QUICKEN LOANS, INC.

2016-07-07

Finksburg, MD

Loan servicing, payments, escrow account

Mortgage: VA mortgage

Complaint: Quicken Loans has been the best mortgage dealer we have ever worked with. But now they are telling that it is going to take 2 days to draft electronically. Really? Does this sound right to you? Are they going to be benefitting financially by creating a two day slush fund? " Due to some recent changes going into effect on XXXX XXXX, 2016, the recurring payments you have set up through MyQL may take up to 48 hours to draft from your account. For example, if you make a payment on Monday, the deduction will reflect in your bank account by Wednesday. However, it 's still important to ensure that the funds are available on the day your payment is made. You will continue to get credit for making the payment on the day it was scheduled. There will be no late fees associated with this timeframe change. ''
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-06

TX

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: I am discovering that a HUD was created after closing with XXXX XXXX on XXXX XXXX XXXX and also learned that there is prior contamination to our property not disclosed to us at any point and time. Ever since we bought this house we have had so much fraud on almost every account we have. My XXXX and XXXX accounts have also been hacked into and I have since learned that quicken loans owns both of these companies. My biggest concerns are why there was a HUD created 9hrs after closing documents were signed me and XXXX XXXX. The stress from this entire process has caused so many problems in our marriage that we are no longer even living together. After almost a full year we set up auto draft with quicken loans in XXXX XXXX. XX/XX/XXXX-XX/XX/XXXX pulled with XXXX issues but in XX/XX/XXXX I got a phone call from someone claiming to be quicken loans stating our payments were now coming back invalid. I called my bank and they read the numbers to the rep with quicken loans and discovered a number was now missing from the account number. Now quicken loans claims that never happened and instead numbers were swapped around. Either way it happened it should have never even happened with an account prevoisly set up on auto draft and not having prior issues in the months prior. I asked for copies of my escrow checks and the rep XXXX denied me access to these checks and said I did n't have good reasons to request these checks. Now the EPA is claiming their is a criminal investigation for fraudulent sale of the property and that i should have been given a disclosure at closing about what the land was previusly used for. I can also not find a release of lien on a mechanics lien filed with XXXX county in XX/XX/XXXX and I can only find a partial release
Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-05

Charlottesville, VA

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-03

MS

Credit decision / Underwriting

Mortgage: FHA mortgage

Complaint: We have been dealing with quicken Loans for the past 90 days and had a terrible experience. Back in XXXX we started the process to transition our construction loan. They told us they need XXXX 45 days. Our originally closing date was XXXX XXXX. We were going back and forth. Every week since XXXX we were told we would be closing within the week every time we called them. Never were told if any issues. Finally in the middle of XXXX after My husband had called them every day we were told about an issue with XXXX of our construction loans being unsecured. I spoke with the bank that handle our construction loan and we had that small loan changed to a personal loan so we could get our mortgage closed. It was costing us {$33.00} a day in interest and all we wanted to do was close because we were told we would be closed by XXXX originally. We continued on for several weeks almost every Monday we were told we would be closing by that Friday or Saturday. One week ago I was very frustrated and posted a comment on XXXX about how it had been 80 days and it is unexceptable. My husband and I have good credit, good income and they told us it would be a quick and easy process. We had people from the corporate calling us that Saturday trying to get the loan straightened out.Monday we had a XXXX call us telling us we were getting {$5000.00} credit and {$500.00} back in cash because how quickens handled the loan. Thursday morning The vice president of the bank we have our construction loan through and my husband XXXX way quickens because of all the miscommunications and delays. The interest rate expired several times throughout the process and i asked everytime because the interest rate expired we should get a better rate because this was not our fault and they kept giving me the same interest rate saying there was nothing they could do and they tacked on several fees i would have put more documents in the upload section but quicken loans deleted several of them they were trying to charge us XXXX for the appraisel wich is unheard of a long with several other fees but they have been removed i 'm sure they still have documentation of this.The vice president of this bank really stood up for us and told them how unorganized this process has been. After they all disconnected the call quickens called my husband and told him they could not continue because our construction loan expired XXXX XXXX. Quickens has known it was expired for two months. Now we are paying {$6100.00} in interest fees to extend our construction loan and met with an attorney about recouping our losses.
Company Response: Closed with monetary relief

