Quicken Loans’ refusal to provide mortgage rate for 730 FICO score

A client is currently refinancing and they have PERFECT credit (as defined by rational people):

No lates, no collections, no judgments or liens, nothing whatsoever that could be considered derogatory.

However, they have a lot of debt (helping out their kids, times are tough) and unfortunately I didn’t know that they needed to get a 740 middle FICO score to get the lowest rate.  They were only 5 points short at 735 and their loan officer recommended paying down some accounts and running the credit again.   The FICO score actually DROPPED 5 points – quite likely due to the first mortgage credit inquiry over 30 days earlier.

So yesterday my client contacted me and I sure wish I’d had the opportunity to work with her on the scores right away.  Now the loan officer is pressuring them to lock the rate and close – at the  higher  rate.

Despite several emails, the loan officer refused to provide today’s rate for a 740 FICO.  We need to know whether it’s worth the time and expense to work on the scores.  If the difference is only 1/8% in the rate, it might be best to lock at the higher rate and get it over with.

It only takes a few seconds for a loan agent to quote different rates and I recently explained how to read a wholesale rate sheet and I posted a rate sheet.

So I searched for current rates and I ended up at Quicken Loans.

Christine McIntyre REFUSED to provide the rate for a 730 FICO score!

They require your INFORMATION, no doubt to waste your time, to market you and to sell your information if you don’t get a loan from them.  Mortgage leads sell for BIG bucks. Some brokers and all sorts of criminals pay over $100 for addresses and phone #s.  That’s why everybody wants to give you quotes AFTER you gave them your info.

When I brokered mortgages, I freely handed out entire wholesale rate sheets, I had nothing to hide and I did not sell any information.

Here’s the transcript of my Quicken Loans chat:

Thank you for inquiring with Quicken Loans, we’re America’s #1 online lender and do business in all 50 states! Please hold while we connect you with the best suited Mortgage Expert.
You have been connected to Christine McIntyre.
Christine McIntyre: Thank you for visiting the Quicken Loans Website!
Christine McIntyre: How are you today Christine?
Christine: Fine. What is the rate for an 80% $350k refi, cash out, excellent credit?
Christine McIntyre: 4.375
Christine: no points
Christine: are there minimum FICO score requirements?
Christine McIntyre: 740
Christine McIntyre: But you said you had excellent credit?
Christine: Yes, no late payments or any other derogatory accounts
Christine: But that doesn’t mean that the score is 740
Christine: What is the rate at 730 FICO?
Christine McIntyre: Let’s do this Christine I can put all of your numbers together for you and see what we can do.
Christine McIntyre: I would just need to get some information from you.
Christine McIntyre: Have you had your credit checked by a mortgage company yet?
Christine: You can’t give me a rate without getting my information?
Christine McIntyre: I did give you a rate already without your info.
Christine: Does my rate depend on whether my credit has been checked by another company?
Christine: You gave me the rate for a minimum 740 FICO
Christine: Can I get the rate for 730 FICO?
Christine McIntyre: Here’s the thing.
Christine McIntyre: I know what rates are for the 740
Christine McIntyre: As that is in general what most clients with excellent credit have.
Christine McIntyre: Because the rate and or costs would be higher for a 730 credit score then I would need more info to put your rates and costs togehter.
Christine: So you don’t have access to a rate sheet?
Christine McIntyre: We do not have a rate sheet we are computerized.
Christine: Your computer doesn’t know the rate for a 730 FICO?
Christine McIntyre: Not without your info it does not.
Christine McIntyre: We do advertise our rates that might help you.
Christine: Thank you, good bye
Christine McIntyre: Have a good day!
Thanks for the opportunity to help you! If you have any questions, please call us at 1-800-719-2044. And don’t forget, our partner, [redacted URL for fraudulent credit reports and scores] , provides you with a totally free credit report & score to help you make better home and life decisions!
Your session has ended. You may now close this window.
The last time I dealt with Quicken Loans was in 2007 when I was looking for a mortgage and I definitely would NEVER give my information to an outfit like Quicken, notorious for billing fraud and abusing their workers (Metavante).
If my client’s lender doesn’t shape up soon, she might well choose to apply with an UPFRONT mortgage broker who discloses their FEE.
We probably CAN get the FICO middle scores to 740 and at least we’ll know that the broker isn’t going to low quote and play the bait and switch game.

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