I guess that Quickenloans is not making enough money legitimately, so they have resorted to scamming their potential clients. The give you a really brief one page disclosure letting you know that your deposit (which is required for them to actually review your loannot the same as when the loan officer states that your loan looks good and you are
definitely eligible for the loan) is refundable up to their costs. Then they provide servicesthrough their subsidiaries (ie. Their own businesses) and deplete your deposit. Once they have your deposit then they dont seem to work as hard for you as they did before they had your money. They are squared away either way.
In my example, if the loan officer had told me to look into a few details about my homeowners association reserves funding it would have saved me my deposit. I would have understood that my loan would not be approved and still have my $500.00.
Super shady company. As the owner of a small business I would never treat my customers that way.
They have figured out a new way to scam borrowers or potential borrowers out of their money.
John
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