vengeance_300

More gotchas

Vengeance, thy name is QuickenLoans

9 July 2010. Niece Joni writes, "Reading your exploits about moving are making me tired....you must really want this..."

I replied, "What do you think it's doing to me?!?!? I'm too old for all this Sturm und Drang!"

And that was before the latest gotchas.

Gotcha #4

When I switched lenders, from QuickenLoans to Provident Bank, Provident asked QuickenLoans to transfer my "FHA case number" to them. Nothing happened for several days, then Provident sent me a note saying that I would have to write a letter to QuickenLoans requesting them to transfer the case number and specifying certain specific information to include in the letter. I wrote the letter.

About 20 minutes later, I got an email from QuickenLoans asking me to "have the client(s) complete the attached form." The attached form was simply a form letter with blanks for exactly the same information I had already included in my letter.

I dutifully copied the information into the new form and sent it back with a cover note: "As you have requested, I have transferred the exact same information into your form letter, attached."

Gotcha #5

The next morning I received a notice: "SUCCESS. CASE TRANSFER SUCCESSFULLY COMPLETED." What I didn't know until this afternoon is that when QuickenLoans transfered the case number they appended a comment that I didn't have sufficient assets! The loan officer at Provident says that no one ever puts a comment on the transfer request.

A day or so later I got an email from the broker at QuickenLoans to "say thank you for giving us the opportunity to help you with your financing. I am sorry we couldn't match a home loan program with your current needs." Links were provided to download documents paid for by my deposit to QuickenLoans. There were three documents:

  • The appraisal report for the new house (which, by the way, appraised for more than I am paying)
  • A merged credit report from the three credit reporting companies
  • A letter thanking me for considering QuickenLoans but informing me, "We are unable to offer the financing we had discussed."

Hello!?! I dumped QuickenLoans because they wanted to wait an additional 90 days to close escrow because of some cockamamie 90-rule, a rule which the FHA waived already as of February 1, 2010. The letter made it sound like I was a bad credit risk!

Bitter, bitter, bitter! The bastards have deliberately tried to sabotage my getting a loan from anybody else.

Gotcha #6

As a result of all this, the close of escrow may have to be delayed a week while all the nonsense is ironed out.

I'll think about this whole sordid mess over the week-end. It may be time to go back to plan A.