Disputed: Yes Timely Response

2016-07-01

City Ranch, CA

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Company Response: Closed with explanation

Disputed: No Timely Response

2016-07-01

Asheville, NC

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-30

S Charleston, WV

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-30

Copiague, NY

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-06-30

Eldorado, WI

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: I received a call from Quicken Loan saying our escrow account was deficient {$1100.00} plus and we needed to pay it. The reason they gave did not make sense - that our escrow account was short that amount because our home owners insurance went up {$100.00} annually. We told them that did n't make sense and that our real estate taxes went down approx {$200.00} which would more then make up for it. Besides they had already paid the taxes in full in XXXX 2015 which we reminded them of. I explained to them that there were 2 options on how to pay - a total payment due in XXXX which they did or 2 installment payments one in XXXX and one in XXXX and it looked like they thought the XXXX installment needed to be added to the full amount they already paid. They could n't wrap their heads around this, insisted we had to be wrong but said they would check and get back to us. One week or so later they called with good news that they figured out what happened and of course it was what we had told them in the first place but now we only needed to pay approx {$300.00} plus for the escrow shortage which still did n't make sense but I 'm exhausted because we are going through an incredibly hard time in our lives and I agreed to what was offered to me which was to divide the amount up over 12 months. I 'm thinking I would address this later after things settled down for us. After that I received a call from a debt collector and I reported this to Quicken and they were very sorry and that should not have happened but they would take care of it. Next a statement or a phone call saying there was a {$23.00} late fee. I called Quicken and again sorry and they would reverse that fee. Another call from the debt collector - reported this to Quicken as well. Then they told me I was not making my payments on time. When we first started paying on this loan the due date of the XXXX came before my husbands soc sec check so we figured out together, Quicken and myself when it could be paid and still be in the grace period. This was their recommendation. And so it went until this bizarre call about our escrow account being short way back at the beginning of our complaint. On Apr XXXX my husbands XXXX died. On XXXX XXXX his XXXX died. On XXXX XXXX my XXXX died and on XXXX XXXX while we were at the funeral we got word my XXXX died. On Tues XXXX XXXX after returning from my XXXX funeral I opened a statement from Quicken showing an escrow shortage of {$530.00}. I called them and am waiting for a call back. Somewhere in these phone calls I asked if we could handle our own escrow. Because it is a FHA Gov. loan we have no choice but to escrow through Quicken. The only way for us to do our own escrow is to refinance into a conventional loan. You ca n't make this stuff up!!!! I feel they need to first fix this, then apologize and then compensate us for this entire matter that should not have happened in the first place. Included in this complaint is also a claim of harassment which needs to be addressed as well.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-06-30

