Quicken Loans

I contacted Quicken after seeing many advertisements on TV announcing that they were awarded "Top in Customer Satisfaction" by J.D. Power and Associates for their consumer mortgage products three years in a row. I read many reviews on their own website and decided to give them a call. I was quickly pre-approved for a mortgage in the amount I was looking for and within 24 hours, I was provided with a pre-approval letter that I could use when making an offer on a property. I was initially a bit concerned to learn that they did not have local offices to work with but after learning more about the process, I felt more at ease because everything could be done electronically, either using an electronic signature or by printing, signing and uploading to their website. I was lucky enough to find a property in the first two weeks of looking. I worked with my lending agent before officially making an offer so he could tailor the pre-approval letter to the situation. I made an offer, the seller made a counter offer and I accepted it. I was in constant contact with my lending agent by this point, I am a very thorough person and wanted to ensure I was doing everything I could to make things go as smoothly and quickly as possible. My real estate agent and I decided that a good target for closing was 45 days from the date of the accepted offer. I was assured by both my lending agent and my new client relations agent that 45 days was plenty of time as they typically close within 30 days or less. Although I was a first time home buyer, I did a lot of reading and research and I was prepared for all of the paperwork and financial documentation that would be needed throughout the process. I also learned early on that due to a change in the FHA guidelines over the last year or so, properties that have belonged to the selling party more than 90 days but less than 180 days as of the date of the accepted offer now require two separate and independent appraisals by qualified FHA appraisers. This was a situation that I found myself in because the property I was buying was a recently renovated "flip". I had no idea what complications that was going to cause. Over the course of the next several weeks, I spent a lot of time obsessively checking the MyQL website and using the MyQL mobile app on my cell phone to see if the documents I supplied were acceptable and if there were any new items they needed from me. Before I received my "conditional approval", I had electronically signed and/or uploaded in excess of 70 documents to prove my financial position, my employment, my credit history and my acknowledgement/agreement to many, many terms and conditions presented to me. As soon as I was given "conditional approval", I was expecting that the appraisals would be ordered right away because I was now less than a month from my anticipated closing date. I was wrong. I still have never been given a satisfactory explanation as to why, with less than 5 weeks to go, the first appraisal was ordered with a three week completion period - and no intention of ordering the second until the first one had been received and reviewed by the underwriter. My real estate agent had been very helpful thus far and was able to "put her foot down" in a manner that I, being the client, was not comfortable doing. Thankfully, she was able to make our case and Quicken agreed to order the dual appraisals simultaneously. The second appraisal was ordered immediately and was given a due date within the same week HOWEVER they did not push the due date on the first appraisal forward, leaving it three weeks out. The second appraisal report was completed and received within three days of being ordered and came in higher than my contracted purchase price - I was pleased with the results. It did uncover a couple of minor FHA-common repair issues (peeling paint on the garage trim, the carbon monoxide detector was not mounted close enough to the bedrooms) which the seller quickly remedied. The first appraisal was still not done; two weeks go by and still no word. I was calling my client relations agent on a daily basis by the time we were down to 10 days until closing and still no word on the first appraisal. The due date for the appraisal came and went and nothing happened. Having recently joined Angie's List, I decided to scope Quicken out on here and, boy, was I sorry I didn't spring for a membership before choosing my mortgage company. I did reach out to the individual who commented on many of the negative reviews on Angie's List, identifying himself as a point of contact for customer service issues. I was contacted by phone and email as a result of the email that I sent to him and not that it didn't get results but it sent my account into "lock-down" status while being transferred to a "resolution expert". I had little access to my account on the MyQL website and was instructed that until I was told otherwise, I was to only contact this new person at Quicken. Things should not have had to get to that point! Now I certainly cannot fault Quicken for the poor business practices of someone else but I can cite where I feel Quicken dropped the ball. I firmly believe that most of the stress and headaches that resulted over the ten days leading up to closing could have been completely avoided had someone at Quicken reached out to the appraisal selection company when there was no communication within a week of ordering that first appraisal. Because no one contacted the appraisal selection company until the day AFTER the appraisal was already considered late, the delays that resulted were ridiculous. The report was received two days after the due date but was rejected, twice, for clerical errors or omissions made by the appraiser. When it was finally acceptable and the initial review completed, I was provided with an FHA appraisal acknowledgement form to sign and that is when I first saw that the second appraisal came in 20% less than the first. Because the rule is the lowest appraisal is used, the FHA appraised value was now set at $8000 less than my contracted purchase price. There was now less than a week to closing. I went into panic mode. I asked my real estate agent what options I had and she said that the appraisal could be appealed but that was time consuming and there was no guarantee that it would change the bottom line. My only other option would be to add the difference between the lower appraised value and the purchase price to my down payment - something I really wanted to try and avoid as I was attempting to keep some savings for future use. I reached out to my Quicken contacts and was told in a quite condescending manner that they "don't do" appraisal appeals because they never work. They did agree to have the underwriter do a secondary review which resulted in additional items needed from the lackadaisical appraiser - AND they gave this person no specific time frame in which to complete these additional tasks. Between myself and my real estate agent, we must've called and emailed Quicken half a dozen times in the two days before my scheduled closing date. I was still uncomfortable taking a "firm stance" when talking to anyone at Quicken. I had become paranoid that they were just looking for a reason to kill this deal. My real estate agent has been with one of the largest Wisconsin realty agencies for ten years and this was the first time she's worked with Quicken. I was copied on a number of emails between my agent and Quicken, where she was trying to get results and the communication received from Quicken really just came off insulting. At one point, Quicken replied and provided an attachment of the press release announcing their third year in a row of the J.D. Power and Assoc. award, asking that we review that rather than the "few" negative reviews we had found online. My agent's last appeal to Quicken was basically to "show us this award winning service" and get this loan closed on time. It was the morning of my scheduled closing and I finally got a phone call from Quicken with the news that I had been cleared to close that afternoon. I never did receive an electronic copy of my final paperwork to review and the hard copies didn't arrive until two days after the closing. I would have given Quicken an overall grade of "F" if not for the fact that I ended up closing on time. I would not recommend Quicken to someone buying their first home. The service was mediocre, at best, and at times, bordered on arrogant. In hindsight, although the convenience of being able to do everything electronically is nice, it really isn't a substitute for being able to sit down with someone - face to face - and have a chance to receive REAL customer service on a personal level.

