Consumer complaint received 2018-09-11
Company: GUARANTEED RATE INC.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Please investigate the predatory lending practice I encountered at Guaranteed Rate, XXXX, IL mortgage Loan Disclosure closing XX/XX/2018 XXXX XXXX at the office of XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, TX XXXX. I refused to sign the contract presented because the original mortgage loan disclosure agreement XXXX dated Wednesday XX/XX/2018 that I agreed to was revised Friday XX/XX/2018 at end of business resulting in the following discrepancies : Estimated Taxes Insurance and Assessments of $ XXXX/month increased to $ XXXX/month. 
The basis of the loan disclosure for escrow was XXXX XXXX County Texas property tax {$2800.00} throughout the process until the revision on Friday XX/XX/18 end of business. 
Eligible and approved XXXX County, Texas Over Age XXXX Property Tax Exemption which reduces my property value assessment by {$50000.00} was not adjusted downward as appropriate. 
Last minute loan disclosure revision XX/XX/18 increased property tax escrow to {$3900.00} in excess of the {$2800.00} basis I agreed upon ; and in excess of the XXXX XXXX County Texas property tax value {$3100.00} before Over Age XXXX Property Tax Exemption is adjusted downward. 
Cash out to borrower of {$12000.00} on XX/XX/18 disclosure was reduced {$10000.00} on XX/XX/18 disclosure, creating a {$2300.00} shortfall to payoff my life insurance loan. 
Requested explanation from Guaranteed Rate how they justified the discrepancies but have received no reply since the refusal to sign improper last minute revision. 
o XXXX XXXX, Senior Mortgage Specialist XXXX ( XXXX ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX & XXXX XXXX , IL XXXX o XXXX XXXX, ( IR ) Loan Coordinator XXXX Office : ( XXXX ) XXXX XXXX XXXX  XXXX XXXX XXXX XXXX, CA XXXX o XXXX XXXX, Sales Assistant XXXX Office : ( XXXX ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX & XXXX XXXX, IL XXXX No reply for the specific explanation of the difference between the cash out amounts explaining the loss of cash to close beyond property tax difference ( {$3900.00} dated XX/XX/XXXX -  {$2800.00} = {$1000.00} ) There remains an explanation of why there is a shortfall of {$1200.00} ( {$2300.00} - {$1000.00} property tax discrepancy ) cash to close. 
I offered conciliatory request to make me whole based on the loan disclosure that was presented on XX/XX/18 but Ive received no reply or good faith effort from Guaranteed Rate to reconcile.

I consider all third party expenses they incurred in the process of presenting this mortgage loan unwarranted and Guaranteed Rates responsibility for payment due to predatory lending violations. 

The basis of my claim of predatory lending is derived from U.S. Department of Housing and Urban Development cautioning borrowers to report instances including, The Costs or Loan Terms at Closing Are Not What You Agreed To in their What Tactics Predators Use brochure. https : //www.hud.govXXXX In addition, XXXX XXXX , Mobile Notary Public hired through Guaranteed Rate to document and notarize the closing process, was puzzled why he received two disclosure agreements and said this is the first time he has encountered refusal to sign during his short career with 105 closings. XXXX XXXX, Mobile Notary Public offices in XXXX, TX ( XXXX ) XXXX XXXX. 

I request your investigation into Guaranteed Rate predatory lending practices, especially because I am considered a senior citizen. No individual should be allowed to keep their license operating in this manner. 

Please respond with a case number and notify me of your findings.

Company response to consumer: Closed with explanation