QUICKEN LOANS, INC.

2016-12-15

Killeen, TX

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-15

NH

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Dear CFPB, Recently, my mortgage company increased my monthly payment by over XXXX dollars claiming a shortage in escrow funds based on their error in making double payments of my home insurance coverage and an increase in property tax 's. A ) On the home insurance claim, They have not been able to produce financial transaction data in order to show the " double payment '', and neither XXXX XXXX nor XXXX XXXX shows any double payment from them in their records. B ) My Annual property tax 's have not increased in 2 years and I shared these documents with them to verify. Included in the mortgage monthly increase is what they call a safe " pad '' which they have established in order to over-fund the escrow account, which apparently can be any number they wish. This is poor management of an escrow account at best, they have provided no evidence or justifications for this increase, and have " reminded '' me that if I do n't pay the new total my credit will be impacted and late fee 's will be added, which is basically extortion. Is this even legal? Are they trying to make me default on my obligations for some reason?
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-12-13

MI

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Obtained a Home Loan and gave a Mortgage to XXXX XXXX XXXX as nominee for Quicken Loans, XXXX on XXXX XXXX, XXXX. The servicing of this loan was turned over to XXXX. On XXXX XXXX, XXXX I refinanced my loan with XXXX XXXX Bank and it wired the payment to XXXX on the same day. However, no Mortgage discharge was prepared or filed. Quicken Loans said they ca n't provide a Discharge. XXXX ca n't provide a Discharge and XXXX is not in business. XXXX is servicing XXXX loans that are still active, but are unable to provide discharges for loans that were paid off in XXXX. My wife and I sold the home on land contract and the purchasers are ready to pay off the contract and close on the purchase, but title work requires a Discharge be filed on the Quicken Mortgage. Since the Quicken Mortgage was never assigned, it should provide the Discharge.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-13

Brooklyn, NY

Settlement process and costs

Mortgage: Conventional fixed mortgage

Complaint: My husband and I refinanced a loan with XXXX XXXX XXXX using Quicken Loans as our new lender. This was a XXXX loan executed in NY. Our closing with Quicken was on XXXX XXXX. I received the updated closing packet from Quicken on XXXX XXXX, two days AFTER the loan closed which meant I had no accurate documents to review that referenced costs. At the closing we were told we owed a check to XXXX XXXX which is an affiliate of Quicken ( apparently Quicken controls the title company and the appraising company on their loans and sends a disclosure for same ) in the amount of {$570.00} for interest which I thought was odd since there should have been enough money available to cover all costs ( and the closing documents we did receive stated we would owe {$160.00} ). We cut this check for {$570.00} at the closing. When I received the proper closing package on XXXX XXXX, two days AFTER the closing, I sat down to prepare a closing statement and realized what went wrong. Also, please note no copies of any checks cut by us or by the lender at the closing were provided. Quicken had used the calculation on the XXXX XXXX XXXX payoff for the final day of interest. So even though the loan closed on XXXX XXXX, they used XXXX XXXX to calculate interest owed. This was not necessary but would not have in and of itself been an issue because XXXX XXXX XXXX would simply refund the overage when reconciling the escrow account. What happened next however was the basis of this complaint. In short, the following transpired : Quicken closed our loan without us having documentation on XXXX XXXX. Quicken considered their loan closed on XXXX XXXX. Our payoff check was not received by XXXX XXXX XXXX until XXXX XXXX. A maximum of TWO days is industry standard for funding a " same day loan '' ; not XXXX. Quicken 's process took eight days to get a payoff check to our prior bank resulting in us having to pay an additional 6 days of interest to same. Meanwhile Quicken considered their new loan closed on the XXXX. And so, we exert the following : Our Bank of America Loan cost us {$130.00} in interest per day. XXXX X XXXX = {$830.00}. This is the sum that Quicken owes us. Quicken mailed us a check for two days interest in the amount of {$270.00}. We stopped the check for {$570.00} representing interest to their affiliate XXXX XXXX upon receiving the proper closing packet two days after the closing. XXXX + XXXX = {$850.00}. By our calculation we now owe Quicken XXXX - XXXX = {$24.00}. We offered to send a check but were told by Quicken that this would not be acceptable and that they would be addressing the issue with their legal team. We have now filed this complaint in response to same. Attached you will find all supporting documentation. We also have an email chain reflecting same.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-12-12

