Complaint / review text:
I applied for a mortgage wit Quicken Loans and they were in a huge hurry to get me "locked in to their great rate" and demanded documents in 24 Hours, plus a 500 dollar deposit of course! All my documents were submitted the same day and I received an email, that they were going to review my documents in 72 hours - but their appraiser already scheduled my appraisal for the next day!!!
So I called Quicken Loans and I asked them to review my documents before the appraiser comes, so I can back out and get my 500 dollars back if they would deny my loan application. Here is the answer: "We cannot tell you if you get the loan or not until we see the appraisal" - right now you are conditionally approved for the loan. I sent them an official appraisal of my house dated only two months before, and asked them to look at that document and tell me if I can get the loan or not. The answer the same...
Quicken Loans makes a lot more money by denying the loans than approving them, why? They receive hundreds of loan applications daily and only two out of ten gets the loan, the rest (majority) pays the non-refundable 500 dollars fee - but watch out!!! Their appraisers only receive the average of 250 dollars for the appraisals. Do the MATH!!! Hundreds of applications a day denied for $250 a pop! Great business nothing to risk!!! They really deserve a class action law suit!!!