On November 4th I entered into a refinance contract with Quicken Loans. At that time I was given a Rate Lock Agreement with a Derrick Eppich Lender Representative at 16245 North Pima Rd., Building A Scottsdale, AZ 85260 on one loan document and 20555 Victor Pkwy, Livonia, MI 48152 on another loan document. I filed with them the following required documents:
Most recent pay stub (s) reflecting a minimum of 30 days year-to-date earnings
All W-2 forms from 2007 and 2008
Statement showing the judgment and/or tax lien had been paid in full
Documentation for 2nd job income (I am a member of the Army Reserves)
Signed request for transcript of Tax Return (Form 4506-T) for 1040S
Information regarding appraisal (I had had an appraisal done on May 29th and was informed that I could use this appraisal for the loan) at that time my home appraised for $125,000 and I was told this appraisal would be the used for the loan since it was a FHA approved appraisal.
Credit Inquiry Explanation Letter
All documents were submitted in a timely matter. At that time I informed them we had not filed our 2008 taxes yet and had an extension approved by the IRS. I was told the extension papers were good enough to cover the 2008 tax request.
I was given an Interest Rate Lock Agreement of a 4.5% interest rate, loan discount fee of. 625%. My loan amount was to be $120,472 (payoff amount of $101,061 and $13,843 for second mortgage payoff, $2,867 closing fees, $2,943 prepaid items/escrows/MIP [? ]). It was o be a FHA 15yr fixed. And I was to receive $157.10 at closing. I was then requested to give them a $400 deposit for appraisal (I was told this deposit was be refunded to me on closing because I had supplied my own FHA appraisal) I empathically told them I did not have the required deposit (I did get a loan for the amount). I was told this would take approximately 3 weeks to prepare the paperwork for signing. After a week I was told Derrick no longer worked for the company and my loan was transferred to Ms. Tynina Washington, Sr. Client Care Specialist. I was then sent the following email 4 Dec from Ms. Washington: Hi Douglas, per our conversations, this is what is needed to complete the loan process. 1. Please provide name, phone number and policy number for your insurance 2. Please provide all pages of your personal tax returns. Thanks Ty. I provided the information requested emphasizing the fact that my 2008 taxes were still be prepared and was again told not to worry about it since I had an IRS extension in place. I then received a call from Ms. Washington informing me that the extension from the IRS was no longer acceptable and that I had to get them the returns for 2008. Since they were still in the process of being complied by my ex-wifes account (because she is a small business owner, I had to wait until her corporation and business taxes were completed in order to finish my personal taxes). I finally got them finished and had the return faxed from the accountants directly to Ms. Washington. I was told that this was all that was needed and that I would be contacted within the week to arrange for my closing documents to be signed. 2 days later I received another call from Ms. Washington that my tax forms were not acceptable because it did not have an IRS stamp confirming they were filed with the IRS. I was also told at that time that my appraisal was also no longer valid and that I had to get another appraisal done. I was very concerned at this time that my lock in date was approaching (Dec 21) and I did not think I could get the required paperwork to them. I was informed by Ms. Washington that I did not have to worry because I was working on them and that my locks in rate and loan specifics were extended since they knew I was working on them. I once again told them I was not comfortable having to pay for another appraisal since I did not have available funds to do so. I was also concerned that I might not get the loan and was assured that the appraisal was just a formality and I need not worry. I got them the IRS stamped return and arranged for another appraisal. I then had to contact Ms. Washington that I had not been contacted by their appraiser and asked for her help. On Dec 17th I was finally able to arrange an appraisal after trying for 2 weeks to get them to come out. So on the 22nd of December some person named Andy calls and asks me where I came up with the $125,000 figure for my property and I inform him about the appraisal I sent to them and is in my loan package. He states he has never seen it in my loan package and I then ask what happened to my loan specialist (Ms. Washington) and I am informed the loan has been turned over to him and I would need to deal with him to close my loan. So their appraisal comes back at $112,000, $13,000 less than the appraisal I started with. Now this Andy states I need to came up with $5,000 in order to get my loan approved. Now today (23 Dec, 09) I heard a report when they were interviewing the Secretary of the Treasury that housing prices were up 2.3%. So somehow my house lost over 10% of its value from November to December. And now they justify keeping all the fees they charged knowing I cannot come up with $5,000 to complete the loan process. So now I cant even apply for another loan because their appraisal makes it impossible for me to even qualify. I feel every time I met their requirements they changed them so they could delay the process and force me to get another appraisal devaluing my property and thereby placing a $5,000 requirement to get it and meet the requirements. But all they did was make it impossible for me to complete the transaction.
On December 23 I discovered on the website consumeraffairs.com and the Better Business Bureau where hundreds of complaints just like mine have been posted against Quicken Loans for the same underhanded practices.
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