Quicken Loans Gets Hosed by: Stupid Judge, Greedy Lawyers, and a CFPB Rule Thats About to be the Law of the Land.

Quicken Loans was engaged in an activity that every lender in the country did at the time.  Watch then FORWARD, SHARE, TAG!  thx.

7 Discussions on
“Quicken Loans Gets Hosed by: Stupid Judge, Greedy Lawyers, and a CFPB Rule Thats About to be the Law of the Land.”
  • I did not benefit with this — my appraisal came in at 466 and purchased the property for 495 — under appraised and had to make up the difference. Quicken did a great job closing the transaction on time –

  • I enjoyed working with Quicken Loans for my recently purchased home. Their customer service and timeliness we’re impeccable. My appraisal came in about $30k too low in the opinion of many in the market in which I purchased.

  • OMG… People… I am no fan of Quicken (high rates, high pressure sales, low knowledge application clerks). I clean up their messes with clients every week, but THIS IS IN THE PAST (up until 2009)! This has nothing to do with current anything, and there was NOTHING WRONG with what lenders did (including Quicken).

    Today, if your appraisal “came in low.”.. It really didn’t. You simply agreed to over pay for what the home was worth, or over valued your own home if a refinance.

    Think about it. Who valued the homes listing price? A Real Estate Agent with pressure to get the listing, pressure for a pay check, and pressure from the seller. Who appraised it? A randomly selected, yet full trained and licensed appraiser who does nothing but value homes all day everyday, with absolutely no outside influence or care one way or the other about the outcome. They get paid regardless of the outcome. Unless there is an obvious error on an appraisal, there is no such thing as coming in low. Just because you agreed to pay the asking price doesn’t mean it was worth the asking price. I’d never buy a house above appraisal price… Just stupid!

    • I don’t think the buyer is stupid. The appraisals are Too low in certain area and if you are a lender and doing your homework it is obvious, intentional and nationwide. Some areas right next to each other with well kept homes, qualified homeowners with good jobs with LOW value , equity or whatever you prefer to call this intentional bias.

  • HVCC sucks. We now make Refi clients pay for an appraisal and sometimes it comes in too low to help them. Usually with the borrowers who have the least amount of money. Sad that we can’t discuss value with an appraiser. Bad law.

  • Sorry, I cant agree with your logic. First, if an LO provided a value and the appraisal came in higher than it should, it can injure the consumer. Remember the mortgage meltdown 10 years ago. One reason for the meltdown was the undue influence of value. Granted it was not the only or sole factor, but it was a factor.

    Second, you stated as a LO when you contacted appraisers to see if they could meet a certain value and they said no, you would rework the deal. Isn’t that what you would do any way if the value came in low? Were you an order taker or a Loan Officer? Big difference.