Consumer complaint received 2020-08-19
Company: Rocket Mortgage, LLC
State: AL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
While helping a client with an unrelated mortgage issue with Rocketmortgage with one of their loan officers, I became aware of an affinity program Rocketmortgage has with my employer. Although I had just refinanced my home with my credit union for 15 years, the loan officer I spoke with said she could get me a lower rate for the same fifteen years at {$100.00} less per month, {$18000.00} less over the lifetime of the loan. So, I applied on XX/XX/XXXX. She set me up online and told me to watch my account and upload the documents requested on it. I immediately complied. We locked my rate until XX/XX/XXXX. I uploaded documents requested by Rocketmortgage starting XX/XX/XXXX through XX/XX/XXXX. I uploaded 31 documents in total including W2s, XXXX business and personal tax returns, business profit loss, etc. The loan officer waived a {$500.00} fee for me I assumed because of my high credit score or because of my relationship with my employer, an affinity partner. She said the loan should close relatively quickly even though Rocketmortgage was experiencing high loan volume. After some time had passed, I called her to see when the loan would be approved and the closing scheduled. She said soon and everything was on track. I called her on XX/XX/XXXX to inquire again because it was 12 days out from my loan lock date. She said she would ask her team to rush it and hold/extend my lock. I was called later that evening by a XXXX XXXX from Rocketmortgage. He said he needed a bank statement showing that I had received my tax refund for XXXX. I told him I had not received it and told the loan officer I would not receive it until mid to late XXXX. I had filed on paper and an IRS agent told me due to Covid 19, the paper returns would not even be worked to XX/XX/XXXX and expect the refund at the minimum 6 weeks after that. I told him I previously had told my loan officer that. He said he could not approve the loan without it and would not honor an extension of the lock. I would have to reapply after I had documentation of the refund. I asked to speak to a manager. I was then put in touch with another guy who told me on XX/XX/XXXX ( 18 days after I had applied ), a new rule came out saying everyone in my situation had to provide this documentation or their loan could not be approved. This was NEVER communicated to me until XX/XX/XXXX. It took them 34 days to let me know this. All the time I was speaking with my loan officer saying everything was on track, we would close on time, don't worry about anything. I continued to respond and submit documentation to Rocketmortgage through XX/XX/XXXX ( ten days after this rule was known ). My file had been suspended from processing because this documentation had not been turned in. Neither my loan officer nor Mr. XXXX told me about the requirement or suspension until XX/XX/XXXX. I think Rocketmortgage should approve my loan and honor the lock/interest rate set.

Company response to consumer: Closed with explanation