We applied in August 2011 for a "Rate Drop Advantage" on our Quicken Loan. The refinance was an option we were informed of when we closed with Quicken Loans in December 2010. Our appraised home value and square footage per their appraisal at that time was $315,000 and 1525 square feet.
We were informed by Ryan, that this was a streamlined process to reduce our interest rate and we would benefit if we locked in the low interest rate with a $400.00 good faith deposit. Quicken Loans sent out another appraiser. This appraiser dropped our home's value to $279,000. His erroneous measurements also reduced our net livable area by 256 square ft. We requested the return of our deposit because of this flawed report.
Ryan did not want to give up our deposit and instead wanted to request a "value appeal", but the appraiser refused to edit his appraisal report. We asked for our deposit back again.
Ryan told us that he would request an appraisal exemption and ask to have a second appraisal performed on our home.
A week went by and Ryan had not contacted us, so we called him. He told us that a second appraisal can't be done, but we can still close the loan if we bring $5,200 to closing. Ryan asked us if we were uncomfortable with that amount? We told him that he was correct. He denied our loan.
We filed a complaint with the Eastern Michigan BBB about this. Since October 2011 we have been sending messages back and forth with Quicken Loans through them. The BBB did nothing else to assist us.
The last message (4/10/12) from Quicken stated, "Please see our previous responses", * Szerdi. Our response back (4/11/12) was, "Please see my previous responses to Quicken Loans. How many times does this go back and forth? Quicken Loans bilks consumers and should be held accountable. Is anybody reading this?" Shortly after sending that, we received an email from the BBB. Their response, "Although you have not expressed satisfaction in the resolution of the complaint, the Bureau has decided to close the complaint and not pursue it further."
After all this time, we found out that companies that pay a membership to the BBB usually receive A+ ratings from them and receive favor from the BBB.