Depending on the lender, they may approve your application and charge you fees even if you are unable to qualify for the mortgage loan. This is a method through which lenders defraud naïve borrowers. It is possible that your mortgage application could be rejected, and that you will waste hundreds of dollars in unwarranted costs.
Is Quicken Loans a predatory lender or a legitimate financial institution?
Quicken Loans is an example of a predatory lending institution. It is difficult to come to any other conclusion after reading the various cases filed against the mortgage business. The owner of Quicken Loans, however, is Dan Gilbert, who is also the owner of the NBA’s Cleveland Cavaliers and who, in his own words, has “a vanity that is only equaled by his pettiness.” This question, on the other hand, does not have a conclusive solution.
A number of critics claim that Quicken Loans is a predatory lender since it charges exorbitant interest rates and fees; however, others maintain that the firm offers beneficial mortgage-related services that assist customers in obtaining mortgages. In the end, whether or not Quicken Loans is a predatory lender is a matter of personal preference and viewpoint.
In addition to having an A+ rating from the Better Business Bureau, Quicken Loans is an approved company. In 2020, the Consumer Financial Protection Bureau received 554 complaints against Quicken Loans’ mortgage products, according to the agency. Quicken Loans is an example of a predatory lending institution. It is difficult to come to any other conclusion after reading the various cases filed against the mortgage business.
As a result, when Kelly Dwyer, the editor of Yahoo’s famous NBA site Ball Don’t Lie, made an offhand jest about it in a post last year, he would not have had any cause to second guess himself. The owner of Quicken Loans, however, is Dan Gilbert, who is also the owner of the NBA’s Cleveland Cavaliers and who, in his own words, has “a vanity that is only equaled by his pettiness.”
Following the reading of Dwyer’s article, according to numerous sources, Gilbert and his main legal counsel phoned Yahoo CEO Marissa Mayer personally to express their displeasure with the snide phrase that read something like “Predatory Lender Quicken Loans Arena.” The exact contents of the message are unknown to us because there are few traces of it remaining online. Mr. Mayer directed that the post be taken down immediately.