NY

Settlement process and costs

Mortgage: FHA mortgage

Complaint: In XXXX I was contacted by XXXX XXXX at Quicken Loans saying I qualified for a FHA mortgage refinancing program ( Quicken financed our home purchase at XXXX XXXX XXXX, XXXX, NY XXXX in XXXX XXXX ). We were told that our interest would drop .5 % and our mortgage payments would be lowered, plus we would receive the our escrow balance ( {$2600.00} approx. ), would not have to make our XXXX mortgage payment as it would be rolled into the original loan payoff, while skipping a payment in XXXX as well, since the new payment schedule would start XXXX XXXX, XXXX and I ( we ) would incur a minimal payment to close the refinance. Through a series of events around property tax adjustments our escrow payments were to increase approximately $ XXXX/mo. In good faith my wife and I decided this deal would still work out for us, based on the original premise of having our escrow funds returned to us and essentially skipping two months of mortgage payments. We signed the closing papers on XXXX XXXX, XXXX. During the mortgage adjustment and pay-off process in early XXXX, I asked about making our XXXX mortgage payment as we were prepared to make it and were concerned about having a late payment show up on my credit report. Again, we were told not to worry about making the payment and that we would incur a {$49.00} late fee, to be paid at closing, if the refinance closed after XXXX XXXX. On Tuesday XXXX XXXX, I spoke with a Quicken representative about setting up the closing for Monday, XXXX XXXX, XXXX. At that time, I again asked about receiving the escrow to be credited to us and was told that yes the escrow money would be received about 3 weeks after closing. On Friday, XXXX XXXX a message was left on our home telling us we had to make the XXXX mortgage payment in order to prevent any negative credit reporting due to the 3 day waiting period required by FHA financing regulations and the funds will not be disbursed until XXXX XXXX. This is the first complaint about this process, which we had Quicken Loans investigate through XXXX XXXX ( XXXX ). On Wednesday XXXX XXXX I was contacted by XXXX telling me that their investigation did prove we were told not to pay the XXXX mortgage and Quicken recognized the error, so we did not have to make the XXXX payment after all. However, she also informed me that we would not be receiving the balance of the escrow account as it had been rolled back into the mortgage to cover closing costs, we submitted a check {$1000.00} for related closing costs on Monday XXXX XXXX and were not told about the escrow being rolled into the new loan at this point. We have until Thursday ( today ) XXXX XXXX to rescind the contract signed on Monday, XXXX XXXX. After careful consideration based on what we were originally told at the beginning of this process by XXXX XXXX and other Quicken " specialists '' we will be cancelling the contract given my legal rights established by federal law. Knowingly or not, this deal is deceptive at best and will appreciate an investigation into this complaint. We have been put under unnecessary duress during the last 30 days, given erroneous information by Quicken since our first conversation with XXXX XXXX, and would be financially harmed if this refinance goes forward.
Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-06-29

Arsenal, PA

Loan servicing, payments, escrow account

Mortgage: Home equity loan or line of credit

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-28

FL

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I applied to refinance my mortgage online with Quicken, explained via a chat session that I wanted the lowest rate available without paying loan origination fees or points. The originator XXXX XXXX confirmed that he understood and quoted a 30 year fixed rate on my loan request of 4.05 %. Then a little later after I deposited {$500.00} with the company for the appraisal fee, I got the Loan Estimate ( LE ) which had a loan origination fee of {$3300.00} ( 1.25 % ) and a {$790.00} processing fee. On the credits side of the LE, there was a {$2000.00} lender credit to absorb some of that fee, but in my opinion {$1300.00} in origination charges was {$1300.00} more than was explained to me initially. That 's a large difference. I brought this to my loan originators ( LO ) XXXX XXXX and was unable to come to an acceptable resolution as he said that the highest rate he could charge me was 4. % and the lender credits would be larger absorbing fee. I did n't want my rate to increase that much, as that would have a material impact to the affordability of the loan and I felt that I had been intentionally mislead. I was then referred to a client resolution expert. He was able to help somewhat and increased the lender credit to {$3000.00} which did a better job at offsetting the {$3300.00}. Ultimately, I paid 4.125 % because that provided a large enough lender credit to make the loan affordable for me. During the process Quicken send me XXXX different LE 's without an actual change in circumstance or condition or request by me. I would get notice that there was a new LE. The fees or rate were always higher. I would then bring that to their attention to which Quicken 's reply was " whoops, that was a mistake '' I think that Quicken systematically uses bait and switch tactics to mislead and deceive consumers into doing business with them. I feel that they would have taken more advantage of me if I was n't as diligent to review every LE that was sent. Also outside of deception, the processing time was almost 60 days, and the morning of closing they canceled the transaction on accident. When I called to get it resolved the closing specialist said " oh, that happens all the time '' After my recision they wired the funds to the settlement agent so late in the day that they could not send out the wires on the same day. Thankfully there was not additional charges to me for that. Overall it was a very frustrating experience filled with deception and rudeness from XXXX XXXX.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-06-28

