Quicken Loans Loses $3 Million Appeal

• {West Virginia}...Quicken Loans CEO Bill Emerson says the company will keep its strong commitment to West Virginia following a $3 million verdict and an appeal to the West Virginia Supreme Court of Appeals. After an eight day bench trial that took place over a course of 17 months, an Ohio County Circuit Judge determined that Quicken Loans mislead homeowners into paying excessive loan fees, falsely promised to refinance loans and concealed balloon payments from its borrowers. Quicken appealed the verdict on September 6th. Emerson explained the Michigan-based company is the No. 1 online lender in America and has been in business for a total of 26 years and has conducted business in West Virginia since 2000 when others have stepped away. The legal battle began when 45 year old Lourie Brown-Jefferson of Wheeling filed a complaint in 2006 against the company, claiming she was the victim of a “predatory lending scheme” relating to a $144,800 loan. According to her lawsuit, a Quicken appraiser deemed her duplex was worth $262,500, but Brown-Jefferson’s appraiser said the residence was worth $46,000 as a duplex.