QUICKEN LOANS, INC.

2016-11-16

CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I wanted to refinance my home equity loan and first mortgage. I am currently living in an apartment in XXXX while my husband works, while our home is in XXXX. I contacted Quicken Loans and began the process with them. The explained it would have to be considered an investment property. After some crazy paperwork we were approved of the mortgage. They took XXXX dollars for the appraisal and I was told it would cost XXXX and I would get back the remainder. The appraisal came in and I was sent documents saying that because the appraisal came in low I 'd have to pay PMI until I got to the 80 % threshold. I signed the paperwork and was waiting for a settlement date. I received a phone call today from their " solutions specialist " saying because my home is considered an investment property and because the appraisal came in low they would n't be able to give me a loan. They said that they would only be able to give me 75 % on the value of the home. Which would n't cover the XXXX loans I wanted to refinance. My problem is I thought the estimate was low balled. And after the phone call I researched Quicken loans to see if there were any complaints regarding this type practice, I found hundreds of similar complaints that after they get your money for the good faith and appraisal the value comes down lower than it should be. They compared my homes that were smaller square footage and smaller property size and I find this disingenuous. Also when I got the documents the appraisal came in at XXXX not the XXXX XXXX they quoted me. I think this is a scam. They take the money and then low ball the estimate to either keep a large chunk of the appraisal ( maybe they have appraisers that take XXXX or less. ) or they want you to pay PMI. Something is n't right. They generated paperwork like all was well with the loan. And we sent all the documents back, how can they get away with this?
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-11-15

NE

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: My husband passed away XX/XX/2016. The estate was settlement the deed to the property was transferred to my name by my attorney. I contacted Quicken Loans in XX/XX/2016 to notify them of the change to the deed and asked that my deceased husbands name be removed from the mortgage statement. They told me once they received the death certificate they would make this change. The death certificate was sent and yet another statement arrived with my husbands name. Despite several requests to make this change and complying with the required documentation this change was still not made. I was married to my husband for 57 years and and still grieving. To receive this statement every month with his name on it is overwhelming and heartbreaking. I called Quicken again today and spoke with XXXX XXXX and she indicated the only way for me to get my husbands name off the statement was to refinance the loan. I ca n't imagine why I would have to pay the expense of refinancing just to get the name on the statement changed. My daughter told me that is not correct. After talking to a senior representative my daughter was told that this can be done and she was sorry that I was given wrong information. How many other XXXX grieving for their spouse have been mislead and possibly paid the expense to refinance to remedy this simple issue? In addition my husband told me that if he passed away the house would be paid for because he has PMI to pay off the loan. The Quicken loan statement shows PMI/MPI and a charge of $ XXXX monthly. When I called to inquire about the insurance to pay off the loan they said I did n't have this. Why does the statement show they are collecting a fee for this when I do n't have this insurance. It is very misleading. Imagine my devastation and heartache to find this out. Based on the misinformation provided on the process for changing the name one the statement I have serious doubts I was given the right information about the insurance. It is very troubling and my hear is heavy with grief. Is there some way you can investigate these practices. I am sure I am not the only XXXX this has happened to.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-14

Mem, TN

Loan modification,collection,foreclosure

Mortgage: VA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-14

Sacramento, CA

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: Father does not have the XXXX to sign any loans. Was added as a cosigner to a loan with Quicken Loans. We ca n't get information from what 's going on. However, there is some sort of loan going on.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-12

NY

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: I submitted my mortgage payment to Quicken Loans on XXXX/XXXX/2016. The payment was never withdrawn from my account ending in XXXX. When I called Quicken Loans to inquire why that was the case, I was told that Quicken Loans had XXXX similar checking account accounts on file for me. I was assured that the incorrect account would be removed, and that my payment would have be redeposited, without affecting my credit because I had paid before being 30 days over due. I have called Quicken Loans, but I have only received empty promises that someone would call me back, and that everything will be taken care of. No one has called me back, and Quicken loans has not withdrawn any payment from my account, but instead, had referred me to multiple credit bureaus indicating that I am either 60, or 31-60 days late when this is not the case. Quicken Loans has not provided me with a good level of service ever since I became a customer. Furthermore, even though my insurance was renewed with a effective date of XX/XX/2016, Quicken Loans never made my premium payment, and had not done so until I called to complain on XX/XX/2016. Quicken Loans did not make a payment in my behalf until XX/XX/2016. Quicken Loans have never treated me well. The following explanation, and my current mistreatment are the basis for my rationale to finally file a complaint with the CFPB : When I applied for to refinance my mortgage, Quicken Loans accepted an appraisal that was based on houses that were not in my neighborhood. As a XXXX, I was shocked when Quicken Loans accepted a blatantly under evaluation that was based on minority neighborhoods, instead of using evaluation from my more prosperous and predominately XXXX neighborhood. To further prove my point, even though my house is the exact same as my neighbor 's and had recently undergone a complete renovation, my house was appraised for {$91000.00} less. {$120000.00} for mine, and {$220000.00} for theirs. I have brought this to Quicken Loan 's attention before, and nothing was done about it.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-11-08

