Consumer complaint received 2023-08-31
Company: Rocket Mortgage, LLC
State: NC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Closing on a mortgage
Sub-issue: Delays with the closing process

Complaint:
Dear Sir or Madam : XXXX XXXX, my mortgage banker / loan officer, along with Rocket Mortgage knowingly, willfully and deliberately sabotaged the loan that I applied for by negligently and constantly making false representations to induce me into proceeding with the loan process that lasted for five months. 
In XX/XX/, I applied for a loan with Rocket Mortgage to purchase the home that I currently live in and received a preapproval for up to {$70000.00}. I was referred by XXXX XXXX to their credit team and got XXXX XXXX, in which I spoke with on XX/XX/, who advised me that all I needed to do was clear a XXXX credit card balance to {$0.00} to proceed with the loan process and I did. On XX/XX/, I signed the Notice of Intent to Proceed along with the Loan application, received my initial Loan Estimate and began what I thought was the journey to owning my new home. 
I started receiving phone calls and emails from XXXX to submit required documents to the portal as well as to read and sign documents from Rocket Mortgage. I never received anything else regarding the loan until XX/XX/XXXX  when I received a completely different Loan Estimate. Over the next couple of months, I started receiving multiple Loan Estimates for FHA and Conventional with different variations and multiple closing dates. I was also advised that I had to deposit funds to my funding account and that the funds had to sit in account for at least 30 days so that the funds could be sourced, and this required a couple more months. As I was emailing and texting with XXXX, he was calling and texting me from different numbers, about the process and status on the loan. When I spoke my concern to XXXX, he assured me that everything was good and that we were on track, yet I did not sign the actual loan agreement until XX/XX/. Then on XX/XX/, XXXX called me and said I needed to go into the portal and sign the Deposit Agreement as a good faith deposit, however, he did not take the payment from the payment method until XX/XX/. He said he wanted to make sure my loan status had changed from preapproval to approved before he drafted the money because it was for the Appraisal, and I would not get the {$500.00} back. 
Now, the ball was rolling at least what we thought, and on XX/XX/, all the disclosures, Purchase Agreement Addendums and Contract for Sale and Purchase were being signed by myself and the sellers. I received the Appraisal for the property on XX/XX/. I heard nothing from XXXX for about two weeks, then he called and said everything was a go for the closing date scheduled XX/XX/, and the last thing you need to submit is your declaration for your insurance. I advised that I had received several quotes that were extremely high but that I was waiting on a quote from the insurance company that the seller was currently using. The insurance company sent me a quote on XX/XX/, that according to XXXX was too high and would cause my debt-to-income ratio to go up and requested that the agent try to get it lower because it was putting me in a {$300.00} deficit. I called the agent, and he was able to lower the policy, however XXXX stated it was still too high. I spoke again with the insurance agent on XX/XX/, and was advised that he will rework the policy and get back to me. Then XXXX called me and I explained that I was waiting for the new quote and asked him not to submit the insurance policy until I heard back from the agent, and he agreed. Then he asked if my mother would let me use her Social Security income because that would balance out the debt-to-income ratio and I would not need to ask the insurance company to lower the policy anymore. I emailed XXXX my mothers contact information and Social Security statement, and he called her within a few minutes to confirm and get permission to use her information. She agreed. 
I never heard anything else from XXXX to this date. On XX/XX/, I went to sign into my account portal and received the message as follows : For over 38 years we have been helping Americans with their home loan financing. Unfortunately, sometimes we can not help folks with the financing they need. 
Remember, the mortgage market is always changing, just like your unique situation. If there is anything we can do to help you in the future, please let us know. 
For 5 months, while I questioned XXXX regarding the process, he continually led me on. In which, looking back now, his interest did seem to heighten only when I expressed a concern with you changing my loan types back and forth from FHA and Conventional, sighting it was to get me the best mortgage. I told him initially, how important it was for me to purchase this home for my parent and because the landlord had graciously offered me the home at a great purchase price and yet, he used and took my vulnerability and willingness to do whatever it took to provide my elderly parent a permanent home. I also made XXXX aware that losing this loan could put my family in danger of becoming homeless. The seller has now stated that since the financing of the home has fallen through, he will not sell unless it is a cash offer. 
While XXXX and Rocket Mortgage knew there were potential hiccups from the beginning, he maliciously ensured me that everything was good. What made me really know for certain that he was being deceptive, although I was feeling a little leery early on about the process and time frame, was when he called me on XX/XX/XXXX, and told me to put my mother on the loan to balance out a {$300.00} deficit pertaining to my debt-to income ratio. From our conversation, he knew I was apprehensive because I applied for the loan and was approved without using my mothers income initially and never did he once mention of a deficit prior to. XXXX waited until approximately 16 days before closing, submitted an insurance quote to the underwriters after we talked about where my debt-to-income ratio would be with the quote, and submitted it anyway for the loan to be declined. 
The million-dollar question is, why did Rocket Mortgage let me, and the sellers, get so far in the process with the appraisal, signing off on the disclosures and purchase agreement addendum??? This was a deceptive practice on behalf of XXXX and Rocket Mortgage, and both failed to operate in good faith. 

Respectfully XXXX XXXX XXXX : Rocket Mortgage XXXX

Company response to consumer: Closed with monetary relief