QUICKEN LOANS, INC.

2016-08-05

Salton City, CA

Settlement process and costs

Mortgage: Conventional fixed mortgage

Complaint: When my daughter and son-in-law refinanced their home on XXXX/XXXX/2012 Quicken Loans did not file a Release removing my name and my husbands from the deed on the house. We had cosigned on a prior mortgage but not on the one with Quicken. Subsequently, creditors we were unable to pay filed liens against the property. We are unable to pay the liens and this has caused my family to be unable to refinance or sell the property.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-05

Weston, CT

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I was dealing with Quicken Loans regarding a mortgage inquiry involving the potential purchase of an investment property. The loan officer did a hard pull on my credit before asking what the target loan amount would be. It being a small amount, about $ XXXX, meant that they would not have a program to help me based on the loan size. A hard pull n my credit negatively impacts my credit score despite the fact that he would n't have been able to help me in the first place. This could negatively impact my ability to explore financing options in the near term.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-01

Doral, FL

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-08-01

Nappanee, IN

Settlement process and costs

Mortgage: VA mortgage

Complaint: A few weeks past I received an offer letter from Quicken loans in regards to the VA XXXX refinance program with interest rates that were at 3.25 %. I am always interested in getting a better rate to lower payments and long term savings so so I called expressing interest and to see if I could get some information on costs and timing. I spoke with XXXX of their mortgage bankers and after discussing the program he informed me he would do the credit check and call me back with the details. I received the call back after about 30 minutes and the banker told me that he found a much better program and it was the best option with the best rate however it was not the streamline loan I sought after and now I would have to pay for an appraisal fee and some others which was not required with the streamline. With Quicken being a large and reputable company I proceeded but with caution expressing my concern for the low breakeven payback and high costs of the loan. The banker ensured me that he used " conservative '' safe numbers for the loan that were high and that these high costs would come down once I received the final loan statement when we were ready for closing. ****The catch here is that I had to pay {$400.00} for the appraisal fee in order to get this rate lock that he stated would probably not hold and I had to do it now. This is my grievance and where I feel he was being dishonest. I was told that the {$400.00} would be returned to me at closing in the form of a credit so it essentially was not a cost to me at all but what I eventually learned was that they use this so that the loanee now has invested in this process with them and use it to make sure that potential buyers do not either change their mind on doing the loan or speak with other mortgage companies. In conclusion I had to pay {$400.00} for the appraisal, {$75.00} for the pest inspection and {$140.00} for a water test that I did not need and when the final loan papers came in when we were ready for closing the costs did not go down as Quicken had promised they would. At this point it did not make sense to complete the process as the investment was too high and any payback period had now doubled. I reached out to Quicken to go over this and in their attempt to resolve they actually made an offer to charge me even more for the loan by doing a 15year instead of the 30year we had been working on. In frustration I felt it was maybe necessary to do what I should have done before which is talk to other lenders about costs and rates and this is where I quickly learned where I had been misled. In summary I ended up getting the same loan I had initially asked for from another lender for about {$2300.00} less that what they were charging. They used the appraisal charge as a lock on me and had no intention of trying to resolve the issues. They then use another group to push an aggressive closing date to quickly get their money. I feel that others need to be warned about Quicken Loans about their tactics especially since they are using VA programs that are supposed to benefit veterans.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-28

Arsenal, PA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-27

Tacoma, WA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I applied for refi on day one. Told a fixed interest rate and that was best they could do. Told process was XXXX.!!! If process continued to appraisal, would cost XXXX if I cancel after that charge occures.Day two I call my original broker, get much better offer.Day three I call and am told they had me sign a variable rate contract by mistake but that they would send correction to sign. NO! No mistakes should have been made. I got a much better offer. Stop everything! Cancel my application and forget I called. I do n't trust you. Then his supervisor called. I repeated everything. He said they might could match the interest but it would be a week or two to go to committe. I told him I already had a locked rate somewhere else STOP EVERYTHING. This was day three. A week later they charged me {$500.00} dollars saying the loan officers were proceding with the loan. I do n't know what it takes with these people, but they obviosley purposfully vindictively continued to charrge my account because I cancelled.I never got a call for an appraisal they supposidly charged me for. When I contacted them today XXXX said she was personally do me a BIG FAVOR. She would try and return the money as they LEGALLY have to. I do n't believe it. HELP!
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-07-26