Shopping for a loan or lease

Consumer Loan: Installment loan

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-08

Antioch, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-07

Atl, GA

Disclosure verification of debt

Debt collection: Mortgage

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

Disputed: No Timely Response

2016-11-03

Foothill Ranch, CA

Credit decision / Underwriting

Mortgage: VA mortgage

Complaint: My wife and I just closed on a new home purchase. When it came time to choose financing for our new house, as a XXXX XXXX veteran, I knew that it would behoove us to utilize my VA loan benefit. We ultimately chose Quicken Loans to provide our financing, with the understanding that the terms of the loan would be a {$670000.00} loan amount, 3.25 % interest rate, .25 % origination fee, and a 1.25 % closing cost credit. That was the agreement and understanding from the very beginning with Quicken Loans. Upon receipt of our first and second loan estimates ( LE ), we noticed each time the LE 's reflected a 1 % origination. When we questioned XXXX, he consistently dismissed the LE 's stating " do n't worry about what it says, the LE will be updated when the rate is locked ''. Per his explanation, we understood this to mean it would change to the agreed upon .25 % origination fee, and I confirmed this was my understanding via email. XXXX replied several times in agreement. The responses received from XXXX consistently confirmed that I would expect to see .25 % origination fee once the rate was locked, and to disregard the origination fee of 1 % reflecting on the current LE 's, as the final LE XXXX issued, once the rate was locked, would reflect the agreed upon .25 % origination fee. XXXX advised us in the beginning that due to the long escrow, we would wait to get within 30 days of closing to lock the rate, otherwise we would have to pay an additional .25 % for an extended rate lock period. We wanted to utilize as much lender credit as possible towards our closing costs, so we were in agreement that we were happy to wait it out and not pay the additional fee. As the closing date approached the 30 day out mark, I contacted XXXX get our rate locked. Rather than lock the rate at that time, he offered us a 1.56 % lender credit, in lieu of the originally agreed 1.25 %, if we did a 15 day rate lock. XXXX and I were on board, as an additional .31 % in lender credit would only further offset our closing costs. Finally, we were at the 15 day closing window, and ready to lock our rate. We expected, based on many prior emails and conversations with XXXX, that we would be getting a 3.25 % interest rate, with a .25 % origination fee, and a total lender credit of 1.56 %. When I reviewed our re-disclosed LE now that the rate was locked, the origination fee still reflected 1 %, and not the agreed upon .25 % origination fee. When I questioned XXXX why the origination fee was still reflecting 1 %, he first acknowledged that there was a mistake. After he " looked into '' why the final re-disclosed LE had a 1 % origination fee, he came back to us and said it was a " misunderstanding '', and that the origination was in fact 1 %. This is after 2 1/2 months of being assured the previous LE 's would be adjusted to .25 % origination fee once the interest. The bottom line is, we were talked into holding out for a 15 day rate lock under the premise we would get a larger lender credit, and that only a .25 % origination fee was to be deducted from that credit. The remainder of the lender credit would have then covered the majority of our closing costs. Instead, this was a set up to talk us into a rate lock window so narrow that we had to proceed with XXXX, as we were left with no time to seek alternate financing, and at the same time increasing our interest rate. Because we believed what XXXX was telling us all along to be true, we now have a higher monthly payment because this was the only option for us to get the larger lender credit in order to cover to cover the fees that we were always lead to believe would be covered. More unsettling, our credit qualified us for the lowest tier interest rates.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-03

