i told the broker not to contonue after discovering my credit freeze.
Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-21

Detroit, MI

Settlement process and costs

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: Hi, I contacted Quicken Loans for a mortgage on a 2nd home in XXXX ( I currently reside in XXXX ). I wanted to close quickly as I actually had the cash on-hand and a short window of opportunity to attend the close in person. I stressed this to Quicken Loans and provided all info they needed within 24 hours of every request. As the scheduled closing date of XXXX/XXXX/17 approached, I encountered XXXX issues : 1 ) I received a preliminary Closing Disclosure Loan Estimate, and under the " Calculating Costs to Close '', the line item " Adjustments and Other Credits '' showed - {$8100.00}, and the bottom line " Cash to Close '' amount was {$180000.00}. I contacted several people at Quicken to understand all the figures on the Closing Disclosure form, especially this figure, for which I could not get a straight answer from anyone. The closest I got to an explanation was that it was calculated by an algorithm. This did not sit well with me, especially when the final Closing Disclosure came out and this figure was now reported as - {$1200.00} ; a drop of nearly {$7000.00}, meaning an increase in the cash I owed of {$7000.00}! My thinking was that they had purposely low-balled my " Cash to Close '' figure, as this may have won them my business had I asked for an estimate from another lender. My mistake is that I did not get an estimate from another lender, and given my desire to close quickly, I felt locked into this situation. Aside from this line item there were also other figures on the form that they had not calculated correctly. In all fairness, some they did n't know until closer to the close, but bottom line, my final " Cash to Close '' amount increased significantly. In sum, I honestly felt no confidence in the calculation of the figures on this form and wished there was considerable more transparency. 2 ) As I mentioned, I had a short time window and set flights for the close. The Friday before the close ( XXXX ), I received a call at XXXX telling me we could no longer close on XXXX because the Title Company had dropped the ball on something and there is a mandatory 3 day wait for some reason. I was dumb-founded because I had kept close tabs on the situation among all parties, including the Title Company, and at no time had anyone mentioned anything was missing. In effect, Quicken Loans threw the Title Company under the bus, saying it was something they were missing, when in fact it was Quicken Loans that did not do their homework. It irritated me that they would not own up to their mistake and instead tried to blame someone else. Quicken ended up having to get a loan specialist involved to straighten out the mess, and get the process on track for a close the following day. Had I not called the Title Company myself, and the Quicken Loans Personal Banker to get people working on resolving the issue, I 'm not sure they would have been able to pull off the XXXX close. The whole situation was highly stressful, emotionally wrenching, and very, very disappointing during a time when I should have been super excited. To-date I have not received an explanation or an apology, nor been told of any action steps that Quicken is taking to keep this from happening to others. Buyers beware - shop around and pick someone who can explain all the forms and all the figures!
Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-17

Boston, MA

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2017-02-17

Fort Worth, TX

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: We are in the closing process of the loan from Quicken Loans. Quicken Loans told me to pay my {$14000.00} car loan, my {$3000.00} Credit Card, and {$800.00} Credit Card. I am now debt free. Today they called and said my loan was being denied ( 5 days before we were set to close ) due to inconsistencies in signatures. They said our signatures did n't match and that they " appeared '' to be electronic signatures.
Company Response: Closed with explanation

Disputed: No Timely Response