Reviews (1)

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.