IN

Credit decision / Underwriting

Mortgage: FHA mortgage

Complaint: I was talked in to refinancing my FHA loan, one year ago, by my mortgage lender XXXX XXXX from Quicken Loans. He promised I did not need any money down at closing and he was able to secure a large refund from my escrow. My loan number is XXXX. My loan amount was $ [email protected] % I learned close to the closing date that I would have to bring close to {$1200.00} to closing as opposed to the XXXX amount promised. I was also told that I was getting a large amount of money back from my escrow, so I closed XXXX/XXXX/XXXX and by a week later I was told that I would not receive any escrow back. I was also told on numerous phone conversations that my PM I would be automatically dropped on XXXX XXXX. Which it did not happen, so upon contacting Quicken Loans I spoke with XXXX a quicken Loans client relations at XXXX. She reviewed all of the email and documented phone conversations between XXXX XXXX and myself and she apologized and said that all the things he had promised were wrong and the PM I would be on my loan for another eleven years, costing me a mere {$13000.00}. And that there was nothing she could do to allow all of his promises to go in to affect because it would be against the law and if I would have never refinanced with them, the PMI would have automatically come off XX/XX/XXXX- but due to being talked into refinancing the PMI remains s, therefore XXXX XXXX from Quicken loans screwed me out of over XXXX dollars. XXXX XXXX sent me a card and a {$100.00} gift card as an apology for my experience that I had with Quicken and XXXX XXXX.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-25

Correll Park, NC

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-22

Blackbird, DE

Loan servicing, payments, escrow account

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-22

Bellaire, TX

Loan servicing, payments, escrow account

Mortgage: VA mortgage

Complaint: XXXX XXXX, 2016 Quicken Loans, NMLS # XXXX XXXX XXXX XXXX XXXX, MI XXXX Re : XXXX 2016 payment Please note that we are requesting that you remove your late fees that were applied to our account effective XXXX XXXX, 2016. The attached check copies ( XXXX - XXXX 2016 ) notes the dates our checks have been mailed to your processing and accounts receivable department well within the given grace periods allowed. Your average timeline of 10-15 days to receive and process our checks to be presented to our financial institution is at minimum concerning, thus need to be investigated by the U.S. Federal Trade Commission. There are no other creditors we are in relationship with present this business practice concern. We prefer to use checks when paying our creditors and for the exception of Quicken Loans , Inc. this method has been successful. The U.S. Postal Service branch offices have assured us on more than one occasion that once we place our mail with U.S. first class postage stamps in their receptacles ; whether at my local branch or within my subdivision, it should reach it assigned address and zip code within less than 10-15 days. Why is your organization the exception? When receiving mail delivered by the U.S. Postal Service from Quicken Loans, Inc. dates noted on the documents have never shown the 10-15 day time span. No, online or auto-pay are not options we would like to put in place, there have been several instances of fraud through these methods and has not proven worthy to us. Please review the attachments as consideration for removing your fees and processing your check payments in a timely manner in order to honor your noted grave period. Best regards, Cc : U.S. Federal Trade Commission Bureau of Consumer Protection XXXX XXXX, XXXX XXXX
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-21

Frederick, MD

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-21

NY

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I am a XXXX on XXXX age XXXX. My wife is XXXX years of age. She works XXXX earning XXXX a year and upon retirement is entitled to XXXX state pension and social security retirement of approximately XXXX a year. Contracted with my wife to purchase home to retire to in XXXX. My intent is to move in now and my wife would follow when she retired in s year or so. Contract Price was {$380000.00} and we were putting XXXX down, {$110000.00}. I wanted my wife and I to applyfor {$260000.00} mortgage to XXXX based Quicken Loans. Quicken would only allow me to apply because my wife has a {$19000.00} mortgage on our current XXXX house paid in full next year. XXXX house is worth at least XXXX. We dealt with XXXX people XXXX XXXX, XXXX XXXX and XXXX XXXX. I currently receive {$120000.00} per year in social security XXXX and payments from XXXX private XXXX polices. Our current combined annual income is XXXX equal to the loan. We have a net worth of approximately XXXX including our XXXX house which only has {$19000.00} remaining on the mortgage and is worth at least XXXX. We have no debts other than credit cards which we pay in full monthly. The XXXX house appraised for more than contract price and it cost us {$450.00} for the appraisal. We gave them all financial documents requested. Pre mortgage approval was given earlier this year. Received a letter of conditional committment on XXXX XXXX and QuickenLoans gave a closing date of XXXX XXXX, 2016. Provided copies of my most recent XXXX checks from XXXX private carriers and documents showing direct monthly deposit into my checking account of social security XXXX payment. They requested documents that did n't exist such as a XXXX and an annual award letter from XXXX XXXX insurance company. Advised QuickenLoans they do n't exist. They Requested proof to confirm I would be receiving private XXXX payments indefinitely in the future which I could not produce. I then offered to make my working wife a co- borrower and provided copies of her most pay checks and XXXX. On XXXX XXXX, one week before the closing, I was informed my wife would n't be permitted to be co borrower because she works in XXXX and they would n't consider my XXXX income from XXXX XXXX company because I could not produce an annual award letter or documents showing I will receive it indefinitely in the future. They also expressed concerned my wife would XXXX soon. I explained she is entitled to a pension and social security retirement almost equal to her current XXXX annual salary. Her credit rating is in the XXXX and as high as XXXX. My low credit score is XXXX. There is no legitimate financial reason to deny us a loan. It is not based upon a lack of income, bad credit rating or net worth. It is obvious we were denied due to our age and my XXXX. The XXXX Civil Rights Commission found probable cause against Quickenloans for discriminatory practices against a XXXX borrower. Therefore, it has a history of doing this
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-20

