QUICKEN LOANS, INC.

2016-08-18

Jupiter, FL

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: On XXXX XXXX, XXXX, I was contacted by XXXX XXXX XXXX from Quicken Loans to refinance my home. He went over some initial numbers and started a file to proceed with the refinance. At this time, he took a down payment for an appraisal. During the next week to 3 weeks, during my phone conversations with XXXX, he explained that because I was at 90 % Loan to value, I would have to have PMI added to my loan. However, after 11 years, the PMI would fall off. I explained that I had some extra money I could put down and he said not to worry that he would be refinancing me before the 11 years comes due. I assumed at that point everything was ok. The first month after closing, I received a letter offering me to make bi weekly payments to shorten my loan. I then called Quicken Loans to inquire about the offer and found out that my loan is set to have PMI for the life of the loan because at closing I was at 92 % loan to value instead of 90 % since closing costs were rolled into the loan. Had I known this prior to closing, I would have made sure I was at 90 % loan to value because I had the required funds to keep me at that percentage. I was very upset and asked to speak to a manager. I was then transferred to XXXX XXXX ( XXXX ). He explained that he would pull the phone records and listen to them and see if what I was saying was in fact true. A few days later, he called me back and said that he agreed with me and apologized. I stated I wanted my loan fixed and he stated he would not be able to do that but stated that he would note my account stating that Quicken Loans would cover my closing costs on my next refinance to get out of the current loan I was in. On XXXX XXXX XXXX, I was contacted by XXXX XXXX XXXX stating that looking at my loan I may be eligible for the program that removes my PMI. After our second conversation, I remembered that XXXX XXXX told me that my closing costs should be covered by Quicken Loans. I then explained everything to XXXX XXXX XXXX and she stated she would have her Director contact me. Shortly after that, XXXX XXXX XXXX, a manager for Quicken Loans, contacted me. He explained that XXXX XXXX was no longer with the company and that although there was a notation on my account, the best he could do was knock off {$1000.00} from the deal. He also explained that if I wanted to keep my loan at the current rate I would have to pay extra. I explained my dismay, I stated I was told by XXXX XXXX that my closing costs were going to be covered by Quicken Loans and he came back stating the {$1000.00} discount is the best he could do. The rest of the closing costs would have to be paid by me. The costs kept accumulating and I was very leery about it. After some back and forth, I decided not to refinance my loan at this current time especially with Quicken Loans. I feel they mislead me and committed fraud! As I told everyone at Quicken Loans, I would have never closed on the original refinance loan with them if I knew that there was going to be PMI for the full 30 years of the loan instead of the 11 years that was communicated to me. At this point in time, I feel defrauded and mislead by Quicken Loans. I additionally feel that I was coerced into purchasing a loan product that was not tailored to me, instead, helped Quicken Loans collect more fees at my expense. What do I do at this point to rectify this situation?
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-08-17

Dallas, TX

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-17

VT

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-17

Wonder Lake, IL

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Quicken Loans charged a bogus attorney fee by calling the fee item as " Advances On Your Behalf ''. Actually Quicken Loans has never and ever notified me about the fee or had my agreement in advanced.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-16

Cantonment, FL

Loan modification,collection,foreclosure

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-16

San Gabriel, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I applied ( XXXX ) to refinance an existing 30yr fixed mortgage to another 30yr fixed with Quicken Loans. The initial process was fine. Upon applying I made it clear that one of my properties was newly purchased and I had only XXXX ownership of the property and had not even met the other owners nor have all the typical paperwork like insurance or property tax bills. At underwriting, the underwriter for my refi loan with QL insisted that I send a copy of the hazard insurance premium. I repeatedly told them I did not have it and all I could do was contact the owner in charge of paying the premium who had that information. I wrote a signed letter explaining the XXXX ownership, what the insurance premium was for the year ( split 8 ways ) and what my monthly costs were for the XXXX ownership. The underwriter did not accept this. Eventually I was able to find out the insurance policy and have the insurance company send me a copy of the premium to forward to QL. During this time ( XXXX ), I was also given a redisclosure document set that showed increased loan costs. The increase reflected an outrageous increase for the property assessment. At this point, I was frustrated with the experience at QL and posted some low scoring reviews on websites regarding QL. My reviews were factually correct. After about two weeks, I received another redisclosure document set that showed increased origination charges and a " condo insurance fee. '' At this point, I believed the increased charges stemmed from my negative reviews. I asked repeatedly to change the increased charges but I was given the run around or told they would while no changes were actually made. The second redisclosure set of documents were deleted from the electronic dashboard of all the loan docs, which I was using as proof they were increasing the loan fees. I have a printed copy, which perhaps they were not counting on. Finally, I asked for my {$500.00} Good Faith Deposit back so we could go our separate ways ( since they insist on keeping the increased fees that should n't have increased ). I was told today ( XXXX ) that they would not return my GFD of {$500.00}. I explained that I HAVE acted in " good faith '' during this process, but they are refusing to take off the increased charges and are acting very shady.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-14

