I made a mistake of applying to refinance my existing mortgage to a lower interest rate with Quicken Loans.
It was supposed to be a streamline refinance, which required a minimum of paperwork and no income verification. I was asked to pay $400.00 Good Faith Deposit and was told that this process should not take more than 3 weeks. Also the quicken rep told me that after the loan is closed all of the $400.00 paid will be applied to my new escrow account. Four weeks later I called Quicken to see what was the holdup with my loan. Their answer was that my income is not sufficient to approve my new loan.
#1. My income was not even to be verified in accordance with the streamline guidelines.
#2. I have been paying my current mortgage for years with an APR higher than what was offered by Quicken and have never been late.
#3. Why it took them a month to figure out a simple thing and let me know about this issue?
The answer is very obvious. While I was sucked in this scam, Quicken had used my money for their activities for 5weeks now.
Today I was told that they are unable to close this deal and I will get my GFD back within 10 business days minus my credit report fee. Well, this is to the Quicken Loans gang members:
I will call the Bank and stop the payment on my credit card that was used to pay $400.00.
You people are going to have to eat the credit report fee, since you did not do your job (or are unable to do your job). Also, I am not waiting for 10 business days to get my money back.
I really hope that this information will get to the CEO of Quicken Loans and the action will be taken to get rid of the clueless employees.
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