QUICKEN LOANS, INC.

2016-04-29

Harsens Is, MI

Settlement process and costs

Mortgage: Conventional fixed mortgage

Complaint: I 'm having extreme difficulty with Quicken Loans 's unscrupulous business practices & breached or lack of commitment to what has been promised in terms of rates/costs for a potential refi in process.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-27

Mem, TN

Loan modification,collection,foreclosure

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-27

Camden, NJ

Application, originator, mortgage broker

Mortgage: VA mortgage

Complaint: On or about XXXX XXXX, 2016, I applied for a VA Mortgage with Quicken Loans ( QL ) because QL was listed as the nation 's second largest VA Mortgage lender at the VA website. QL demands that I prove that I possess {$12000.00} on hand to cover for the closing costs, however, QL refuses to break down what closing costs amount to that number. I did convey to QL that I had {$12000.00} in cash assets available before QL demanded {$12000.00} for the closing costs and then increased the amount to XXXX.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-25

Leary, GA

Loan servicing, payments, escrow account

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-25

Jefferson, NH

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-25

Springfield, MO

Settlement process and costs

Mortgage: FHA mortgage

Complaint: XX/XX/2015 I contacted Quicken Loans after received an offer from them for a home loan. The offer I received was for 3.625 APR FHA 30 years. After speaking with a few folks and agreeing to our credit being pulled and putting a good faith deposit up, we began the processing of refinancing my partner 's home so that I could be included on the deed to the property and the mortgage. The mortgage broker only offered us a FHA Streamline Refinance and I asked several times if this option will ensure that the Warranty deed for the property is updated to include me name. Each time he assured me that it would ( another Bank had told us we could not do this type of refinance because they would n't be able to add me to the Warranty deed and Title. ) We were quoted an APR of 3.99 % for the FHA streamline and told we should go with this option because any other option would be too difficult since it would require a home inspection etc. We proceeding and closed in about 3 weeks on the refinance. No issues over the last year, until recently we had to sell our home because we are relocating across the country. During the closing process, the title agency determined that in fact my name was never added to the Warranty deed for the property and that while I was liable for the mortgage, had something of happened to my partner I would have had to went through probate court because Quicken failed to update the Warranty dead as promised. This not only slowed down the closing on our home, but added frustration because for a year I had believed based on what I was told I was added to the Warranty Dead for the home and never was. Therefore I was paying on a mortgage to a house which I did not legally own. It was very shady to know that Quicken either failed to update the proper paperwork with our Country regarding the Deed or flat out lied in order to get me secured on a mortgage even though I would not legally own the property. It was very misleading.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-25

Des Moines, WA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-25

Springfield, MO

Application, originator, mortgage broker

Mortgage: FHA mortgage

Complaint: On XXXX/XXXX/2016, I began corresponding with Quicken Loans to inquire about a home loan. We had an issue with our previous Quicken loan, but were trying to overlook it because they were easy to work throughout our initial refinance on another home. I spoke with XXXX, who informed me that based on our situation since we were relocating across the country we would want to speak to a relocation mortgage expert. He forwarded my information to XXXX XXXX. XXXX called me on XX/XX/XXXX to discuss our situation and I explained to him the details of our move, etc. He sent myself and my partner a mini-application to complete because he recommended doing a " Mortgage First '' option through them. We completed the mini-application and he told me that we would be better off to leave my partner off the loan because he has a substantial student loan from getting his XXXX. Our original requested amount was for $ XXXX. XXXX informed me that he could approve me by myself for roughly $ XXXX and that might be an issue. We started discussing options and he continued to steer me towards FHA and when I would ask questions about conventional he would provide a generic statement and transition back to FHA. At one point, my partner had called him asking what options he could do to help to ensure we could both be on the mortgage such as selling his car, paying off debt, etc. XXXX informed him there was nothing that he could do and that I would need to do the mortgage by myself but we could both be on the deed to the home. After this I spoke with XXXX and informed him that my original income was overstated by {$3500.00}. He immediately informed me that my pre-approved amount would drop somewhere to $ XXXX or $ XXXX. At no point would he provide meaningful answers, I asked him what I could do to increase that number such as reducing debt, increasing down payment, etc and he informed me there was nothing that I could do and that maybe we should consider renting for a year and paying off some debt. I believe his job is to provide options, ALL options, and be honest and upfront and not discourage someone from getting a mortgage. Knowing that my student loans are not reporting a minimum payment on my credit report, he told me that he would calculate them at 3 %, which is significantly higher. It was at this point, when I would try to provide options and he would discourage me that I felt as if I were being discriminated against. It felt as if there was nothing I could do, to improve. Taking advice from a colleague my partner and I contacted another bank and began the process of pre-approving for a mortgage through them. After they reviewed our debt and credit, we were pre-approved in about XXXX minutes for $ XXXX. I felt as if XXXX has an issue with XXXX men being on a mortgage together and therefore discouraged us from applying from a loan with quicken. He provided no factual information to back up his claims that there was nothing we could do. The bank we are now doing business with, informed us that there are many things we could do such as paying off a car loan, paying off certain debts, etc. I felt as if I was being steered and discriminated against with Quicken which is very disappointing.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-23

