Quicken Loans Mortgage Complaint

Quicken Loans Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting Missouri

Requesting remediation for Fair Lending violations and predatory lending practices of property redlining and age discrimination by Quicken Loans and their - ( - Appraisal ). After researching home values in my - in - Missouri that confirmed a value of $ - $ -, my wife and I submitted a refinance application to Quicken to consolidate our $ - 1st mortgage and $ - HELOC. We had purchased our home for $ - in - ( it was appraised at $ - at the time ) and we have invested around $ - in upgrades and maintenance so we had no concerns that our appraisal would not support at least $ -. At 80 % of the value, we applied for a $ - loan. The sales rep said we 'd need to verify approx $ - in assets for closing costs so we provided copies of a $ - annuity and my $ - - We also disclosed $ - in an - and $ - liquid investments with - but were not requested to provide copies.Total verifiable assets of $ -. Oddly enough, not a single - of these assets is listed on the - application ...


and she balked ( and laughed ) at the appraisal and provided us irrefutable evidence of a $ - value. I submitted the data to Quicken and the appraiser rejected it with no correction to the value. I requested a new appraisal and was told no. I requested my $500.00 closing cost deposit back since I would not pay for a bogus property report and was told no. There was no field review, no desk top review, no Senior Review Appraiser analysis, no new appraisal ... .just plain no. - then suggested I increase my closing costs to $ - based on the low appraisal. Clearly a ploy to increase their revenue based on collusion with the -. We were then further shocked and embarrassed to receive an Adverse - for " low appraisal value '' and " insufficient cash ; insufficient funds to close ''. So $ - is insufficient to close? When I questioned - they said they had n't verified my assets yet and thus the decline reason for assets. Sounds like age discrimination to me in not accepting retirement assets ... .I 'm - and my wife about to turn -. In brief, the appraisal in wrong due to - reasons : - ) None of the - comps are atrium ranches, a feature which was an $8000.00 adjustment to all comps on my - appraisal ( I offered a copy of the appraisal to the - and she said it was too old ) ; - ) Did not use an atrium ranch in - - listed for $ -, the best listing comp available and yet not even mentioned ; - ) Instead, used a far inferior comp down - - in a different neighborhood ( not - - ) on the corner of a - - and across from a mobile home park ; - ) Put no weight on comp # - ( directly across the golf course in view of my home and the most similar comp used ) at $ - which sold for $ - - after the inspection ; - ) Used a comp with no view of the golf course yet appraisal says it has a view ; - ) No site adjustment of $ - $ - for my premium site with common ground in the front and backing to - - - mature trees and golf course, - ) GLA is - not - ; - ) No upgrade adjustment for recently completed $ - kitchen ( $ - quartz counter tops and $ - appliances last month, $ - - - and $ - tile floor last year, and $ - appliances 2-years ago ; and - ) Inadequate adjustment for the $ - finished lower level of our home in -. Bottom line is a completely inaccurate appraisal at $ - vs. the correct value of $ - - $ -. And no satisfaction whatsoever from Quicken or the -.