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Tag Archives: Quicken Loans

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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Home Values Down as Appraisers, Homeowners Get in Sync

Using data drawn from tens of thousands of appraisals nationwide, Quicken Loans reported a 0.74 percent month-over-month drop in its Home Value Index (HVI) last month. Bob Walters, chief economist for Quicken Loans, said it would be a mistake to put too much emphasis on a slight monthly decline.

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Home Value Growth Tops 2% in October

Based on appraisal data from around the country, Quicken Loans reported Tuesday that home values were up 2.03 percent from September to October. At the metro level, values were up month-to-month in 15 of the 27 largest markets.

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2013 Originations Down 14%; Wells Fargo Stays on Top

While mortgage origination volumes looked different last year compared to 2012, the list of top lenders looked very much the same. In full-year originations, Wells Fargo held on to its top spot, generating approximately $351 billion in loans—about 19 percent of last year’s total volume, according to Mortgage Daily. JPMorgan Chase followed up at No. 2 at $168 billion.

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