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is quicken loans a direct lender?

by 1anadoyev78463823 from Buffalo, New York. Dec 18th 2014 Reply


Colby Neal (FHAHomeLoanGuarantee)
#58 ranked lender in Arizona - 34 contributions

They have fund using their own money and/or other investors. They are a direct lender to Fannie Mae; so yes. So are we. However, we can provide better rates due to lower overhead. www.imortgagelending.com

Dec 18th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

Don't let the name fool you.. Quicken is not quick.. but yes, they are a direct lender and they use their own funds.. as a broker, we have a relationship with Quicken and they are one of the lenders we do business with, however, after one or two transactions, we realized early on that they are not offering anything that most of the other lenders are offering.. from my own personal experience with them, their process is clumsy and not coordinated well, the so called "Loan officers" are merely application takers.. they have no extensive knowledge about analyzing the best loan product for the borrower, and their rates and fees are actually higher than most.. which would make sense.. they spend more on TV advertising than any other mortgage lender in the country... so someone has to pay for it, right?? Your local broker is really your best option.. one stop gets you access to 20 plus lenders, and brokers typically have lower overhead, lower fees, and lower rates than most of all other types of lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 18th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

They fund their own loans - but, ultimately, that is the smallest of your concerns. First, because they have to pay for all the advertising the do, you will always find a better deal with a local mortgage broker. Next, regardless of their advertising claims, a quick internet search to the Consumer Affairs web site is well worth the reading. Here is a link: http://www.consumeraffairs.com/finance/quicken_loans_mortgage.html

Dec 23rd 2014
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