Quicken Loans comes through after all
Posted Sep 25, 2008 @ 10:28 pm, Viewed by 415 Visitors, Read 432 Times.I wrote about some loan problems a homebuyer and I were having in a recent blog entitled Beware of Quicken Loans. It turns out that somebody at Quicken Loans read my blog!
A marketing representative named Clayton Closson e-mailed me and apologized for the problem. He asked for details of the transaction in order to follow up. I provided enough info for him to figure things out through his organization's channels. I was careful not to divulge too much info, just in case he was not really a Quicken Loans employee.
Clayton was for real. Within a couple of days, the loan officer called my customer back and said the loan was going through. In the meantime, the buyer had been scrambling to work with another lender and get a loan as fast as possible. The terms offered by the two lenders were about the same. However, Quicken Loans required a 20% downpayment vs. 25% with the other company. He decided to stick with Quicken Loans. He did warn them that if they pulled out again he would be very disappointed.
Things were better but not perfect. The loan officer would tell the buyer "we'll be ready to close in four business days," which was all but impossible because the loan and escrow docs were not even prepared yet. We knew it wasn't feasible and determined a more realistic timeline.
The loan docs were prepared and sent to escrow, then sent to the buyer (who was living in the mainland U.S.). He signed the documents at the escrow company's branch office, the loan was funded and we recorded this week! Whew!
Although I am not ready to recommend Quicken Loans as a preferred lender, I do credit Mr. Closson for fixing the problem and getting the customer's loan done. I will keep his contact info handy in case I ever need it again.
If you need help with Quicken Loans, contact Clayton Closson and tell him about it! He was a big help to us!
Aloha, Mike Bates
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Mike Bates is a realtor associate on the island of Oahu. He's lived on Oahu, Maui, Molokai and the Big Island for 28 years and is here to share his knowledge of the Hawaiian Islands with you. Read More
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Hi Mike
Sorry I haven't commented earlier. I've been very busy with all the changes going on in the market and I'm just getting the chance to thank you for this follow up. And I will add that anyone that has any questions about Quicken Loans, please contact me. I'm happy to help with any problems or concerns.
Thanks again for this post and I'm extremely happy everything worked out in the end. We really try hard to make sure every one of our clients have the best possible mortgage experience. I'm glad I could help and I'll always be available should you have more questions in the future. Good luck with everything and I hope your real estate business prospers.
By the way, you might be interested in a new proposal to help the nation's financial crisis that Dan Gilbert, Quicken Loans chairman, has just made public. It will go much deeper to directly help home owners. You can read it in full at http://www.asolutionthatworks.com/. If you think it's a good idea, please comment and pass it along. We'd appreciate it!
Aloha from Detroit!