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Quicken Loans

United States,
Michigan

Consumer complaints and reviews about Quicken Loans

Toyotafan123 Send email
 
Mar 24, 2012

Customer Service Doubletalk

Anyone who would get a mortgage without spending a few hundred dollars more for an attorney to review and explain it to them is an idiot. You get what you pay for.
Dklimt Send email
 
Mar 24, 2012

Customer Service Doubletalk

Caveat emptor

I refinanced my mortgage with Quicken less than a year ago (Summer 2012) and I’ve had some questions about what I was told then compared to what I’m being told now. In addition I’m getting contradictory information from them – from one day to the next.

I started with my originating loan officer and named names in terms of what I had been told and by whom. It quickly got bumped to Client Relations. My questions and situation were too complex for the first person I spoke to so they politely bumped it to a Senior Client Relations person by the name of Stacy McGrath. She told me the loan was so old (six months) that Quicken couldn’t research the issue. And then proceeded to talk to me like I was a young child, a small animal, or an idiot. She was a script reading semi-borderline antisocial personality who wouldn’t engage me on any of the issues. Stacy McGrath did more harm than good.

I went ballistic and was bumped to the “Executive Office” and assigned to a guy by the name of Jeff Szerdi. He was towed the company line – and between him and another Mortgage Banker who got caught in the middle of this - I’ve been given unsettling and bare faced contradictory information ( in writing).

I pointed this out to Jeff Szerdi, asked some pointed questions and asked to be put in touch with a manager or a director. (I think I pissed him off when I told him I wanted to speak to an adult.) I got an email back from the guy apologizing for “confusing and frustrating” me but telling me he wouldn’t escalate this. He’s refusing.

He told me that I had already reached the “Executive Office” – that he had clearly explained Quickens position and my options – and that was pretty much the end of it.
I don’t think so. I’m going to contact the California Board of Corporations (The regulator in my state) and the Michigan Attorney General’s office.

But I still want to talk to an adult at Quicken. If anyone knows who the head of Client Relations is- or who is in charge of the “Executive Office” - or where I can find an employee phone directory (or org chart) – please email me a dklimt (at) yahoo.com
Kiet Thich Send email
 
Feb 23, 2012

Unethical mortgage practices

Quicken Loans ripoff $500 on my credit card. Every thing was communicated on the phone and Internet. They said I qualified and approved for refinance. I sent them my income tax return, work income statement, and all my bank financial information. My credit score are excellent, and my current mortgage payment had never been late. My home equity over 40% of the loan. They finally denied my loan and refuse to refund my money. I was very piss off. I want to file a law suit and going to report to police.
Send email
 
Feb 23, 2012

Unethical mortgage practices

I had begun the mortgage process with Quicken Loans in May of 2008. After I had begun the application process my credit card was charged $500 without my consent. When I called Quicken Loans about this they mentioned that it was simply a deposit and that it would be applied to the closing costs of the home. This sounded legitimate so I allowed them to continue with the process. Everything was going fine until 2 days prior to inspection my loan officer mentioned that the appraiser classified the townhome I was purchasing as a condominium. This would result in a down payment of 10% rather than the original 5% agreement. I inquired with numerous individuals including my realtor, home inspector and other loan officers and none had ever heard of such a practice. My loan officer said the company made an "acception" in their favor because we must pay association dues every month to cover the cost of the pools, tennis courts and other facilities. He insisted that if I were to go with another mortgage company I would run into the same problem. After this problem had been passed to his superior without change, we decided to go with a mortgage company recommended by our realtor. Within one day our mortgage application was processed, we were given a rate that was .25% lower than Quicken's and without any points, and our estimated closing costs were $6, 000 less when compared with Quicken's costs. (I won’t mention the name of the company but it rhymes with Untree Wide) I later received a phone call from another superior at Quicken Loans. He inquired to the situation and I mentioned how we were now with another company. I mentioned of the better rates and lower closing costs and why theirs were so high. He asked me if they provided me with better offers that would beat my new company and took away their "acception" of a 10% down payment, would I stay with them. At this point I asked for my $500 deposit back since Quicken was no longer going to be processing the loan / mortgage. He disagreed to the refund and did not give a reason. My suggestion... find another lender.
Dagmar Rheinheimer Send email
 
