Quicken Loans $500 loss. Predatory and discriminatory practices. Lying about Fannie Mae (FNMA) underwriting. Detroit, Michigan
In early February I contacted QL for a simple Texas refinance. Facts are similar to most of the others posted here, with the following specific additions (yes, I paid the $500 up front).
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.
1 Updates & Rebuttals
Bruce
Carrollton,Texas,
In Quicken's Own words...
#2Author of original report
Wed, April 17, 2013
The following is taken verbatim from Quicken Loans' own website where they are scouring the Internet look to bloat their ranks of self-employed (and alleged) "Mortgage Brokers". Note the paragraph I bolded.
When I present this to the Court, Texas and the Feds at FNMA, it's likely my case will be closed in my favor without further ado. Especially, since QL 'conveniently' and craftily sent me a denial email that actually contains NO REASON for the denial. That omission is not going to get them off the hook.
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