Quicken Loans and its own billionaire creator, Dan Gilbert, have now been on a streak that is hot.
As rivals have actually struggled check city within the wake regarding the economic crisis, Quicken happens to be certainly one of the nation’s mortgage lenders that are largest, making use of two of Gilbert’s other ventures – the NBA’s Cleveland Cavaliers and their property base, Quicken Loans Arena – as marketing tie-ins.
Quicken claims it's survived and thrived since it’s one of many good dudes when you look at the home loan company – a loan provider that remained away from subprime loans and dicey methods. Surveys rank Quicken because the No. 1 house loan provider for client satisfaction and also as one of America’s best places to your workplace. Quicken’s success, Gilbert claims, is “driven by our culture. That is specia. Our individuals bring their ‘A’ game using them to operate each and every day. ”
Not everybody is cheering Quicken’s strategy.
Legal actions from borrowers and ex-employees claim Quicken’s day-to-day techniques have reached chances along with its squeaky image that is clean. They accuse the business of utilizing salesmanship that is high-pressure target elderly and susceptible home owners, along with deceptive borrowers about their loans, and falsifying home appraisals as well as other information to push through bad discounts.
Last February, an official state court judge in western Virginia unearthed that Detroit-based Quicken had committed fraudulence against a home owner by misleading her concerning the information on her loan, billing extortionate costs, and utilizing an assessment that exaggerated the worthiness of her house by almost 300 per cent.