1st and foremost do not give them a credit card number even if it is just an informational call. Within the 1st 5 minutes of our conversation our credit report was in their hands and the loan had been approved for re-financing our home.in order to lock in the rate quoted they e-mailed us the documents needed to be completed and signed electronically by the close of the next business day. We were told to give them a $550.00 Good Faith Estimate and would not charge our credit card until the appraisal had been done at our home and forwarded to them. We were also told the money would be reimbursed at closing.
We had no choice in the appraisal service used, they would only use TSI Appraisal Services - which we were assured they were not affiliated with Quicken and this would not cause any conflict of interest. The appraiser came and did not spend 5 minutes in our home and was not interested in any improvements or new appliances that had been added since we purchased our home in November. We could not use the appraisal done prior to the purchase of our home, which was appraised at $8,000 over the asking price, was only $300 and included several comps along with pictures and totaled 27 pages in complete detail. The only copy of the appraisal we received from Quicken was only 7 pages with pictures taken of the front of our home and showed no pictures of the inside (he took 4 inside and 1 from the backyard). It took 6 weeks of requests by phone, e-mail and letters before we received this joke of an appraisal by e-mail.
Needless to say, the credit card was charged 3 days before the appraisal was ever done. When the appraisal was sent to Quicken by the TSI representative and it came in lower than the asking price and had no comps or other details about the renovations made, no measurements, nothing. When we were told this we decided to stop and go no further with Quicken. Less than a week later we received a letter stating they could not give us the loan due to the appraisal coming in too low. The appraiser came in with his mind made up before he ever came into our home and the pictures of the front of the property were taken in the rain and the day he came it was sunny and warm. When this was disputed, they gave us 3 different prices for the appraisal and costs for other information we had no knowledge of.
We are filing charges with the FTC Bureau of Consumer Protection Agency and their unfair lending practices. You are lucky if you were able to speak to the same broker you were contacted by if a problem arose. They seemed to just disappear and you would get someone who knew absolutely nothing about that particular loan.
Had we known about complaint we would have never even given them the time of day.
0 comments