Battle Ground, WA

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-20

Bellaire, TX

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: I purchased a new construction home and financed through Quicken Loans. The loan closed on XXXX XXXX XXXX and my mortgage payment was {$1300.00}. Quicken ran all the information for property taxes, state taxes, local taxes and did an appraisal on my home. XX/XX/XXXX, I started receiving letters from Quicken that my escrow was behind and my new mortgage payment would be around {$2200.00}. I was told by an employee at Quicken ( all calls are recorded ) that this new payment ( {$2200.00} ) would be for the next 30 years. I was later told by another employee it would just be until the escrow shortage was caught up ( roughly {$3000.00} ). Then I came to find out that the original mortgage was based off of the land value only and not the home and property taxes. I was told by an employee that they knew at the time of closing that my mortgage payment would increase dramatically in XX/XX/XXXX but no one told me. I NEVER would have bought the house under these conditions. In order to work with Quicken, I applied for a refinance at a lower rate to offset the additional costs and was declined. This was within 6 months of them approving me for a loan in the first place. Then Quicken Loans said I should apply for a loan modification/hardship. After jumping through hoops to supply them with additional information for the modification, I was declined because I have not lived in the home for 12 months yet ( a requirement they neglected to tell me ). Why have me go through all the suffering, worry, and extra work when they knew the loan modification was going to be declined on their end from the start? Then, they decided to try the refinance again. I was told rates were even lower because of the XXXX and the wasted time would benefit my interest rate. They wanted to run my credit again. They have ran my credit 3 or 4 times in the past 10 months which I understand negatively impacts my credit score. The original rate they quoted me never went down, even though they said it would. Due to all of these options we were trying to work out, I was told as long as I made my payment within the 30 day grace period my credit would not suffer. From the conception of this loan, I made all of my payments on time ( except the last couple of payments were made in the 30 grace period, as instructed by Quicken : we were waiting on the results of the loan modification as well as waiting on the refinance ( which was supposed to happen XXXX XXXX ). As a result of making a couple of payments within the grace period, I have received late payment charges applied to my account, late payment notices via mail, as well as harassing phone calls from Quicken. The refinance was n't ready for XX/XX/XXXX because they wanted to run my credit report again and I said No. Call it bait and switch, misleading, or shady all I know now I am in a position where I need help to resolve this nightmare. I have gone through enough suffering, worry, and wasted time and need help to come up with a workable resolution.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-19

WA

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: Home values have increased dramatically in my area. I believe my LTV is high enough to drop the PMI on my loan. I have had offers to purchase on my home above the required appraisal amount to drop my PMI. I went thru the process with Quicken and paid {$550.00} for their appraisal. The appraiser neglected to count one entire floor of my home and counted only 1/2 of my total livable square footage in the appraisal. Even though he included pictures of XXXX floors and a floorpan in the appraisal. None of the comps used had more than half of my homes square footage. The appraisal was obviously in Error. Quicken has denied my request to drop PMI and appraised my home at the original value I purchased it for over five years ago. Something needs to be done to rectify this obvious false appraisal.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-18

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-18

Gloucester City, NJ

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-07-17

Louisa, VA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: I am in the mortgage business and do things the right way. I hate those that play gimmicks and games with people. But this is another time when Quicken doing things that not only appear shady and unethical but against the code. Attaching a few pieces need to get explored. How are they taking from XXXX and posting that as a credit when there is nothing anywhere to suggest they can do that. That maybe is somehow acceptable, I just can not find it The part I am mostly hung up on is how are they breaking all code and FHA Streamline rules in giving back cash out to apply to closing costs. FHA Streamline is abundantly clear in every channel there is not a cash out option. How are they able to show there cost illustrations with cash out to cover closing costs? Seems illegal to me
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-16

