Let’s start with the fact that I first contacted them in OCTOBER, wishing to refinance the mortgage on my house. It is now MARCH, and I have informed them that I wish to terminate this process and get my money back.
Let’s continue with the fact that I have a credit score most people would envy (781 at last check), a six-figure income, and a steady, secure job. Do I strike anyone as the type to run out on my fiscal responsibilities? And yet, after several weeks of waiting for approval, James Lawrence called and told me I was considered an unacceptable risk, because my property is a rental, and not a primary residence. Apparently, he calculated my loan as a conforming loan, even though I told him specifically from the first time I spoke to him that the house was a rental property and NOT my primary residence. But after quoting me a great rate for a conforming loan, rather than a non-conforming one, he changed it weeks later, claiming Freddie Mac considered me too high of a risk because my home is an investment property, and Freddie Mac doesn't do non-conforming loans. Shouldn't he have known this from the beginning?
I'm convinced that he intentionally quoted me the better, lower rate and closing costs in order to rope me into this deal. After a few weeks, he conveniently told me that the loan was a no-go.
Nonetheless, he called back a few days later and informed me that I could still refinance, but only AFTER they jacked up my closing costs by nearly $2000! A pretty phenomenal bait-and-switch from the initial conversation I had about my refinance with Mr. Lawrence.
I decided to take the deal anyway – even though the closing costs were approaching a ridiculous level. But then came the next level of incompetence.
I had sent every piece of paper they asked for, including TWELVE MONTHS’ worth of bank statements to “prove” that I was the one making payments on this home. Tax returns, W-2s, bank statements, retirement account statements, copies of mortgage notes… In most cases (aside from one mortgage note, which took me a couple of weeks to receive, because the mortgage company couldn’t find a copy), I sent everything they wanted either the same day, or the following day.
But that was apparently not good enough.
Another call came telling me that because it’s been more than 90 days (THEIR fault, not mine), I now had to send yet another bank statement. Oh, and in addition to that, I had to sign yet MORE paperwork, confirming that I hadn’t opened any new credit accounts.
The next bit of idiocy was yet another staff member calling me and telling me that my loan wasn’t coming up as approved in her system. This lady named Dana Gold was competent and diligent, but by this time, it had been three months since I started this process, and the level of ridiculous had reached record heights. I once again had to send her pay stubs. I once again had to confirm how much money I had in my retirement accounts, because somehow something was calculated incorrectly. Oh, and by the way… someone had to confirm that I was still working at my second job (despite the fact that I sent a current pay stub), and that I had been working there for at least two years (despite the fact that I had sent my tax returns from 2009 forward.)
However, after several back-and-forths, she somehow got my refinance approved.
One would think this would be over, but noooooooo……
The next call was a request for a conference call with the current mortgage company to confirm that there were no late payments during the past year. DO YOU THINK I’D HAVE A CREDIT SCORE THIS HIGH IF THERE WERE???
Then came a call from yet another staff member, requesting paperwork that I had already sent.
So I have wasted FOUR AND A HALF months of my life on this now, had my closing costs jacked up to ridiculous levels. On March 14th, I’d had it. After numerous phone conversations with a number of people at Quicken Loans, I told them today to stop the process and go away. I’ve gotten apologies. I’ve gotten calls from leadership, and the outcome is: they’re still incompetent, and I would be willing to bet that the initial used car salesman who sold me Quicken Loans and the subsequent moron who held on to my paperwork for several months are still employed and happily defrauding other potential customers.
I am getting my money back, and I’m going to a bank that is actually competent and honest.
That is NOT Quicken Loans, and I would advise everyone who is even considering dealing with them to just. Say. No.
0 comments