Problems with Quicken Loans?

Problems with Quicken Loans?
I am close to closing on my house with Quicken Loans and I got a call from someone with Quicken who was called a "Customer Care Specialist"(who will be closing the deal for me) who informed me my closing costs are now $2,000 more then originally given to me as a "good faith" estimate. I questioned and he said he couldn't help me with that so I contacted my loan originator and got another excuse for the increase. Has this happened to anyone else? It appears like this is standard practice for them so I will back out and they keep my deposit that I made. I am extremely frustrated with them and my realitor has instructed I should look somewhere else because they are charging ridiculously high closing costs. Let me know if anyone has had an experience like this or even had a good experience with them please? thanks


Answers:

Mr. A:  I had a very similar experience with them. A few months later I got into the business and I found out a lot of things about Quicken. If you have a good Realtor, they would have put a clause in your purchase agreement that would allow you to not buy the house free of forfeiting money if you could not qualify for 'x %' interest rate. I'm not sure what your situation is but that may or maynot apply. There isn't a whole lot you can do about the closing costs. A good loan originator will be upfront with costs and if for some reason they change, you will updated with new figures. Many times when you buy a house a lower rate will be offered if you include impounds in your payment and therefore 6-8 months of taxes and hazard insurance must be collected at closing. Many inexperienced loan originators forget that and don't account for it in original extimates...If you can get someone to move fast on your loan you have a shot at the sellers being willing to wait a few more days...Oskar www.oskarmyloanguy.com
2007-12-31 13:24:28
Quicken Loans:  Hi there! I'm very sorry to hear about this!

Your client care specialist helps your banker out from time to time, but you clearly need to speak with your banker and there must be a reason for the increase. Ask for an updated good faith estimate.

If this is a purchase, there are several components that can change, especially when information regarding your taxes and insurance comes in. The only actual closing costs charged by Quicken Loans are a processing and underwriting fee. All other costs are incurred from third party sources needed to complete the purchase of a home.

As far as your deposit goes, since you are so close to closing, it is likely we've spent money on your behalf (appraisal, title work, surveys, etc.). If that is the case (your banker will be able to show you), you are entitled to a copy of the appraisal you have paid for. That is the reason we collect a deposit - we start to spend money for you. If you close with us, the deposit is credited back to you.

This is *not* standard practice for us and there should and will be an explanation. I would be more than happy to look into it for you. Feel free to contact me through our profile.

Thanks for giving us the opportunity to work with you. Buying a home can be frustrating, but ultimately very rewarding. I certainly hope this works out and I'd be more than happy to do whatever I can to see that it does.
2007-12-31 13:32:54
Chosen Answer
directlendingplanet:  welcome to closing with your back against the wall. i get lots of former quicken clients with a simular story.
funny how your loan agent cant tell you this information and lots of excuses. shop around! this is a common practice i here about. they figure its too late for you to find anouther lender so you will just pay it!

other than an appraisal fee what else did they ask for before they did the closing.
2007-12-31 14:04:42
TheChosenOne313:  they really screwed up when they announced moving the headquarters to detroit, my cousin was killed here last week, i can picture quicken loans getting bomb threats or shot up all day! dumb decision, murder capitol of the world features...Quicken Loans!!!
2008-01-02 22:49:44