What's the rush?-It's only your money, not mine.....
Written: Jun 07 '03
|
Product Rating:
|
|
| Customer Service: |
 |
|
| Web Site Experience: |
 |
|
| Web Site Load Time: |
|
|
|
Pros: Well known software company lets you think they know something about mortgage loans.
Cons: The builder warned me. I didn't listen.
The Bottom Line: Quicken is a sales company only interested in obtaining mortgage commitments, and then farming them out to real mortgage lenders for a fee. Avoid them like SARS.
|
|
|
| youngdoog's Full Review: Quicken Loans |
I picked out Quicken Loans because they had a smooth website, and I wanted to save on paying the "origination fee" that local lenders were charging. Quicken's representative, Thad Endress, assured me that they were fast, professional, and could complete the loan process seamlessly. Especially since my credit history was spotless, and I was putting down 20%.
Not exactly. It seems that my builder had warned me about "Internet lenders", since they often delayed approving and disbursing mortgage loans, and, as a result, had forced the builder to include a 10 day mortgage closure clause in all its closure documents. I found out that this is no problem for local lenders, since they work with all the local builders. I informed Thad about this time restraint, and he said "No problem."
After the construction was completed, I filled out the "Punch List" that initiated the 10 day closure period. I contacted Quicken, and assumed the deal was working smoothly. Then it happened-
No Thad Endress. Just some mumbling clerk. I called daily. Everything was "working". The builder called me, and said that time was running out. Since Quicken was in Michigan, and I was working in Phoenix, I knew I was in trouble. Numerous calls each day proved fruitless-finally I ended up begging the Title company-who worked for the Builder-not for me-to see if they could intercede, and get some action.
The result? A four day overage delay cost me $400 to get the mortgage closed. It could have been worse. When I contacted Quicken after that, Thad was "busy"-all the time.
Oh-One month after the mortgage closed, Quicken farmed the loan out to Countrywide-who have been fine-and professional. Wish I'd used them from day 1. It's obvious that Quicken is a sales and marketing company, not a "mortgage institution."
The lesson? Use Internet lenders as a bargaining tool to get your local lender to drop or reduce the origination fee-Then use a local lender, regardless. Countrywide, for example, is local in my community, and I think I could have gotten the origination fee waived-if only I had known.
For all I know, Thad Endress is really David Berkowitz working from a pay phone in State Prison...And I hope he runs out of the quarters he stole from me...
Youngdoog
Recommended:
No
|
|
|
|
Epinions.com ID:
youngdoog
|
|
Location: Las Vegas, Nevada
Reviews written: 19
Trusted by: 0 members
About Me:
Retired construction worker
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.