Consumer complaint received 2016-06-28
Company: Rocket Mortgage, LLC
State: CA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Application, originator, mortgage broker

Complaint:
Quicken Loans, Loan officers do not understand their programs or their guidelines. Are quick to pull credit!! 
I work for a Lender as an Account Executive so I understand my guidelines!! When a scenario comes across my desk I know how to answer the borrowers or brokers questions. I do n't pull credit first like Quicken Loans wants to do. Watch out Quicken Loans Loan officers are quick to pull credit! I called Quicken Loans and spoke with two different loan officers and explained my scenario. I did not want them to pull my perfect credit which is a XXXX FICO. I asked them if they can work with me, I have been at my job for less than 1 year. The first Loan Officer would not help and could not answer any of my questions, she was adamant about pulling my credit so I hung up. I immediately called back and spoke with another Loan Officer and again this loan officer had no idea how to answer my questions. Each time she put me on hold to ask her supervisor. After 30 minutes of her badgering me about needing to pull my credit, I accepted. Then she took my email and phone number and said she would call me back the next day. The next day she called and said she could not help me because I was not in my current job for more than two years. She ca n't refinance my house due to the job qualifications. This is a horrible business practice, pulling credit hurts the credit score! The Loan Officers should have known their guidelines! In many cases if a FICO score is on the cusp of qualifying for a certain program and is pulled and pulled the FICO will go down and disqualify the borrower. I 've seen this happen many times and the borrowers can do anything about it! The credit inquire will stay on my report for 2 years and effect my score for 12 months. This is totally unacceptable! I wanted to educate everybody about this horrible business practice Quicken Loans is doing so you will not have this happen to you. Be aware, Quicken Loans is not a place to get customer service with your house refinance or purchase. The Loan Officers do not know their guidelines!! 
There is no need to pull borrowers credit up front before you pre-qualify them! 

I received and email response from Quicken : Hello XXXX : Thank you for your reply. I apologize again that you are unhappy with the credit pull process. We do pull clients credit up front, however it is not to meet quotas, but to ensure that clients credit qualify before we provide them with a personalized quote and pre-approval. I can not attest to what was advised regarding the income, but I will be sure to review this with our banking leadership so that any opportunities are addressed on their end. 

As for my note about the credit team, I was including that for awareness as you were indicating in your feedback that we could affect client 's scores negatively and then proceed to deny them financing. I just wanted to advise that there is a process in place for clients who are on the cusp of qualifying for your awareness. 

I appreciate you following up with me with your additional concerns and will be sure that this is reviewed internally with our leadership so that any issues regarding the qualification knowledge of the team members you worked with can be resolved. 

XXXX Social Media Advocate Quicken Loans

Company response to consumer: Closed with explanation