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Quicken Loans complaints and rip off scam accusations explained in context

Lately we've had a lot of questions about the number of online complaints about working with Quicken Loans. The problem is, the complaints are completely out of context.

The Internet gives the opportunity for everyone to voice their opinion about products and services, and Quicken Loans is no exception. Overwhelmingly, our clients have wonderful things to say about their experience with Quicken loans, and have gone online to recommend us. But, it’s true, some people are not always as satisfied. While no one likes to hear complaints, I feel it’s important to set the record straight and tell all sides of the story.

Mortgages are complicated, and sometimes – though infrequently – something goes wrong:
Appraisals come back lower than expected, mortgage rates change before they’re locked, income can’t be verified, or a larger down payment may be required.

These are the some of the typical snags we
encounter that lead to client dissatisfaction and complaints. That’s why we
have a dedicated client relations team to make sure all of our clients get the
service they expect and deserve. And we also actively participate in Twitter and other social media sites.

Have a problem with your mortgage that needs to be addressed? Kelly@Quickenloans is there to help.

Back to the complaints, here is what we struggle with: There is no way to know the complaints represent about 1/10th of one percent of our closed loans over the past 25 years (we've closed around 800,000 loans).

There is no way to know that we work with about 10,000 clients every day. There is no way to know we close several hundred loans, every day. There is no way to know we just had our biggest month in closing totals in our history.

There is no way for anyone reading online complaints about Quicken Loans to know that.

So, to put it all into context, to make sure people can get the full picture, we created this video to talk about Quicken Loans complaints. The bottom line – we aren't some rip off scam fly-by-night company that is out to commit fraud. We are the nation's largest retail online lender and the fifth largest mortgage lender overall in the U.S.

Here's Quicken Loans VP of Mortgage Banking Tony Nuckolls setting the record straight:

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Comments

  1. Video is not playing due to error.

    Posted by: Mark | July 6, 2009
  2. Must be a Youtube issue. I’m getting it fine.

    Posted by: Clayton | July 6, 2009
  3. Working now :)
    It’s really cool he gives an email address for complaints at the end of this video. I think this is a key element that most companies avoid. A lot of times the idea of a message board gets thrown around as website addition. Corporations often shy away from the idea thinking “what happens when someone posts something bad about us?”
    My answer is “Man, that would be great.” Every corporation is going to get complaints, the ones that stand out are doing the best job at fixing things based on those complaints. The vid just shows how far ahead of the game QL is in that department.

    Posted by: Marks | July 7, 2009
  4. You know… Its great that they give out an email address AND that they have a dedicated department to handle all of the customer complaints that filter in daily AND that the Vice President of Mortgage Banking felt the need to create a video to defuse the essential timebomb regarding their customer satisfaction.
    But I wonder… if 94% of the people were happy. Would their be a need for any of the above. Hmmm???

    Posted by: BTL | July 13, 2009
  5. BTL
    Regarding your comment, I’d like a point a few things out. First of all, the main reason we created the video IS because the vast majority of our clients are extremely happy with our service and never have a problem. They get a great mortgage rate, have no problems and go on with their business. Our problem is that nobody ever hears about them. They hear about the people, the small minority, who do have a problem and go online to complain. Like we said in the video and in the post above, we admit there are complaints about us online. What we want and need to show is the context of the complaints (how they represent less than 1/10th of 1 percent of all of our closed loans) and how we are dedicated to solving EVERY problem any client has all the time.
    We don’t just have a “department” dedicated to solving complaints and working out issues. Our entire company is dedicated to improving the mortgage process and making getting a mortgage easier all the time. Our Client Relations team is dedicated to helping when necessary (they work with clients for countless issues – complaints is a tiny percentage of the , that’s true, but every single Quicken Loans team member is empowered to improve our company, every day. It’s part of our culture.
    Finally, I’m sorry you feel that if we didn’t have any complaints we wouldn’t need a Client Relations team, but that’s very misleading. What large company have you ever heard of that doesn’t have a customer service team or branch? I’ve never heard of any company not having customer service and I don’t think you or anyone else could reasonably expect Quicken Loans to not have a customer service team?
    The bottom line is the majority of complaints revolve around an appraisal (even when relating back to our deposit) and that’s something we don’t have any influence over. Like I said in the post, we work with over 10,000 people every day and we try our best with every client. We might not be perfect, but we certainly try to be and we certainly improve as we go forward.

    Posted by: Clayton | July 13, 2009
  6. Clayton-
    I’m sure Quicken Loans has had some very successful refinance stories. However, a person reading those stories online and notices that her current life story taking place right now is identical to the complaints people are making makes her wonder whether the Client Service team is there to field complaints or are they their to solve the problems that could plague this company.
    I’m sorry Clayton a video from the VP was not produced because of all your success stories it was created to save the companies reputation due to the overwhelming number of complaints that have hit the internet, etc. Businesses don’t spend money because everyone loves them. They spend money on video’s like this when something, like complaints, may be affecting business.
    I know if I would have done a little more research and saw all of the complaints on the internet I would not have refinanced with Quicken Loans and would not be dealing with my own stresses and headaches from my personal Quicken Loans team.
    People can understand when policies and procedures with Freddy & Fanny change but what we have a problem with is when your staff tell us one thing in the initial conversation and right before we are ready to close numbers start changing. Then we hear, ” well, I think there was a little bit of misunderstanding”. As if we didn’t understand him/her properly but in actuality he/she was misleading. Everything my mortgage consultant has told me over the last 2 1/2 months is completely different then when I talk to the loan officer–numbers always changing. Information is only partially given to me extending every process. And instead of getting a “I’m sorry” or a “I apologize” I get to listen about the daily stresses he/she is going through. Am I not the client?
    My closing hopefully is final by the end of this month. BUT, I will tell you one thing, I will never use Quicken Loans for a mortgage or refinance OR recommend anyone to use Quicken Loans for a mortgage or refinance. Internet is a great resource but so is word of mouth. If I would have gotten a simple apology things may have been better but it’s too late now. I’ll be glad when it’s all done.

