Rocket Mortgage

Quicken was not able to effectively handle a routine mortgage loan. James P made multiple mistakes and misinforming us, which ended up costing us more money and delayed our closing date. Quicken was unwilling to reimburse any of the wasted funds, despite the charges being their fault.

Bottom Line: No, I would not recommend this to a friend

As a first home buyer, I was contacted by Glen Woodward when applying for Quicken Loans. In our conversation he seems very nice and was very assuring that I would be taken care of. We even agreed on the rate lock on a rate that was below the current market average. So far so good. Quicken Loans/ Rocket Mortgages advertise a "Rate Shield" at which they advertise - "Lock Your Interest Rate Lock your rate for up to 90 days and protect your monthly payment from going up while you search for the right home. If rates go up, your rate stays the same. If rates go down, your rate drops. Either way, you win!" You will hear this over and over if you are put on hold on their phone service.

A couple months later, I finally find a house and it's now time to close and wrap things up. I get updated disclosures of the loan but my rates are still the same from two months ago. The market averages have dropped around .5% to 1% since my rate lock. Expecting what has been advertised, I wrote an email asking what is going on, I was later told wait for their pricing sheet to update. Finally after a week, I another call from a different broker asking if I had questions, and I asked for some kind of update on my new rate based on what was advertised by "Rate Shield." I was told it was the same as when I first signed up two months ago.

This prompt me to investigate my options. And here is where all my lessons begin teaching me the world of brokers and how they work for lenders. They are salespeople who earn their commissions by the fees they can mask into your estimates. Glen Woodward is no exception in double or even triple dipping into tacking on fees...such as $850 application fee or $300 underwriting fee (these are the same as origination fee). Also hyperinflating the appraisal fee to $850, which they are typically only $400 to $500.

And to further add to the crooked "30-year veteran," after my final call with the other broker, Glen attempted to woo me with a new "lower rate" that he had management sign off on. But when you look over the estimate, the fee went up $1000 because he tacked on further points to the origination fee, which pretty much a standard.

So in the end, I chose not to proceed. I am now out $500 and this is my own fault for being a first home buyer. So if you want to pay more closing cost to have a shady broker collect a fat commission off you and for them to not follow what they advertise by all means go ahead with Quicken Loans\Rocket Mortgage. In the end, they are no different than any other company that has a systematic broker between the buyer and lender.

My $500 lesson for first home buyers:

1) Shop around, get as many loan estimates you can at least 3 and compare them.

2) Research the fees that are on the loan estimates, you can find out which are "junk fees" such as Glen attempted on me.

Never give money until you did step 1) and 2).

Bottom Line: No, I would not recommend this to a friend

I don't like to do this; being in sales for as long as I have and apart of a customer service oriented group I understand that obstacles comes up and sometimes the ish hits the fan. In this particular case, I do not believe bad luck, or accidental circumstances were the culprit, instead it was negligence, lack of basic banking knowledge and a group of associates that know less of the mortgage process than this customer. Granted my experience is heavy in commercial lending and I have a strong banking background spanning many years, but the actual process of keeping me informed to the inability to understand state-specific requirements was baffling.

To be more specific, my loan changed...multiple times. I mean my specific product I was sold due to the banker's lack of knowledge in regards to their own policies on approval methods. The next headache came from my actual closing costs - this was on both Amrock, the sister company to Rocket Mortgage for the title company, as well as Rocket Mortgage themselves. They worked together to be wrong at the same time and refused to listen to reason, information I sent them links to for Minnesota and more. It took intervening by my buyers for my home's title company to get them on the same page and even with that they ultimately didn't adjust their numbers and I had to take my closing on the sale into my own hands by calling my buyer's title company directly and begging them to fix the issues to which the lady over there actually did! She didn't need to do that over at TitleSmart in Forest Lake, MN, but she did it all and fixed everything as far as costs were concerned and what party paid for what.

My largest concern from all this isn't even for me, but rather for the hundreds of thousands of people who have far less than I do that may have been screwed out of their hard earned money. I legit think that Amrock owes customers hundreds of thousands of dollars if not millions in refunds for costs that they made their clients pay that didn't exist. You would think part of that was just Amrock, but no, Quicken was just as much a part of my emails and phone calls and their insistence that I was wrong when I ultimately was right is why you should never choose to work with Rocket Mortgage along with their sister company for the title.

