The other day I was driving to pick up my kid from school, and I heard one of your ads on the radio. I nearly swerved off the road laughing! In it, you claim that most loans can be closed in a month or so, and that everything you do is “engineered to amaze.” At this point I’m not sure whether to report you for false advertising or confirm that you did amaze…
You amazed me with your incompetence, inconvenience, inordinately lengthy process and ineptitude.
Let’s start with the fact that I first contacted you in OCTOBER, wishing to refinance the mortgage on my house. It is now MARCH, and I still don’t have a closing date.
Let’s continue with the fact that I have a credit score most people would envy (781 at last check), a six-figure income, and a steady, secure job. Do I strike you as the type to run out on my fiscal responsibilities? And yet, after several weeks of waiting for approval, you called and told me I was considered an unacceptable risk, because my property is a rental, and not a primary residence. As if I’d risk my job and my credit rating by defaulting on a house simply because it’s now a rental rather than my primary residence!
Besides, if I’ve never even been late with a mortgage payment at 6 percent interest, why the bleeding hell would I not pay it at 4 percent, which would lower my payment by several hundred dollars?
According to one of your staff, Freddie Mac considered me too high of a risk, because my home is now an investment property. My response to him was, “With all due respect, Freddie Mac is a bigger risk than I am!”
Nonetheless, he called back a few days later and informed me that I could still refinance, but only AFTER you people jacked up my closing costs by nearly $2000! Pretty impressive bait and switch you’ve got going there!
I decided to take the deal anyway – even though the closing costs were approaching a ridiculous level. But then came the next level of incompetence.
I had sent you people every piece of paper you asked for, including TWELVE MONTHS’ worth of bank statements to “prove” to you that I was the one making payments on this home. Tax returns, W-2s, bank statements, retirement account statements, copies of mortgage notes… you crawled up my rear with a flashlight and examined every portion of my fiscal situation – past and present. In most cases (aside from one mortgage note, which took me a couple of weeks to receive, because the mortgage company couldn’t find a copy), I sent you everything you wanted either the same day, or the following day.
But that was apparently not good enough.
Another call from you people came telling me that because it’s been more than 90 days (YOUR fault, not mine), I now had to send you yet another bank statement. Oh, and in addition to that, I had to sign yet MORE paperwork, confirming that I hadn’t opened any new credit accounts, because someone at Capital One pulled my credit history. You know why they pulled my credit history, you morons? Because they wanted to offer me a refinance! In retrospect, I should have told you people to stuff it and refinanced with them, but no…. at that point I’d already been going through this process for several months, so I decided to stick with it.
The next bit of idiocy was yet another staff member calling me and telling me that my loan wasn’t coming up as approved in her system. This lady was competent and diligent, but by this time, it had been three months since I started this process, and the level of ridiculous had reached record heights. I once again had to send her pay stubs. I once again had to confirm how much money I had in my retirement accounts, because somehow something was calculated incorrectly. And of course, since my home was now worth less than what I owed on it, refinancing it was more difficult. Oh, and by the way… someone had to confirm that I was still working at my second job (despite the fact that I sent a current pay stub), and that I had been working there for at least two years (despite the fact that I had sent my tax returns from 2009 forward.)
However, after a few back-and-forths, she somehow got my refinance approved.
One would think this would be over, but noooooooo……
The next call was a request for a conference call with the current mortgage company to confirm that there were no late payments during the past year. DO YOU THINK I’D HAVE A CREDIT SCORE THIS HIGH IF THERE WERE??????
Then came a call from yet another staff member, requesting paperwork that I had already sent. The conversation went something like this:
Her: I still need some paperwork. I will need a copy of *insert piece of paper I had already sent here*
Me: I already sent this a couple of weeks ago.
Her: Oh! Here it is. OK, now I’m going to need a copy of *insert another piece of paper I’d already sent here*
Me: You should have that too.
Her: Oh! That’s right. I see it.
Me: Listen, I don’t mean to be rude to you, but this is going on FOUR MONTHS now, and I’m getting sick and tired of being jerked around. Am I closing soon or not?
Her: I do understand, and I’m really sorry. We should be closing sometime in early March. I just need you to sign two pieces of paper, and fax them to me, and we’ll be good to go.
You know what those pieces of paper were? One of them was paperwork confirming that I hadn’t opened any new credit accounts, because someone at Capital One pulled my credit history. Sound familiar? Yeah. The same piece of paper I faxed to yet another dimwit at your company just a few weeks prior. The second piece of paper was yet another inane signature that I had already provided as well.
So I’ve had it. At this point, I don’t give a damn if I close this loan with you or not. Frankly, I’d rather get my money back and start from scratch, but since I’m supposedly so close to the conclusion of this drama, I’ll see the way it plays out.
I will tell you this, however. There’s not a single person I know, not a single reader on this blog, and not a single friend on Facebook that will not get a copy of this blog entry. I will ensure the far and wide dissemination of this blog entry. Maybe then you will learn how to treat people. Maybe then you will hire some competent staff. And maybe then you will correct the inept asshattery that is the way you do business.
The latest human with whom I spoke promised that I would see a closing in early March. It is now early March. You have until March 15th, or I will demand my money back and will deal with someone else who is not you – someone who will not bleed me dry with incredibly high closing costs and suck my soul out with continued requests for yet more paperwork. Yes, I will have wasted four months on this charade, but I will have the satisfaction of knowing you will not see a penny of my money, and that I will steer as many people away from your company as possible.
The initial mortgage banker with whom I spoke spent much time selling your company to me, and telling me how more than 90 percent of your customers would recommend Quicken Loans to their friends and family. Consider me NOT in that group.
You are an incompetent, unresponsive, slow, inept, inefficient, unprofessional, bush-league band of monkeys, and I will make sure everyone knows it.
UPDATE: I did some more research on their prior history. Here’s something interesting.
Lawsuits from borrowers and ex-employees claim Quicken’s day-to-day tactics are at odds with its squeaky clean image. They accuse the company of using high-pressure salesmanship to target elderly and vulnerable homeowners, as well as misleading borrowers about their loans, and falsifying property appraisals and other information to push through bad deals.
Sounds familiar, doesn’t it? The first salesman says, “OH! I got you a great, unbelievable deal!” From an email he sent me on 24 October:
Hi Ms. Fellenzer,
I have just completed putting the details of your loan together.
I’m frankly blown away at what we may be looking at here.
I only have a number for your office and I left a message there.
I would really like to talk to you about this, this evening so that I can get to work on the other details.
And then, nearly a month later… “Oh, sorry! It’s a rental property, and that makes it not a conforming loan. We can give you another refinance option, but it will cost you several thousand dollars more at closing!” Not like you didn’t know it was a rental property from the very first phone call!