    Posted by: TLL | October 19, 2009
  7. TLL – I’m really sorry to hear about your experience and I’d like to help. Can you please get in touch with me at cclosson@whatsthediff.com or claytonclosson@quickenloans.com to give me more information so I can review this?
    We absolutely take client satisfaction seriously and I’m sorry you feel like you haven’t been given the proper respect or service. If that’s the case, I need to figure out what happened and make sure it doesn’t happen again. We sincerely want to make sure everyone is satisified and that’s why I need to hear from you so I can turn this around and make you one of the hundreds of thousands of happy clients we have.
    We close hundreds of loan everyday and there are several thousand positive reviews of us online – because, as you said, word of mouth is a great resource. The reason we created this video is that the complaints online represent less than 1/10th of 1 percent of our closed clients.
    We really want to hear from you. Please contact me. Again, I’m sorry you feel that your service has not been what it should have been. That’s unacceptable and I want to help.
    Clayton

    Posted by: Clayton | October 19, 2009
  8. I was thrown into a negative cycle thanks to your company and your policies.
    A deposit of $500 was taken from me and was not returned even though there was NO WORK COMPLETED, there was NO inspection.
    You are in business to take people’s deposits and not provide service.
    This is a huge source of income I am sure.
    You took me for $500 that I could not afford to loose.
    You are the worst of the worst!

    Posted by: Bruce Mathews | February 2, 2010
  9. Bruce,
    I’m sorry you feel that you were mislead in any way. We disagree.
    We are completely transparent about our deposit. We have nothing to hide. As explained in our replies to the complaints you filed with the State of Pennsylvania and the Better business Bureau, our bankers are trained to explain our deposit policy up front at the time of application, potential clients can read about it on our site – , on the Quicken Loans Deposit page or watch a video about the deposit and our mortgage process on Youtube.
    Additionally, each and every client is provided with an Interest rate Disclosure and Deposit agreement that they sign at the time the apply. That agreement provides that if a client chooses not to close their loan for any reason, the deposit is considered non-refundable. Accordingly, when you withdrew your loan application, we retained your entire deposit.
    The moment you signed your application, we began working on your loan. We locked your interest rate (which carries a fee on the secondary market), ordered various third party items, and provided you with a fully underwritten conditional approval letter. If you were not ready to proceed with a loan and/or did not agree to the terms of your deposit, you could have taken more time to make a decision or declined to proceed entirely.
    Quicken Loans is the nation’s largest online lender and 5th largest retail lender. We speak to over 3 million people each year. When less than a fraction of a percent of those clients complain, we think we are doing pretty well. We are certainly sorry you do not agree with our decision. All we are asking is that you honor the commitment you made to us when you agreed to proceed with your loan, the commitment that included that your deposit was non-refundable if you chose to walk away from the loan process.

    Posted by: Clayton | February 3, 2010
  10. I just finished a loan with Quicken Loans. I can say enough great things about it. It has to be one of the easiest hassle-free ways to get a mortgage. When I went to a local bank I felt like I was being judged and questioned about my bills. The Quicken Loan people were friendly, helpful and answered all of my questions.

    Thanks for the positive experience.

    Posted by: SW | May 19, 2011
  11. Currently trying to get a VA loan from quicken. Everything thing was great to start with then it went to complete hell. I have already called VA home loans once and have plans to go to a different lender this Monday. I have a credit score of 820 and I am having problems with them. Send in one form they want two more forms to prove the first one you sent in that they asked for. It is terrible when you think this has to be it I have given them everything they have asked for and then they send you twice that amount back to fill out. Maybe it is because I am disabled or my new quicken rep is that incompetent but when I called VA first time there was a long pause after I told them I was dealing with quicken and they asked me if I was happy with lender and told them no but wanted to try and finish loan since I had gone this far. My mistake. I read reviews and thought oh these people just had bad credit they cant be this bad again my mistake they are.

    Posted by: jeff davis | June 18, 2011
  12. Well I am told that the deposit will be refuned if I were to stop the process in a reasonable time but if I waited until the last days before closing then the money can not be refunded since lots of work had been performed. Which is reasonable.

    Posted by: Prakash Nian | December 28, 2011
  13. Moderator, please take the above comment down. We have closed our loan and would to write a new and appropriate comment.

    Posted by: Kim | February 15, 2012
  14. While I understand that the complaints may represent a small percent of customers, the troubling fact is that all the complaints are of the same nature.
    Loss ofdocuments, up front fees, length of time to process loan, and inconsistant information.
    To make matters worse, YOU SOLD MY LOAN TO BoA!

    Posted by: Fred | June 23, 2012

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Sunday, December 21, 2014