MI

Application, originator, mortgage broker

Mortgage: VA mortgage

Complaint: XX/XX/XXXX my wife and I made an offer on a small farm near XXXX MI. The home sold in XXXX parcels, the land and the house. I contacted Quicken Loans for a mortgage. The home sold for {$290000.00} and the land for {$140000.00}. We told QL we wanted to pay cash for the land and put approximately {$190000.00} on the house. We anticipated a closing date of approximately XXXX XXXX. We did not know the exact amount we had because we kept all of our money in a bond fund which paid a dividend in XXXX. QL told me that was n't a problem but they would use {$110000.00} as a planning number for the mortgage and adjust it before closing. I told QL that we had approximately {$30000.00} we could put into the house after the XXXX which was in another account. I wanted to restructure the loan payments then to lower my monthly payment. QL said that was fine, it was called 'recasting a loan '. Interest rate on the loan did not change ; as long as we had more than {$10000.00} to put to principle they would recast ( precompute the Principal and Interest portion of the monthly payment ) for a fee of {$100.00}. This was easily accomplished. QL then approved our mortgage. They then established a VA loan for the mortgage. QL established the closing date as XXXX XXXX. In XXXX I asked them when they needed to know exactly how much money I was going to have available. I was met with confusion but they would get back with me. On XXXX XXXX QL told me that they had approved the loan, closing XXXX XXXX but there was no recast provision and the loan was for {$110000.00}. I told them that was wrong, they had promised I could recast and I had {$200000.00} to put to the loan. I asked to speak to the loan officer 's boss. Eventually, a QL executive, XXXX XXXX XXXX XXXX XXXX Executive Office/ Senior Resolution Advocate, Quicken Loans Client Relations, Ph : XXXX Ext. XXXX, XXXXXXXXXXXX ) called me back, told me she would review the tapes of my conversations with QL and see if I had been misled. On Monday XXXX XXXX she called and told me that " yes, the tape shows we characterized your loan incorrectly. '' She said she would work to fix the down payment number but did not know exactly how they would fix the recast issue as VA loans did not have recast procedures. Something she acknowledged I had been misled on. She said she would make it right. I told her I had given my word on the closing, the sellers needed to close in the afternoon and we could not slip the date. She said she would research and get with her loan officers and find a solution. We went ahead with the closing on XXXX XXXX XXXX Monday XXXX XXXX she called and said there was no economic reason for QL to make a correction to the loan because at {$94000.00} it was too small and there was no money in it for QL. She would n't do anything until she saw the rates in XXXX. I asked her what rates had to do with anything. She said she would see. I asked what rates needed to be for QL to fix their error. She said she would see in XXXX. I need to recast that loan as it 's a {$210.00} difference in payment per month. I may want to recast it a second time several months later. Had I known I could not recast the loan I would have not used a 15 year mortgage ( choosing 30 years instead ) and, at least seriously considered accepting the higher tax I would have paid to withdraw from our XXXX account. I would have not used a VA mortgage either. Also, had they sent the mortgage loan paperwork to me in a timely manner I would have had time to review and correct the deal, but they did n't. They posted it to my 'online ' site the day before, I did n't see any actual paperwork until the closing event. I had already confirmed the closing with the seller, pledging to close on the morning of the XXXX so they could close on their home that afternoon. All of the above is recorded at QL.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-01

Lady Lake, FL

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-11-01

Midland, MI

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: XXXX/Quicken Loans pulled my credit without my authorization and permissible purpose. I have attached documentation. I need this removed.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-11-01

Discovery Bay, CA

Settlement process and costs

Mortgage: Conventional fixed mortgage

Complaint: post closing the lender is asking for money to cover an error from the closing company and lender. They made a mistake in calculating the payoff amount for the old mortgage amount, the error was {$7500.00} and the lender is asking us to pay it, a week after closing I was informed of the error. We do not have {$7500.00} om hand, and they lender should have verified the payoff amount of the old mortgage.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-30

Keizer, OR

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-10-28

Springfield, MO

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: I was contacted by Quicken Loans on my cell phone ( which is registered with the state and federal do not call list ). Said was regarding a loan application I had submitted online and they needed to talk to me to proceed. XXXX XXXX was the person calling. XXXX. I had not submitted any loan application, so I was terrified my information and identity had been stolen. I called back and when pressed, they admitted they had purchased my information from someone who mines internet data and they were trying to get me to take out a loan. I was livid. They were totally misrepresenting the situation ( saying I had submitted an app online ) just to get me to call so they could try to sell me a mortgage loan. This is, in my opinion, a scam and it should n't be legal.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-27

Merced, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-27

Deep River, NC

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-25

MI

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: Quicken Loans refuses to close my loan. They pushed off my date while not requesting I provide all required information to do the loan. Now I am in a hotel with my kids and no home because of it. They told my bank I fraudulently provided bank statements for my earnest money check. Which is absolutely wrong. I had the check and everything provided to them.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-10-25

