There is nothing in the DOJ’s trumped-up, distorted claims worthy of prompting or causing Quicken Loans to change any of our underwriting practices,” Quicken wrote in a statement to The Detroit News. “The baseless and groundless government lawsuit has no merit. Quicken describes the suit as “nonsensical” and “ludicrous” and said its FHA-backed loans are the “highest quality” in the nation. The mortgage company failed to disclose the problems with the loans that cost the federal government millions of dollars when they went bad, federal lawyers contend.ĭan Gilbert, Quicken chairman and founder, has said the company won’t settle. The government alleges Quicken had a culture of bending the rules and gave “speed bonuses” to underwriters. The loans involved inflated appraisals, poor credit risks and borrowers with insufficient incomes, the suit claimed. The Justice Department sued Quicken in April 2015, alleging the company knowingly submitted claims for hundreds of improperly underwritten Federal Housing Administration-insured loans.

Then, if necessary, both sides will go over a schedule of court dates leading to an April 11, 2019, trial date in the contentious case. Goldsmith, first for a hearing on Quicken’s request to dismiss the case. will face off in a Detroit courtroom Monday in what could be a lengthy legal battle over whether the loan giant ignored “red flags” in dicey home loans that didn’t meet federal standards.īoth sides will appear before U.S. Attorneys for the Justice Department and Quicken Loans Inc.

Quicken home and business 2017 trial