I am a former employee of Quicken Loans. I was with this company for around 3 years and I have been in the business for more than 10 years.
The rumors you hear about the 500.00 deposit are true. They will take your money. Its their way of making money regardless if you close or not. Regarding the deposit, always always ask if you are in a nonrefundable state. Never never let them collect a deposit of any kind until your application is processed and you have seen all of the paperwork. Never ever believe what the loan officer tells you he believes your property to be worth. You are a number at this company, the loan officer is fulfilling some sort of an incentive just by taking your application and pulling your credit report. On top of that, the loan officers make very very little on your loan. You might think that is good, well its not because quicken is charging you a very steep price to refinance... in fact, they are right at the legal limit as far as your charges go. The money, outside of an average 200.00 that may go to the loan officer goes right to the pockets of the higher ups (the ones not directly working with you on your loan). You are paying the price for thousands of loan officers and other staff and the fact that it is a nationwide company with lots of marketing costs.
I quit this company because its a sham. It is not an ethical company. I could write a book on some of the practices I saw there.
My advice to anyone getting a mortgage is to keep it local. Have a face to face meeting with your loan officer. This way you make the person handling your loan accountable. If the loan officer knows that you may pay him a visit and make a scene if things dont go as promised, he will make it a priority to give the best attention to your loan. Do not listen to the bs from quicken... The only reason they are writing your loan over the phone and internet is because it was their practices that has made lending in their home state almost impossible.
They are crooks... Im glad to be out from under that company. And so happy not to be told to work countless hours of overtime unpaid. The employees there arent happy either... They are working for peanuts and are being taken advantage because of the state of the current job market. I wouldnt send my worst enemy there to work and I certainly wouldnt advise anyone to do a loan with them.
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