With all that Dan Gilbert and The Quicken Family have done for the city of Detroit and its rebirth, Do you Support and/or Patronize any of the 50 companies that are part of the group?
The following is the link to all the companies;
http://www.quickenloans.com/about/partner-company
Quote:
Originally Posted by 313rd
I've used a Bedrock Real Estate Services public list of building rules to ridicule everything else the master midwife has touched, but that is about it so far.
Thanks for the link to the list, though. I'll keep an eye out now for those less conspicuously under the playing-card umbrella.
No. I probably never will.
Other than the capital they're investing downtown, I have nothing good to say about the family of companies.
I'm using Quicken Loans for a mortgage [[looking in Detroit).
I have friends that live next to the Gilberts in Franklin, and I can tell you they're difficult neighbors, but besides that, have no personal knowledge.
I didn't consider Quicken when I bought my home [[don't get why I would pay extra to go through a middleman, instead of direct to a financial institution), but Gilbert certain seems committed to Detroit. For that he deserves kudos.
They are a direct lender and not a middle man, fyiQuote:
Originally Posted by Bham1982
I don't know much about the mortgage industry, but they don't appear to be analagous to banks, credit unions and other direct lending institutions.Quote:
Originally Posted by Boy Named Sue
I know when you get a mortgage through Quicken, they run your credit separately though 10 different institutions or whatever, so they're definitely anticipating rolling it off the books very quickly.
I mean, isn't that why they survived the recession? They're just the middle man, selling off everything a few weeks after closing. I don't think they service anything.
I prefer to deal directly with the financial institution. I don't know if that actually saved me money, but it made more intiuitive sense when I bought my house.
Incorrect, the only difference is that they are a non depository institution. They are the same as going through bofa or wells for a mortgage.Quote:
Originally Posted by Bham1982
From what I have heard Quicken was never really into sub-prime lending which pretty much explains why they are a healthy company. I haven't used them for a mortgage but I can tell you that every mortgage I have ever had has been sold at least once. I'd use them in the future as long as the loan was competitively priced.Quote:
Originally Posted by Bham1982
The only thing I can claim to have actually purchased from a Gilbert company was a fathead product for a nephew.
Ahhh, Bham1982... Always the master of speaking so confidently about subjects you know little about. QL is not a middle man [[a broker). They are a direct lender. They originate and fund 100% of their own loans. They also service [[ collect the payments) for nearly all of the loans they find now [[a big difference in their strategy from a few years ago). "they run your credit separately through 10 different institutions"??? What are talking about? Credit is ran once, and no other banks/lenders look at that info. Boy Named Sue is correct.. There is zero difference between QL and a bank when it comes to mortgages. You just can't open up a checking or savings account with QL.
I used Quicken for a refi back in 2007. The process was fast and easy.
This time around I used Texas based Nationstar and I'm still waiting after five months for them to close the refi...
I would give a little extra consideration to companies that have made local commitments like Compuware and Quicken.
I admitted I don't know a lot about the mortgage loan market. You sound silly creating strawmen. I only recounted my experiences and those of friends and family members.Quote:
Originally Posted by Armin
They don't service any loan that I know of. Every single person I know who used Quicken had their mortgage sold and serviced by another provider within weeks.Quote:
Originally Posted by Armin
You may be right that they now service their current loans, but it certainly wasn't the case in the past, and not when I got my loan. Are you saying they don't bundle and sell their loans to financial institutions anymore?
No, that was not my experience two years ago.Quote:
Originally Posted by Armin
I was prequalified through Quicken, and they ran my credit through a bunch of institutions. That pissed me off [[this obviously doesn't help my long-term credit) and so I didn't consider them when I went for my loan.
Functionally, they acted just like mortgage brokers. They weren't using their own products, but shopping my qualifications around.
And I do know that among friends who had Quicken, these mortgages are [[or at least were) all dumped a few weeks later, which is probably in part why Quicken wasn't harmed during the financial crisis.