Glendale, CO

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I applied for a mortgage for a refinance on a second home from Quicken Loans in XXXX of 2016. As part of the process Quicken asks for a good faith deposit, in my case {$500.00}. The first issue I ran into with Quicken was them not being able to obtain an appraiser before the rate lock expiration. They told me they would extend it, which they did, but then another issue came up. They apparently had a problem with the classification of my home and decided that it had to be placed in in a riskier classification, increasing my closing costs. We discussed the matter several times and finally reached an agreement on the closing costs. A couple of days before the second rate lock expired I contacted them to see why the loan had still not closed and was told that they working on it. Sure enough the rate lock was missed again. I checked my account and sure enough they had sent a new redisclosure letter with an increased rate. Considering what I had been through already I asked to be withdrawn from the loan and a refund of my deposit. After not hearing from them for a week I called to see what was happening to the deposit. I was told that they were allowed to deduct fees from that deposit and was informed the appraisal was approximately $ XXXX so no refund would be coming. I asked for the invoice on the appraisal and imagine my surprise when the invoice showed XXXX {$500.00} not the ~ {$700.00} I was told over the phone. Given the fact they raised my price on the loan twice, because they could n't close on time, and apparently were less than truthful about the cost of the appraisal I believe that some amount of the deposit is due back to me.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-12-09

NY

Application, originator, mortgage broker

Mortgage: VA mortgage

Complaint: 1. ) On or about XX/XX/2016 my wife and I contacted Quicken Loans to obtain a mortgage on our home, initially for {$52000.00}. The loan would involve obtaining a subordination agreement from XXXX with which we have a XXXX XXXX Account. At that time the outstanding balance was {$48000.00}. The points Quicken Loans was charging us was XXXX % of loan amount. This amount was acceptable to us. 2. ) On XX/XX/2016 we received a loan estimate from Quicken Loans for the same amount of {$52000.00}. The points Quicken Loans was charging us was now XXXX %. This was still acceptable to us. 3. ) On or about XX/XX/2016 we asked Quicken Loans to increase our loan amount to {$97000.00}. In the loan estimate sent to us the points remained at XXXX % of loan amount or {$1000.00}. This was still acceptable to us. 4. ) On XX/XX/2016 we again received a loan estimate the loan amount remained the same at {$97000.00} and the points remained the same also at XXXX % of loan amount. At this time we also received a closing disclosure with the same amount and points. 5. XXXX On XX/XX/2016 we received a closing disclosure for the same loan amount of {$97000.00} but the points were increased to XXXX % of the loan amount or {$2400.00}. This would increase the cost to us by {$1300.00} and was not acceptable to us. During the time of our initial application up to XX/XX/2016 Quicken Loans requested we submit numerous documents which we did in a timely expeditious manner. Quicken Loans banker XXXX insisted that Quicken Loans would not authorize subordinating our home equity loan but that it would need to be closed. This was in direct contrast to the Certification & Authorization agreement we received from Quicken Loans on XX/XX/2016 listed under the title, Authorization to Release Information. XXXX # XXXX states : If applicable, I/We request that my/our second mortgage loan be subordinated to the new refinanced first mortgage with XXXX. I/We authorize the release of any information, either verbally or written, in order to process the subordination request. We talked to other officials of Quicken Loans who agreed with us and the documents for the subordination were obtained signed and submitted. All of this took an inordinate amount of time on Quicken Loans part. The loan was approved. The subordination agreement was approved. Yet for some unknown reason Quicken Loans was not closing the loan. When we inquired about the reason for the very large increase in points, Quicken Loans stated it was because of the amount of time it was taking to close the loan. Upon our insistence the loan was closed XX/XX/2016, over XXXX months from our initial application. At this point for us to stop the process and shop around for another loan was out of the question. It appeared that Quicken Loans had us over a barrel and could arbitrarily change the amount of points we were being charged. This does not sound like honest business practice and would like to have the difference in points charged {$1300.00} returned to us.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-12-09

Everett, WA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: It has been more than seven days ( not including weekends and legal public holidays ) since my servicer received the notice of error or information request, and I have n't received any communication from my servicer. The letter was a certified mail dated XXXX/XXXX/16 and it was delivered to Quicken Loans on XXXX/XXXX/16 at XXXX XXXX XXXX, MI XXXX
Company Response: Closed with monetary relief

