In Feb I looked into refinancing my Florida condo with Quicken Loans. They required before signing any papers a Good Faith of $750.00 by credit card over the phone. Andy Cyrulnik with Quicken Loans insured me that the money would be refunded to me if they could not give the loan due to not appraising, etc. The only stipulation was that the appraisal fee would come out of the good faith money before refunded. My credit score is in the high 700s. I was quoted for a 30 year fixed rate at 5.99% with $7k in closing costs. I was immediately approved for the loan. I held up my end with getting the needed paperwork to Quicken in a timely manor.
Andy Cyrulnik with Quicken Loans suggested that I float the 5.99% rate overnight as things looked as though they were trending downward in hope for a better rate. The next morning Andy Cyrulnik called to inform me that the rates were actually on the rise and now at 6.25%. He suggested that I lock in at 6.25% before they increase more, but I could now buy my rate back down to 5.99% for only $3k. Now my closing costs are now $10k from the original $7k.
To my surprise the appraisal came in lower than expected because of the market per Andy Cyrulnik, but still $85k above the loan amount. I was then informed that they could no longer do the original loan, and that they would now give me the PMI buster loan for only $4k more in closing costs! Now my closing costs are $14k from the original $7k. No good faith estimate was ever given to me for the new loan being offered.
At this point Andy Cyrulnik with Quicken Loans is trying to get me to accept different loan/product options, from what I was originally conditionally approved, at higher rates and more money. Because there is no urgency for me to refinance, I told Andy Cyrulnik that I did not want to do this loan and to reimburse me the $750.00 good faith deposit. He said he understood and would refund me, but wanted me to think on it over the weekend before he unlocked my loan.
The next week I told Andy Cyrulnik that I was done and wanted my money back. Andy Cyrulnik then had Eddie Berger with Quicken Loans call me and pressure me in closing this loan. He was rude and told me that Client Relations would contact me in regards to my $750.00. Eddie Berger told me that "they had spent more than $750.00 processing this loan and I would not get any of it".
I now get an email from Andy Cyrulnik; two days after Eddie Berger said he would withdrawal the loan. Andy Cyrulnik now wants me to have another appraisal to see if it comes in higher to do the loan. What is that all about? Why could they not have their first appraiser get them what they needed, it was only off by $10k.
What is it about NO does Quicken Loans not understand? High Pressure! High Pressure! High Pressure! Quicken Loans is ripping people off with this good faith money scam, and then changing the original deal for higher priced undesirable products. Quicken Loans need to be held accountable!!!
0 comments