Rocket Mortgage

This is the third time I've used Quicken Loans and obviously, if the previous two experiences weren't good, I wouldn't have gone with them again. However, this time was different.

Normally throughout the process you have constant contact with your broker so you are aware of the loan progress, but not this time. If I didn't reach out to Miguel Brewer, I would have never heard from him. He never answered his phone and took at least 24 hours to return emails. In fact, I had to call the general help desk line just to get answers.

But what made the experience the most unpleasant was when I was about to close the loan, the closing statement listed some credit card accounts they were requiring me to pay off with the loan proceeds. This was never disclosed to me during the refinance process and was a complete surprise to find out on the eve of closing. When I brought this to Miguel's attention he said it was required, but offered no explanation. I pushed for more details, but his response was to pay them off or walk away from the loan. Considering we were already 30 days invested in this process it didn't leave me many options.

I don't know if the culture at Quicken has changed or if I just got assigned a below average performer, but I don't think Quicken will be on my list next time I shop for a mortgage.

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

I applied on the 4th and got a so-called pre-approval. On the 5th I sent in what was asked on to do list, and that is as far as I have gotten. Jo, the person assigned to me, has not given me any answers. And tomorrow will be the 10th.

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

My husband and I decided to try Quicken to refi our rental property in South Carolina. We applied the week between Christmas and New Years Day in 2017. We received a call in mid-January that we were approved and that we could expect to close on the refi on January 31st.

That day came and went and we called for an update on the expected closing date and we were told our loan process has been transferred to another staff member and that we need to talk to that person. We contacted our new loan processor, and he told us that there was a delay and that closing would be on February 7th. We were Ok with that.

We never heard from Quicken and called a few days later to find out there was another delay, but they never bothered to notify us. Our attorney in South Carolina told us she has never heard anything from Quicken about our loan to schedule a closing.

We called again. By this time our loan had been transferred to a third person and he told us that the closing was now scheduled for February 28th. That day came and went and our attorney still told us she had not heard anything from Quicken.

We called again, and we were told that we had a new contact person but that we can always get an update on the process by checking the Rocket Mortgage website. We did not know that they were processing our application through Rocket Mortgage.

In March we were told that our loan was at the underwriters but that they were missing some paperwork. They told us what they needed, and we asked why they never told us about this back in January. They had no answer except that the other Quicken staff should have told us what documents they needed back in early January.

We sent Quicken everything they needed the same day via email and by overnight FedEx. We received a call from our newest Quicken contact and he told us he had received everything and things should move ahead very fast now. Our attorney still had not heard from Quicken about a closing date, and it was mid-March.

The last week of March we received a call from a new contact person at Quicken. He told us the loan has been put on hold because we never sent them any of the documents we were asked for. I told him that we sent everything both email and FedEx the same day the documents were requested. He said they cannot find any of them.

Since the loan had now passed through five different people at Quicken, our paperwork had been lost and no one knew who to blame. We told the new contact the name of the person that let us know he had received all of the documents and he no longer worked for Quicken. We sent another FedEx overnight to Quicken, and our attorney notified us that she had now been contacted about a closing date. We finally went to closing in early April.

Our 30-day closing turned out to be just over 100 days. Quicken told us we would be receiving a customer satisfaction survey soon after we closed on the loan but that never happened. I'm sure they didn't want to hear the truth.

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

The close was quick and really seamless.

However, I felt like I had to fight for the APR and still did not get what I wanted. I did not walk away thinking, YES! I shopped around and almost went elsewhere.

I will take my business to the best numbers person next time.

I have an excellent credit score, and all the right answers for what I felt should have been rewarded since I have stayed with this company for years.

In the end, it's about money and the competition for the best numbers.

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

My experience started out a little shaky. After initial registration with the Rocket Mortgage website, I had 3 different people from Quicken calling me and some other unknown numbers calling me that may have only been a coincidence. My first human contact with them was a guy that didn't seem to understand I needed basic info on the loans I was considering - he just wanted to make the sale. Eventually, I settled down to one person who was great at getting me going, choosing a loan, sending me an amortization spreadsheet that let me play with some payment scenarios - was all good at that point.

The application process was pretty good. I had all my documentation submitted online within a day and had conditional approval soon after. At this point, something broke. The online application process has 3 sections: requests, working on it, finished. One document lingered in the "working on it" section for a long time. Upon approaching the "loan objection deadline" in my real estate contract, at which point I can no longer back out without losing my substantial earnest money deposit, I queried Quicken about the loan status and the "working on it" document and they did not even bother to reply.

Turns out there was a serious problem due to a mistake on Quicken's side on which loan they were selling me and they were not communicating to me. It seems like they just froze up and assigned it to a specialist who lacked customer focus. Literally a few hours before we were to hit disclosure deadlines required to meet scheduled closing date, I get a call from this person informing me they had quoted the wrong loan type and that she would be happy to sell me the correct loan type, which of course had higher fees and cost more in general due to interest rates moving up in the meantime and the escalation person, while acknowledging it was Quicken's mistake, refused to do anything other than basically saying to take it or leave it. At this point, I was pretty well screwed on losing $15K earnest money if I went with another lender.

I was able to get past that at a substantial additional cost to me, and then more communication chaos ensued. Quicken told me nothing but what the Escrow company told me, Quicken saying we would not close on time. Quicken told the real estate agent something else, and it took me several calls to get somebody at Quicken who would or could tell me anything concrete.

To their credit, we did end up closing on time, but it took multiple escalations from me. In summary, this could have been great - all my application material was in by the 11th, and we closed on the 28th. That seems really good and should have been easy as I am a highly qualified buyer putting 60% down payment on the new home. However, it felt like that upon encountering a problem on their end, Quicken just froze up and stopped forward motion. I also think keeping the borrower in the loop on the loan progress is not a strength of their process.

Again, to Quicken's credit, after I managed to get their attention, there was a ton of support for keeping the close on time, but I seriously fault Quicken for placing the burden on me to get their attention rather than any proactive effort on Quicken's part. I believe they intend to be very customer focused. Just seems like there are some gaps in how they operate internally and interact with the customer when something out of the ordinary happens.

Initially I had a rating higher than 2 stars because it did close in 18 days, which equals Lenda's "as soon as 18-day close" rhetoric and seems pretty good, but considering it wouldn't have closed and I likely would have lost my earnest money without me staying with Quicken, not to mention substantial financial concession I had to make, and serious escalation actions, also by me, a 2-star rating seems more appropriate.

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

I got pre-approved by several lenders, and I decided not to use them until after going through the entire pre-approval process. Their service was ok, their product was awful. The rates were competitive, but the fees were at least 300% more than the next guy. I had to really inquire to figure out why my mortgage with them would be $100+ per month for 30 years to figure it out and they were non-committal on answering why.

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

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

When we decided to refinance our home, it was no question that we went with Rocket Mortgage. Our previous home loan was with Quicken, and our previous experience was so fantastic that we did it again. The rates are competitive, the staff is knowledgeable, and the company has the knowledge and process down to make it easy for the customer.

The process was easy to follow, we had contact with our team at any time, and if a call back was needed, it happened very quickly.

After completing the application online, I had a question, and I was able to get an answer immediately. The process, once it is started, you can follow online to see if there is anything for you to do, or if anything else is needed. There is a checklist of items needed such as W2's, pay stubs, etc., and once the item is submitted, it is clearly marked, so you know what is left to submit. I felt very informed every step of the way, and it was once again a pleasant experience, with no stress.

Bottom Line: Yes, I would recommend this to a friend