Quicken Loans Mortgage Complaint

FHA mortgage Settlement process and costs

Quicken Loans Mortgage department,

FHA mortgage Settlement process and costs Maine

I am a - time home buyer in - Maine who applied for an FHA loan through - of the nations largest online home mortgage lenders. The Sellers and I desired to complete a private sale because that suits our preferences. The Sellers and I drafted a purchase agreement together and I submitted the draft to my attorney for review and corrections. My attorney placed in the Purchase Agreement contract language that would protect the interests of both the Sellers and I. - stipulation that protected the buyer was that if the appraised value of the property and therefore the financed amount is less than the agreed purchase price minus the earnest money down-payment, then I would be released from the requirements of purchase agreement and could demand a refund of the earnest money. The home buying process with the lender initially went very quickly and smoothly up until the order for the appraisal was issued. At that point, the process slowed to a standstill because no Appraisers have bid for or accepted the order. After the appraisal order was issued two weeks and no appointment was made, I became concerned and obtained the Roster of Appraisers in - -


if you inquire it of me. I did n't know what - were so I did some further research learned that - serve as a - parties that prevent conflicts of interests between the lenders and the appraisers. The appraisers that I spoke to were pleasant people and professional, they all stated that they had plenty and enough work without the need to reply to orders from - so that they may avoid the difficulties they had previously experienced. I had submitted the Purchase Agreement to Quicken Loans on - - 2015. The closing date was initially scheduled for - - 2015. We did not close on this date because no appraisal has been completed. I am told that all other requirements have been met. The next closing date is - -, the date that my Purchase Agreement expires. No appraiser appointment has been scheduled. I am concerned that I - lose my Earnest Money down-payment if the sellers decide not to sell to me after our purchase agreement contract expires and no appraisal is completed and I ca n't close. HELP! I do n't want to lose my money because the lender ca n't get an appraisal scheduled. What can my family and I do to get an appraisal and hopefully close on this home by the closing date on the Purchase Agreement Contract?

Quicken Loans customer in Maine
Jun 28, 2015

* Source: CFPB Complaint Database

Quicken Loans response to complaint:
Closed with explanation

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