Quicken Loans is quick to make promises—promises they don't deliver. I gave them the credit card for $500 "good faith" deposit for a loan at a pre-agreed rate, pre-agreed closing costs, and a 45-day rate lock for my home sitting on one lot in a subdivision in Texas. I was promised a quick close via the internet.
After they got the $500, the deal started changing. The closing cost maximum I agreed to paid changed (they hid it by increasing the loan amount). The quick close via the internet from my home turned into "you have to go to a title company located in another county.
They then tried to take all of the real estate I owned in the subdivision as collateral (I owned other lots). After arguing about that for 3 weeks, they sent out an appraiser from 3 counties away to do the appraisal. It was an appraisal they had a sweetheart deal with and one that didn't know the real estate in my subdivision. He used 6 comps to do the appraisal—two of which hadn't even closed yet, one short sale and one foreclosure. None of his "comps" were similar in lot size or construction. His appraisal did not represent fair market value.
I got the appraisal less than the promised 3 days before closing. I escalated at Quicken and all they wanted to do was tell me why they were right. Well they were wrong. I went to another company and they sent out a legitimate appraiser and my house appraised at 22% higher than the Quicken guy did.
They have refused to return my $500 even though they let the rate lock expire without my having withdrawn the loan or them having denied the loan. I complained to the Federal Trade Commission, the Texas Mortgage Banking regulators, the Texas State Attorney General. I have threatened litigation and still no money.
I thought Quicken was a big, reputable company. Boy was I wrong. If you are thinking about doing business with them... Run as fast as you can in another direction. Michael Goldapper was nice as could be until I argued over them trying to take more collateral than just the house and the appraisal. Then he and his boss were rude as could be. Unless you enjoy abuse... Avoid this company!
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