Disputed: Yes Timely Response

2016-12-08

Chattanooga, TN

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-08

Louisa, VA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-08

Sanders, KY

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-07

Weston, CT

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I received a mortgage advertisement from Quicken Loans that is very misleading and factually incorrect. I work in finance so am able to see the errors in their ad quickly, however the mortgage market and economy does not work this way and I would n't expect an average borrower to be able to sort out Quicken 's erroneous representations. I would be happy to forward the email ad to you but I do not see a way to attach. I am sure they are going to get a nice boost of business before Fed Day. Here are the false presumptions the ad makes and can mislead a borrower. It implies that you can, as a borrower, front run the fed. Has the audacity to talk about market expectation STILL imply that even though everyone thinks that the fed will raise you can lock in now before hand and realized the benefit Conflates the fed funds rate with long term mortgage rates. Fed funds has a very loose connection to long term rates. Has a total non sequitur between post election vol and Fed.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-12-06

Pnte Vdra Bch, FL

Disclosure verification of debt

Debt collection: Other (i.e. phone, health club, etc.)

Not given enough info to verify debt
Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-06

Hinkley, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I submitted all the paperwork the underwriter requested by XXXX/XXXX/16. I spoke to my contact person weekly every week after because my portal was showing I still needed to provide additional docs. She assured me week after week she checked with underwriting and that they had everything. XXXX XXXX I get a call from someone else asking if I can get hem the info underwriting has been waiting on. My loan closed XXXX XXXX and has still not funded. I called and they said they do n't know when it will fund as they never got an updated payoff for a creditor and it expired on XXXX. Now they are stating they need to rework the numbers and wait on the payoff This was not was I was told from the beginning and I was counting on the funds If my loan was n't delayed from the beginning my loan would have closed sooner and my loan would have funded before the payoff expired.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-05

MI

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: I applied and received a conditional approval to refinance my home on XXXX/XXXX/2016. My rate was 2.75 % on a 5/1 ARM with a 30 year mortgage. The balance on my mortgage at the time of application was {$400000.00}. ( not a jumbo loan ). I gave the estimated loan to value of {$550000.00}. I paid a {$500.00}. deposit to insure my rate until XXXX/XXXX/2016. I uploaded all documents requested and e-signatures upon immediate request. My appraisal took place on XXXX XXXX, 2016. The results of which were XXXX pages and valued my home at {$670000.00}. Everything seemed to be in order. I was told on XXXX/XXXX/2016 my payoff amount was being ordered from my bank and the closing would be scheduled easily in time for XXXX/XXXX/2016. More than a week later I still had not heard anything and contacted Quicken Loans again only to be routed to another handler, a solutions consultant who told me I had to have another appraisal because of my outbuilding, as there were no comparables. This made no sense as there are plenty of properties in my area with outbuildings of various types. I spoke questioned the need as the appraisal was more than what I valued the home at and clearly poses no risk. I was told it must be done. I waited to be contacted for a week by another appraiser and never was. Meanwhile, the looming deadline was drawing near. I was told since I had everything in order and Quicken wanted the second appraisal, they would pay for it and a 15-day extension. I voiced my concerns about getting it done on time and was told not to worry about something that had n't even happened yet. So the deadline passed and I still had not heard from an appraiser. Finally the solutions consultant calls and tells me they can not honor the 5/1 ARM at all because of the outbuilding and I will have to do a 30 year fixed at 3.5 % and still do another appraisal. I was concerned they were trying to wiggle out of the 2.75 % rate lock as rates have increased since I locked. My new expiration date on the 3.5 % 30 year fixed is XXXX/XXXX/2016, but I still have not been contacted by an appraiser. When the solutions consultant first told me of their inability to honor my original rate lock, I said I want my deposit back and I will go elsewhere. He said that was unlikely but had me discuss my case with another handler who would review my case and get back with me. I spoke with my client care specialist on XXXX/XXXX/2016 and said I would like to proceed with the 30-year fixed if they wo n't honor the 5/1 ARM at 2.75 %, but at this point I have not idea where my refinance is. I feel like Quicken is trying to wiggle out of the agreement via this ridiculous claim that the appraisal revealed an outbuilding they can not find com parables for. My home appraised for more than enough to completely discount that building and still validate the loan to value that was originally approved. I have all supporting documents in hard copy, but was having trouble scanning to upload. All documents are available on their website, but not accessible for the purposes of copying and pasting. I have all of the loan estimates, appraisal, etc. on hard copy if needed upon request.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-12-05

Havana, FL

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I had been in talks, both over the phone and through email, with XXXX XXXX from Quicken Loans. XXXX pulled my credit without my permission or without permissible purpose. I spoke with several people in the chain of command and eventually I received an email stating that they did in fact pull my credit without permission or permissible purpose.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-03

