You can’t always believe what you read (or what BS you are being sold by some people/companies). Quicken Loans, one of the nation’s largest mortgage lenders that boasts to have “survived and thrived” in today’s difficult market by avoiding subprime mortgages and predatory practices, claims the top spot in surveys for customer satisfaction and has been rated as “one of America’s best places to work.” However, the Center for Public Integrity (CPI) is not buying it.
According to a report by the CPI, Quicken Loans has continuously mislead homeowners about the details of their loans, duped them into paying excessive fees, used fraudulent appraisals, and even forced their employees to falsify borrowers’ qualifications on loan applications and through altered/fake documents. “Unconscionable” is the word used by a West Virginia judge who ruled in favor of one homeowner bringing suit against Quicken.
Recently a group of former employees decided to join the fray with allegations that they were urged to boost commissions by locking customers into higher rates even when they qualified for better ones and, as it’s been described in the suit, “rolling hidden fees into the loan.” Michael Pikora, a former Quicken employee, declared in a sworn affidavit that “The worse the client’s situation was, and the lower their credit, the easier it was to charge excessively high rates.” Furthermore, the former employees claim that they were compelled to work unpaid overtime.
Of course Quicken Loans have denied that it mistreats, or mistreated, workers or customers, and they emphasize their lending practices meet industry standards. Furthermore, the company has described the former employees’ lawsuit as “the product of parasitic plaintiffs’ attorneys who specialize in filing meritless claims in an effort to coerce settlements from job-producing companies.”
I’ve followed Quicken’s advertizing over the years and, not ever working there cannot confirm or deny any of this, but their advertising always seemed misleading and rubbed me the wrong way. That is certainly not to say they are the ONLY ones but they seem to be the only ones still doing it while at the same time boasting about how much they aren’t and how happy their clients are.
If anyone has any comments about previous experiences with Quicken Loans, good or bad, please let us know in comments!