The court determined that Quicken’s practices constituted “unconscionable” conduct under the West Virginia Consumer Credit and Protection Act. One couple said in the original complaint that Quicken’s appraiser had reported their property was worth $151,000, significantly higher than its actual value of $115,500. Plaintiffs in a class-action suit affecting 2,770 homeowners said appraisers working for Quicken had overstated the market worth of their properties, putting them underwater on their loans from the start. The court found that Quicken provided appraisers advance “estimates” of property values in assignments on home financings, effectively communicating the amounts Quicken needed to fund the loans. So it might come as a surprise that a federal-district court last week levied nearly $11 million in fines and damages against the company for homeowners who the court said were victims of an alleged appraisal-tampering scheme by Quicken during the housing boom and bust years in West Virginia. It also has a reputation as a technology innovator: Witness its heavily advertised and popular “Rocket Mortgage” option that cuts time and red tape for applicants. 1 in loan servicing for three years straight. 1 in home loan customer satisfaction for seven years in a row and No. Quicken Loans arguably has the mortgage industry’s most squeaky-clean image - named by J.D.
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A court fined Quicken Loans $11 million in an appraisal case.