Quicken Loans Corona California Review

I was in an online chat with a loan agent out of Quicken Loans’ Arizona office. We led the conversation with: [Agent’s Name]: Please share with [my name].. what would you like to accomplish with your refinance? [My Name]: I am looking to lower my monthly payment, get rid of PMI, not pay anything out of pocket and have a few bucks at the end. You know, all the good stuff. [Agent’s Name]: Absolutely! [Agent’s Name]: We will towards this today for you. We then spent about an hour going over the details of my refi, credit, financials, etc. I expressed my concerns about closing costs and she assured me there were none, that they were giving me a discount and that the remainder would be folded into the loan. She also spent lots of time saying how qualified she was, how she was president’s club, that Quicken ranked first in JD Power and Associates and that she’s all about being up front and honest; basically why I should implicitly trust her and Quicken Loans. Then at the end of this very long process and coming up with a loan solution that I felt good about, the canned message shows up. [My Name]: I want to move forward, BUT I’m about to sit down to tacos with my kids. [Agent’s Name]: aww. its easy to proceed. [My Name]: So, how do we proceed later or tomorrow? [Agent’s Name]: I can secure this for you now, and we can go through your documentation tomorrow. [Agent’s Name]: There are no out of pocket expenses for you to refinance with us here at Quicken Loans- upon application we do accept a deposit in the amount of $500 to cover the costs of your out of pocket expenses, including your appraisal, up front. Then we apply that back to you at the closing table. It isn’t a fee- it’s just used for out of pocket expenses. Naturally, if we cannot get you initially approved based on the information you have provided me, then we do not charge you the deposit. I lock your rate and send you all the documents in black and white…We take Visa, Mastercard, Discover, Amex… [My Name]: Can you explain that? [My Name]: I need zero out of pocket, period. [My Name]: No deposit, no credit back at closing. Nothing. [Agent’s Name]: Yes, to secure the loan and move forward we accept a commitment from you in the form of a good faith deposit. This helps cover the appraisal upfront. [Agent’s Name]: Once the loan closes, we reimburse backs towards the closing costs. [My Name]: Welp, it’ll need to wait then. [Agent’s Name]: Okay, [My Name]: Caught me at a bad time. Not about to but another $500 on credit. Seems odd that a loan company would encourage that. [Agent’s Name]: It’s actually quite standard. Last year we closed 70 billion in mortgages, so people are accepting of this. [My Name]: That’s okay. You found the one in 70 million that won’t. [Agent’s Name]: I am sorry to hear that [My Name], but there needs to be a way to pay the appraiser. [My Name]: Just doesn’t work for me, right now. Doesn’t matter what the guy next door does. [My Name]: They do not cost $500 [Agent’s Name]: I am showing appraisal costs in your area are close to $460. [Agent’s Name]: [My Name], I am here to help you. When we secure a loan, this is part of our process. [Agent’s Name]: I am sorry if I caused any frustration. I was only trying to help. [My Name]: Well, I started this very long conversation about me not wanting any out of pocket. [My Name]: Maybe I wasn’t clear [My Name]: So anyway…thanks for the help. [Agent’s Name]: I am looking back at our conversation, and there was no mention. [My Name]: Let me refresh you [My Name]: “[My Name]: I am looking to lower my monthly payment

get rid of PMI

not pay anything out of pocket and have a few bucks at the end. You know

all the good stuff.”” [Agent’s Name]: Usually my clients still us the deposit and bring $0 to close. [Agent’s Name]: I am sorry if I misunderstood. T [My Name]: Me too I have some issues with my experience: 1. The canned message says that there are no out of pocket expenses

yet requires a deposit to cover out of pocket expenses. This is deceptive. Does the deposit come out of my pocket? Yes it does. Just calling something different does not change what it is: an out of pocket expense. Even if it were returned or reimbursed to me 5 minutes later

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