Complaint Review: Quicken Loans
Quicken Loans $500 loss. Predatory and discriminatory practices. Lying about Fannie Mae (FNMA) underwriting. Detroit, Michigan
*Author of original report: In Quicken's Own words...
1. After receiving a written conditional approval, QL came back multiple times requesting information allegedly from "the underwriters". The principal go-between is a woman who is incapable of saying "yes" to any of my simple requests. If you ignore all the advice here from other posters, I urge you to at least avoid "Shana Levin".
2. I ended up having to provide the appraiser a property map and a house diagram from my previous appraisals. Do you think I got a break from cutting his time on this property by half? Hah.
3. After almost two months of me providing ever more documents, with nothing coming from QL on my requests; Ms. Levin called today to inform me (followed up with a lame standard "sorry" templated email) that my loan application was rejected. She alleged that QL underwriting was REQUIRED by Fannie Mae (FNMA) to have W-2's; even though I stated that W-2s were not the qualifying income I was using for 2012.
Ms. Levin included nothing in her email about the $500. She refused to write a separate letter about it. She refused to provide any information regarding how QL arrive at its underwriting decision, then supported the lie about FNMA.
So, I sent back a letter with the current underwriting guidelines on FNMA's own letterheads PROVING that W-2s are not required when the source of income is not related to employment (wages).
I am going to pursue this everywhere and anywhere I can.
It is not only the $500. It is the two hard inquiries against my credit score (dropping it 25 to 50 points for at least the next 90 days); the loss of $250 a month in savings between my old rate and the new rate; and the aggravation of stress.
I also allege discrimination under Title VII as I am an SSA disabled and Vietnam Veteran using as the source of my income (partly) SSI and VA receipts.
This report was posted on Ripoff Report on 04/09/2013 03:40 PM and is a permanent record located here: http://www.ripoffreport.com/reports/quicken-loans/detroit-michigan-48226/quicken-loans-500-loss-predatory-and-discriminatory-practices-lying-about-fannie-mae-1041958. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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