Application, originator, mortgage broker

My husband and I applied for a VA loan with Quicken Loans in XXXX, 2015. In good faith, we paid our {$400.00} deposit to be used towards expenses closing this loan. Our appraisal was completed and our home value returned at $ XXXX. Due to unforeseen circumstances, we were unable to move forward with the VA loan and decided to switch to a conventional loan. I was told repeatedly that this would not be an issue based on our good credit ( an excellent score of XXXX ) and income ; and even received a good faith estimate that we would need approximately $ 3k to close the loan. Suddenly, we were advised that a new appraisal would be needed and that one was returned at only $ XXXX, which meant that we would need over $ 18k out of our pocket to close the same loan. To add injury to insult, that reduction in value was after we had just spent $ XXXX in paint, new carpet, and tile work in the house, and the market value in the area has increased based on all realtor websites. I am not sure how one persons opinion ( which is what an appraisal is ) can drop the value of our home by $ XXXX. Quicken refused to use the XXXX appraisal as they said it was a VA appraisal and now we have a conventional application – how is it fair that the same Veteran lives in this house and because we ca n’t get the VA loan, now our home is worth less and we are being penalized by being asked to come up with another $ XXXX in cash to close our loan? That sounds like discrimination if I have ever heard it!. This saga has dragged on for over 3 months – and now we are unable to move forward with our refinance due to the undue burden Quicken has placed on us. I have repeatedly asked Quicken to reconsider use of the original appraisal – and they refused. Not getting the VA loan just makes us less of a customer to them. I also asked then to have our {$400.00} good faith deposit returned as we did everything we were asked to do and spent day after day, hour after hour working with them … calling them … .having to follow up on them – what horrible customer service! Again the refused as clearly I am not a customer who can make them enough money to want to move forward. This has been the WORST customer experience we have ever had and I hope that no one else has to deal with the same level of incompetence that we have experienced with Quicken Loans!

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