We received all that we were promised in the initial contact with Quicken Loans. Our loan was closed within a month. We were pleased with the service we received.

They gave me a really good deal. The whole process, which can be lengthy, they cut down and it went very fast. Their service is spot on. They say what they are going to do, and do it immediately, it is very impressive.

They keep us informed throughout the process and personalized everything to our needs. They assigned us a specialist and they keep us informed throughout the process.

they took forever to verify employment when I am employed by a local government and my name, salary and title is all over the local government's website. It was pathetic. I finally had to download the org chart from the web site and email it to them.

They said they would source a loan for me and I never heard back from them.

Everything worked out fine in the end, and we now have a lower monthly payment and a better interest rate. The rate we were quoted was the rate we received, and the closing date we were told was the closing date we got. We could be called satisfied customers. However, we felt like the road to lower rates was a little rocky. The specialists we spoke with were always polite and cordial, but we got handed off to three different people and felt like there might have been some confusion along the way. In particular, the type of loan we were getting did not require an appraisal, but halfway into the process, one of the specialists was telling us what our appraisal, that we weren't supposed to need, was going to cost. Fortunately, we got that straightened out and weren't charged for it, although an appraisal was done. I just had the uncomfortable feeling that we were dealing with used car salesmen, and had some doubt along the way that things were going to work out. Probably didn't help to read all the negative reviews on this list, but like I said, everything worked out. I would have given them a B overall, but I figured they did do the job we asked them to do, and we got the misunderstanding straightened out, and besides that, the system wouldn't let me give them an overall B when I gave them A's on everything else..

