What's The Diff?

The things Quicken Loans team members care about and want to share with the world

Quicken Loans Deposit explained – a lesson in business transparency


Any internet marketing professional worth their salt knows they have to listen to their customers in today’s internet-dominated world of business.

Any word of mouth marketing professional worth their salt knows they have to listen to their customers in today’s internet-dominated world of business.

Scratch those thoughts.  Let me try one more time.

Any MARKETING professional worth their salt knows they have to listen to their customers in today’s internet-dominated world of business.

That’s more like it.

If they don’t listen to their customers they might as well go out of business. Ignoring complaints, questions and concerns will result in bad reviews, bad feelings and a bad corporate reputation. With the incredible ease the internet allows consumers to find reviews and opinions on companies and products, smart companies and brands listen, learn and respond to questions.

That brings me to the Quicken Loans Deposit

Lately, we’ve noticed several questions and misunderstandings about the deposit we accept from clients as both a committment to do business and a way to quickly expedite 3rd party costs – such as real estate appraisals and credit pulls. The Quicken Loans Deposit is the first step in the process of getting a low payment and mortgage rate from us and we found that some people had questions, and frankly misunderstandings, about why we accept a deposit and what we do with it.

So we did what any company that understands the importance of listening and being transparent – we explained the deposit on our website, honestly and straightforward. We want to make it very clear what the deposit is and what it’s for.

We know by doing this we are doing the right thing. We want our clients to know we have nothing to hide and the deposit isn’t some sort of scheme to trick, trap or fool someone. It’s simply, as I said, a commitment to do business and way to expedite the costs of processing a mortgage.

On the Quicken Loans Deposit page, we explain the deposit and cover refund scenarios, should they unfortunately arise. In today’s real estate market, appraisals can come back much lower than everyone expected and that can have an affect on all aspects of a mortgage or even make the mortgage impossible. No one hates that more than us. We have no influence over real estate appraisals (that’s by law) and have no choice but to accept the opinion of the professional appraisers and appraisal companies that do appraisals for our clients. If the appraisal comes back too low and the mortgage is denied, we don’t get a penny. It’s the last thing we want to happen.

To wrap this up, we hope by clearly explaining the Quicken Loans Deposit and putting our process up front and center, we will avoid any more questions or concerns regarding our deposit.

As I said, we know we have nothing to hide and we want the world to know that too.

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Comments

  1. THE WORD NON REFUNDABLE is NEVER mentioned during any conversations with your
    reps And not everyone has a computer to look up YOUR definitions of YOUR terms so you rely on the HONESTY and INTEGRETY of those you represent you Full disclosure is apparently not in their training only GET THE DEAL is.

    Posted by: J Campbell | February 19, 2009
  2. J Campbell
    I’d love to talk to you about your comment. If the deposit was not explained to you correctly, we need to figure out who the banker was and deal with them appropriately. Can you please email me at cclosson@whatsthediff.com and let me know what happened. What you are saying is completely unnacceptable and is not how Quicken Loans does business. I’m sorry for your experience with us, and I assure you that what you explained is not the norm for our bankers.

    Posted by: Clayton | February 19, 2009
  3. I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
    Alanna

    Posted by: Alanna | March 3, 2009
  4. Reading your blog and and especially the one about the deposit. I’m currently in the middle
    of the “experience”. They certainly do not explain anything other than
    the deposit “locks in the rate” and leave you to believe that they keep the
    deposit if you don’t go through with the loan…and want it done “RIGHT NOW”….
    and any hesitancy to execute immediatley is then treated as aspersion
    on your word or commitment. Not everyone wants to immediately commit to
    $100s of thousands without at least some thought. The “threatening” mannerism
    certainly touch my nerves and I’m considering ignoring what in reality I see as
    a good deal just due to “attitude”…..
    I just started this a two days ago and the last call of “decide by noon on Sat or forget it” leaves me a little annoyed. And as I read the website it appears to say they only retain the deposit IF you have signed an agreement and then decide mot to execute, and they only keep what has been spent up to that point.

    Posted by: Darrel Beach | March 6, 2009
  5. Hi Darrel
    Yes, you are correct. Your deposit will not be retained unless you have signed and agreed to your loan document, specifically your IRD (interest rate disclosure form).
    Sorry to hear about your impression that you are being pressured. That’s certainly not good. Perhaps there is some urgency around locking an interest rates? As you probably know, if you’ve found a rate that is attractive, if you don’t lock right away, rates could rise and you’ll no longer be eligible for the lower rate.
    Anyway, please let me know if you have any more questions about Quicken Loans. I’m sure you’ll find working with us to be a great experience – and you won’t be alone. We’ve helped over 750,000 Americans close loans and 94% of our clients say they would recommend us to family and friends. My hope is that you will also!
    Thanks for the message Darrel.