Citrus Heights, CA

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-12-02

TN

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: We began working with Quicken Loans on XX/XX/2016 on an offer to refinance our home with cash out, with an interest rate of 3.75 %. We paid a {$500.00} initial deposit to Quicken Loans on XX/XX/2016, based on the advice of the lending XXXX that we could receive a refund through the point of getting an appraisal. A conservative estimate of the home value used for the offer was {$240000.00}. Quicken Loans used their sister company XXXX to obtain an appraisal by XXXX of XXXX. The appraisal came back on XX/XX/XXXX with a home value of {$230000.00}. The loan offer went from {$190000.00} to {$180000.00}. The XXXX changed. We raised concerns about the significant errors in the appraisal. A revised appraisal was issued on XX/XX/XXXX correcting some of the errors but not all of them and not changing the appraised value of {$230000.00}. We continued to have conversations with XXXX XXXX representatives to request proper corrections to the appraisal. We submitted documentation of our concerns. The appraisal was revised again on XX/XX/XXXX, but again not accounting for all of the previous errors and not changing the appraised value of {$230000.00}. We requested a full refund of the {$500.00} for the appraisal or that Quicken Loans obtain another appraisal at its expense. Quicken Loans has refused both of our requests, and urged us to move forward with financing based on the {$230000.00} appraisal. We declined. Not only is Quicken Loans refusing to return our deposit, but we have now lost the opportunity for a lower interest rate loan.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-11-30

Pensacola, FL

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-30

Lexington, NC

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-28

West Newfield, ME

Settlement process and costs

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-26

Gretna, LA

Application, originator, mortgage broker

Mortgage: VA mortgage

Complaint: Quicken loan and fraudulent claims to get you to refinance with them. This is a VA loan, my husband served his country for 20 years to be taken advantage of and lied to so someone could make a few dollars. The lending agent from Quicken loans specifically told us our payments would be applied to our loan every two weeks as paid and not held in suspense. Once the loan was cleared we became aware of the fact that the funds that are automatically taken out of our account were indeed held in suspense until the full monthly payment is collected, plus an extra XXXX a month and then all of the funds are held until the date the payment is due. The loan we had previously was done the same way and we were emphatic about my payments being applied every two weeks. The end result is we paid XXXX in closing fees to get exactly the same thing I had before. They are auto deducting my payments every 14 days and holding them until the until the due date so we are not getting credit on the interest for paying every two weeks, nor for paying early, nor for paying extra monthly. I was directly mislead on how my funds would be credited in order to claim XXXX + in closing fees. When I complained to QL I was told that they have retrained their lenders to not tell people this but they were unable to do anything for us. We requested that they refund the fees they charged to gain my business by lying to us and we were told that was not their problem and they could not refund any money. XXXX XXXX XXXXXXXXXXXX
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-11-24

Brentwood, NC

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-23

Orange City, FL

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: XX/XX/2016 I called Quicken Loans looking for general info re : a refinance. I later learned of a " Hard Pull '' having been performed on my credit that resulted in a XXXX pt. loss to my score. I immediately called back and complained about the loss and was told I gave permission for the " pull '' which I contested then as I do now even after hearing the conversation as it was recorded originally. QL escalated my complaint and researched the call and did call me back with their results. As I explained to them all I want is to be made whole and a cursory inquiry as to what refinance options they may have had available should not have cost me those XXXX points. I covet each and every point of my score and at no time did I make application for QL to proceed with an offer to refinance my mortgage. In the recorded conversation QL played back to me and used to authenticate my acquiescence to the credit pull, I disagree with their conclusion that the recorded phone call indicates I authorized the pull. Thank You XXXX XXXX XXXX
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-11-20

WI

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: I was charged a late fee of {$22.00} from Quicken Loans because I made my payment late by 31 minutes. I contacted Quicken Loans about removing the late fee as I made it on the last date of my grace period, and they refused to remove the late payment. I then asked them to send me confirmation of my payment being late, and they also refused to send me that. I feel it is pretty rotten of a company to charge me a late fee of {$22.00} and then not even bother to send me documentation that the payment was late.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-11-20

San Francisco, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I applied for a home loan with quicken home loans.Quicken chose XXXX XXXX Appraisals to do the appraisal of XXXX XXXX XXXX XXXX XXXX XXXX Cerification # XXXX did the appraisal and stated XXXX Square feet causing my loan to fail. Quicken chose this appraiser and I paid XXXX dollars for a bogus appraisal. I had no part in choosing this appraiser and should not be penalized for her errors.
Company Response: Closed with explanation

Disputed: No Timely Response