Compliance » Quicken Loans Fined M In Class Action

Quicken Loans Fined $11M In Class Action

July 27, 2017

House on a heap of money

A federal district court in West Virginia ordered Quicken Loans to pay $11 million – that’s $3,500 per violation of West Virginia’s Consumer Credit and Protection Act, in a case where 2,770 plaintiffs alleged the loan company provided its own inflated estimates of home values to appraisers. “Once an appraisal is tainted by the implication of influence over the appraiser, especially by the party compensating the appraiser,” the court said, “the resulting appraisal cannot by any established standard be fair, valid and reasonable.” Quicken says it intends to appeal, and has called the law firm handling the matter “predatory.”

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