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Quicken Loans VA Loans Review


Rating: 9.1 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner.
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How is Quicken Loans rated?

Breakdown

9/10
Loan Options
9/10
Application Process
9/10
Reputation

Overall Rating: 9.1 / 10 (Excellent)

Quicken Loans is an American mortgage powerhouse that has made the VA loan process significantly faster and easier. The company has also pioneered web- and mobile-based tools that keep customers closely informed as to the status of their applications. Quicken Loans offers a full range of loan types on a variety of property types, though it offers slightly fewer loan term options than its competitors. The company has a very strong reputation among its customers and relatively few complaints for its size.

Loan Options

Lender Type
Lender
VA Loan Types
Purchase
Rate & Term Refinance
Streamline Refinance (IRRRL)
Cash-out Refinance
Cash-in Refinance
Jumbo
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
5/1 ARM
1 Year ARM
Maximum Loan Size
$1,500,000
Loan Size
$36,000

Loan Options - 9 / 10

Quicken Loans offers the full array of types of VA loans - purchase, refinance, streamline refinance, cash-in and -out refinance, and jumbo. It offers these on single- and multi-family homes, townhouses, condominiums, and mobile homes. It doesn't offer quite as many different ARM and fixed rate options as some of its competitors, however.

Application Process

Fee Information
VA Funding Fee
Waived Fees
No prepayment penalties, No Private Mortgage Insurance
Minimum Credit Score
620

Application Process - 9 / 10

Quicken Loans was one of the pioneers in the streamlining of the VA loan process and prides itself on its quick turnaround of mortgage applications. Applications can be filled out on its website, via text chat, email, or over the phone. The company can render a mortgage decision in as little as 14 days.

Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
3030
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2017-08-23
CFPB Total VA Mortgage Complaints
102
CFPB Collection Date
2017-08-23

Online Reviews

Trust Pilot Rating
9.5 out of 10
BBB Rating
A+
Number of BBB Positive Reviews
1,907
Number of BBB Neutral Reviews
71
Number of BBB Negative Reviews
246
Date Collected
2017-08-23

Reputation - 9.3 / 10

Quicken Loans is the second-largest mortgage lender in the US.. The company is a BBB-accredited company and is rated A+. Surprisingly for the mortgage industry, the company's positive BBB reviews far outnumber the negative ones. The BBB has received over 1100 complaints about Quicken Loans, but given the company's size and scale, this is not a large number. The company rates five stars - Excellent - on TrustPilot. It has garnered numerous JD Power awards for mortgage origination and servicing. In 2015, the US Department of Justice filed suit against the company, alleging that it had written numerous federally-insured mortgages on the basis of improperly manipulated borrower data. The company has strenuously denied the allegations and the case is expected to come to trial in 2019.

VA Loan History

Period Total Loan Size Number of Loans
Q1 2016 $9,997 1,946,683,982
Q2 2016 $10,172 2,027,595,316
Q3 2016 $12,533 2,627,771,643
Q4 2016 $14,192 3,062,821,892
Q1 2017 $14,958 3,163,948,550
Q2 2017 $9,660 1,901,038,457
Q3 2017 $9,603 1,889,844,938

Contact & Additional Information

Homepage URL
Company Phone
(800) 251-9080
Headquarters Address
1050 Woodward Avenue, Detroit, MI, 48226
Mailing Address
1050 Woodward Avenue, Detroit, MI, 48226
Year Founded
1985

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Our Partner
9.1 / 10
  • Refinance up to 120% of your home’s value with VA loans
  • Dedicated VA mortgage bankers that are professional in VA loan process
  • Track your mortgage process with MyQL
  • Gives rates right on your phone with Mortgage Calculator app
  • Buy a home without money down
  • Jumbo VA loans up to $1,500,000
  • 15-, 20-, and 30-year fixed rate loans and 5-year ARM loans
  • No monthly private mortgage insurance