Hollywood, CA

Shopping for a line of credit

Consumer Loan: Personal line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-14

Briones, CA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: We shopped long and hard for the perfect lender. The lender, Quicken Loans, said our " profile '' was very competitive and we were in great shape. Then they rejected quite suddenly before sending our " competitive profile '' to underwriting. The reason they gave was " Collateral : Does not meet seasoning requirements ''. Does n't collateral refer to the house? They never even sent out an appraiser, and if they had, they would have seen that the house appraised for thousands more than the asking price. We have excellent credit, even after every XXXX, XXXX and XXXX lender has hard-pulled out credit records as of this morning we are at XXXX for me and XXXX for XXXX. Further, after rejecting us and while I was scrambling to find another lender Quicken Loans told my realtor that our loan had been declined after all this time since we received our letter of approval. I believe it was completely out of line for Quicken to inform anyone of our loan being declined. We are a XXXX couple and sensitive to the possibility that we might have been singled out as being unworthy of credit due to our XXXX rather than our proven track record of spending within our means. Meanwhile, Quicken Loans suddenly decided that the debts of our non-profit corporation are suddenly our personal debts. Our non-profit has fully appropriate small business debt and some vendor credit which it pays timely. The non-profit it its own entity having its own tax ID number, own bank account and books that are strictly and carefully separate from ours and it files its own taxes. If the debts of the corporation are suddenly our debts then what about the income of the non-profit, is that suddenly ours as well? If not, then why are the debts of the non-profit our debts? Why did Quicken Loans repeatedly tell us not to speak to other lenders because they would take care of us and then they dumped us at the door to the underwriting team 's office? Why did n't the underwriting team have a chance to review our documents? Can you tell we are frustrated? Here we are in a contract on an affordable home and suddenly we have no mortgage with no plausible explanation of why we were rejected.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-07-12

Lithonia, GA

Settlement process and costs

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-11

Columbus, OH

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: I contacted Quicken Loans for a mortgage loan for a new home an XXXX XXXX XXXX. On the same Day, I spoke with quicken loan officer, XXXX XXXX who was helping me with the loan application. I gave him all the pertinent information for credit purposes. He asked me to send him XX/XX/XXXX and XX/XX/XXXX taxes of which I sent through his email. On XXXX/XXXX/XXXX, I wrote XXXX an email to make a follow-up on my loan application. My email was never returned. I followed up with several call ( XXXX ) XXXX ext.XXXX. All my call were never returned despite of leaving several messages. Credit disclosure was never sent to me despite of pulling our credit, the loan was neither approved nor disapproved to this day and no further communications. I believe I was a victim of racial bias and of national origin because of my accent.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-10

Phoenix, AZ

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-09

Effingham, KS

Settlement process and costs

Mortgage: VA mortgage

Complaint: I received military XXXX me from XXXX to XXXX in XXXX 2016. I shopped for a mortgage with XXXX, Quicken Loans, and XXXX receiving a Loan Estimate from each leader. I chose Quicken Loans on XXXX XXXX, 2016 because they offered me the lowest interest rate and fees for a mortgage. Everything was moving along until I received a re-disclosure package on XXXX XXXX, 2016. The re-disclosure package had three errors : 1. It added a {$730.00} fee for points ; 2. It increased my credit report fee from {$9.00} to {$25.00} ; and 3. It did not adjust my loan origination fee from {$1900.00} to {$980.00} as QL agreed to match XXXX loan origination fee. I addressed these errors with XXXX XXXX ( NMLS # XXXX ) on XXXX XXXX, 2016 in an email. He replied to me telling me the errors would be corrected prior to close. On XXXX XXXX, 2016 ( 6-business days prior to closing ) I was told over the phone they would not correct these errors. I now only have 5-business days until closing and feel I have been strung along until it was impossible for me to use another lender or have these issues addressed through the CFPB or the Department of Defense Inspector General. These fees represent a {$1700.00} increase to my closing costs which I must come up with in 5-business days. If I do n't go through with the mortgage with Quicken Loans I will lose over {$2100.00} in money spent for earnest money, inspections, surveys, estimates, and appraisals.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-07-08

Problems when you are unable to pay

Consumer Loan: Installment loan

Company Response: Closed with explanation

Disputed: No Timely Response