Quicken Loans
Deposit Refund Refused and Customer Told to Read the Fine Print

I just wanted to let a few of you know what happened to a potential borrower that was dealing with Quicken. He was asked for a 500 dollar good faith deposit and was told that it was to be used for the appraisal.

After checking out this website, he decided not to move forward with them after all. When he called to cancel and asked about the refund as he did not have the house appraised he was told to read the fine print. Read below. From: Roberts, Isaac [mailto: IsaacRoberts@QuickenLoans.com]

Sent: Monday, May 10 5:52 PM To: Richard Subject:

RE: Money Richard, The deposit agreement which was signed electronically was very specific on the refund policy for the earnest money deposit. I have my hands tied with this one. If you would like me to fax you the copy of the agreement I can do that however I cannot process a refund for any loan. So basically after you pay your deposit you are stuck. I can not believe that this is still going on in this business. Before you do anything with Quicken Loans please do your home work.

Company: Quicken Loans
Country: USA

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