I went to lending tree and checked into loans. Quicken called me within minutes and said they could help with a loan. Aaron was the rep. I told him about my situation and he said everything was good. Then he said he had to get a waiver and call back. He called back and said I had the waiver then he said something else was not right and I was at the end of my patients and ended the call and said I did not need their service. My income was good, my assets were good, my credit was good (722). They got picky about the length of my credit history since Bankruptcy 4 years ago. I was very disappointed in the service. I was told that they had won awards and could help with any type of loan. This is not true. If you have had any bumps in your life don't call Quicken Loans! They are not willing to work with you. Worst of all, they pulled a hard credit report which may affect my score. Work with someone face to face and not over the internet, I certainly will from now on.

Service Rep wanted to conclude deal ASAP - almost too fast for anyone but a banker to have time to read through everything and understand everything. When I asked if there were up front points with the rate he gave me, he actually tried to change the subject by talking about the monthly payment. In the end, I did not use Quicken because I felt they were not being completely honest and I felt that I was missing something that I would regret later. Of course, that put me out $500. I wish I had read these other reviews first!

Quick synopsis. · they took way to long....I applied and contacted Feb 5th 2013 they came out June 5th 2013 - 4 MONTHS THAT'S RIDICULOUS !!!! · called to many times · didn't return calls in a timely manner · couldn't get the original loan officer - he never returned my call · had to speak to his boss can't remember why but I do know several people contacted me trying to calm me down and keep the loan going · I built up quite a bit of equity waiting to close and they waited so long that I lost all the equity I built up and then they wanted me to bring $ 1.5k to the table after all the equity I saved up dwindled. · The biggest one and I quote "If you want a lower interest rate just send in extra $$$ each month" REALLY????? I will not and would not use Quicken Loans again - i found out why they won a JD Powers high satisfaction award because in small print it states Proprietary study results are based on experiences and perceptions of consumers surveyed in July?August 2012. Your experiences may vary. YA think?

I had a really bad experience with Quicken Loans Inc. They had a great interest rate at the beginning but then, it wasn't that good at the end. I wanted to refinance the loan and they said I'd have to pay for an appraisal of my property. The appraisal was completely wrong, so I didn't qualify for the refinance. They make it look much better than it is at the end. They put a lot of conditions on their mortgage that didn't make any sense. It was a waste of time and money. The appraisal cost about $500.00 and I didn't get the refinance.

We called Quicken Loans one evening within five minutes they called us back. Discussed numbers over the phone, then Quicken Loans set us up a website for all correspondence. Like all loan processes you have to provide documents. It is extremely useful to be knowledgeable in scanning and uploading your documents. Communication was superb. Email , phone calls, and web messages. We closed within thirty days. Tried for months to get refinancing at local banks and big name banks using the same numbers.

Do not provide them a home phone number, unless you want to be hounded twice daily with high pressure salesmen. Their rates and fees are the highest - but it takes a while to discover that. They don't want to disclose any of their fees using GFE or HUD documents - until you have "skin in the game" with a deposit.

Decided to go with another company.

Do not look into getting a loan with them if you do not want to pay incredibly high interest. We were feeling a bit desperate and looked into a loan but decided not to. Continued getting phone calls and mail.

Excellent customer service.

We checked into re-financing in January of this year with the help of a mortgage broker. He suggested using Quicken Loans. We started the process and it was very thorough. By this, I mean, they scrutinized our financial status more than we ever had experienced before, which is a good thing. Writing a solid mortgage did not happen a few years as it should have. We met all the criterea the loan was approved. The people we were in contact with were very professional and genuine. All came to a great conclusion. We would definitely use them again.