    Posted by: Clayton | March 6, 2009
  6. Thanks again…we’ll see how this goes….maybe you should have been my agent. I like to be deliberate and thorough which is the opposite of the apparent process.

    Posted by: Darrel Beach | March 7, 2009
  7. Darrel, I’m glad I could provide some information about the Quicken Loans deposit and please get in touch with me if you have any question about the mortgage process. We really appreciate your business!

    Posted by: Clayton | March 9, 2009
  8. My question in response to this video (specifically #3) would be, what if the terms of the loan are changed on you? If the rate or fees go up and you no longer agree to the terms, can you cancel and get the refund? Based on the provided rules, quickenloans would just hike up the fees and you would either have to go with the loan or loose the deposit. It seems that they would never deny you for a loan.

    Posted by: Rodney Hamilton | March 10, 2009
  9. Hi Rodney
    You actually brought up a really good question. If ANY terms of the loan change, if rates or fees go up from what you agreed to and signed in your loan documents – and you don’t agree to the new terms the loan is denied. You would get any remaining money left from the deposit as a refund. Our goal is to close loans as smoothly as possible. Ideally, and usually, nothing will change and the loan will go through the process. If something that you orginally agreed to in your signed documents does change and you don’t agree with the change – the loan is denied. It’s that simple. I hope this answers your question. I see you also left a comment on our Youtube Quicken Loans Deposit page and on Twitter. We appreciate all the messages! Thanks and let me know if you need more info.

    Posted by: Clayton | March 10, 2009
  10. I have recently lost my $500 deposit to Quicken based a low appraisal. I wouldn’t have an issue with losing my deposit if the possibility had EVER been mentioned to me by my rep. The small print hidden away in a lot of paperwork isn’t exactly honest “Full Disclosure”

    Posted by: Paul | May 6, 2009
  11. I’m sorry to hear things didn’t work out for you Paul. Appraisals are coming in extremely low today and there is nothing we can do about it – we have no influence over appraisals. It’s frustrating because our clients sometimes feel cheated and we lose business. It’s a losing situation for everyone.
    Are you sure your entire deposit was used for the appraisal? If not, you should be due a partial refund of any of the $500 not spent on your behalf.
    And we certainly don’t intend to have our deposit policy hidden away. That’s why we put in on our site and made the video and mentioned it here and on other blogs.
    You can email me at cclosson@whatsthehdiff.com if you have any questions. Again, sorry things didn’t work out. Let me know if I can help in any way.

    Posted by: Clayton | May 6, 2009
  12. Your blog is so nice.
    Thanks.

    Posted by: debtor finance | July 7, 2009
  13. Please respond…I got off the phone with a Quicken rep where I provided my CC# for the $500 deposit. But I realized I do NOT want to go further with refinancing. My question is: Will I get the deposit completely refunded since I have NOT signed anything with Quicken, I have NOT provided any documentation to Quicken, I have NOT gotten any appraisals from Quicken. Again, I just got off the phone with rep today and we just did some Q&A about refinancing — that’s when he mentioned the “Good Faith Deposit” and told me it would be needed for him to go any further. He also told me what rate I would I get and he accessed my credit history. But he needed documents from me before he could apply. I’m going to hold off on everything until I find out what my options are. Thanks.

    Posted by: xj | December 21, 2009
  14. xj,
    You won’t be charged your deposit until you sign your documents. If you haven’t signed anything, you haven’t been charged your deposit, therefore a refund is not an issue.
    I hope you do consider going forward with us. We have one of the best client satisfaction scores in the industry (over 94% of our client say they would recommend us to family and friends) and we can close your loan in half the time of our competitors. The deposit allows us to begin the process of creating your loan and taking care of the appraisal and underwriting.
    Again, until you sign your documents, your deposit isn’t charged. Please let me know if you have any questions. cclosson@whatsthediff.com
    Thanks
    Clayton

    Posted by: Clayton | December 21, 2009
  15. I did some electronic signatures but have not sent the requested signed paper work. Will I be able to get my deposit back?

    Posted by: Michelle | October 6, 2015

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Wednesday, July 26, 2017