QUICKEN LOANS, INC.

2019-09-13

MI

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: For decades consumers have been making bi-monthly payments for the purpose of reducing the number of years for payment. I myself have been doing this with mortgage and financial companies for over 30 years. Typically mortgage companies and financial institutions would charge a " set-up '' fee for the privilege of bi-monthly payments, or if a customer was savvy enough, they could just simply do it themselves. Today I realized via some wording on their payment page - Quicken Loans does not apply bi-monthly payments. They hold the consumer 's payment in a " suspend '' account and only apply the payment to the consumer 's loan when the entire loan payment has been received. Not only is this practice immoral and unethical - it is reprehensible. I am sure they have found some legal loophole? How can they create a " suspend '' account and hold my funds? They are earning interest on MY money I have thought has been applied to my loan for years!!!!!! How can this practice be legal?
Company Response: Closed with explanation

Timely Response

2019-09-13

Harrison, AR

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2019-09-12

OH

Trouble during payment process

Mortgage: FHA mortgage

Complaint: I purchased my home in XX/XX/XXXX, for XXXX, PMI should have come off at 80 % XXXX XXXX. I refinanced with Quicken Loans in XX/XX/XXXX balance of XXXX, no cash out, they did not do an appraisal, original purchase price is what they used when I refinanced, now they will not remove my PMI and the balance is XXXX. They say the original price they base it off of is XXXX, but still the online estimates all say my home is between XXXX and XXXX. How can they illegally change the value of my home so it looks good in their books.
Company Response: Closed with explanation

Timely Response

2019-09-11

Charlotte, NC

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: Rocket Mortgage by Quicken Loans denied my loan application because of stated reason that I was ineligible for a loan. The date of this correspondence was XX/XX/2019. This reason sounded strange to me because my FICO score is over 800. When I complained to Quicken loans Client Relations department, I was sent an email on XX/XX/2019 stating that they are unable to provide me with a pre-approval letter because I did not provide my realtor 's email address. The correspondence went on to state that Quicken loans " ... need realtor information in order to move forward with a purchase approval, to ensure that we have strong communication with all parties involved and provide a smooth experience. ''
Company Response: Closed with explanation

Timely Response

2019-09-11

Patterson, MD

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I originated a loan with Quicken Loans in the spring of 2014. At that time I elected to pay my own taxes and insurance and for go a ESCROW account. Last year, I paid my property taxes one business day before it was due to the City of XXXX. I was assessed a late few. I called the City and gave them the transaction number and the operator told me it would be removed. I never received any further correspondence from XXXX City. I called in and they confirmed that the late fee removal is being handled under confirmation number XXXX. I received a notification from Quicken Loans regarding a shortage in my escrow account, which doesn't existing as I have never held. I explained to the operator the situation and that I would be paying my taxes on time as I did since 2014. I then paid my property taxes online. I later learned that Quicken Loans just went ahead and paid my property taxes for me with my approval, which resulted in a double payment. Additionally, according to the " Resolution Advocate '' at Quicken, they use a 3rd party name XXXX to track this payment. I did not authorize this and was never made aware of it until today. I was notified that my mortgage would go up {$710.00} ( see statement ) because of this issue. I simply cant afford my mortgage nearly doubling to no fault of my own. Additionally, {$710.00} per month is significantly higher than required to pay my property taxes ( see attached ) .I have discontinued the autodrafting on my account until this matter is resolved.
Company Response: Closed with explanation

Timely Response

2019-09-09

Co Spgs, CO

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-09-09

Fort Worth, TX

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: Quicken ( Rocket ) Mortgage sales rep pulled my credit report without my permission.
Company Response: Closed with explanation

Timely Response

2019-09-09

Beyersville, TX

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: Rocket mortgage has not payed my home owners insurance for 2019 enen thought funds are available in the escrow account. It was due XX/XX/2019. The insurance has canceled me. I have been notifying them of this issue for a week already.
Company Response: Closed with explanation

