  Livernoisyard Member Username: Livernoisyard Post Number: 3351 Registered: 10-2004 |
While surfing, I came upon a Web site devoted to reporting corrupt businesses and such--RipoffReport.com. A search brought up 62 complaints there listing QL as allegedly being corrupt. Apparently, QL claims to have a 94% satisfaction rate from its customers--according to somebody claiming to speak for QL in rebuttal to one of the 62 complaints against Quicken. So, are any or all or none of those 62 reports justified? I realize that 62 may not be a large number, considering the amount of volume that QL has. But then, usually only a tiny percentage of dissatisfied consumers ever take the time and effort to complain. Preferably, the responses should be limited from those who actually possess any real information and knowledge of the inner workings of the mortgage industry and Quicken's role in it--and not any responses from those blathering and shooting aimlessly from the hip. And, please, keep anything about siting in Livonia or Detroit out of this. (Message edited by Livernoisyard on July 07, 2007) | ||
Urbanize Member Username: Urbanize Post Number: 1553 Registered: 02-2007 |
paging Kid_Dynamite...... | ||
Mackinaw Member Username: Mackinaw Post Number: 3193 Registered: 02-2005 |
I like your last sentence. How can you say that considering the timing of your post? Might as well start a thread about Ford's quality complaints. They get 75 complaints an hour. Can't drive my car this weekend because of their crappy brakes. | ||
Rustic Member Username: Rustic Post Number: 3125 Registered: 10-2003 |
LY, can we still work in regional bus service or eating at slows? | ||
Livernoisyard Member Username: Livernoisyard Post Number: 3353 Registered: 10-2004 |
Ford gets slammed all the time--even on DY (gasp!). However, Quicken--in an industry beset with numerous wide-ranging problems--seems to be ignored somehow. Might that suggest a selective bias? Or is QL really a saint? I still remember that--giant of a--loan guy with the bad haircut (formerly out of Southfield) who fled when the going got rough. | ||
Urbanize Member Username: Urbanize Post Number: 1555 Registered: 02-2007 |
lol LY. Hate to go off-topic, but why do you people beat around the bush? Heck, K-Mart fled to Troy! The Guy from Loan Giant fled Town! Sheesh, that's better. Ok, I done. (Message edited by Urbanize on July 07, 2007) | ||
Lmichigan Member Username: Lmichigan Post Number: 5764 Registered: 10-2003 |
LY, the only ironic thing here is that if Quicken was near announcing a move to another suburb or anywhere else you'd not have put in so much work. It's the fact that they are very seriously on their way downtown that sets off your alarm. Because, we all know how much it pains you to see anything good happen to the city. This is not to shoot the messenger, but if the messenger is the source, well, what else can you do?  | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 98 Registered: 06-2007 |
LY, ripoffreport means very little in the grand scheme of things. You can find endless bitching on that site about any company you can think of. We closed about 10,000 loans last month. What is the time frame of those 62 complaints? I'll just assume over one year. That comes out to .0005% of closed clients having such a bad experience that they would report it on a site like that. Every single complaint that was filed with the Better Business Bureau (which was only handful) in 2006 was resolved. Every one. Every now and then some dummie is going to tell a banker that their house is worth $400,000. When an appraisal is done, and it appraises $200,000 less than that, there is no loan that can be done for them. That homeowner is out the $350 for the cost appraisal, but somehow thinks the lender is to blame. I work for a solid company. Dan's motto is "Do the right thing". It is plastered all over our office walls. (Message edited by kid dynamite on July 07, 2007) | ||
Wazootyman Member Username: Wazootyman Post Number: 230 Registered: 02-2006 |
