Consumer complaint received 2021-03-10
Company: Rocket Mortgage, LLC
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
In XX/XX/XXXX, I asked to be pre-approved for a new home mortgage before selecting a new home to relocate to due to my XXXX. After providing my financial information and running a credit check, Quivken issues me a pre-qualification, not pre-approval letter fora mortgage. A week later, on or around XX/XX/XXXX I contacted Quicken to report that Id entered a sale agreement for a new construction home and had a pre-qualification with the builders preferred lender with a lending rate of 2.5 % and {$5400.00} towards closing costs, with total closing cost to be estimated at $ XXXX. Quicken responded with a lending rate of 2.625 % and said the estimated closing costs would be {$5000.00}. By XX/XX/XXXX, the prime lending rate XXXX and both lenders were offering 2.625 %. Quicken falsely made it appear as though they were apples to apples to the builders lenders finance proposal because {$5400.00} of $ XXXX brings it to roughly the same total closing cost as Quiickens $ XXXX. I selected Quicken based on their provided recorded misleading information which made the two lenders seem equal. Quicken is the XXXX XXXX preferred lender. I have a long-standing brokerage relationship with XXXX XXXX. The entire mortgage process was a complete disaster. Quicken missed its own self imposed deadline to notify me that I was conditionally approved to close on the home by 2.5 times the state deadline. I didnt have a closing team assigned,. The closing costs estimates and down payment estimates were entirely wrong. I wasnt given documents to review in a timely manner. Quicken would call me during times I stayed on recorded calls that I was in my car and theyd ask me to approve overdue documents to me. Theyd contradict, on the phone, what the documents stated. A closing team was not assigned ahead of my closing date of Tuesday, XX/XX/XXXX. A final appraisal hadnt been completed before XX/XX/XXXX. The home didnt have a certificate of occupancy. I wasnt given my title survey. It was a disaster and the builder was threatening to sell the home to another family if Quicken didnt close on XX/XX/XXXX. 
In XX/XX/XXXX, I began my XXXX taxes and noticed that Quicken provided a XXXX form with points listed on it as if I knowingly paid for and agreed to points. This was beyond shocking. I called my father who is my XXXX advisor who recommended Quicken and asked if witnessed anything pertaining to points. He witnessed all mortgage finance discussion calls with Quicken and I. I had been defrauded by XXXX XXXX, in my prior mortgage, so I always add a witness to mortgage & XXXXinance discussion calls. I reviewed my written correspondences with Quicken during the mortgage origination and theres no mention of points. I had them and have now a great credit score and pay all bills on time. I had a good debt to income ratio. I put over 40 % down on the home. I repeatedly informed quicken, in writing, during the origination process that I was not putting down 10 % and to correct their incorrect estimates. I was NEVER informed about points. I dont buy points. I had no need to buy points. 
On XX/XX/XXXX, I called Quicken to report the error and they did not feel it was an error. Although it was never disclosed to me at any time, they had hidden 2.75 % points in addition to 2.5 % lending rate on documents on or around XX/XX/XXXX. The federal prime lending rate was 2.9 % at that time. This would have made my mortgage rate at over 5 %. My prior home that I sold on XXXX had a mortgage from XXXX with a rate of 3.25 % because I had excellent credit AND a low debt-to-income ratio. I did NOT buy points on that mortgage. There was never ANY need for me to buy points on that home or this new home with Quicken. Hiding points from me violates the Truth in Lending Law but also violates fair competition between the competitive builders lender. I had selected Quicken because they falsely advertised as equal to my builders lender, XXXX. It now turns out that Quicken defrauded me. I would have NEVER agreed to ANY points! They were never necessary. On XX/XX/XXXX, Quicken spoke to me on a recorded call and admitted they saw the 2.75 % hidden points on the XX/XX/XXXX document and that with it added to the 2.625 % rate dirclosed to me, it made it almost double the federal prime lending rate. There was NO reason for this but greed abs fraud. On that recorded call, Quicken promised to investigate the issue and call me back with RESULTS by Monday, XX/XX/XXXX. Instead of getting ANY results, I was left a casual voicemail stating the contact was leaving the office and I could try them another date. It is illegal to hide points from me and never disclose them. Had they EVER been disclosed, I could have gotten my mortgage with XXXX, the builders lender. Quicken violated competition laws as well. My father and I were transparent about the REAL proposed lending without hidden points at 2.625 % and {$5400.00} contributed to closing. Quicken has NO justification for why ANY points were ever needed let alone hidden from me. They broke the law for greed. I want them prosecutedg.

Company response to consumer: Closed with explanation