Clarksville, MO

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: Requesting remediation for Fair Lending violations and predatory lending practices of property redlining and age discrimination by Quicken Loans and their XXXX ( XXXX Appraisal ). After researching home values in my XXXX in XXXX Missouri that confirmed a value of $ XXXX $ XXXX, my wife and I submitted a refinance application to Quicken to consolidate our $ XXXX 1st mortgage and $ XXXX HELOC. We had purchased our home for $ XXXX in XXXX ( it was appraised at $ XXXX at the time ) and we have invested around $ XXXX in upgrades and maintenance so we had no concerns that our appraisal would not support at least $ XXXX. At 80 % of the value, we applied for a $ XXXX loan. The sales rep said we 'd need to verify approx $ XXXX in assets for closing costs so we provided copies of a $ XXXX annuity and my $ XXXX XXXX We also disclosed $ XXXX in an XXXX and $ XXXX liquid investments with XXXX but were not requested to provide copies.Total verifiable assets of $ XXXX. Oddly enough, not a single XXXX of these assets is listed on the XXXX application ... the sales rep said he 'd add them later on. We were subsequently shocked and appalled to be told our appraisal came in at $ XXXX, thus {$2000.00} less than the XXXX appraisal. We immediately contacted a local realtor who is a seasoned pro at selling homes in XXXX XXXX and she balked ( and laughed ) at the appraisal and provided us irrefutable evidence of a $ XXXX value. I submitted the data to Quicken and the appraiser rejected it with no correction to the value. I requested a new appraisal and was told no. I requested my {$500.00} closing cost deposit back since I would not pay for a bogus property report and was told no. There was no field review, no desk top review, no Senior Review Appraiser analysis, no new appraisal ... .just plain no. XXXX then suggested I increase my closing costs to $ XXXX based on the low appraisal. Clearly a ploy to increase their revenue based on collusion with the XXXX. We were then further shocked and embarrassed to receive an Adverse XXXX for " low appraisal value '' and " insufficient cash ; insufficient funds to close ''. So $ XXXX is insufficient to close? When I questioned XXXX they said they had n't verified my assets yet and thus the decline reason for assets. Sounds like age discrimination to me in not accepting retirement assets ... .I 'm XXXX and my wife about to turn XXXX. In brief, the appraisal in wrong due to XXXX reasons : XXXX ) None of the XXXX comps are atrium ranches, a feature which was an {$8000.00} adjustment to all comps on my XXXX appraisal ( I offered a copy of the appraisal to the XXXX and she said it was too old ) ; XXXX ) Did not use an atrium ranch in XXXX XXXX listed for $ XXXX, the best listing comp available and yet not even mentioned ; XXXX ) Instead, used a far inferior comp down XXXX XXXX in a different neighborhood ( not XXXX XXXX ) on the corner of a XXXX XXXX and across from a mobile home park ; XXXX ) Put no weight on comp # XXXX ( directly across the golf course in view of my home and the most similar comp used ) at $ XXXX which sold for $ XXXX XXXX after the inspection ; XXXX ) Used a comp with no view of the golf course yet appraisal says it has a view ; XXXX ) No site adjustment of $ XXXX $ XXXX for my premium site with common ground in the front and backing to XXXX XXXX XXXX mature trees and golf course, XXXX ) GLA is XXXX not XXXX ; XXXX ) No upgrade adjustment for recently completed $ XXXX kitchen ( $ XXXX quartz counter tops and $ XXXX appliances last month, $ XXXX XXXX XXXX and $ XXXX tile floor last year, and $ XXXX appliances 2-years ago ; and XXXX ) Inadequate adjustment for the $ XXXX finished lower level of our home in XXXX. Bottom line is a completely inaccurate appraisal at $ XXXX vs. the correct value of $ XXXX - $ XXXX. And no satisfaction whatsoever from Quicken or the XXXX.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-22

