Wow! Anywhere USA! That's a long story, I have a vague idea of what happened to cause your loan to be denied, and some quick tips to get better responses to your complaints. So please do read the entire post.
I worked for QL for 5 years, and I saw it all. I no longer work there, I can give you some quick tips on how to make your loan go through as planned and how not to have issues.
I think that letters to the Attorney General, the BBB etc are likely a waste of your time (i will get into this in part 2 in further detail)
1. When you apply for a mortgage at Quicken (or anywhere else) it is really important to have accurate information to give to the loan officer. Let me explain what I mean by accurate because i fear that most consumers definition of accurate and the actual definition are not the same
INCOME - When they ask you how much you make please give your salary or hourly wage, don't include BONOUS, OVERTIME, SELF EMPLOYMENT, or COMISSIONS. When they ask you how many hours you work be specific with that as well. IF you need Bonus, Overtime, Self Employment, or Commissions to qualify your banker WILL need TAX RETURNS all pages, all schedules (for self employed they will need business returns too!!!) OK now I know we all think we know how to read a tax return but the average person doesn't know how to do in the way an underwriter does. Mortgage companies tally up all of the income and then subtract ALL expenses. This means if you write off a home office, a rental property, mortgage payments on a rental property etc you are likely screwed. Sorry kiddies, but liars are a thing of the past, as they should be and mortgage companies will only give you credit for the income you show to the government.
ALSO if you are a part time employee, they will use a 2 year average of your income. IF you have less then 2 on the job sorry it doesn't count. Part time is anything under 36hours/week.
If you are making less this year then last, sorry Charlie you can't use your bonus, over time, commissions, or second job to qualify.
ASSETS give the banker asset info, exactly how much is in your checking TODAY, savings TODAY, retirement TODAY, etc. If you cant cash it out, it doesn't count. SORRY that's just how it is.
YOUR PROPERTY In light of the recent market, ALMOST all of our homes are worth less then they were last year. SORRY the mortgage company wants your appraisal to come in high, if it doesn't they are just as mad as you are because they get paid for closing loans. Check your neighborhood, see what has sold, remember that Granite countertops DO NOT improve your appraisal, neither dose a finished basement, new hardwood floors etc. APPRAISERS don't care about upgrades. Sorry they just don't. So be cautious when you estimate your value.
YOUR CREDIT if you have rough credit, be prepared for A LOT of work. It's tough fo
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