I wish I had read these reports BEFORE I placed a deposit with Quicken Loans. They sounded like a reputable lender (although their insistence of $500 up front should have been the first warning sign). They failed to make the loan and did not refund any of the money even though I was promised that any money above the actual costs of an appraisal and a credit report were refundable. Anyone who has ever purchased property or a home knows that an appraisal and a credit report do not cost anywhere near $500. Having read more on this company, I have learned that they in fact OWN the appraisal company. Therefore, they take your $500 up front knowing that the appraisal will come in too low to make the loan (which is great b/c they do NOT want to make loans in this economic climate. Think about it). So, they basically take your $500 and walk away with it. We need to fight this corrupt company. So many honest people have gone to Quicken Loans in good faith and have been fooled. Well, I will make it my mission in life to tell everyone I know that Quicken Loans is only going to rip you off. Sure, they make a loan once in a while so they don't get shut down. But they have very shoddy practices. Don't get me started on ALL the lies I was told by Quicken Loans. My advice is RUN, DON'T WALK away from Quicken Loans. They got me and all the people posting on this site. Don't be their next victim. Yes, it will happen to you too.
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