Dan B.
CaliforniaMember since November 2020

Reviews (1)


    • Nov 15, 2020
    • Verified Reviewer

    Rocket Mortgage

    Quicken Loans couldn’t get their rocket to launch

    • Length of Use: 2+ years
    Overall Experience:

    Refinanced my primary home with Quicken Loans when the government began offering HARP loans over 8 years ago. A year ago they sold the loan to another company that promptly bungled the annual escrow reconciliation and overcharged me some $200 per month for a whole year before catching their error and refunding the escrow overage.

    Spring of this year, in an effort to lock in a 30-year fixed rate and take out some cash from my 14-year-old spec home, I thought I’d give Rocket Mortgage another chance. The Rocket sputtered and crashed. After paying the required $500 “appraisal fee” and applying for an 80% $70000 cash-out loan, I was informed that my house didn’t appraise high enough to qualify for this loan. At this point, my assigned loan specialist went mute. After pointing out that the out of town (and county) house appraiser seemed to go out of his way to “lowball” his estimates appraising my home $70000 lower than an identical house just one street over, I was assigned a supposed loan specialist to reach a solution. The Rocket's solution was to keep all of the $500 application fee, and deny my access to the documents and appraisal which I paid for.

    Fast forward two months, I received the exact same loan through LOAN DEPOT, not only was it easier (less paperwork required and fast turnaround) but their appraiser, a local company, appraised my property at $50000 higher than the Rocket. After another week of battle with yet another Rocket customer care agent, I was grudgingly refunded less than half of my $500 (the actual cost of the appraisal). I was also promised a hard copy of Rockets appraiser comps which they are supposedly required to do by law. You guessed it, I never received them. My only solace is knowing I prevented a friend of mine from making the same mistake of using Quicken Loans.

    Pros and Cons:

    • Competitive rates
    • Didn’t do business in good faith, offered no solutions to problems that arose
    • Poor/no technical support when their system couldn’t upload PDF files sent from iPhone
    • Rude and uncooperative customer care associates
    • Lied when promised to send appraisal

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

    1 people found it helpful

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