York, PA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: I 've been a customer of yours for years, and I tried to refi with you to drop my pmi. I was told you needed a an appraisal of the house and charge me {$500.00} for it but before I gave you my visa number I was informed that if the loan didnot go thru I would be refunded. I did not think there would be a problem because on XXXX and XXXX my house was valued over {$110000.00} but my appraisal came in at {$100000.00} Seriously? How can both internet cites be that far off plus homes around me recently sold over {$120000.00} ( see attatched ) so my loan did not not go thru and you only refunded {$170.00} of my {$500.00} Are you willing to lose a loyal customer who has always payed on time over the {$320.00} you still owe me? Here are home values close to me SOLD : {$110000.00} Sold on XXXX/XXXX/XXXX XXXX beds, XXXX baths, XXXX sqft XXXX XXXX XXXX , XXXX, PA XXXX SOLD : {$110000.00} Sold on XXXX/XXXX/XXXX XXXX beds, XXXX baths, XXXX XXXX XXXX XXXX XXXX , XXXX, PA XXXX SOLD : {$110000.00} Sold on XXXX/XXXX/XXXX XXXX beds, XXXX baths, XXXX XXXX XXXX XXXX XXXX , XXXX, PA XXXX SOLD : {$110000.00} Sold on XXXX/XXXX/XXXX XXXX beds, XXXX baths, XXXX sqft XXXX XXXX XXXX , XXXX, PA XXXX :
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-12

E Haven, CT

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-12

Credit decision / Underwriting

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-11

St Heights, MI

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-11

Rncho Domingz, CA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I contacted Quicken Loans for information on refinancing my condominium. I was told by the agent when I contacted him that I would be able to refinance my condo for a rate of 3.625 % with no costs to me. I understood that to mean that I would not be paying for points on a loan, nor would be paying any closing costs at all. That was the way the loan was sold to me on the phone. Once I decided to apply immediately over the phone based on the information the agent told me, I was asked to provide my credit card information so that they could charge me a deposit that I would apparently get back after the loan documents were processed. I gladly gave my credit card information knowing that I would get my refund after my low rate loan/refinance had closed. Once I submitted all the documents they requested, and was charged {$500.00} deposit, I found out that I would be paying {$3900.00} in closing costs including paying points on a low interest loan ( information that was not disclosed to me initially when I signed up ). I even got an appraisal done since I had already paid {$500.00}. I had a huge problem with the misrepresentation of information of course, and called back to dispute the information I was provided. Quicken Loans refused to refund my deposit despite them misrepresenting themselves to me when I signed up for the loan/refinance. I was given a refund of {$4.00} yesterday XXXX/XXXX/16. Needless to say I am extremely displeased with the service I received from a supposedly reputable name to intentionally misinform me just to close a deal.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-11

TX

Loan servicing, payments, escrow account

Mortgage: Home equity loan or line of credit

Complaint: We have attached court documents which stipulate payments to quicken loans. After our home went into foreclosure through no fault of our own AND we were force to pay nearly double the amount of what we owed ; from {$5700.00} to {$10000.00}. We are furious as well as exhausted from going back and forth to court without a decent attorney guiding us. After we believe this was settled and address, we have gotten a letter from quicken that we are 49 days past due ... .although payments have been sent each month per instructions of court stipulations. In addition, this is exactly what XXXX XXXX was afraid would happen and directly ask the attorney if this was a possibility, for which both sides replied no. I will file an emergency with the court clerk to address this issue. Finally, also attached is a copy of a check sent by quicken loans for an over payment.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-08-10

Shopping for a loan or lease

Consumer Loan: Installment loan

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-10

Moapa, NV

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-10

East Troy, WI

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-10

IL

Settlement process and costs

Mortgage: FHA mortgage

Complaint: I came to XXXX to see my options for getting my mortgage payment decreased. They recommended Quicken Loans. I submitted my info through XXXX XXXX for Quicken Loans. After a few phone calls of no QL ca n't help you and then 1 yes, QL can help, I decided to listen to my options. I was told if I refinance my mortgage my mortgage insurance would not be included, my rate would go up, but the monthly payment would decrease ( because of the MIP ). I was told this several times by this same associate. At closing he assured me within a 6month time frame the mortgage insurance premium would fall off and I would see even more drop in my monthly payment. A year later I 'm fighting with QL because of what I was told. They are not holding up to what I was told. The calls are being recorded for " quality and training purposes '', however when I wrote a formal letter to their corporate office, I was told none of the calls could be found. They told me what I signed for ( saying my FHA loan has to have MIP for 30 yrs or until I refinance ), and told me I could refinance to have the MIP removed. I advised QL this is exactly what I was told when I switched from my previous lender to quicken loans. I DO NOT recommend quicken loans, their employees get paid to say whatever they need, to meet some kinda quota. QL are not XXXX or XXXX XXXX so no gov't agencies will assist with complaints or anything. I now have a higher interest rate and pay the same amount I paid with past lender. I lost my job, needed help with smaller payment and QL is doing nothing. I have n't missed a payment, I just wish I could find another lender.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-08-10