The ease of the online application and approval process was completely void after the headaches that followed. Don't make my mistake - go with your local bank.

Bottom Line: No, I would not recommend this to a friend

My Mother had passed and I was the sole heir but the home was mortgaged with QL aka Rocket Mortgage. I move further, ever think what the word "mort" comes from? DEATH.

That said, Quicken Loans ruined my life, destroyed my health, cost me my job, and continue to mess up and harass me to this day. My Mother's passing was a tragedy for me and learning my heroin addict sibling had siphoned off her money and ran up massive debts left me with a bad situation to begin with, but the will left me the MORTGAGED, once paid-for home. They had the loan with Quicken Loans to recover from the addict's thefts to begin with so I contacted Quicken Loans and asked what was needed on my part. They WRONGLY advised me NOT TO PROBATE the will, insisting as sole heir they could QUICKLY SELL. Hmmm, SELL ME a house I was inheriting. They argued with my lawyer, assured it was the quickest, best way to go, would give me a better rate as my parent's credit was messed up by my sibling (another travesty there but won't bother with it here).

So I send all the papers, pay for the appraisal, blah blah, the closing date is set, I take off work and ooops, ummm they messed up...no, they could not bypass probate. I was so livid I lost my temper at my job and well, lost my job.

To sum things up it, it took those people 2 years, their meddling messed up probate, caused numerous issues, and one hand never knew what the seven others of that monstrosity were doing, so they mistakenly put the property up for AUCTION. I had been apologized to, told not to make a payment while they fixed it, assured they'd make it up to me. HECK NO. A year and 5 months later still no title, no mortgage, only threats, fees, lies, more apologies, and oops, we have to QUICKLY SELL YOU the house to avoid the auction...What?!

Ok...Another appraisal fee (by the way, they never refunded the first one). And probate is dragging on since they cost us 6 months the first time, yet...again, they assured me they could transfer everything. Then another tentacle wraps me up and it's the FORECLOSURE dept saying no no no...A week before CLOSING as they have the house in their realm, they nixed the loan and said I had to do a"modification." What the heck!? AGAIN assured it would save me money, wouldn't have to pay the late fees, etc. So, ok...ummm. Sounds good, but modification takes 3 MONTHS and federal paperwork...blah blah.

I sign the fax...pay. What? Somebody pushed the foreclosure button? I have strangers at my home wanting to see the house they were BUYING $25k less than what I was mortgaging? You cannot make this crap up.

It gets worse - the stress makes me so ill I miss 6 months of work and ultimately developed a serious illness from all this. But after the third set up modification payment, they have forms judges need notarized, blah blah, it drags on nearing a month. I call and ask, "do you need a payment since this is taking forever, plus the county judge tells my lawyer the forms Quicken Loans WANTED signed off on were FISHY."

Quicken Loans says no payment needed, when paperwork signed, blah blah blah, I'd have numbers and they'd finalize the transfer.

Nope, I receive a call saying they CANCELLED the modification because it went past 30 days. OMG...the loan officer on the recorded message apologizes, admits he had never EVER saw that happen...and they force me to do the darn thing AGAIN...three more months!

Moms has been dead for nearly two years. I finally get a huge mod loan packet and told it needed to be initialed in places, signed, etc., and back in ten days. Lawyer receives, doesn't like, but I say do it, we send back and now there's almost $8k in fees and charges for the foreclosures??

And even after all that they have called SIX TIMES with oops, you owe more money than on the document as we advanced money on the loan...If I hadn't been so mentally drained, financially drained, and now FIGHTING medically for my life, I'd sue the bastards, at least I'm finally exposing their BS!

They may be the biggest, but they do not tell the truth, keep their commitments, or rectify their mistakes...because they are too big to do so. Even a VP for them told me he was surprised I didn't SUE...I have over 200 emails.

