Quicken Loans
Ripoff Held Pre-Qualification letter unless I gave my credit card info

I will say that I am fortunate enough not to be ripped-off in this situation but I want other people to be aware.

I submitted information to Quicken Loans this week to obtain a pre-qualification letter before I set out on a house hunting venture. I submitted all of the information Quicken requested-W-2's, bank statement and pay stubs. Supposedly, I was 100% qualified after my credit check.

The loan officer called me back to tell me this and that he needed a deposit ($500 and that my credit card would not be charged but would never clearly state why he needed it) before he sent out my package. I was in the middle of a chore at that time and told him I would call him back with my credit card info a little later. He got pushy with me and asked if I had a cordless phone. This immediately sent me into "beware" mode.

After consulting with my mom, who is a former loan officer with a major US bank, and other lending companies, I decided not to give my credit card information. The loan officer called a couple of times that day and the next. I waited an entire day and a half before returning his phone calls.

I just called this morning to ask him to further explain why he needed my credit card information because no other lending companies asked me to do that. He stated "well, obviously you have been shopping other lenders". Obviously and darn glad I did. He went into the speech about how the deposit would not be charged until they ordered an appraisal and did title work. It was a "commitment to Quicken to do business" but they were not going to send out my pre-qual letter until they had my credit card information. I never had enough information to decide if I wanted to commit (rates, fees, etc). I stated that if that was the case the please terminate my file as this was a company that I do not wish to do business with. He was unwilling to budge unless he got the cc number.

I am happy with my decision and want others to beware that they don't have to do this or submit to this type of pressure.

Company: Quicken Loans
Country: USA
State: Michigan
City: Livonia
Address: 20555 Victor Prkwy
Phone: 8002266308

  <     >