Quicken Loans No Service, No $500 deposit refund Livonia Michigan

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http://www.ftc.gov/reports/index.htm

Hi there - thanks for taking the time to explain your experience. We appreciate the opportunity to earn your business and I'm very sorry things didn't work out. I'd like to take a moment to try to sort this out for you.

When you signed your loan application, you authorized us to charge your deposit and begin processing your loan. The specific document referencing the deposit is called the 'Interest Rate Disclosure.' It explains our deposit (and any refund situations) completely. For more information on our deposit, please see our web page - https://www.quickenloans.com/about/quicken-loans-deposit

In reference to your loan, you stated (at least) two appraisals were done. Home appraisals can be expensive and are sometimes over $300 a piece. If they were each $300, that is a minimum of $600 to begin processing your loan, all of which is paid to independent, 3rd party companies...not Quicken Loans. It sounds like both appraisals came back at a value which made it impossible to close the loan as we had originally hoped. In that case, the loan was denied. In a denial situation, we do refund the deposit, minus any costs incurred on your behalf. Assuming those two appraisals cost $300 (a true average), we would have already used your $500 and been out our own money for anything over that.

While it's unfortunate, the recent decline in home values is making this situation become more common. It is always our intent to close a loan with a happy client, but it doesn't always work. Based on the number of appraisals done and amount of people you talked to, it sounds like we exhausted every option to get you a new loan.

In no way does any of this excuse the lack of communication or explanation on our part. I'm sorry for the experience you had and for any confusion you may have felt as we tried to process your loan. I apologize if you felt misled or mistreated in any way. It was certainly not our intent.

As a note, you are entitled to an a copy of your appraisal and a copy of your credit report. If you didn't get that, I can get it for you if you get in touch with me.

While I'm not familiar with your particular loan (there are no identifying details in your description), I'd be more than happy to investigate further if you'd like me to. You can reach me directly at Kelly@QuickenLoans.com

Again, thank you for considering work with us. We truly appreciate it. Please let me know if I can be of any assistance.

Thanks.

Kelly
Kelly@QuickenLoans.com