Fort Collins, CO

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-09

Clifton Park, NY

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-08-09

Houston, TX

Settlement process and costs

Mortgage: Conventional fixed mortgage

Complaint: I was looking to do a 15-year fixed loan, a cash-out re-fi mortgage. I came across a Quicken Loans ad in my regular mail back in XXXX 2016 so I applied with them. I started my loan process with Quicken Loans , Inc. on XXXX/XXXX/16. I was told they typically close fairly quickly in 45-60 days in most cases, maybe up to 100 days in extreme cases. Here it is now XXXX/XXXX/16, 125 days later, and I still do n't know if we are even close to arranging a closing at a title company. I do n't think my case is extreme and feel it should have been closed at the latest in XXXX. On or around XXXX XXXX, 2016, I logged into MyQL.com account and saw an announcement that stated, " Good news! Your loan is in final review! Your closing is right around the corner. '' That was about 39 days ago. Nothing could have been further from the truth. When I would inquire as to what was needed ( because I always checked online frequently and immediately completed my requirements listed on my " To-Do '' list ), when I would inquire as to what was needed, more times than not I would be told that someone or some department is waiting on a document from a creditor, or some check stubs from me, or something ... things that had already been provided. When I would point out that those documents had already been uploaded and should be readily accessible in the " All Documents '' section of my file, then something else would come up that was necessary. This became an extremely frustrating experience because I was often asked 2 or 3 or even 4 times for the same document that someone was waiting on, and all the time it was already uploaded. Most of the time I would just download the same processed document from Quicken 's site and resubmit it. The frustrating part is that no one seemed to manage what was actually received and what was actually required. It 's as if they had no motivation to check my records before just sitting and waiting, assuming they were owed something. No phone calls or voice mails to me with any specifics as to the delays in the processing of my application. Just a lot of sitting and waiting on things no one should have been sitting and waiting for. No one, save one person, was responsive and proactive in trying to get this loan closed in a timely manner. The only person at Quicken Loans, Inc., in this whole process who was a standout to me was the original person I dealt with and also dealt with again a couple of times throughout, and that was my Mortgage Banker XXXX. He alone is to be commended for his professionalism and his eagerness to make things happen. Everyone else, if I ran the company would be fired! I have been assigned a new Customer Service Specialist. I told the previous one, XXXX, that if I do not get any progress by Monday, XXXX XXXX, 2016, I would file a complaint. No one even bothered to call me back to see what my issue was and how they would resolve it. Flash update : As I was writing this complaint, at XXXX CST on XXXX/XXXX/16, I just realized that the 'new guy '' sent me an email to request a hand-signature or " wet-signed '' copy of the request to get an updated mortgage payoff. Again, no prompting ( other than an obscure email among the 58 others I have n't read yet ), no sense of urgency on what is needed from me to move things along. And, no one even bothered to call to let me know either via voice mail message or directly. This is what I 've been dealing with in frustration for about the last 60 days.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-08

Missoula, MT

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-08

Magnolia, TX

Loan servicing, payments, escrow account

Mortgage: VA mortgage

Complaint: In XXXX XXXX, we contacted Quicken to find out the possibility of deferring one mortgage payment on our VA loan due to a hardship that we were encountering. We live in XXXX, TX and our air conditioning system stopped working and needed to be replaced. This was going to be a huge burden to our financial situation since my husband is currently unemployed/seeking employment, and we are already stretched beyond too thin. Quicken stated they did not defer payments and could not offer assistance. They gave us a list of agencies offered through the VA who might be able to assist, none of which we qualified for. We had also contacted the VA, since we have a VA loan, asking for advice and any assistance. They thought certainly this would be considered a hardship by Quicken and they would provide some type of assistance, e.g. a loan modification, but this was not the case. We tried in the months that followed to secure monies for our A/C system, with no success. When the heat started to be too much to bear, we had to make the choice to use our mortgage money to begin the process of replacing the unit. This would cause us to be more than 30 days late on the XXXX mortgage payment. Mind you, we did not miss a payment, we were just late for one month. We notified Quicken that this would be happening and again stated our hardship situation. We have since paid the following 4 months within 30 days of the due date and are back on track. The sad and shocking part is, Quicken decided to send notice to the credit bureaus that we were over 30 days late that one time. This has caused a black mark on our credit report in the midst of an already challenging financial situation. We did send a letter to Quicken in XXXX XXXX requesting a good will adjustment be made by them. We requested that they simply contact the credit agencies to remove that one black mark from our credit report of a late payment. They refused. I had researched the internet and found that the request of a good will adjustment was a common scenario with success by many companies who are actually trying to help their customers, even just one time. Not Quicken. In these days of hardship for so many families, why could they not be willing to do that one simple act of kindness for a customer and veteran who fought for the American dream and is trying hard now to secure it for his own family.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-08

Vernon Hill, VA

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: I went on the Quicken loan website to inquire about a thirty year fixed rate mortgage loan. The interest rate and APR was advertised at 3.18 %. My credit is excellent. XXXX XXXX. The lowest offer that came back was 3.50 %. This occurred on XX/XX/2016. This seems odd given my credit score.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-05

Phila, PA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-05

Jacksonville, FL

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-05

Phila, PA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response