Timely Response

2019-09-09

Gladstone, MO

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Home equity loan or line of credit (HELOC)

Company Response: Closed with explanation

Timely Response

2019-09-06

Chelsea, AL

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-09-05

CT

Closing on a mortgage

Mortgage: Conventional home mortgage

Complaint: On XX/XX/XXXX I spoke with XXXX XXXX about refinancing my existing mortgage and combining it with a home equity loan I had taken out earlier. When he reviewed the terms of this new loan with me he stated the points would be in the neighborhood of {$4000.00} with a processing fee of {$850.00} and an underwriting fee of {$300.00}. I said I was not willing to pay that much and attempted to end the negotiation. XXXX asked if he could put me on hold while he spoke with his supervisor. When he returned, he stated the points would be reduced to {$3500.00} and I would get a lender credit of {$950.00}. I agreed to those terms. As the loan process got underway I received emails from their online tool, Rocket Mortgage, that there were documents available that I needed to acknowledge before the application process could progress further. When I reviewed a subsequent Loan Estimate Document dated XX/XX/XXXX, the points were stated at {$4700.00} with a processing fee of {$850.00} and an underwriting fee of {$300.00} and the Lender Credit was reduced to {$150.00}. The cost of the loan was now well above what I had already rejected during our initial conversation on XX/XX/XXXX. I called XXXX, he mentioned that my house appraised for a lot less then I thought it was worth on XX/XX/XXXX. I told him again I was not willing to pay that much for a loan. He said he would get back to me. Another gentleman, XXXX, called me an assured me that the original terms of the loan would be honored when I received the actual Closing Disclosure. He told me to acknowledge the form so that the loan would not be held up. When I received the Closing disclosure, date issued XX/XX/XXXX, the points listed were {$3900.00} with a processing fee of 700 and an underwriting fee of 300. No additional lender credits. I called XXXX again to tell him I was not willing to pay that much for a loan. He said that he could not honor the original terms of the loan because my house appraised at 270,000 and my loan was for XXXX giving a loan to value of 61 %. I suggested that a LTV of 61 % was quite acceptable and should not have impacted our original agreement. He assured me that there was nothing he could do. He insisted that this was a good deal for me and I was scheduled to close in just a few days. He kept pushing me to proceed with the loan, told me it was industry standards that I would not get a better deal elsewhere and I would have to start the loan process all over again with someone else and that would take months. Again I told him that I was not willing to accept these new terms, I agreed to proceed based on the terms presented to me on XX/XX/XXXX and I wanted to end my proceedings with Quicken Loans. He sent me an email on XX/XX/XXXX which is attached. I stopped taking his phone calls because they left me feeling frustrated, manipulated and insulted by his insistence that he knew what was best for me. I stated that I wanted a refund of my {$500.00} deposit. I went out to the Rocket Website and formally withdrew my loan application and called the attorney to cancel the closing scheduled for XX/XX/XXXX. I started looking for another Mortgagee and contacted XXXX XXXX. Their interest rate was 4.125 %, loan amount {$160000.00} instead of {$160000.00} and Points {$1400.00} with a {$500.00} lender credit. Attached is my XXXX Closing disclosure as proof. My LTV with XXXX is about the same, yet they didnt ask for almost {$5000.00} to process my loan, they did it for {$1800.00}. XXXX XXXX called me on XX/XX/XXXX. Again I had to endure conversations very similar to XXXX on how these new terms were mandatory, how this was a good thing for me and I wouldnt find a better deal. Both he and XXXX thought that by reminding me that I was so close to closing would convince me to take this loan. I interrupted him, thanked him for taking the time to speak with me and hung up. I received an email from him outlining new loan terms. I reviewed the email briefly but couldnt make sense of it, it contained total loan cost, total prepaids no actual line detail. After speaking with XXXX XXXX and knowing that a LTV of about 60 % does not mean I have to accept points of almost {$4000.00} ( {$4700.00} on XX/XX/XXXX ) I did not want to do business with Quicken Loans regardless of their offer. They put me through a lot of aggravation, waisted a lot of my time and insulted me by ignoring my decision not to spend {$5000.00} on this loan, which I stated repeatedly. They would decide how much I would spend for this loan even though I told XXXX on XX/XX/XXXX that I was not willing to spend that much for a loan. I contend that Quicken Loans should have been able to honor the original loan terms. My deposit was given based on the original loan terms. That deposit should be refunded to me since they would not honor the original terms until I formally closed out my application. Thank you
Company Response: Closed with explanation

