Consumer complaint received 2016-08-18
Company: Rocket Mortgage, LLC
State: FL
Product: Mortgage
Sub-product: FHA mortgage
Issue: Application, originator, mortgage broker

Complaint:
On XXXX XXXX, XXXX, I was contacted by XXXX XXXX XXXX from Quicken Loans to refinance my home. He went over some initial numbers and started a file to proceed with the refinance. At this time, he took a down payment for an appraisal. During the next week to 3 weeks, during my phone conversations with XXXX, he explained that because I was at 90 % Loan to value, I would have to have PMI added to my loan. However, after 11 years, the PMI would fall off. I explained that I had some extra money I could put down and he said not to worry that he would be refinancing me before the 11 years comes due. I assumed at that point everything was ok. The first month after closing, I received a letter offering me to make bi weekly payments to shorten my loan. I then called Quicken Loans to inquire about the offer and found out that my loan is set to have PMI for the life of the loan because at closing I was at 92 % loan to value instead of 90 % since closing costs were rolled into the loan. Had I known this prior to closing, I would have made sure I was at 90 % loan to value because I had the required funds to keep me at that percentage. 
I was very upset and asked to speak to a manager. I was then transferred to XXXX XXXX ( XXXX ). He explained that he would pull the phone records and listen to them and see if what I was saying was in fact true. A few days later, he called me back and said that he agreed with me and apologized. I stated I wanted my loan fixed and he stated he would not be able to do that but stated that he would note my account stating that Quicken Loans would cover my closing costs on my next refinance to get out of the current loan I was in. 
On XXXX XXXX XXXX, I was contacted by XXXX XXXX XXXX stating that looking at my loan I may be eligible for the program that removes my PMI. After our second conversation, I remembered that XXXX XXXX told me that my closing costs should be covered by Quicken Loans. 
I then explained everything to XXXX XXXX XXXX and she stated she would have her Director contact me. Shortly after that, XXXX XXXX XXXX, a manager for Quicken Loans, contacted me. He explained that XXXX XXXX was no longer with the company and that although there was a notation on my account, the best he could do was knock off {$1000.00} from the deal. He also explained that if I wanted to keep my loan at the current rate I would have to pay extra. I explained my dismay, I stated I was told by XXXX XXXX that my closing costs were going to be covered by Quicken Loans and he came back stating the {$1000.00} discount is the best he could do. The rest of the closing costs would have to be paid by me. The costs kept accumulating and I was very leery about it. 
After some back and forth, I decided not to refinance my loan at this current time especially with Quicken Loans. I feel they mislead me and committed fraud! As I told everyone at Quicken Loans, I would have never closed on the original refinance loan with them if I knew that there was going to be PMI for the full 30 years of the loan instead of the 11 years that was communicated to me. 
At this point in time, I feel defrauded and mislead by Quicken Loans. I additionally feel that I was coerced into purchasing a loan product that was not tailored to me, instead, helped Quicken Loans collect more fees at my expense. 
What do I do at this point to rectify this situation?

Company response to consumer: Closed with monetary relief