Quicken Loans
Trainee Appraiser Comps and $500 Deposit Never Returned

Quicken Loans is a garbage company. They took a $500 "deposit" for a loan (not sure why I gave it to them) and told me I would be "more than pre-approved — I would be underwritten."

They did collect all my paperwork, which was in order. And the primary representative I worked with was really good.

However, the appraiser they sent was a trainee — it said so right on the appraisal. His three "comps" included two where the buyer and seller of the "comparable property" were the same person plus another (i.e.: somebody added an investor and low-balled the 'sale price' for taxes) and a third that he didn't adjust for inflation (it was over six-months old) or square footage (it was 15% smaller).

Needless to say my house didn't appraise despite that two of the exact same models were sold for about the same amount (one was $5 less with no improvements, one was $10K more but was on the sunnier side of the street) within the prior two months.

Of course, Quicken never returned my money.

Quicken is a fraudulent company. I'm not sure why they're into stealing $500 at a time from people but looking around the web this behavior is a long-standing pattern (any class-action lawyers listening?). I've closed a loan before from eLoan: like Quicken they were slow, kept asking for more documentation after they said they were finished, and took forever to wire money to escrow, but at least they closed my loan. I'd never deal with or trust Quicken or Quicken Loans again.

Company: Quicken Loans
Country: USA
State: Michigan
City: Livonia
Address: 20555 Victor Parkway

  <     >