The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: zephyr911 on December 09, 2015, 02:57:25 PM
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Just curious who's worked with them.
My first experience just concluded, with mixed results. I have a buyer (I'm an agent, but don't do much business outside my own LLC buys) who was referred to me by a friend, who got so frustrated with Quicken's RFIs and waffling on appraisal conditions that he nixed the loan less than a week from closing and brute-force shoved six figures together to pay cash.
It's been a fascinating, stressful, occasionally hilarious ride, but it does appear the deal will close today and I'll make a couple grand.
(Oddly, I still have not met him in person.)
MY FEEDBACK:
Pros: all reps highly polite and professionally behaved; generally clear on what they were asking for at any given time; change in responsibility from one rep to another was clearly defined on all except one occasion; out-of-office process is clear and works well, and alternates are generally capable of handling any issues on a file.
Cons: expectation management, especially with regard to timeline; at one point a rep appeared to pass the file back to another one, but then kept working it and sending us questions; conflicting guidance on repair requirements, including different lists from the processor and the "solutions manager" on the same day; much confusion over "as is" purchase request (this was a foreclosure with minor-to-moderate rehab needed, but being purchased far below retail value); most "required" repairs identified long after appraisal received, ultimately leading to a request to close 2 weeks late that would have cost the buyer almost $2K due to contractual delay penalties.
And the biggest one, but not unique - something I encounter with many loans from many lenders in recent years: despite every effort to be proactive and identify potential new documentation requirements early on, they just kept popping up throughout the process. Every time the file came back from underwriting, there was a new RFI on it.
I fully understand that new laws since the GFC require more docs, more questions, and more proof. I don't for the life of me understand why more of those items can't be listed at the outset. I don't believe for a f'ing second that processors are incapable of knowing how and when the answer to one question might produce another. Lending industry, get your shit together.
But back to Quicken. How does this compare to others' experiences?
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I never liked Quicken. Poor process management and not cheap. Try aimloan.com for your easy to underwrite files. Cheap and efficient.
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Back before we owned any rentals, I called them, they treated me like dirt. They kept telling me that if they ran my credit check it would be a hit on my credit report. DUH. It was as if this guy did not trust I would have a rating high enough to qualify. Made me so mad! They did run my credit and I was indeed over 800. I found a local broker who treats me awesome. Quicken lost out on all 4 of our mortgages, too bad for them.
I highly urge everyone to stay away from them.
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I've done a REFI with them and it went pretty well. I went via a mortgage broker who was really awesome and dealt with it very efficiently so I've had no complaints.