Timely Response

2019-09-05

RI

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: I took a refinance mortgage with Quicken Loans Inc on a condo unit I owned in XXXX about two years ago. I was making a payment of {$620.00} a month. On XX/XX/2019 I received an email notifying me that my taxes on that property were paid, which was odd because I always receive the bill from the City and pay my taxes. I contacted Quicken Loans via email and they told me that they received an undelivered mail from the city that prompted them to establish the escrow on my account and pay the taxes and also increase my monthly mortgage payment. I told them that bill must have crossed in the mail and I also told them that I went ahead and made the payment in full on the taxes on the city website. I provided them the receipts of the payment via email as asked them to removed the escrow as it will mess up my online banking. I provided them the contact number of the City of XXXX and told them that the clerk confirmed to me that Quicken could verify my payment with a phone call. All they need is the account number associated with the property. They got back to me and said they could not do this and the escrow will remain on my account because they have the right to establish it. I asked them to put my account in dispute and to provide me with the proof that they have the right to establish an escrow account and increase my monthly payment without my knowledge but they never did. I also ask them to provide me with the agency they use for arbitration but they got back to me and said there is no process to dispute this via arbitration or any other way. A few weeks later I started to receive late notices stating that I was delinquent on my loan even though I was making my regular $ XXXX monthly payment 30 days in advanced and I have never been late. This payment was automatically setup from my bank account to go 30 days before the due date and it is still going out every month. I tried several channels including calls, emails to try to resolve this issue but no one at Quicken seems to make any effort to resolve this issue. Quicken has been reporting me as delinquent every month since XX/XX/2019 because of the shortage from the escrow account they established. My credit score dropped more than 100 points when Quicken started to report me as delinquent. They also keep charging me every month a late payment and sending me notices of foreclosure on my condo.
Company Response: Closed with explanation

Timely Response

2019-09-04

Laurel, NY

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: On XX/XX/2019, after several conversations with Quicken Loans ( the holder of my current mortgage ) in which it was established that they did not a have a mortgage product with terms as good as my local credit union, my wife and I received yet another call from Quicken Loans from XXXX who presented herself as someone in the customer retention department who could review the rates and perhaps lower them to retain us as customers. We mentioned several times that we did not want her to run our credit unless she had a rate that was acceptable. After a lengthy conversation she indicated that ( subject to our credit score ) they would be able to offer a mortgage of {$720000.00} for 30 years at a fixed rate of 3.65 % with no points ( we had been offered the same mortgage at 3.5 % at our local credit union ). We decided that since it was such a small difference and we were already customers of Quicken Loans, we would allow her to run our credit and begin the process ( our credit scores were both above 800 ). She ran our credit within a half hour of that call and called us the next day to explain that because it as a " Jumbo '' mortgage, the best they could offer was 4.85 %. In other words, they never had a mortgage to offer us at the rate they indicated and they ran our credit under false pretenses ( everyone in the mortgage business should be aware that a mortgage above {$480000.00} is by definition a jumbo mortgage ). We requested that they remove the " inquiries '' from our respective credit bureaus, as they had not been honest. The next day we received a call from XXXX XXXX ( Sr resolution analyst ) and we explained the entire situation to her and she agreed to review the recordings and get back to us. She called on XX/XX/2019 and said that they would not be removing the inquiries from our credit bureau, as she heard us both authorize the inquiry on the recording. We authorized Quicken Loans to run our credit under the false pretense that they had the mortgage product we discussed at length to offer us ( subject to a credit score above 740 and obviously the property appraisal and the rest of the long list of requirements for a 30 year fixed rate mortgage ). This inquiry ( as all credit inquiries ) had the effect of lowering our credit score. In our particular case, there were no consequences as we have already been approved for the mortgage at our local credit union ( and they just lowered their rate to 3.375 % ). Had this been done to someone whose credit score was only marginal, it would cost them thousands of dollars in interest or perhaps prevented them from obtaining a mortgage from anyone other than Quicken Loans. I hope this practice is illegal, because it is most certainly unethical. My wife and I look forward to your reply.
Company Response: Closed with explanation

