Consumer complaint received 2022-12-01
Company: Rocket Mortgage, LLC
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
From : XXXX XXXX XXXX : XX/XX/XXXX To Whom it Concerns, I believe I am the victim of mortgage fraud and consumer bullying by Rocket Mortgage, a major mortgage loan provider located in XXXX, Michigan. 
All email communications and documents downloaded from Rocket Mortgage available here on a XXXX XXXX XXXX : XXXX : XXXX? usp=share_link People of interest from Rocket Mortgage, title, first date of contact, phone number, and email XXXX XXXX XXXX XXXX XXXXXXXX XXXX XX/XX/XXXX o ( XXXX ) XXXX o XXXX XXXX XXXX, o XXXX XXXX XXXX XXXX  XXXX o XX/XX/XXXX o ( XXXX ) XXXX o XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXXXX/XX/XXXX o ( XXXX ) XXXX o XXXX XXXX XXXX  o XXXX XXXX XXXX o XX/XX/XXXX o ( XXXX ) XXXX o XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX o XX/XX/XXXX o ( XXXX ) XXXX o XXXX XXXX XXXX o XXXX XXXX XXXX XXXX o XX/XX/XXXX o ( XXXX ) XXXX o XXXX In XX/XX/XXXX I locked in a 5.25 % rate with rocket mortgage with an expiration date of XX/XX/XXXX. The bottom half of page one of this file below specifically calls out my Interest Rate Lock Agreement. This section spells out that Locking an interest rate means your rate is protected from market changes until the closing of your loan or until your Locked Expiration Date whichever comes first. 

https : XXXX? usp=share_link After providing proof of funds on XX/XX/XXXX and again on XX/XX/XXXX along with re-affirmation of my interest rate at 5.25 %, see this file specifically : https : XXXX? usp=share_link I received a phone call on XX/XX/XXXX from my " personal banker '' in which they left me a voicemail and wanted to usher in a quick closing of the home with a brand-new interest rate of 6.375 %. 

At this time, they moved my closing date out 7 days which moved it outside of the original rate lock window, despite me and the seller having everything we needed complete to close within my rate lock window that I was committed to by Rocket Mortgage. This was all confirmed via phone call with XXXX XXXX on XX/XX/XXXX and then followed up with this specific email : I received 3 distinct different explanations from Rocket Mortgage on why the rate change happened. These discussions happened both over phone and email from XX/XX/XXXX through XX/XX/XXXX. This email chain can be found here : https : XXXX? usp=share_link XXXX ) I violated mortgage law by providing proof of funds outside the legal window ( this was later back tracked and proven to be false ). This was first told to me by XXXX XXXX via phone call on XX/XX/XXXX at about XXXX XXXX. Rocket Mortgage should have recordings of this phone call as they later mentioned to me that they reviewed previous phone calls. 

2 ) The closing agent changed the date from XX/XX/XXXX closing to XX/XX/XXXX closing and the rate change was " accidently triggered ''. This was told to me by XXXX XXXX on XX/XX/XXXX ending around XXXX XXXX. 

3 ) The capital markets team did not have enough funds secured based on the original lock date and could not commit to my original interest rate. This was told to me by XXXX XXXX numerous times be re-affirmed during a lengthy 40 + minute call on the evening of XX/XX/XXXX between XXXX and XXXX CST. 

Ultimately, Rocket Mortgage explained that they couldn't honor the interest rate because of item number 3. They told me if I did not like the new rate I could go with another lender. 

This was obviously impossible knowing that Market rates at the time were well over 7 %. I had also committed myself and family to moving into a new home and our existing home was well underway to be sold. In short, going with another lender was close to impossible for us based on timing. 

Rocket Mortgage took advantage of me as a customer and breached their 90-day rate lock agreement. I have emails and they have recorded calls that speak to all these points above. I have signed and uploaded documents from Rocket Mortgage. The most damning evidence for this are the documents provided and uploaded by Rocket Mortgage on XX/XX/XXXX and XX/XX/XXXX ( 4 days apart ) that somehow magically triggered a rate change. 

The bottom line is this, as soon as I had demonstrated proof of funds, Rocket Mortgage violated our rate lock agreement and tried to slip the interest rate change by me and close very quickly to secure their new enhanced rate. 

In total, the interest rate change will amount to close to {$100000.00} over the 30-year life of the mortgage. I would like to pursue Rocket Mortgage for damages in this amount, plus legal cost recovery. I believe that this practice has likely happened to other consumers who are less informed and knowledgeable than myself. I would be interested in understanding additional financial cost recoveries I can include in this and would suggest approaching this as a class action if this is happening to other people. 

Thank you, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Illinois XXXX XXXX XXXX

Company response to consumer: Closed with explanation