Disclaimer: This is all just my personal opinion, so take it for what it's worth. For the most part, Quicken is a decent company. But, because it is a commission-based job, there are employees who will do anything for the sale. People will be placed into loans they cannot afford. Quicken certainly isn't alone in the trend of irresponsible lending - but products such as the Secure Advantage (in which you contribute less than the interest accrued) are just risky and stupid. Unless you can absolutely guarantee a gain in equity, you risk losing a lot of money. Most people end up in products like these because they simply can't afford the home they purchased. There's a reason foreclosures are at an all-time high. The other thing that Quicken does - and again, they are not alone - is to place people into adjustable mortgages, or other products with a likely refinance down the road. Because Quicken is a loan originator, they only make a profit when the deal is closed. The loans are sold to a bank (such as Citi or Countrywide) within a couple of months of closing. Quicken maintains limited responsibility in whether the homeowner can actually pay that mortgage. It's a very high pressure job with a high turnover rate, but their employees can make a decent living if they can stand it. I don't think employees typically get to go home until after 8:00pm. But, you know, it's like any other financial company...and I'm just bitter that so much of my income goes towards interest ;-) | ||
Urbanize Member Username: Urbanize Post Number: 1575 Registered: 02-2007 |
"I don't think employees typically get to go home until after 8:00pm." That will be interesting. 5,000 employees still downtown after dark. At least it won't be a ghost town after the 9-5. | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 101 Registered: 06-2007 |
Hey Watoozy...just for the record..I leave every day at 6 PM. If you suck at what you do, you should stay later. Urbanize, his reference is only about sales. Processing, HR, IT, etc, work more normal shifts. I so have to say that I am a little offended by our "trend of irresponsible lending" that you claim we fall into. | ||
Urbanize Member Username: Urbanize Post Number: 1581 Registered: 02-2007 |
Ok, that still leave 100 Workers after the 9-5 dayshift. | ||
Jt1 Member Username: Jt1 Post Number: 9513 Registered: 10-2003 |
Kid - Many people, myself included, see many of the innovative programs from Rock as irresponsible. Ultimately the consumer should be smarter but I do not find any reason why a program should (ethically or legally) be allowed that lets someone buy a home and pay less than the interest. You can argue that it gets someone in their dream house but the spike in foreclosures nationally seems to coincide with many of these programs. You may see it as helping someone establish their dream. I see it as taking advantage of the ignorant or greedy. On a side note I refied through Rock for a previous home and was very happy with the service. | ||
Patrick Member Username: Patrick Post Number: 4660 Registered: 10-2003 |
The only reason QL is loved on DY is because it will be moving downtown. That's it. That's all. Had they chosen to build a spanking new HQ in Farmington or Troy 90% of the people on here would be up in arms. | ||
Urbanize Member Username: Urbanize Post Number: 1582 Registered: 02-2007 |
I'm sure it was the same case when Compuware was making it's announcement Patrick. | ||
Lmichigan Member Username: Lmichigan Post Number: 5769 Registered: 10-2003 |
Or when that behind the times GM, was thinking of moving and chose downtown, or just about any company looking to move to the downtown of declined cities. One shouldn't be surprised what kind of strange bedfellows are made when attracting corporations. | ||
Mackinaw Member Username: Mackinaw Post Number: 3200 Registered: 02-2005 |
Patrick, that's pretty much true, but it's not like we're getting a bunch of scammers or an employer who treats their employees like Walmart does. They are ranked as one of the top places to work at, and yes, the "smart ARM" that Rock offers has gotten alot of homeowners in trouble lately, but that is the market, and in the end it is the loan-buyer's responsibility. It is just funny because Rock really finances/enables people to buy/build new houses in sprawling settings, yet they'll be HQ-ed in the center city. Homeownership is apparently the American dream, but lately it's been creating alot of trouble, and it doesn't help that so many American's have let this dream morph into an insatiable demand for new houses that are too large, on too much land, and too far away for their means. People live beyond their means too often in our consumer culture, and it is job of Rock/Quicken and most other banks to enable it as best they can. It's not there fault. The market demands it. But regardless of all of this blather of mine, Rock is a profitable, growing company with an ambitious set of leaders who are creating spinoff enterprises. Definitly the sort of thing you want downtown. And there are other reasons they are loved on DYes. Check the thread from a couple weeks ago about the entreuprenuership training they run at/near Wayne State. |