Tarzana, CA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: Quicken Loans, Loan officers do not understand their programs or their guidelines. Are quick to pull credit!! I work for a Lender as an Account Executive so I understand my guidelines!! When a scenario comes across my desk I know how to answer the borrowers or brokers questions. I do n't pull credit first like Quicken Loans wants to do. Watch out Quicken Loans Loan officers are quick to pull credit! I called Quicken Loans and spoke with two different loan officers and explained my scenario. I did not want them to pull my perfect credit which is a XXXX FICO. I asked them if they can work with me, I have been at my job for less than 1 year. The first Loan Officer would not help and could not answer any of my questions, she was adamant about pulling my credit so I hung up. I immediately called back and spoke with another Loan Officer and again this loan officer had no idea how to answer my questions. Each time she put me on hold to ask her supervisor. After 30 minutes of her badgering me about needing to pull my credit, I accepted. Then she took my email and phone number and said she would call me back the next day. The next day she called and said she could not help me because I was not in my current job for more than two years. She ca n't refinance my house due to the job qualifications. This is a horrible business practice, pulling credit hurts the credit score! The Loan Officers should have known their guidelines! In many cases if a FICO score is on the cusp of qualifying for a certain program and is pulled and pulled the FICO will go down and disqualify the borrower. I 've seen this happen many times and the borrowers can do anything about it! The credit inquire will stay on my report for 2 years and effect my score for 12 months. This is totally unacceptable! I wanted to educate everybody about this horrible business practice Quicken Loans is doing so you will not have this happen to you. Be aware, Quicken Loans is not a place to get customer service with your house refinance or purchase. The Loan Officers do not know their guidelines!! There is no need to pull borrowers credit up front before you pre-qualify them! I received and email response from Quicken : Hello XXXX : Thank you for your reply. I apologize again that you are unhappy with the credit pull process. We do pull clients credit up front, however it is not to meet quotas, but to ensure that clients credit qualify before we provide them with a personalized quote and pre-approval. I can not attest to what was advised regarding the income, but I will be sure to review this with our banking leadership so that any opportunities are addressed on their end. As for my note about the credit team, I was including that for awareness as you were indicating in your feedback that we could affect client 's scores negatively and then proceed to deny them financing. I just wanted to advise that there is a process in place for clients who are on the cusp of qualifying for your awareness. I appreciate you following up with me with your additional concerns and will be sure that this is reviewed internally with our leadership so that any issues regarding the qualification knowledge of the team members you worked with can be resolved. XXXX Social Media Advocate Quicken Loans
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-06-28

NC

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: Quicken Loans Mortgage Company has been making credit inquiries on my credit report since XX/XX/XXXX. Quicken Loans are using a Company call XXXX to make inquiries on my credit report. Quicken Loans / XXXX are causing my credit score to decline from mid scores of XXXX down to lower scores of XXXX on my credit record due to their inquiries. I need this stopped immediately and my credit score returned back to XXXX+ score, prior to a mortgage loan they process for me doing that time. Documents Quicken Loans would need Finance XXXX, XXXX XXXX XXXXXXXXXXXX XXXX XXXX/XXXX/XXXX at XXXX To XXXXXXXXXXXX Message body XXXX We would need : XX/XX/XXXX & XX/XX/XXXX Tax returns XX/XX/XXXX & XX/XX/XXXX XXXX XXXX paystub dated within the last 30 days Lease agreement for rental property. XXXX Quicken Loans XXXX XXXX | Mortgage Banker Direct : ( XXXX ) XXXX | Toll Free : ( XXXX ) XXXX XXXX Cell : ( XXXX ) XXXX | Fax : ( XXXX ) XXXX | XXXX # XXXX Highest in Customer Satisfaction in the U.S. by XXXX. XXXX XX/XX/XXXX - XX/XX/XXXX Primary Mortgage Origination | XX/XX/XXXX - XX/XX/XXXX Mortgage Servicing
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-23

Atl, GA

Loan modification,collection,foreclosure

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-23

San Antonio, TX

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I applied for a home refinance loan and used an appraiser my lender sent. The appraisal came back significantly low and I was not able to get qualified. This was a poor appraisal because it did not accurately reflect my home worth. The appraiser used homes outside my subdivision even though they are still building in my area and new homes have sold. The current builder in my subdivision has starting prices higher than what I bought my house for. I contested the appraisal by submitting additional sold homes in my area but nothing was taken into consideration I submitted. My old realtor found a higher value based on sold homes in my area. My county property tax appraiser would not even honor the vendor 's appraisal because they said it did not reflect the area and did not " feel comfortable '' lowering my taxes to reflect that value. I have supporting documents but not at this time of completing the complaint. Documents can be submitted as needed.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-22

