Consumer complaint received 2020-09-03
Company: GUARANTEED RATE INC.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Complaint against : XXXX XXXX | NMLS ID : XXXX XXXX XXXX | NMLS ID : XXXX On XX/XX/XXXX my wife and I started the loan process with XXXX XXXX of GuaranteedRate.com through email. On XX/XX/XXXX we were referred to XXXX XXXX of GuaranteedRate.com to service our loan request for a condo in XXXX XXXX, AL. On XX/XX/XXXX we requested a pre-approval so we can start making offers. The pre-approval did not arrive until XX/XX/XXXX. This was the first time that XXXX XXXX stated he was, " sorry for the delay and began the trend that we saw throughout the process. 

On XX/XX/XXXX we went under contract. XXXX was notified and a pre-approval for the exact purchase amount was requested. The pre-approval did not arrive to us until XX/XX/XXXX at XXXX XXXX. XXXX XXXX XXXX told us he was, Sorry for the delay. 

Through XX/XX/XXXX and XX/XX/XXXX XXXX XXXX and myself had phone conversations about the different loan options we had available to us. We were presented a 20 % down option and a 25 % option. XXXX XXXX advised me over the phone that if I want to proceed with the 20 % down option, he will file an exception to lower the points on the loan and for my wife and I to sign the Loan Estimate and the change will be reflected in the closing documents. At the time it seemed odd, but this is the sixth mortgage we have done and have never been lied to by a Loan Officer before.

Just getting to this point in the process was an extraordinary effort on our part and our Realtors part to just get XXXX XXXX to reply to an email or answer the phone. We should have fired him at this moment. Unfortunately, for us we did not. His performance since has been even worse. 

On XX/XX/XXXX our loan was approved and sent to the Loan Coordinator. 
On XX/XX/XXXX we received our Closing Disclosure ( CD ).  While reviewing the document, we found that XXXX did in fact not put in the exception to lower the point total on the loan as he had committed to over the phone. 

Since the document arrived so late to us in the process, with zero communication from XXXX XXXX, we were in need of answers quickly. 

I sent an email at XXXX XXXX  asking about the commitment to lower the points on the loan. 

At XXXX XXXX, I reiterated my question about the points. Not one person had been able to get in contact with XXXX XXXX up to this point. XXXX emails were sent by my wife and I after that without a response from XXXX XXXX. 
At XXXX pm XXXX XXXX sent us the following email : XXXX XXXX Tue, XX/XX/XXXX, XXXX XXXX  ( 2 days ago ) to me, XXXX, XXXX, XXXX XXXX XXXX and XXXX, I hope this finds you well. 

We will ask for an exception for you which would equal one point. 
This would bring the cost of the points down to {$3800.00}. 
We can get you a new closing disclosure out tomorrow to reflect this. 
Please do understand, if we wait until the corrected CD comes out, this will delay your closing.

If you sign the one that has been sent to you today, you can still close on time and your final closing disclosure will reflect the change. 
Let me know how you would like to proceed. 

Thank you XXXX asked us to sign the CD that was incorrect and he will have a modified CD out the next day. 

At XXXX XXXX  I emailed back asking for the exception in writing before I sign anything. 
On XX/XX/XXXX at XXXX XXXX XXXX makes no mention of his written commitment from the night before and tells us we either sign the CD or move on from the loan. By now, less than a day from receiving the document, we had already missed the deadline to get it turned in and close on time. 

At XXXX XXXX I request to only deal with XXXX XXXX manager. 

At XXXX XXXX XXXX XXXX manager, XXXX XXXX, and I had a 19 minute phone conversation. It was clear that XXXX XXXX had not read what XXXX XXXX put into writing the night before. While on our phone call he read the email and said, I can see how that could be misleading. And confirmed to me that XXXX XXXX should not have put that commitment in writing. XXXX XXXX had no answer for the horrible service we had experienced up until that point and made it very clear he did not care. He did not care about what commitments his employee made in writing, he did not care if we had customer service complaints, he did not care if his company kept our business or not. 
XXXX XXXX was asked over email many times to explain why XXXX would not honor a commitment in writing from one of their Loan Officers. XXXX XXXX refused to answer. Probably because admitting to the Bait and Switch sales tactics his team employs would cause him to lose his license and possibly go to jail. We have evidence in writing of a commitment made to us that XXXX XXXX and XXXX XXXX had no plans of honoring. It was simply a sales trick to get us to sign a document that we were not comfortable with. This has resulted in us having to commit over {$3000.00} extra dollars at closing to pay for points we were told in writing would not exist. 

XXXX XXXX lack of professionalism throughout the process was astounding and did not get even close to living up to GuaranteeRate.com CEO XXXX XXXX quote on the front page of their website : Weve grown from a startup to the countrys 7th largest retail mortgage lender through word-of-mouth, one customer at a time. Our Net Promoter Score is not just industry-leading, but world-class. Our goal is to ensure every customer is so happy, they gladly refer us to family and friends.

The only recommendation that I can provide for anyone considering working with such an unethical company like GuaranteedRate.com is DO NOT! They will lie to you over the phone. If they lie to you in  email, they will not stand by their word.

Company response to consumer: Closed with explanation