It too way too long. They told me I was approved. Gave me an approval letter. 75% into the loan after we had a contract on a home, they share you must pay off a $80K home to qualify. Oh, pay off two credit cards and close them. 95% into the deal they said, oh, you have a $85 dollar phone bill that went to a creditor, you must pay this off. Get a letter from the collection agency saying it has been deleted from your credit report and we will re-run your credit. Otherwise, we will add 4K in POINTS. If your credit score gets back into the range we need, the 4K in points will go away. Keep in mind, I thought was I paying 6K only in points but they pulled the ole bait and switch and shared the new points would be 6K + 4K now. Then, they pushed the closing back 4 times throughout this loan. The sellers got upset, put the home back on the market. The sellers requested me or Quicken to pay $110 per day for delays in closing since this was out 4th extension. Quicken refused and I had to pay out of pocket $660.00 to the sellers. Oh, it gets better. My credit score could have made it above another threshold if they would have told me in the same breathe that not only you need to pay off a $85 phone bill that went to collections but also a $50 old medical bill for 2010. But, they failed to tell me that and while waiting for the $85 letter and the new credit pull, I could have been paying the $50 old bill. For them not tell me this, I ended up paying the $6K in POINTS I was trying to eliminate from day one. At this point, I was not going to fight this since i was already paying $100 per day to the seller. Plus, I had invested over 80 hours of my time getting them over 185 documents they requested. The moons and stars have to be perfect for Quicken loan to get you through the loan process. They package the loan to sell it off to another company. In the future, I will only work with a mortgage company that will service the loan. I over paid for this loan $6000.00 + $660.00 and it took much longer than it should have.

Best finance institution I have ever dealt with. E-mails were answered quickly. They set everything up and we were done in less than 30 days. Signed the paperwork at our home. Since then, I pay mortgage on line and everything runs smooth.

There was a lender credit that was "a surprise" to see and aggressively asked to get the deposit of $500 and begin the process. I told the Broker that I thought comps could support the necessary LTV needed. At worst case, I thought I would be a unbias appraisal on my home's value. Soon, I realized that the appraiser would not be unbias but that the Lender and Appraisal Co. owned by same parent. Sure enough, the appraisal came in only $5,000 more than my house purchase price (even after telling the appraiser that I put in $20K+ to get the house the refresh it needed that was reflective in why the house sold below others which included replacing and expanding the deck and opening up the floor plan. The Appraiser even missed the simple fact (and easy determinable) that I had an underground sprinkler system that was negatively adjusting my house to comparables. The mortgage broker was disengaged after the intial set-up and the frequent calls of status updates were helpful, but when it got down to the wire the payoff used was if I didn't make 2 months of payments and not accurate, so it would have led me to liquidate savings and then wait for the cash to come back as QL would have over paid off my loan. I also learned at the last minute that FHA requires a full month of interest regardless of when the loan gets paid off and thus it's best to close the end of the month. It would have been helpful from the start to know that as we could have delayed closing to save me two weeks of overlapping interest payments. Compared to others and the fact that we closed within 45 days, I guess it came with the expected lumps.

Never really understood my needs and basically was a sales technique to promote their goals -- not my needs. Dropped them quickly.

