Quicken Loans, Inc. v. Brown (Signed Opinion)
Annotate this CaseQuicken Loans, Inc., a Michigan corporation and a large national mortgage lender doing business in West Virginia, appealed an order of the circuit court denying post-trial motions for amendment of the circuit court's findings of fact and/or conclusions of law and for offset following a verdict which found it liable for common law fraud and various claims under the West Virginia Consumer Credit and Protection Act in connection with a subprime loan made to Plaintiff. The Supreme Court affirmed in part and reversed in part the order of the circuit court, holding (1) the elements of fraud were not met with regard to Quicken's misrepresentation of loan discount points, but the other acts of fraud were proven by clear and convincing evidence; (2) the circuit court correctly found that, given the particular facts of this case, the terms of the loan and the loan product were unconscionable; (3) the circuit court incorrectly cancelled Plaintiff's obligation to repay the loan principal; and (4) because the circuit court's order in punitive damages lacked the necessary analysis and findings, the Court was unable to conduct an adequate review of the punitive damages award. Remanded.
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