Quicken Loans Quicken Loans gave me a very low closing cost, which they were going to double at closing. They promised me a CEMA loan, which they could not secure. They failed to tell me about the CEMA loan, and were going to add $5,000 to my closing costs at the table. They also sent a shady appraiser to my house who low-balled my estimate, and soured my whole refinance. DO NOT DO BUSINESS WITH QUICKEN LOANS. Michigan

 Hello,

I have seen this comment about Quicken Loans low-balling the appraisal several times here. This is a basic misunderstanding of how these things work. At the time of appraisal the mortgage company submits a request to a large database from which the appraiser is drawn. This is supposed to negate inflating the price of the appraisal in order to qualify for a bigger loan than justified. Again, the appraiser's don't work for the banks directly, they are independant contractors that depend on accurate appraisals in order to maintain certification from the state. It would actually be in the bank's interest to inflate the appraisal so they could charge higher fees and make more money from the mortgage through interest.