San Francisco, CA

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: Please refer to my email below : I am writing to express my frustration and to let you know that I intend to file a complaint with the XXXX and other regulatory agencies about the neglect and misrepresentation I received from your institution. I have have been a mortgage payer for almost 20 years and NEVER have been late nor have any problems paying my mortgages even in the downturn when I could have walked away from my investments like many people in the same situation in XXXX. I like everyone else would like the opportunity to save money and I thought that by refinancing my home that I could consolidate my debts and apply the savings towards principal reduction of my mortgage. Needless to say, I was SHOCKED that I was declined even with an XXXX credit score and no mortgage late what so ever. I went to your institution as you claim to be an industry leader, great service, and that you have excellent rates. I spoke to your loan officer and though he was thorough in the beginning, he left me hanging after he originated the loan and left me with the processor as my go-to person. In the interview, I asked for a 15 year and a 30 year quote and to see what the payments would be. I opted for the 15 year as I feel comfortable with the payment terms and the worse case scenario we can do a 30 year term. At that time he said my back end DTI as like XXXX % even with a a 15 year term. He was confident that he can get this approved so I gave him an authorization to continue. I had reservations about the cost of the appraisal even thought the LTV is only XXXX % because I am very cautious and he told me that he did n't think it will be an issue. I was explicit in my instructions that I will not pay for the appraisal until the loan is approved but he somehow he still ordered the appraisal. I have tried to reach out to him multiple times to see what the status of my loan. Every time I tried to call him, it will just go directly to his voice mail. I left numerous messages to call me but he never bothered and referred me to the processor. It was nearly 30 days before I heard from the processor stating that my DTI ( backend ) was too high. I reached out to the loan officer and gave him ammunition stating that the front end was very low and the reason the back end was too high is because I have XXXX other investment properties that I am not XXXX % owner. This was fully disclosed in my loan application. XXXX investment property was a XXXX % ownership and the other was a XXXX % ownership. I tried to explain that both investment properties were acquired in XXXX and XXXX and that both have positive cash flow and that they are in good stating and NEVER been late even both of them were slightly under water then. Why would the bank decline me for this? the subject property has nothing to with these investment properties. If anything, they will just make things better because I will be able to pay down my debts. if your institution will hit me for XXXX % liabilities for these investments, why could n't they give me XXXX % income to compensate for the liabilities. I think this is very unfair practice and is very discriminatory to single person household who 's a co-owner of investment properties. Had the loan officer been more responsive, we could have saved this deal. The fact that he totally ignored me and did n't want to work with me was the straw the broke the camel 's back. Because of the time delay, I lost the rate lock and now I either had to pay the extension costs or re-apply again. I decided that I will not do either. Your company dropped the ball and now I am paying for it. I will not be endorsing nor recommending your institution to any of my friends. I had such a horrible experience that I decided to file a complaint with the agencies which regulate your industry. Sincerely, XXXX XXXX
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-21

Tomball, TX

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-20

Magnolia, TX

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Complaint: Quicken Loans Inc . Account # XXXX XXXX XXXX ( XXXX ) XXXX 2016, I had my insurance change my policy to lower my home owner policy. This lowered my payment, the insurance company refunded me {$52000.00} by check and I forwarded the check to Quicken Loans as request by them. They sent notice of shortage in my escrow account. They requested a payment of {$470.00} or {$1000.00} ( monthly ) from {$960.00}. I called Quicken Loans spoke with supervisor ( XXXX XXXX ) on XX/XX/2016, who forward a request to ( XXXX XXXX ). After several phone calls from her, we agreed to leave the payment the same till a review in XXXX. This agreement was due to lower insurance rate, taxes and the mortgage insurance would fall off in XXXX and all accounts had been paid for the year. I was notified XX/XX/2016 my payment had increased to {$1000.00}. After email to XXXX XXXX, she replied I misunderstood that such was not the case, and they would review it again in XXXX. I would have to pay the {$470.00} to escrow or make the Payment of {$1000.00}. There is no justified reason for this request ... .. XXXX XXXX.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-20