Feb 23, 2012

former employee

I hear all the bad things about quickenloan I am involved with onereverse Mortgage who deal with quickenloan, now i am worried and don't want to go on invested a lot of time with them Where is there a good reverse loan company I can trust?
Dagmar Rheinheimer Send email
 
Feb 23, 2012

former employee

I am involved with one revers Mortgage =quickenloan should I cancel the deal while I can, is there a good reverse mortgage available?
QuickenUgly Send email
 
Feb 23, 2012

former employee

As a former employee, Quicken Loans should be on the top of the list of companies to AVOID working for. On the surface, Quicken Loans appears to be an attractive employer. The atmosphere they've created is unlike most workplaces. However, what really happens at the ground level should be exposed, investigated by the government, and brought to an end.

If I didn't have the sense God gave me to leave, it no question could have ruined my life - personally and financially. As a mortgage banker, I was paid $24, 000 a year in base salary and promised a fortune in commission revenue. Once you hit the boiler room of a sales floor, you are told point blank that you have to work 8am to 8pm at the least in order to show you are committed to being successful, and are encouraged to skip your lunch break. Quicken Loans does not pay overtime. I was left messages from my manager on my voicemail when I would leave to grab something to eat about how I was "on the bubble" and should think about what is important to me in my life.

Unfortunately, my story is not unique. I represent the majority. I would estimate that 95% of their workforce at any given time experiences the same absurdity. Complete a Google search and review the testimonials on various sites like this one..

How do they do it? They hire young. Most employees have never had a job in the corporate world. They entice the "just out of college" demographic with predatory tactics such as the lure of expensive parties where alcohol flows freely. They headhunt at retail locations, car dealerships, oil change spots. You name it. All the while dangling carrots in the unsuspecting eyes of the naive. I never came across an experienced new hire from the lending industry.

I left a position with one of the leading telecommunication companies, feeling a little burnt out, for what I thought was greener pastures. What I walked in to was something I could write a book about and people would argue that it should be in the fiction section of your local bookstore. That's how ridiculous it is.

Allow me to give you a little peak behind the curtain of what I was witness to during my time at Quicken Loans:

-The answer key being passed around during a new hire test to obtain our license to create mortgages in over a dozen states.

-drug use during work hours

-rampant sexual harassment from male to female co-workers, including entry level employees to senior level management.

-team trainings instructing loan originators in ways to increase revenues and commissions by padding loans with additional unnecessary charges. The term "green bar" was promoted regularly, referring to a section of the loan that was highlighted on your PC screen in green showing how much additional you were stacking onto the costs involved. One loan originator had a vanity license plate that said "GRNBAR". Sheer arrogance.

-the mass coaching of groups, instructing to "get to emotional backbone" of the could be borrower. A direct quote, "you're looking at their credit report, ask them if they have children. If they do, ask them if they ever plan on sending them to college. If so, tell them not in your financial state." How could I, someone with no children, speak to anyone with children in that manner? I felt morally corrupted.

-Team leaders encouraging their underlings to take advantage of the clients with less than stellar credit. Especially in the South. Derogatory comments were commonplace about the race, ethnicity, intellect, place of primary residence of these clients.

-falsifying data with regards to assets in order to qualify someone who otherwise would not on their own.

-requirement of $500 deposit taken by credit/debit card only in order to even start the loan application process. Huge revenue generator for Quicken Loans. Positioned as a "Good Faith Deposit" but try getting this refunded in "good faith" if you decide to change your mind.

Need I continue? The attrition rate at Quicken Loans must be higher than any other company. The rate they churn out employees is remarkable. Either by firing or by these poor saps coming to their senses. There is no amount of free Cleveland Cavalier tickets, popcorn and slushie machines (at ever corner) that should entice anyone looking for a serious career. Only the individuals that got in at the ground level and profit off of the slimey work of fast food drive-through mortgage bankers have any real tenure. Because it's set up like a pyramid scam. Quicken Loans ultimately benefited from the mortgage "refi" boom along with the skyrocketing internet marketplace of the early 2000's. The fact that they are still in operation is criminal.

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