Quicken Loans

I had no problems with 2 refinances within 18 months with Quicken Loans. I found the loan officers to be great with follow up and they were very friendly. My closing costs were within $ 100 of the GFE so I have no complaints. The amount of paperwork was no more than any other loan or refi I’ve performed in the past. Application to funds in hand was never more than 30 days. Love my 2.9% 10 year mortgage.

This was the first time I refi’ed with Quicken and it was a very good experience. I found everyone I worked with to be extremely responsive. The thing I liked the most was that they were assertive but never pushy. Al my calls were answered promptly and the web portal was great because I allowed a central place where I could access all my documents.

Everyone associated with the refinancing process was efficient, helpful, professional, and friendly. The process went quickly, but they all still took the time to make sure we understood what was going on.

To echo what the last person wrote about Quicken.
I am only ranking them one star, because there is not an option to rank as zero stars. I have been dealing with Quicken for over a year now and have worked with several reps in the Cleveland office. My first loan was through them. While I did end up getting a good rate, I spent countless hours going over the fine details and finding upwards of $ 15,000 of extra chargers that were built into my loan. If I did not catch these, I would have been out $ 15K. I gave the rep the benefit of the doubt on several occasions and tried my best to believe him when he told me it was a combination of system errors as well as his staff («his» staff is supposedly so big that he cannot keep track of who is doing what and because of that, many mistakes are made — this was directly out of his mouth). He also mentioned that he is a loan officer that closed over $ 100M in loans the previous year (seen Boiler Room? Same personality here). He is one to two years out of college and is a junior rep, I later found out. I did end up closing with them, but it was a painful process and it was on me to figure out that I was almost charged an extra $ 12K (system issue) then a grand or two here and there because of his staff’s mistakes.
My loan ended up being bough out by B of A. 9 months go by and I receive a call back from the same rep at Quicken and gives me his sales pitch to get back with Quicken under a new program (5 year ARM) that would substantially lower my rate (from 5% to 3.8% range) and would increase my equity by nearly $ 60K over the 5 year period if I were to keep my payments the same as I have been. To make a very long and painful 3 month story short, this was totally false. It was closer to $ 20K. In addition, they said they needed to re-​appraise my condo for the refinance to go through, in which I reluctantly agreed. What I was not told was that if my appraisal was lower than the original appraisal, I would have to make up that difference by adding that amount of cash to the principal (which was $ 25K). Living in CA, I knew my value had dropped. Everyone knows this. I told them in the beginning that I could not afford any out of pocket expenses for this loan to close and they assured me I would not have to. The amount of out of pocket would be about equal to my mortgage payment, which would skip a month when re-​initiating my new loan, thereby countering my out of pocket expenses (I am trying to not make this complicated, but trying to let people out there reading this some of the details to watch for).
When finding out through their supervisor that I would have to pay the $ 25K to initiate the refinance process I told him there was no way. He said that I would have to pay for the appraisal that was basically forced upon me (again, without me knowing that I would have to make up for the difference between my origianl appraisal and this appraisal). I told him absolutely not. He then said he would talk to the other reps and call me back (which he never did). I checked my credit card statement yesterday and found that they went ahead and charged me the $ 506.70 for the appraisal, which took about 10 minutes to conduct. Needless to say, I am livid. I am demanding them to refund this payment. If they do not, I already have a letter drafted to take them to small claims court.
On top of this, I have given the initial rep at least 3 loans from referrals (may be up to 5 loans). This made Quicken 10s of thousands of dollars. What do I get? Nothing. I didn’t ask for anything, but wanted to help the guy out and he completely has screwed me over for the past year. In addition, he promised a that he would send a check to my non-​profit in which I am a board member of. Claiming that he had corporate dedicate a couple of days to raising funds for this non-​profit. That was all hype and he led me on with this for months. I never received anything from him. He was just waiting for the loan to close and to get his greedy hands on his commission. This is the same greed, but a bit more sophisticated, as we saw several years ago that brought our economy down. It is still happening and in my direct and incredibly painful and stressful experience, Quicken is as bad as it gets when it comes to being unscrupulous and flat out greedy and manipulative. DO NOT USE QUICKEN PLEASE. I will likely be seeing them in court (even if it was over $ 10 overcharge at this point… this is now a matter of principal and I want to make sure as many people as I can let know, my horrible experience with them). Months of emails (over 400) and more phone call than I can count, with no new re-​fi and now they expect me to owe them over $ 500 for an appraisal I was against and at the same time, I brought them in $ 10s of thousands of business. Zero integrity. I will say it one more time… I beg you, DO NOT DO BUSINESS WITH QUICKEN.
Exhausted, and frustrated,
Dave