Quicken Loans Charged Illegal Interest, Borrowers Say

Law360, New York (May 18, 2017, 2:10 PM EDT) -- A proposed class of mortgage borrowers has accused Quicken Loans of exploiting a Federal Housing Administration loophole to charge illegal interest payments without providing mandatory disclosures, according to a complaint filed in Georgia federal court.

Mortgage borrowers Kristen Rogers and Claire Davis accused Quicken Loans on Tuesday of omitting material language from an FHA-mandated loan form, saying the lender can’t legally collect interest payments from already paid-off loans without providing the full form to borrowers.

“Because Quicken does not use the FHA-approved form as required by...
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