Did Quicken Loans ‘Cook’ Homeowners’ Appraisals? Feds Say Yes
Washington Post Writers Group, July 17, 2017–Kenneth R. Harney
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. David Stevens, President and CEO of the Mortgage Bankers Association, noted it was “common industry practice during the time these loans were made to provide [an] owner’s estimate of value to appraisers, until the law changed nationwide in 2009.”
