Consumer complaint received 2021-06-29
Company: Rocket Mortgage, LLC
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I began applying for a new mortgage with Quicken Loans on or about XX/XX/2021. At that time, I filled out an online form and I was directed to create a Rocket Mortgage account on their website. Using that website, over the course of the following two weeks, I was directed to upload sensitive financial information, including bank account statements, retirement statements, paystubs, W-2s, and other data. 
On XX/XX/2021, I received a Pre-Approval letter. Thereafter, the pre-approval amount was changed 2 separate times, increasing the amount I was qualified to borrow. I began speaking with XXXX XXXX XXXX XXXX XXXX XXXX XXXX I was not advised that any other information would be required at that time, since a Credit Check had been performed and I had " pre-qualified ''. Over the course of the next three months, I was in regular communication with Mr. XXXX, regarding my attempt to locate and purchase a new home. However, no one at Quicken ever requested any additional documents during that time period. 
Then, in or about XX/XX/2021, I received an email notifying me that my XXXX XXXX had expired. There was no phone call from Mr. XXXX or anyone at Quicken. Then, on or about XX/XX/2021, I received a voicemail from XXXX XXXX XXXX XXXX XXXX XXXX XXXX from Quicken Loans. He seemed confused that I had been speaking regularly with Mr. XXXX. He stated that he could create a new pre-approval letter, but that I needed to send all of the aforementioned personal financial documents to him. I explained that I had already sent them once, and I didn't understand why I had to send them again. 
Thereafter, I resent bank account statements, retirement statements, paystubs, W-2s, investment account statements, and assorted other materials. We corresponded on numerous occasions from XX/XX/XXXX through XX/XX/2021. The web account on Rocket Mortgage did not update the documents I provided, so I had to send it to him via email. I received an updated Pre-Approval Letter on XX/XX/2021. It was important I received that letter, since I was in the process of making an offer on a home. 
It was only after receiving the pre-approval letter, that I received two additional voicemails from Mr. XXXX. As of XX/XX/2021, Mr. XXXX was still inquiring as to the status of my house hunting. 
However, I received a voicemail that evening. Mr. XXXX advised me that Quicken could not fund the loan, and that I was required to sell my current residence in order to afford the new loan. 
I called him the next day, and I expressed my deep disappointment at this conclusion. Further, he contended he would not consider my current income level or assets, but rather, only base his analysis of what I was able to afford on my prior year 's income. Based upon those facts, he offered me no assistance and advised me that his manager would call me back. I have never received a telephone call or an email from Quicken since that phone call.

I believe Quicken purposely denied my loan after obtaining sensitive financial documentation so it can use that information for marketing and sales purposes. This is a classic bait-and-switch. After advising them of my income, my assets, and my goal, they claimed they would assist me and provided me with a Pre-Approval letter, fully knowing they would refuse to fund my loan based upon their own rules. They have hit my credit on two separate occasions, causing it to diminish as well, even though they were aware of my excellent credit when they originally sent out the Pre-Approval letter. The fact that one Quicken banker had no idea that I had already provided this documentation further illustrates that they had no intention of following through. This is also discriminatory, as my income, assets, and debt to income ratio all support my contention that I am qualified to purchase a new home. I feel confident I will be able to obtain a new home loan through another vendor. However, Quicken has wasted several months of my time, damaged my credit, all in an effort to obtain valuable financial data from me.

Company response to consumer: Closed with explanation