Review of Quicken Loans experience. This is an example of what happens when you are required to pay mortgage costs up front and then get stuck with an incompetent appraiser.

1. Before going with Quicken Loans, review my experience:
• I paid Quicken Loans the required $500 upfront to get my home appraised & start my loan process.
• I am holding an appraisal from a local bank valuing my home at $560,000 in August 2011, about 100 days prior to
the Quicken Loans Appraisal that came in at $450,000. Quicken Loans denied our loan on December 15, 2011
based on their appraiser’s value of $450,000.
• Based on the comps and methodology used to justify the $450,000 appraisal, the work completed by the
appraiser is incompetent and Quicken Loans will not refund my $500 nor provide any other options.
After contesting the appraisal, Quicken Loans put it through an internal review, and on December 28, they replied with
the following:
We have reviewed your concerns with the appraisal, but have not found that there is any demonstrable error or flaw
in the appraisal report. The appraiser has provided some additional comments, which can be found on page 9 of the
attached report.
We must rely on the professional opinion of the appraiser. We have reviewed the appraisal in light of your concerns
and did not find the appraisal to be flawed. We are sorry that you are not satisfied with the appraisal, but we do not
agree that a refund of the appraisal fee is warranted.
Jeff Szerdi
Executive Office
Quicken Loans, Inc
Based on my experience along with other online reviews of Quicken Loans, if you go with Quicken Loans there is a
chance you will get a low ball appraisal from an incompetent appraiser. Please take a look at my presentation and
review the following details of comparable 1 of 3 (details on comps #2 & 3 to follow in subsequent decks). After paying
Quicken Loans $500 upfront would YOU rely on the professional opinion of the Quicken Loans appraiser ?

2. Comparable #1 Provided by Quicken Loans
Comp #1 used by the Quicken Loans appraiser is a 3 bed 2.5 bath townhouse with 1624 sq ft.
It sold for $390,000 in 61 days, 3 months prior to the Quicken Loans appraisal that was
completed for my home. The comparable was built in the 70s, possibly remodeled in the
80s, and is 5 miles from my home. The Quicken Loans Appraiser gave our unit a +$62,260
“adjustment” over this comparable sale to bring our value to $450,000.
Facts:
1. My home is 404 sq ft larger and upgraded to higher specs, 3 bed/3 full bath with a
complete remodel (all electric, heating, plumbing flooring, windows, and interior walls
completed 2011) and an additional full bath along with numerous other features (see slide
8). 404 sq ft at a conservative $200 per sq ft is +$80,000. Extra full bath and complete
remodel conservatively adds $85,000.
2. My home has 3 floors with panoramic, grade A views of Lake Tahoe. The Quicken Loans
comparable only has one floor with a view and that view is grade B because it is at the
tree line. (+$15,000)
3. My home is square within a prime location. It is ski in/out to a world class ski resort and
walking distance to the Tahoe Rim Trail. The Quicken Loans comparable is not in a prime
location and is 5 miles from accessing the ski resort and Tahoe Rim Trail. (+$20,000)
4. My home is one of very few in all of Lake Tahoe that is walking distance to a ski resort
along with panoramic views of Lake Tahoe. ($ ?)
Based on the info listed on slide 9 and pictures provided in this presentation, I believe my
home is easily $175,000 better than comparable #1 and definitely better than the meager
$62,260 adjustment provided by the Quicken Loans appraiser.
If you had a similar experience with Quicken Loans please share on Twitter with @Mukrakr

3. My Kitchen Quicken Loans Appraiser’s
Comparable Kitchen
Broken slate floors, custom cabinets with under cabinet lighting, Formica counters. 10+ year old
Quartz counters, stainless appliances (side by side fridge, appliances. 1980s cabinets
dishwasher, double oven, microwave), island with induction cook top
and down draft venting, stainless farm sink.

4. My Breakfast Nook and Formal Quicken Loans Appraiser’s Comparable
Dining Area Dining Area
Breakfast nook with
custom bench
Formal Dining area and custom
bench
Formal Dining Area

5. My master bath
Quicken Loans Appraiser’s
Comparable
Master bathroom with radiant
heated slate floors, custom walk in
shower and rain shower head.
Special order six
Double vanity his/her sink with foot Jacuzzi Tub
granite counter
Walk in shower with rock
Lake Tahoe views from pebble floor
bathroom

6. Living Room Comparison
My Living Room
Quicken Loan Appraiser Comp Living Room
Living Room with A+
views of Lake Tahoe
Comparable view of Lake
Tahoe is below tree line

7. My Master Bedroom
Quicken Loan Appraiser Comp
Master Bedroom
Master bedroom
with A+ views of
Lake Tahoe

8. Additional Upgrades over
Quicken Loans Comparable #1
Dedicated entry, broken slate floor, custom
Bath #3 with broken slate
bench with storage, 6ft by 10 ft closet plus
floor and granite counter
10ft by 20 ft storage area.
Custom wood and slate stairs with
fountain feature.
Bar with sink, disposal, stainless under cabinet fridge, Custom built in for
Broken slate floor bathroom #2 with tub custom kegerator system, dimming under cabinet lights, stainless wine fridge
to ceiling tile and granite counter quartz counter, textured glass cabinet doors. and wine decanter

9. My Home vs. Comparable Used by Quicken Loans Appraiser
My Home
• Can lights on dimmers throughout. Dedicated art lights on all 3 floors controlled by
master dimmer switch.
• Ceiling fans each bedroom with speed and dimmer controls. Quicken Loans Appraiser’s
• Brand new stainless appliances in kitchen (double oven, side by side fridge, Comparable
dishwasher, stainless farm sink).
• Kitchen island with induction glass top stove with down draft venting and quartz • No can lights. 1970’s Open beam ceilings.
countertops in kitchen and bar. Cannot run wires or set lights when
• Dimming under cabinet lights kitchen and bar area. ceilings are open. Most lights are on a
• Brand New high efficiency gas forced air heat throughout switch to a wall outlet.
• Brand new high efficiency gas hot water tank • Baseboard heat
• Brand new high efficiency vinyl windows throughout • No recirculation water pump
• Recirculation pump for hot water to all fixtures • Kitchen appliances 10+ years old. Single
• Custom built area for stainless steel wine fridge and wine decanter. oven, electric cook top w/ 2 coil burners
• Wet bar with under cabinet stainless steel fridge and custom kegerator. and 2 glass burners.
• Panoramic views of Lake Tahoe from three levels & multiple rooms including: entry • Bathroom 10+ years old.
area, kitchen, living room, dining room, breakfast nook, master bedroom and master • Formica counters throughout
bathroom.
• Master bath has 6 foot Jacuzzi tub with rain shower head in walk-in shower area;
dedicated two sink vanity area
• Solid core wood French doors master bath providing access to deck.
• Three full baths
• Electric floor heating with programmable thermostat master bath
• Broken slate tile throughout entire home
• Dedicated entry area with custom bench with storage and closet
• Ski-in/ski-out to world class ski resort (Heavenly Mountain Resort) along with trail
access to Tahoe Rim Trail.
• Master bedroom walk in closet with custom shelving
• Custom up/down window coverings throughout
• Dedicated gas line stubbed to deck for bbq.
• Custom stained solid core pine doors throughout
• Custom benches in formal dining area and breakfast nook