Timely Response

2019-09-04

IN

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Information is missing that should be on the report
Complaint: I reviewed three credit reports today. XXXX, XXXX and XXXX. The XXXX report actually showed my Quicken Loans account closed and XXXX and XXXX do not have credit for months that have been paid. I filed a chapter XXXX bankruptcy in XXXX of 2018. My home was not included in the bankruptcy, and I have been paying the mortgage directly. It is even in my bankruptcy order that I will be paying them directly. They placed an unauthorized charge on my account for {$650.00} as an " advance on my behalf '', they are not crediting my account when payments are made and are not reporting my payments to the credit bureau to reflect on my credit report. When I called to find out why they were not reporting my payments, nor accounting for them on my statement they told me that the payments had to be reviewed by the bankruptcy court ( because it is protected by bankruptcy laws XXXX, I inquired as to which bankruptcy court and he said Quicken Loans attorney XXXX XXXX XXXX ( XXXX ). He also said once they review the payment then it is partially applied to my account. I asked why it wasn't showing on my credit report and he again stated because it is protected by bankruptcy laws. He went on to tell me when I pay the {$650.00} " advance on my behalf '' fee that the payments would then show up on my credit report. I'm not understanding how I'm protected from bankruptcy laws when it isn't helping my credit report? I attempted to call the Quicken Loans attorney, but they will not speak to me about my account without my attorney on the line. They have also removed my access to view my statements online.
Company Response: Closed with explanation

Timely Response

2019-09-03

Paterson, NJ

Applying for a mortgage

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2019-09-02

City Of Sunrise, FL

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-09-02

Lafayette Hl, PA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: Quicken Loans QL Loan Number-XXXX Escrow mismanagement P & I : {$490.00} Taxes : under {$4000.00} annually Insurance : PREPAID!!! Despite all of the above, Quicken is insisting on a new updated payment of over {$1700.00}!!! They have had updated information from me since early XXXX. I have requested an escrow review 3 times and they refuse without giving me a ny adequate reason.
Company Response: Closed with explanation

Timely Response

2019-08-31

CA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: Quicken Loans charged me {$500.00} for a home appraisal. The home was not appraised. The loan I applied for was not approved or declined. They left it in limbo. I am a single mother of XXXX kids and can not afford to pay for things I do not receive. I would like help getting my {$500.00} back from Quicken Loans.
Company Response: Closed with explanation

