Quicken Loans Bedford Boone Quicken loans had no grounds to reject my loan. I have a high credit score, the property is completely rehabbed. Quicken stated they could not find comps to compare the property against. What! There a Internet

Note: I've tried responding to this post a few times. I'm unsure as to why it's not coming through, but I'm trying again.

Hi Kevin - thanks for posting. I'm sorry you feel you had a bad experience. While I don't know the details of your loan and why it was denied, I'd be happy to look into it for you. Please contact me directly with your loan number or full name - Kelly@QuickenLoans.com

I'd like to address the deposit first. It is clearly addressed and explained in your loan application. There is a document within your application (which most people sign online) called the "Interest Rate Disclosure." This document fully explains our deposit policy and had to have been signed if your deposit was charged. Our deposit policy is also clearly stated on our website here: https://www.quickenloans.com/about/quicken-loans-deposit

If we couldn't do your loan because of "unacceptable property type," the loan should have been denied. In case of denial, we would refund you any portion of your deposit that was not already spent on your behalf. If your loan would have closed with us, the $500 deposit would have been credited back to you on your closing documents.

While I don't know specifically why your loan was denied, it should have been explained to you better than just sending a letter. I'd be happy to look into the loan further for you. Also, you are entitled to a copy of your appraisal and credit report. Again, if you contact me, I'd be happy to get those for you.

I look forward to hearing from you.

Kelly
Quicken Loans
Kelly@QuickenLoans.com

I personally know Bedford Boone and used to work with him. I will say this. Quicken is not to blame for the low value reported on your home. There was a law passed called the HVCC (Home Valuation Code of Conduct) whice at this point is giving appraisers an excuse for doing a shody job on finding and reporting proper comps. I am guessing that your loan fell victom to such a circumstance. As far as Quicken and Bedford are concerned I can say this from my experience working there. Both the company and Bedford work very hard to close each deal. I have seen Bedford stay till midnight working on getting a loan closed because he cares about each one of his clients. Quicken as a company only makes money on a CLOSED LOAN! The standard cost of an appraisal through a 3rd party management company is from $350-$450 (keep in mind EVERY lender in the industry must use these so called "management companies") So whatever your deposit was if you ask they will refund whatever part of it has not been used and I have seen this before. I am still in the industry so I can say this from experience, alot of people are getting the short end of the stick with the HVCC law. If you want your homes value to come in where it should (and I am not disputing what you say your value should be at all) call your congressman/women and ask the to get rid of this law. Once that happens the LO and lending company can talk to the appraiser and explain where the comps should be. Anyways that’s my two cents. Bedford is a great LO and Quicken is a great company. And this is coming from an EX-emplyoee.

Paul

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