Consumer complaint received 2021-08-02
Company: Rocket Mortgage, LLC
State: NY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX I called Quicken Loans to inquire about Refinancing options. I was in the process of an application with another lender and I was unhappy with their terms, etc. I spoke with XXXX XXXX of Quicken who convinced me to move my business over to Quicken. He stated the refinance would only take approx 30 days to complete. I did so that day and within 2 days had completed all paperwork requirements etc. I was now waiting for the appraisal to take place. Weeks went by and i never heard from anyone. I placed numerous calls, emails, chats to different people and was told that it was a delay due to " volume ''. Finally, on XXXX the appraisal was completed. Again, silence for days/weeks afterwards. On XXXX I called and spoke with a rep who said the appraisal was " in hand '' and Quicken and the appraiser have been in constant contact discussing some issues in the report, specifically regarding a " capping of a water line '' and a possible " apartment ''. I asked to see the report and she said it will post shortly to my account. It never posted. I again never heard from anyone at Quicken. I called, I emailed, I chatted with Quicken and was repeatedly told the report is not yet finalized. They also told me there were NO ISSUES regarding the appraisal -- the delay was purely due to volume. I explained that someone already told me of a possible issue and every person i spoke to denied this fact. Finally, on XX/XX/XXXX the " dashboard '' for my account with Quicken was updated ( still no word from anyone and no copy of my appraisal was provided ) and it showed a drastic change to my refinance # s. My loan amount was reduced by {$30000.00} approx. and my debt to be paid off with the loan were removed. The entire formulation of the refinance was changed without any explanation or notice to me. I called my banker, I called customer solutions, etc. again and now i was told, " Oh, the appraisal came in low '' So, bottom line is ... .you need {$13000.00} to {$15000.00} cash to settle this loan at the new rate. '' Again, no mention of the issue with the apartment. I asked for a copy of the appraisal and was finally sent a copy on XXXX. My issue with Quicken is : 1. They took 4 weeks to send an appraiser. 2. They had the results of the appraisal since early XXXX but repeatedly lied to me stating the appraisal had never been seen and was still being created. They strung me along for 8 weeks. I lost my other offer. They " low balled '' my appraisal with XXXX in order to " kill my deal '' for reasons other than the apartment conditions. They did not want to take on this loan but they knew they had strung me along for 8 weeks and figured the low appraisal would be their ticket out. I have a XXXX bed XXXX bath home and comps are all running in my immediate area for $ XXXX and they came back with an appraisal of {$400000.00}. Absurd. My kitchen and bathrooms were completely remodeled. {$400000.00} is a ridiculous appraisal and they know it. I sent them XXXX recent comps in my immediate neighborhood of $ XXXX sold values. When i did that, then and only then did they say, " well ... you have to satisfy the conditions of the appraisal also. Those conditions are ... rip out the cabinets, sink etc in lower level or obtain a C/O/permit. " Quicken had no intention of closing on this refinance ... they knew that was the course they were taking in early XXXX but they chose to string me along for a total of 8 weeks. It was ONLY due to my insistence on XX/XX/XXXX that this issue be addressed that they finally showed me a copy of the appraisal. I lost my other connection/relationship and find their practices unfair and self-serving. No one should have to go through this again, hopefully. I have copies of emails, chats, etc. showing how they lied to me continuously and misled me. I hope this casts a shadow on their reputation and makes them reconsider their business practices. Thanks

Company response to consumer: Closed with explanation