Consumer complaint received 2019-01-11
Company: GUARANTEED RATE INC.
State: NY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Trouble during payment process

Complaint:
Our loan servicer was Guaranteed Rate ( GR ). We had missed over 90 days of payments and have been trying to set up a loan modification since XX/XX/XXXX  In XX/XX/XXXX we were approved for a trial plan, with payments being made XXXX, XXXX and XXXX. We completed the HAMP trial program. However, the only documentation we received from GR was receipt and application of the funds ( not to our outstanding mortgage however ). We found out in XX/XX/XXXX that a modification was approved on XX/XX/XXXX. But before documents were sent for final execution, our loan was transferred to XXXX XXXX ( XXXX ) XXXX on XX/XX/XXXX. 
We reached out to XXXX on XX/XX/XXXX and they had not received any documentation at all from Guaranteed Rate. About a month later, the original mortgage in default was transferred but no documentation at all related to the modification. I have repeatedly contacted GR ( and documented ) to request that modification information be sent to XXXX since XXXX. XXXX did not receive and to date has not received any information regarding the loan modification trial or approval we went through with GR. 
I have contacted GR on numerous occasions requesting that they send those documents, and they still have not sent those documents. Therefore we have been accruing additional interest and have not been able to get current on our mortgage. 
I wrote to GR on numerous occasions requesting they look into the matter. I received a letter in XX/XX/XXXX, XX/XX/XXXX and two weeks ago ( XX/XX/XXXX ) stating that they were researching the matter. However, there has been no further information. 
I also sent a letter detailing how they had failed to comply with C.F.R. 1024.35 describing the events above and in particular 1 ) Failure to forward relevant documentation and information related to a pending modification 2 ) Payment Errors : About a week later I received the same form letter, to that the matter was being researched. 
I spoke with a Guaranteed Rate representative on XX/XX/XXXX who informed me that the plan was approved and that this should have been sent to XXXX. The amount was {$4900.00} at 4.75 %. This is nowhere near our trial plan, which was {$4100.00}. Even our original mortgage was ~ {$4500.00} at 4 % which includes taxes, insurance and PMI. Since this was an FHA loan/HAMP, the payment/interest rate should not have been significantly higher than the trial plan. Regardless, none of this information was conveyed to XXXX. 

After we had completed the HAMP trial program, but before documents were sent for final execution, our loan was transferred to XXXX XXXX  XXXX. Plan was approved XX/XX/XXXX and transferred on XX/XX/XXXX. We reached out to XXXX on XX/XX/XXXX and they had not received any documentation at all from Guaranteed Rate. About a month later, the original late mortgage was transferred and no documentation at all related to the modification. I have repeatedly contacted GR ( and documented ) to request that modification information be sent to XXXX. As of today, XXXX XXXX at GR, via a representative informed me that documents were in preparation for modification ( XX/XX/XXXX ) when loan was transferred ( XX/XX/XXXX ). 
I spoke with a Guaranteed Rate representative on XX/XX/XXXX who informed me that the plan was approved and that this should have been sent to XXXX. The amount was {$4900.00} at 4.75 %. This is nowhere near our trial plan, which was {$4100.00}. Even our original mortgage was ~ {$4500.00} at 4 %. Since this was an FHA loan/HAMP, the payment should not have been significantly higher than the trial plan. 
Regardless, none of this information was conveyed to XXXX.

Company response to consumer: Closed with explanation