Timely Response

2019-08-30

Bromley Mtn, VT

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2019-08-29

Tarzana, CA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage

Complaint: I applied for a mortgage loan through Quicken Loans. My loan agent was XXXX XXXX, Senior Banker NMLS # XXXX. When we began the loan pre approval process I asked if combining my Wife 's income to my income is ok to do. I am a XXXX XXXX of a small XXXX and My wife works part time in the XXXX of the XXXX. I was wondering if it would work for the XXXX to pay our family in a package with my wife doing some work also. XXXX mentioned that it was not legal and we could not do that. I reported back to our financial team at the XXXX that the lender did not feel it is a good idea to combine what my wife makes to what I make. In order to allow for our family to live close to the XXXX and afford a home the financial team decided to give me a pay raise. They wanted me to find out what was needed in more funds to approve me to be able to buy home near the XXXX. On XX/XX/XXXX I text XXXX asking him what a XXXX or XXXX pay raise would get me. He responded with " Quicken Loans can't approve me for any other amount ''. I asked why? If I show the income then I can not be discriminated against. XXXX stated that He believed/it appears to him I was using my wife income not getting a true pay raise. I told him I did appreciate being told I am lying. A few days later I went back to XXXX and told him we are wanting to move forward with loan and the XXXX also decided to give me back pay/ bonus because of multiple years of making below the income mark for my position in a XXXX in our city. A few days later he told me to have a letter written from our financial team showing the pay raise. I did that. He also stated they need to know where the large bonus came from. I told them what it was and showed proof and a pay stub that it came to me from the XXXX. XXXX processed everything and got me approved. He had me pay XXXX dollars to commit. The appraisal was ordered and completed on the home. The next day I get a phone call from XXXX director saying that the fraud department denied the loan. No explanation was given other than they believed I " falsified ' or " inflated '' ( can't remember exact word ) my income to get higher approval. They also called into the question the legitimacy of the back pay/bonus. I feel like my integrity, our XXXX integrity, and our XXXX committee 's integrity has been attacked and we have been victims of discrimination. Maybe its because I am a XXXX or my belief in XXXX, XXXX XXXX ... I am not sure. But the way I was treated and the denial of a loan after an offer was already accepted on a house, inspections were already paid for and done. My deposit was already given quicken loans ... is thievery in my opinion. The financial loss needs to be made right and Quicken Loans needs to be held accountable for their behavior. I hope this companies protects many others from being victims of this criminal behavior.
Company Response: Closed with explanation

Timely Response

2019-08-29

Atlanta, GA

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Complaint: On XX/XX/2019 I received a notice from XXXX that there had been a change to my credit score. Upon reviewing the details of my credit I noted an inquiry was completed on both XXXX and XXXX by Quicken Loans, dropping my credit score by a total of 38 points and moving me down from an excellent credit standing to good. I have not applied for any loans with Quicken Loans. I have not supplied Quicken Loans with my personal information. I have not received any contact from Quicken Loans to confirm authorization to complete an inquiry on me nor complete an application of debt/loan on my behalf.
Company Response: Closed with explanation

Timely Response

2019-08-29

Phoenix, AZ

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: On XX/XX/19, I inquired about mortgage rates with Quicken online ; rates were displayed and I declined an invitation on the website for a return call as I was not interested in what was advertised. I received a call later in day at XXXX local time from XXXX XXXX , Senior Mortgage Banker ( NLMS XXXX ). The representative continued to gather information from me not indicating anywhere in the call that I was making a formal application until the very end. I stated I was seeking a rate estimate and fee information ; the representative repeatedly stated " interest rates are federally regulated and it was not necessary to shop around as all mortgage bankers are fishing from the same pool ''. Rates obviously vary between lenders and I asked for clarification, she repeated the same. The representative was abusive and deceptive. She advised I should " continue with the application, without giving me insight to rates or fees so that her Director can review the loan ''. I provided my exact FICO, DTI, profile, product interested in and loan specifics. Fee information could not be given and the call ended. The loan officer sent me a text with her information and I responded asking for her Director to call me. I advised I wanted to file a UDAP complaint and did not hear further.
Company Response: Closed with explanation

Timely Response

2019-08-29

Williamston, MI

Applying for a mortgage or refinancing an existing mortgage

Mortgage: FHA mortgage

Company Response: Closed with explanation

Timely Response

2019-08-28

CO

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account status incorrect
Complaint: Quicken Loans reported our account 30 days late when we have never been 30 days late. We refinanced our mortgage with Quicken Loans and closed on XX/XX/2018. They reported our account 30 days late on XX/XX/2018. Quicken Loans acknowledged that this was an internal error and stated they would remove the 30 day late payment from my credit reports. The 30 day late is still showing on XXXX and XXXX which is preventing me from refinancing my mortgage.
Company Response: Closed with explanation

Timely Response

2019-08-28

Katy, TX

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Company Response: Closed with explanation

Timely Response