Consumer complaint received 2016-04-23
Company: Rocket Mortgage, LLC
State: MO
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
Requesting remediation for Fair Lending violations and predatory lending practices of property redlining and age discrimination by Quicken Loans and their XXXX ( XXXX Appraisal ). After researching home values in my XXXX in XXXX Missouri that confirmed a value of $ XXXX $ XXXX, my wife and I submitted a refinance application to Quicken to consolidate our $ XXXX 1st mortgage and $ XXXX HELOC. We had purchased our home for $ XXXX in XXXX ( it was appraised at $ XXXX at the time ) and we have invested around $ XXXX in upgrades and maintenance so we had no concerns that our appraisal would not support at least $ XXXX. At 80 % of the value, we applied for a $ XXXX loan. The sales rep said we 'd need to verify approx $ XXXX in assets for closing costs so we provided copies of a $ XXXX annuity and my $ XXXX XXXX We also disclosed $ XXXX in an XXXX and $ XXXX liquid investments with XXXX but were not requested to provide copies.Total verifiable assets of $ XXXX. Oddly enough, not a single XXXX of these assets is listed on the XXXX application ... the sales rep said he 'd add them later on. We were subsequently shocked and appalled to be told our appraisal came in at $ XXXX, thus {$2000.00} less than the XXXX appraisal. We immediately contacted a local realtor who is a seasoned pro at selling homes in XXXX XXXX and she balked ( and laughed ) at the appraisal and provided us irrefutable evidence of a $ XXXX value. I submitted the data to Quicken and the appraiser rejected it with no correction to the value. I requested a new appraisal and was told no. I requested my {$500.00} closing cost deposit back since I would not pay for a bogus property report and was told no. There was no field review, no desk top review, no Senior Review Appraiser analysis, no new appraisal ... .just plain no. XXXX then suggested I increase my closing costs to $ XXXX based on the low appraisal. Clearly a ploy to increase their revenue based on collusion with the XXXX. We were then further shocked and embarrassed to receive an Adverse XXXX for " low appraisal value '' and " insufficient cash ; insufficient funds to close ''. So $ XXXX is insufficient to close? When I questioned XXXX they said they had n't verified my assets yet and thus the decline reason for assets. Sounds like age discrimination to me in not accepting retirement assets ... .I 'm XXXX and my wife about to turn XXXX. In brief, the appraisal in wrong due to XXXX reasons : XXXX ) None of the XXXX comps are atrium ranches, a feature which was an {$8000.00} adjustment to all comps on my XXXX appraisal ( I offered a copy of the appraisal to the XXXX and she said it was too old ) ; XXXX ) Did not use an atrium ranch in XXXX XXXX listed for $ XXXX, the best listing comp available and yet not even mentioned ; XXXX ) Instead, used a far inferior comp down XXXX XXXX in a different neighborhood ( not XXXX XXXX ) on the corner of a XXXX XXXX and across from a mobile home park ; XXXX ) Put no weight on comp # XXXX ( directly across the golf course in view of my home and the most similar comp used ) at $ XXXX which sold for $ XXXX XXXX after the inspection ; XXXX ) Used a comp with no view of the golf course yet appraisal says it has a view ; XXXX ) No site adjustment of $ XXXX $ XXXX for my premium site with common ground in the front and backing to XXXX XXXX XXXX mature trees and golf course, XXXX ) GLA is XXXX not XXXX ; XXXX ) No upgrade adjustment for recently completed $ XXXX kitchen ( $ XXXX quartz counter tops and $ XXXX appliances last month, $ XXXX XXXX XXXX and $ XXXX tile floor last year, and $ XXXX appliances 2-years ago ; and XXXX ) Inadequate adjustment for the $ XXXX finished lower level of our home in XXXX. Bottom line is a completely inaccurate appraisal at $ XXXX vs. the correct value of $ XXXX - $ XXXX. And no satisfaction whatsoever from Quicken or the XXXX.

Company response to consumer: Closed with explanation