Quicken Loans Match or Beat Mortgage $250 Offer - Likely Targeted

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Deal:  Get $250 if Quicken Loans cannot match or beat any competing refinance or new mortgage.
YMMV?:  On June 30, 2016, I received a letter in the mail from Quicken Loans that was headlined, "We'll Match or Beat Any Competing Mortgage Offer!".  In the body of the letter it stated, "If for some reason we can't match or beat the competing offer, we'll send you a $250 pre-paid Visa card as a way of saying thank you for giving us a chance."  I applied for a mortgage through Provident Funding starting in July, and rate-locked with Provident in mid-August.  I gave Quicken Loans a chance to match or beat Provident before signing the refi, but Quicken Loans could not Match or Beat Provident, and hence after filing a claim with Quicken on this offer, I am happy to report that Quicken Loans honored their offer and delivered a $250 Visa gift card to me.  

Here is a timeline of how I got the $250 from Quicken Loans, and a nice mortgage from Provident Funding.

July 1:  Started Mortgage application process with Provident Funding
August 12, AM:  Rate-locked a Provident Funding mortgage refinance on a 15 year conforming fixed rate mortgage (got 2.875%, -1.25% Points, Net: $1K from Provident Funding after all closing costs to refi).  Received Loan Estimate from Provident immediately after rate was locked.
August 12, PM: Emailed Quicken Loans the Provident Funding Loan Estimate and asked Quicken Loans CSR to match or beat.  Quicken Loans pulled my credit score, said I didn't need a home appraisal, and would get back to me on a better offer.
August 15:  Quicken Loans said they brought my Loan Estimate to a supervisor, and they cannot match the Provident Funding loan.
August 20:  Signed final documents with Provident Funding for the refi.
August 26:  Closed the Provident Funding Refi as per the Loan Estimate (with even a little bit more given back to me from Provident, then was in the loan estimate)
August 29:  Emailed Quicken Loans Match or Beat department my Provident Loan Estimate and Final Loan Documents
August 30:  Quicken Loans emailed me a claim for to fill out and sign
August 31:  Emailed signed claim form to Quicken Loans.
Sept 1:  Voicemail that my Quicken Loans $250 Match or Beat offer was eligible, and that I would receive gift card in mail in 4 weeks.
Sept 9:  Received $250 Visa gift card in mail

All-in-all, I was very satisfied with Quicken Loans on honoring their offer, and did give them a legitimate chance to win my business.  For me, the $250 was worth the credit pull. In the end Provident Funding simply provided an excellent rate and awesome -1.25% points on closing that Quicken simply could not match.

I hope some of you will also be able to take advantage of this offer.  Mortgage rates this past week were even better then when I closed - so happy refinancing.

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They'd go broke pretty quick if this wasn't targeted.

Thanks for the post. How did you contact their Match and Beat department? We followed pretty much the same track as you, up to the point where Quicken asked us to send them our offer from the other company and then said they couldn't beat it. However, the Quicken loan officer then started implying with screenshots of various sites that the company we are going with is not reputable. Since he first made it sound like they would definitely beat the offer, then said he couldn't, and now is casting aspersions on his competitor, I'm not super impressed. Should I ask the loan officer for the $250 claim form, or is there another department you contacted?

I think everyone that doesn't go past the initial credit report and application get the challenge email after some time.

Rasheed

jayheeter1 said:   Thanks for the post. How did you contact their Match and Beat department? We followed pretty much the same track as you, up to the point where Quicken asked us to send them our offer from the other company and then said they couldn't beat it. However, the Quicken loan officer then started implying with screenshots of various sites that the company we are going with is not reputable. Since he first made it sound like they would definitely beat the offer, then said he couldn't, and now is casting aspersions on his competitor, I'm not super impressed. Should I ask the loan officer for the $250 claim form, or is there another department you contacted?
  Here were the terms and conditions and the mailing address:

"*You must present a valid Loan Estimate to your Quicken Loans banker from another lender, dated within 5 days of the date you call Quicken Loans for a mortgage review.  We will attempt to beat valid competing interest rates, loan origination costs, underwriting and processing fees for the same loan term and product type.  We reserve the right to verify the validity of your Loan Estimate and any information contained in the competing lender's disclosure.  If we unable to beat the competing offer, we will send you a claim form to redeem a $250 Visa card as our way of saying thank you for giving us an opportunity to provide you with a quote.  Claim forms can be requested from a client relations advocate.  In order to receive the $250 Visa card, mail the following items to Quicken Loans within 30 days of closing with the other lender:  your completed claim form, Closing Disclosure, and competing Loan Estimate.  Once we verify the required documentation, we will send you a $250 Visa card within 4 weeks.  Please note that the competitive Loan Estimate and Closing Disclosure will be destroyed after fulfillment.  Please send documentation to:  Quicken Loans, Client Relations - Match or Beat Offer, 658 Woodward Avenue, Detroit, MI 48226"

Note:  there was also a dedicated offer email address - but I would hate to post it and have them spammed.  Hope the above helps.  When I contacted the loan officer for the forms - he did not respond.  I had to talk to a "Client Relations Advocate".



 

I emailed the agent and asked. He forwarded it to a department that sent me a form to fill out after I close with the other company. Thanks for the idea!



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