KY

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: My husband and myself are XXXX with excellent credit. We applied for an investment loan twice ( XX/XX/XXXX/XX/XX/XXXX and XX/XX/XXXX ) through Quicken Loans and on both occassions we were quickly pre-approved and reassured that we 'd be able to close the transaction but later denied funding. On both occassions, after we already had a sales contract, paid for inspecton, application fee and appraisal, and many weeks into the transaction, we were told that the loan could not be funded. 1. We were not able to purchase a duplex in XX/XX/XXXX/XX/XX/XXXX because after 4-5 weeks after pre-approval and countless documents sent to them, we were told that they could not lend us the money. We were able to put down XXXX % or more of the purchase price. We lost a great investment opportunity with XXXX units already rented and awesome appreciation potential ( we had a sales contract for {$130000.00}, comparable real estate is currently selling for {$230000.00} ) ; we also lost about {$1200.00} in inspection and appraisal fees, and of course, we lost valuable time that we could have used to find funding with another financial institution. We could not purchase this property because we were denied funding. 2. We applied again XX/XX/XXXX because I work for XXXX, and as a XXXX employee I could get a discount on apraisal and fees. Once again, I was quickly pre-approved, put an offer on a duplex and the seller declined the offer stating that Quicken Loans approved but later does n't close. I went back to Quicken Loans, explained what had happened and asked, if they were confident that we could close. I was, once again, reassured that the loan could be funded, that the seller 's claim was unreasonalble because they 're a reputable company, etc, etc ... We put an offer once again but we had to offer more money for the seller to be confident ( we offered {$15000.00} more ), seller accepted, we had a sales contract, we made an inspection, paid loan fee and a couple of weeks into the transaction Quicken Loans said that the loan could not be funded because they had not noticed that we had other mortgages!!! How in the world our credit ( mine and my husband 's ) gets checked and mortgages go unnoticed? What criteria did they use to pre-approve us? Do QL associates get a commision when people are pre-approved even if guidelines are not followed? Are there guidelines? Are they just playing with consumers to rip us off like XXXX XXXX did? Are they discriminating against us because we are XXXX?
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-10-24

NJ

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: Hi! We Bought our first home XX/XX/XXXX, and finally were leaving our lives with our XXXX kids in an peaceful environment where the kids were happy in school and new friends. we came from XXXX, NJ ( approximately XXXX population ) dangerous neighborhood where my kids bike were stolen from other kids twice. Long story short, 2 years ago we moved to XXXX, NJ, country town with only XXXX population. we are very happy here. XX/XX/XXXX we received a letter from out mortgage company, quicken loans saying that we had a shortage on the escrow of {$8000.00}. The weird part is that the last escrow analyzes last year resulted in a refund check to us of {$490.00} and I could not understand how they had gone for a year and a half in collecting the improper amount of taxes. Now they want us to pay everything they missed to collect all this time. I do n't mind paying but the way they want us to pay will affect us financially as it is already happening. Like I said before the fist option is to pay in full {$8000.00} and our mortgage payment would go from XXXX to {$2000.00} a month. we do n't have that kind of money, so this option is not good for us. second option was to pay over 12 months a mortgage of {$2600.00}. Its XXXX more then what we used to pay for our mortgage. This option also does not work for us. Mu husband works for XXXX. His weekly salary after all the discounts is {$XXXX}. After we received this horrible news from quicken loas I started looking for a part time job to help my husband but i still have n't found one that does n't affect my kids schedule. I understood that the taxes goes up but from {$6900.00} to {$7800.00} XX/XX/XXXX. But that would not be anywhere near the amount of the increase if they had been remitted the proper amount from the beginning of the loan. Where all these money they are changing us come from? Interest from their mistake and now we have to pay? Nad that do n't want to work things up with us and if we stay behind one month our credit is going poor now. Im straggling to make the payment on time and I do n't know what else to do. we are very happy here and never staid behind a payment until this nightmare started 3 months ago and I 've been trying to work things out with them and had no lock. you 're my only hope. Thank you.
Company Response: Closed with non-monetary relief

Disputed: No Timely Response

2016-10-24

Canton, GA

Settlement process and costs

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-24

Palmerton, PA

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-21

OH

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I received an offer letter to purchase a home refinance from Quicken Loans. Knowing that the standard practice is to specify any points required to buy down an interest rate with a specific credit score we allowed XXXX to inquire with the credit bureau. They respond stating that the pre qualified offer letter we received that says we can refinance at 3.5 % with a minimum credit score of XXXX was falsely advertised. A credit score of XXXX would require a purchase of XXXX points whifh the offer letter did not state. We met the LTV and debt to income requirements. In short, we were responding to an offer for a specific rate of interest on a refinance with the required minimum score and allowed a hit on our credit file based on the absence of any associated costs in the offer, we assumed standard closing costs etc. This offer leyter was a scam that costs our fragile credit rebuilding challenges a burden we did n't need.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-20

Rochester, OH

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-10-19

Ogden, UT

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: I am a XXXX year old female who was attempting to apply for refinancing my home. Quicken Loans would not progress with the application until I provided the names of any ex husband as well as the dates I was married to them. I claimed sexual discrimination explaining that the last marriage was 27 years ago. They would not proceed until the information was provided.
Company Response: Closed with explanation

Disputed: No Timely Response