Bottom Line: No, I would not recommend this to a friend

The process with Quicken started off well but did not end on a good note. Our representative was communicative and friendly. He talked us into "re-casting" our loan which basically means you don't have to put 20% down right away to keep more of your cash liquid. Then, once the sale of our previous property went through we could put down the rest and all we had to pay was a $100 re-cast fee. Well, imagine our surprise when we went to pay off our PMI today and was told we must make 2 mortgage payments with PMI until we are eligible to re-cast. Ahhh of course, the hidden terms no one discussed with us. We were able to put down 20% at any time but were talked into re-casting. I am disgusted with the sneaky salesmen tactics we received when procuring a loan from here - buyer beware.

Bottom Line: No, I would not recommend this to a friend

Quicken's online application and portal are easy to use, and the banker assigned to our loan was easy to connect with at non-business hours. These were high points, and their rates were competitive.

These were important selling points for us, and they were important. However...

My loan estimate/closing disclosure was incorrectly calculated, resulting in the fee showing as an entire point higher than it should have, four times.

Each time this happened, I was the one to catch it, and I had to be the one to call it out and request a correction. Each time, our banker apologized profusely and promised it would be corrected immediately. And, it was. But repeat three times, and it gets stale.

This made me wonder how many other customers suffer this same issue, but don't notice it because they don't take the time to read every single piece of fine print like I do. Our banker always referred to it as some sort of glitch in the system, not calculating things properly. As I'm sure you can imagine, this got old quickly, especially because (as already noted) I was the one to catch this every time.

Never once did our banker spot it first. The lack of pro-activity in this regard keeps me from scoring this review more highly.

Bottom Line: No, I would not recommend this to a friend

I sent all my paperwork in the first day. It's been about 6 weeks and all the underwriters have done is mess around with petty BS like the URL not being printed on the statement and it's now 2 business days before I was supposed to close and they have done nothing but cause acute mental distress and a logistical nightmare. Hate them and don't even care if I get the house now.

Bottom Line: No, I would not recommend this to a friend

Everything was fine when I started out, but when it was to the closing agent, everything went wrong. He would tell me and my title company that he had everything that he needs in order to close on my house by the date I requested. By the next EVENING, he would call me to say that he needed something else, but by the time he would call me, it was too late to contact who I needed and get it taken care of and eventually this caused the closing date to be delayed by 3 days. Unfortunately, this caused two other closings to be delayed and left everyone in a lurch. Terrible service and was lied to on several occasions.

Bottom Line: No, I would not recommend this to a friend

It started out great with a very nice rep who gave me estimates and explained costs. He even offered us a "special" deal when I said the closing costs looked high. Then when we got closer to closing and the appraisal, I asked where the discount he offered were reflected in the loan estimate and suddenly no one would talk to me anymore. I had emails to prove the "deal" we were supposed to get, but you can't really prove something if no one is willing to talk to you. Some slick salesman who claimed to be our "advocate" took over and explained how things were going to cost even MORE than we thought and ignored any information about discounts offered by the previous guy. In the end, things didn't work out due to our appraisal coming in lower than expected (no one's fault), but we weren't desperate to make this happen, so it's probably a blessing in disguise. I will definitely be working with a different company in the future.

Bottom Line: No, I would not recommend this to a friend

If you want a company that sends you false automated emails, requires you to keep sending the same information repeatedly, requires you to initiate any corrective action, takes over 90 days to complete a new mortgage, takes over 13 days to receive your money once the papers are signed, then this is your mortgage company. The initial team did good getting us started. The closing team dropped the ball after every turn. All my emails and phone conversations are available to Rocket Mortgage to review how our loan was handled. I hope they will learn from the many mistakes that were made at every turn. No one should be subjected to this treatment. They did not earn their thousands of dollars charge.

Bottom Line: No, I would not recommend this to a friend

This should have been my second mortgage with Quicken. The first was years ago and went very smoothly. This one was a nightmare. I was strung along, lied to, deceived, and you stole my money. Their underwriting was a joke. They tried to say my co-ap didn't live on the subject property. I provided multiple evidence, they were wrong and still they lied. The appraisal process was a joke. Three months later and I still do not have a correct appraisal and they kept my money, refunding a part as a courtesy after I threw a fit. They are thieves. Who would expect someone to pay for something they never got? Only Quicken. I will NEVER USE THEM AGAIN! They are horrible to deal with and simply tooooo big to give a crap about their customers. Run, do not walk, away! I would give them a ZERO rating if it was an option.

Bottom Line: No, I would not recommend this to a friend