Public Mediation

Quicken Loans-Dispute-#3342253

P. V. vs. Quicken Loans
1050 Woodward Avenue, Detroit, Michigan, 48225, United States
Amount Involved: $400.00
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Statement of Claim
Complaints Involved (3) - View
Claimant says:
"OK,I WANTED TO DO A REFINANCE AND PULL MONEY OUT TO DO HOME IMPROVEMENTS. QUICKEN LOANS GOT ALL OUR INFO AND DID A CREDIT CHECK ...EVERYTHING THEY WANTED WE SENT THEM, THEY NOW TOLD ME TO SEND A GOOOOD FAITH PAYMENT OF 400$... I WAS LED TO BELIEVE THAT THIS ALL PART OF PROCEDURE... I WAS WRONG!! THE AVG HOME IN MY NEIGHBORHOOD SELLS FOR 127.000 $THE APPRAISER WAS THERE 10 MIN THEN LEFT... HE SENT AN APPRAISAL OF 20.000 LESS THAN GOING RATE FOR MY AREA BUT , STILL 10.000 MORE THAN I OWE ON MY HOUSE ..MY HOUSE IS 12 YRS OLD..AND NEEDS NEW CARPET AND LINOLEUM, NOT A BIG DEAL IF I COULD GET WHAT I WAS LED TO BELIEVE WAS GOING TO HAPPEN.WITH LOAN.THEY TRIED TO WORK OUT SOMETHING ELSE AS I WAS LED TO BELIEVE..BUT NOTHING HAPPENED..QUICKEN GOT MY MONEY AND WILL NOT REFUND IT..REMEMBER THIS WAS IN GOOOD FAITH!!! I'M TOTALLY DISGUSTED AND UNSATISFIED WITH THIS QUICKEN LOANS TEAM.. THAT WAS THERE TO SUPPOSEDLY HELP MY FAMILY.. CAN YOU HELP ME ? AND HOW MANY OTHER VICTIMS ARE OUT THERE?"
...
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What Claimant Wants Hide
1. Recovery of Losses: GOOD FAITH PAYMENT Jul 18, 2012 $400.00
2. Other – Copy claim to regulators Jul 18, 2012 $14.95
3. Other – Pay for claim posting cost Jul 18, 2012 $7.95
Just make me happy!
Claimant invites Quicken Loans to make a fair offer to resolve this complaint.
Cash total : $422.90
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Respondent's Counteroffer

There has been no response to this claim from Quicken Loans. This claim will remain posted until resolved
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  • Comment: by Jennifer Sheehy — Online mediator
    • On: 07-16-2012
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  • Quicken Loans, after research, requires an upfront deposit to process a loan application, which locks in the rate for the refinance. Typically, good faith deposits are refunded, less any fees incurred as part of the process. Here, because an appraiser was sent out as part of the loan process, their fees must be paid by contract. While the average home in your area may be selling at a particular price point, there are many other factors that go into appraisals (including a lot of research that takes place outside of seeing the home). You could get an alternate appraisal to contest their evaluation, but usually these deposits (your good faith payment) are non-refundable if fees have been incurred or a rate lock has been created.
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