Lithonia, GA

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-22

New Albany, IN

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-22

NJ

Loan servicing, payments, escrow account

Mortgage: FHA mortgage

Complaint: I requested a bi weekly mortgage payment with quicken loans which began XXXX XXXX 2016 when I went on line to check to see that the payment was applied I noticed that as of XXXX/XXXX/2016 they had put the payment into suspense. When I inquired about it they told me that the payment would be applied on XXXX XXXX, 2016. I believe this is against the law as the payment should be applied effective to the date received. My call was forwarded to a XXXX XXXX at the executive office who initially informed me that this was disclosed to me, I said it was not, she subsequently rescinded that statement. I ask that the CFPB begin a regulatory inquiry into this matter, if people are paying on a bi weekly basis there payments should be applied that way.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-22

Durham, NC

Settlement process and costs

Mortgage: Other mortgage

Complaint: My complaint concerns compliance with the Home Mortgage Disclosure Act. By section 1003.5, I can request HMDA data directly from a lender after XXXX XXXX, and expect to receive it back within 30 days. I requested HMDA data from Quicken Mortgage on XXXX XXXX, 2016. I have not received a response. I followed up by telephone on XXXX XXXX. The company routed me through many different departments and then hung up on me. All along, their response [ paraphrased ] was " let us see about your request and if it is our policy to fulfill it. '' I would like to receive their HMDA data. Also, I asked for any HMDA data related to their subsidiaries. I believe they have a subsidiary named XXXX XXXX, XXXX. If that is a part of their institution, then I would like to receive that data as well. I would like the data in excel, .data, or text file. I am certain that they keep their information in a digital format, so that should be an easy means of executing on this process.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-20

Las Vegas, NV

Application, originator, mortgage broker

Mortgage: Conventional adjustable mortgage (ARM)

Complaint: We called Quicken for rates and fees. The rep stated that the rates were 2.75-3.375. After calling us back the rep stated rates were XXXX points and XXXX. The rep also said we did n't have programs available ft hat were promised for like 1 % down programs during the application process.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-20

Warrenton, VA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Loan Number XXXX, for property address XXXX XXXX XXXX, XXXX, VA XXXX Almost one year ago, I purchased a new home. The mortgage company we choose to use was Quicken Loans. This company was XXXX of the preferred lenders from my agency, so I went with them. Just recently, I received papers and billing statements from Quicken stating my current mortgage of {$2900.00} would be increasing to {$3300.00}, a {$400.00} increase. I contacted Quicken to inquire more details. Initially all they could advise was there was a shortage in my escrow, and this was needed to cover it. I dealt with client relations, who then forwarded me to a senior research team member, XXXX XXXX ( XXXX ). XXXX XXXX did some research, as did I, and found out that nothing has changed regarding my taxes or homeowners insurance. There had been no tax increase at all. XXXX XXXX acknowledged that Quicken made an error and they were very sorry for the mistake. I advised {$400.00} a month was not an option, and they have put me and my family in a financial hardship. I inquired about refinancing my current loan ( conventional loan at 3.99 % ) to a lower interest and possibly getting rid of the PMI. XXXX XXXX advised if this could happen it would be at very little cost to no cost for me. I was then sent to someone to calculate if this could happen. They advised it would cost Quicken too much money, so that would n't be an option. XXXX XXXX then asked if I would be willing to do a loan modification. I told her only if it did n't effect my credit. She then determined it would effect my credit so that was not an option. XXXX XXXX was very sympathetic and apologized for their error. She then suggested they might be able to get the shortage of {$2800.00} spread out over an additional length of time, thus increasing my monthly mortgage to {$3100.00} instead of {$3300.00}. I advised the increase would still put me in a financial hardship and I would have never purchased this home if I knew the mortgage payment would be this high. My home was XXXX of the last homes ( XXXX total homes ) in my subdivision to be built, so the research and information was out there for Quicken Loans to give me the correct information. I understand if my taxes increased, then of course my mortgage would increase. However this increase is only due to the incompetence of Quicken Loans and their failure of due diligence.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-17

Charlotte, NC

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-17

Bremen, GA

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: How can Quicken Loans own an Appraisal company who is always selected to do their appraisals?
Company Response: Closed with explanation

Disputed: No Timely Response

2016-06-17

Cypress, TX

Settlement process and costs

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response