Scottsdale, AZ

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: I am building a new home through a home builder XXXX. They offer financing but I wanted to shop around. I contact Quicken Loans to see what they can offer and the person I spoke with was very nice. After the app I was sent a intent to proceed that I had to sign and give my credit card info. I did not want to give my credit card number but was told that if I do n't I can not proceed. I was assured by the loan rep that it will not be charged unless I cancel and Quicken Loans has already done/ordered the appraisal. Well XXXX3 week later Quicken Loans changed the loan structure without discussing with me. They changed the down payment, monthly payment, and terms without discussing with me. I called and e-mailed but no response so I cancelled the loan with them. They immediately charged my card {$500.00} for fees incurred. When I asked why they said for appraisal fees and credit fees. This is a new construction loan and the home had not even broke ground yet. I have called over 6 times to request a refund since there is nothing in writing about the fees and each person I speak with there says I need to call someone else to discuss the issue. I sent over XXXX e-mails also with no response back from the loan rep. Quicken finally refunded XXXX of the XXXX but will not refund the remaining or give me a reason for the charge or copies if the doc that I signed that gives them authorization to charge me that.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-19

Portland, OR

Application, originator, mortgage broker

Mortgage: VA mortgage

Complaint: Quicken loans is reporting that I have Tax Liens even though I have paid them off and are informing me that I do n't qualify for a VA Home Loan because of it. Can you help me with that?
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-16

Jersey City, NJ

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-14

Tampa, FL

Loan modification,collection,foreclosure

Mortgage: FHA mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-13

Chicago, IL

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: on XXXX 2015 I applied for mortgage refinance from Quicken loans. My understanding Quicken loans will inquire about my credit once, instead QL inquired 3 times in less than one month.
Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-12

IL

Application, originator, mortgage broker

Mortgage: Other mortgage

Complaint: I called Quicken Loans for the limited purpose of obtaining information regarding alternative loan programs and their respective rates. Although the purpose of my call was clearly stated, the Quicken Loans representative asked a number of invasive questions, some of which I answered. Finally, when it became apparent that the Quicken Loans representative would not furnish the desired information unless I provided more confidential information, I terminated the call. The attached e-mail exchange then ensued between Quicken Loans and me. I respectfully request CFPB to issue an opinion as to the merits of my claim that Regulation B does not apply to the information furnished by me and that Quicken Loans is not prohibited by Regulation B to expunge such information. Thank you, XXXX XXXX
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-11

Ridley Park, PA

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-11

Wonder Lake, IL

Application, originator, mortgage broker

Mortgage: Conventional fixed mortgage

Complaint: Mortgage representative, XXXX XXXX, with Quicken Loans specifically told me that my refinance loan would be locked in at 3.5 % with no points or closing costs. When I got the paperwork it showed 3.75 %. I have the emails and message board showing his promises.
Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-10

Sarasota, FL

Application, originator, mortgage broker

Mortgage: VA mortgage

Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-04-08

Boise, ID

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: Yes Timely Response

2016-04-08

Midwest City, OK

Loan servicing, payments, escrow account

Mortgage: Conventional fixed mortgage

Company Response: Closed with monetary relief

Disputed: No Timely Response

2016-04-07

Carson, CA

Application, originator, mortgage broker

Mortgage: Other mortgage

Company Response: Closed with explanation

Disputed: No Timely Response

2016-04-07

PA

Credit decision / Underwriting

Mortgage: Conventional fixed mortgage

Complaint: My loan application at Quicken Loans was denied. I have great credit ( XXXX credit score of XXXX ), had plenty of liquid funds on hand to close on the loan, and my DTI ratio was well below the standard for sound underwriting. While I was loan shopping, I asked Quicken to provide me with a Cost Estimate so that I could do a comparison of closing costs/rates for various lenders. They had sent me a mailer that stated that if they were unable to match the lowest rate that I found, that they would give me {$2500.00}. When I asked for the Cost Estimate, I was told that they could n't provide me XXXX unless they got something ( I forget what that something is, but it was captured in the chat communication ). I advised the loan officer that according to the CFPB, I only needed to provide the XXXX key pieces of information which I had already supplied. The Loan Estimate was provided on XXXX at XXXX and my loan was subsequently denied at XXXX. The reason provided for denying my loan application was " due to too many inquiries ''. However, a quick check of my credit would have revealed that the inquiries were all related to me starting the mortgage shopping process. This leads me to believe that Quicken did n't want to stand by the {$2500.00} offer that they had provided in the mailer. I prefer believing in that than over the alternative, which is that I was denied the loan because of my race which is pretty obvious by my name.
Company Response: Closed with explanation

Disputed: No Timely Response