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Tag Archives: Quicken Loans

Homeowner & Appraiser Perception Gap Widens Further in August

Homeowners continued to overvalue their homes for the seventh consecutive month in August when compared with appraiser opinions. Quicken Loans reported in their Home Price Perception Index that homeowner estimates were 2.65 percent higher than appraiser opinions, the largest gap in over a year.

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Gap Between Appraiser & Homeowner Opinions Widens in June

For the fifth consecutive month, appraiser home value opinions dropped further below homeowner estimates in June, according to a recent report from Quicken Loans. The mortgage lender reported that appraiser opinions of home values were 1.4 percent lower than homeowner estimates, according to their monthly national Home Price Perception Index (HPPI).

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Home Value Opinion Gap Widens Between Appraisers and Homeowners, According to Index

Quicken Loans, a Detroit-based mortgage lender reported today that the difference between appraiser and homeowner perceptions of home values continued to increase for the fourth consecutive month in May. For the first time in 22 months, appraiser opinions of home values were 1.15 percent lower than homeowner estimates, according to Quicken Loans’ national Home Price Perception Index (HPPI).

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Justice Department Suit Accuses Quicken of Improperly Underwriting FHA-Insured Loans

The government alleges that Quicken had a "value appeal" process in place where Quicken would request an inflated value for a home appraisal if the appraisal was too low to approve for a loan, and that the lender granted "management exceptions" in which managers would allow underwriters to break the rules to approve a loan. According to the complaint, Quicken's most senior executives were aware of these practices based on several emails.

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Quicken Loans Lawsuit Accuses HUD and Justice Department of Coercion

Quicken, the largest lender of Federal Housing Administration mortgage loans in the country, filed its suit in the U.S. District Court for the Eastern District of Michigan against the U.S. Department of Justice and the Department of Housing and Urban Development, claiming the agencies have been trying to bully the company into making “blatantly false” statements and demanding the company pay “an inexplicable penalty or face legal action,” according to a statement released by Quicken Friday.

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Quicken Loans Says Supreme Court Decision has No Impact On Company

Quicken has been involved in several lawsuits involving overtime pay for its mortgage workers, including a class-action federal suit brought by 400 former employees that the company won in 2011. In that case, a federal jury ruled that the Quicken employees did not qualify for overtime pay because the federal rules in effect during their time at the company didn't require it, according to the Detroit Free Press.

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Appraisers, Homeowners Come Closer on Home Value Estimates

Quicken Loans said Tuesday that appraisers' home value estimates came in an average 0.18 percent higher than homeowners' estimates last month. The difference marks the narrowest gap between opinions since September 2013, when appraisers' estimates came in higher than homeowners' for the first time in seven years.

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