Customer Complaints Summary
988 complaints closed with BBB in last 3 years | 219 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 253
Billing/Collection Issues 38
Delivery Issues 9
Guarantee/Warranty Issues 16
Problems with Product/Service 672
Total Closed Complaints 988

If you think of the volume of business they do the complaints are probably not that out of line. You can’t help everyone.

Two months ago, my mother and I went to Quicken Loans for a Pre-Approval letter. This was after we were rejected by a local credit union. We both have low income, we both scraped together enough for a down payment and closing costs. The area we currently live in is not safe. My credit score is fair, while my mother’s is excellent. I’ve been working for almost 8 years, and she had been laid off for the past two years. Her being laid off was an issue with the credit union. I saw Quicken Loans ad on TV, and went to inquire about it on the internet. Soon after, I received a call, and the “mortgage specialists” was already asking for personal information right off the bat, uncomfortable with that, I asked if we could met up with him in person. The very first thing I had mention during the meeting was “We were previously rejected by a Credit Union because my mother had been laid off for the previous two years, will that be an issue?” He said, “No! Absolutely not. I can’t believe they would turn you away just for that.” He then continue to blab about what an awesome company Quicken Loans is and tell me they specialize in helping low income families. I felt at ease. We later met up with our agent. After taking a careful look around the interior and exterior of the house, we loved it and made an offer. The seller liked our offer and soon afterwards, we signed a purchase agreement and other documents. I contacted Quicken Loans, and they sent me a series of documents to sign, as well as requests for copies of W2 forms, check stubs, bank statements, etc. We complied. The specialists was very pushy in asking for a credit card for a “good faith deposit” of $500, something I was not comfortable with, but was assured that it would be refundable. I was receiving a $10,000 “gift money” from an uncle who runs a farm business. The guy at Quicken Loans said that’s fine, they just need a copy of his bank statement proving he had the funds and a letter. We complied. Hearing no more from them, a few days later, I called to check on the status of the loan (my mother spoke little English), the guy said they needed my mother’s W2s from the last two years. I said we don’t have those, she had been laid off for those two years. That was the very first thing I told him and he said it was not an issue. He was “shocked” and does not recall ever saying anything of the sort or hearing me say that. I assured him I did, because that was the issue I had with the previous lender. He mumbled something and was like he’ll get back to me. Two days later, I received a letter that said I was approved with conditions. From then on, they kept asking for a series of documents they had not asked for in the beginning. I was beginning to become frustrated because every document sent in would result in another document. After a little over a month of back and fourth document sending and series of phone calls, I hit the breaking point when they asked us to provide proof of a large sum into my uncle’s bank account. He earns $25,000 a month. I was already uncomfortable with the donation, and now we have to call and ask for even more personal information. Having no deposit slip, we sent in his check stub of the check he partially deposited. Obviously the amount would not be the same if some of it were cashed out. The underwriter was not satisfied and they kept saying we need a deposit slip which we did not have. I was upset and got into an argument with the specialists about how ridiculous is was for them to dig this deep into my uncle’s privacy when all he did was generously donate money to help us. They had only asked for a letter and a bank statement to show proof of income, they shouldn’t be digging into his business like this. Being fed up with their harassments towards us and him, my uncle drove about over an hour to get to his bank (he lives on a farm) to get a copy of the deposit slip. We sent that in two weeks ago. While I was at work, my mother spoke in her broken English with the guy I argued with, and he said “Everything is fine.” About a week ago, I received a letter and phone call from another specialists at Quicken Loans, apparently they switched us to another specialists. Then, seeing as it was around closing date, my agent contacted them two days ago to set up a time because we already had a set date for our closing day. Quicken Loans said because I argued, “threatened,” and yelled at their guy, my loan is still being looked at for approval. True, I argued. True, I raised my voice (the guy was trying to talk over me!), but I did not threaten anyone. My closing day is today, and I have no mortgage approval, and they’re telling me to tell the seller to wait a couple days. The locked rates expire in a few days. I will not be waiting. From now experiencing and learning about this whole mortgage process along the way, I learned that my mother and I am not, and was not ever qualified for any mortgage approval from the very beginning based on our profile. They knowingly approved us for a loan they knowingly knew we were not qualified for in the beginning and they did that to get our $500 we deposited, ruin our credits in the process, waste our time, and stepped all over our hopes. Call it a lesson learned for me. I know I am at fault for not “doing my homework,” but I personally feel like they took advantage of me and my clueless “first time home buyer” status. I suggest that everyone out their looking for a refinance or looking to obtain a mortgage NOT to go to Quicken Loans. BTW, I do have every single email, every single copy of every single document, and every phone call with every single guarantee, LIE, and promise RECORDED.

They pushed very hard and we eventually (stupidly) agreed to go ahead with the loan. After we put down our $500, we received no communication for weeks. We tried calling and emailing, but could not get through to our loan officer.

Finally, on the last day of our rate lock, he called us to inform us that nothing has changed, they just needed a little more time. A few days later, we find out they added significant charges to the loan because our rate lock expired. He claimed it was because they automatically renewed the rate lock.

When we asked why it was so much, he said that it was common company policy to add on new charges when the rate lock expires (we have paperwork stating otherwise – our rate would float with market and we would get the higher of our locked rate or market if it went past the lock date). We asked where this was in our contract and he looked through everything. When he could not find the clause, he said we should have expected it because it is their policy.

Needless to say, my wife and I were not too happy with this kind of silly logic. We spoke to his supervisor which gave us surprisingly similar answers. His supervisor said that sitting on a mortgage application is not free, and that someone has to “eat the cost.” I politely explained that we always turned in paperwork with less than a 24 hour turnaround and that all the delay was on their part.

After I explained the situation to them for over an hour, they finally agreed that they did not disclose the additional fees. We also discovered that they had again raised our online loan amount by an additional $2000. When questioned about this, they said that they discovered new third party fees.

The supervisor said that he would not budge on the costs. So I gave him three options:
-Refund our entire fee payout including the $500. We can then part ways on reasonably good terms (Since the loan terms had changed, we would not have even applied had the terms been what they are today).
-Proceed with the loan, they remove the additional fees that they “forgot” to disclose, and we complete closing as soon as they can.
-They choose to do nothing. I warned them that this option will force me to go to small claims court to recoup my loss since they admitted that they “forgot” to disclose certain fees (Although our loan officer also admitted this is standard operating procedure, which makes me distrust these guys more.).

The next day, their regional vice president approved removing all fees as long as we close in the next five days. Again, we are waiting on them. All our paperwork is in. I guess we will see what happens.

I would not recommend Quicken Loans to anyone. I had read some bad reviews but figured that I had an excellent credit score (literally), a reasonably good income, and no late payments on anything, so what was the worst that could happen?

Well, I have spent many weeknights, and my wife has spent many days, just trying to deal with this situation. I have never had a closing go like this. For your own sanity, just avoid Quicken and go with a local lender. Best of luck!