Received a phone call on my cell from Quicken Loans, Donna's deal sounded good, so I initiated a refinance of my house during that call. She took a $500 "good faith" deposit at that time which I was told was refundable. Be aware that "refundable" to Quicken means they will take it off your loan amount, so you'll get your $500 back over 15 or 30 years, in the meantime your cash flow is out the $500. Spent about 5 weeks working with them (early Oct - mid Nov 2012). Their website is very slick, literally everything can be done online, however, they ended up being way too expensive, adding about $3500 to my payoff amount, which was reduced from about $5000 after I inquired repeatedly as to how they could be adding that much to my note on a simple no-cash-out refinance. I eventually was credited my $500 deposit, less the $6.07 credit report fee, my credit score was 800-850, worthy of something better than Quicken offered in my opinion. Their people, of which you will be dealing with at least 3, are very responsive and professional, (shout out to Jeremy M. he put up with my ranting in a very professional manner and almost gave me pause), but they don't always talk to each other in a timely fashion, however, as I stated, Quicken is in the end way too expensive, even given their slick website and numerous employees. I ended up canceling with Quicken after about 5 weeks and starting over with BrightPath Mortgage and I got a better rate with no discount points to be paid, there was literally nothing added to my payoff amount and all was done in a timely fashion but not all online with a FedEx overnight envelope employed here and there. I closed with the agent at my local Panera in Dec 2012 after starting in mid-November 2012. If you're in MD and call BrightPath, ask for Val Boitet, he is amazing. Sorry to be touting a competitor here, but it's all true if your credit score measures up. No need to add $K's to your note on a refi if you don't have to. I heard about both of these companies on WMAL radio in MD.

Our overall experience was very good. We dealt with three people at Quicken Loans, the first guy explained everything and got the ball rolling. Everything was explained and links were provided so that we could complete all the paperwork on the internet. All the paperwork was there. After completion we were passed to another team to review everything and get the appraisal arranged. It should be noted that we bought the house 4 years ago and I purposely waited until now to refinance. This allowed housing prices in our area to stabilize while interest rates stayed low. The appraiser arrived and was very knowledgeable about our area. Not easy when you live in a relatively rural area with custom built homes and not many comps to go with. Within 48 hours the appraisal was loaded onto the Quicken website. There were no surprises. We were passed to a closing team to arrange for closing. The closing date was pushed to the end of our window (where our rate was locked in) at my request. I was going to be out of town and did not want the hassle of having the paperwork taken to two different locations (which they were willing to do). All of the paperwork arrived at my house two days before closing, I returned from my trip, and the notary arrived that day so we could sign all the paperwork. No surprises. Geting a home mortgage or refinancing is never that easy but with Quicken Loans it was relatively painless, especially compared to the brick and mortar banks we used in the past. All of the employees were professional and they all seemed to know what they were talking about. I came to them with realistic views when it came to appraisals, credit ratings, and interest rates. A friend recommended them to me and I have recommended them to another friend.

I was looking to refinance our home and QuickenLoans contacted me. I had heard of them, but never considered them as a real possibility to help us. Their numbers worked out so that they held my interest to proceed with the application. What I was more impressed with was the professionalism of the Loan Officer. He was very considerate and efficient. After our application was processed I was a little skeptical when they said we'd be dealing with a new person for customer support. Once again, I was impressed. Both our Loan Officer and Client Specialist were very communicative and informative throughout the entire process. All aspects of the refinance from application, to appraisal, to closing happened on-time. We closed on the refinance in our home. It was the most efficient refinance/loan process that I've had to date. We are very impressed so far and hope that the management of the loan goes smoothly as well.

So i spent 60 days with these folks and spoke to four different people on a daily business. i gave them everything they asked for . i would ask the agent every week about my loan and made sure things were going well as i did not want to waste my time. i was assured every time that all is well and i will get approved. so finally my 60 day locked rate expired so i decided to call and see whats going on. they told me i was not approved. i asked why and they told me that my condo association does not have enough reserves accumulated every year. Why didn't they ask this question from me upfront? they asked me everything else including what size my underwear was. so i asked why they waited all this time to tell me this? they had no answer. i spent 5 days going back in forth with my condo association and they told me that Quicken never called them once. my condo association told me that Quicken is crazy. they never ever had issues with this in the past 15 years. my condo association meanwhile has no vacancies and has excellent financials. they make 600k per year with 300k in reserves for incidentals. So why am i so upset? Quicken is very unprofessional. they have nice folks working there but they are not smart and organized. they rely too much on the internet and screwed up my loan. I went some where else and got approved in 5 weeks.