Consumer complaint received 2020-01-23
Company: GUARANTEED RATE INC.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
1> we applied for refinancing to guaranteed rate.com by XXXX LN # : XXXX on dated XX/XX/XXXX. 

2> after review my debt ratio by Mr. XXXX XXXX he preapproved my refinance on XX/XX/XXXX and asked for payment for appraisal fee of {$500.00} 3> I have requested to charge Appraisal fees at closing which all mortgage company does but Mr. XXXX XXXX said you need to pay us first and so they able to closing loan very soon and they preferred to hire an Appresial surveyor/agent there own. 

4> on XX/XX/XXXX we paid Appraisal Fee by confirmation # XXXX after confirmed with Mr. XXXX XXXX that makes sure looking my numbers if you are sure to approve my refinance loan than only I will pay {$500.00} and make sure I will not lose my money after getting an appraisal report. and he agreed. 
( we showed our house market value is about {$140000.00} while filing an application ) 5> Appresial survey report was created by the agent on XX/XX/XXXX by file # XXXX, Appraisal parcel # XXXX and I received a report from Guaranteed rate .com on dated XX/XX/XXXX and as per there agent Appraisal report the house market value is {$360000.00} 6> afterward we submitted so many documents in time whatever requested by Guranteedrate.com 7 > than after there are several account people changed like XXXX XXXX , XXXX XXXX , XXXX, and everyone asked the same documents again and again 8> every week 2 times I was asking about the update of my case but they never update my case and that time again asks for documents which already submitted before. 


9> on XX/XX/XXXX I called Mr. XXXX XXXX and after 3 attempts he replied me back and he said your loan only approved if you pay off your XXXX car loan so again I argued with him that you already looked my numbers and debt ration and after your commitment only I paid for Apparasial and I am ready to pay off my XXXX loan but make sure you will do closing by end of XXXXor before. 
upon he agreed we paid off our XXXX loan on XX/XX/XXXX and sent detail on the same day. 

10, This company Intentionally delay my case because I locked my loan by 3.125 % interest rate and then after the market was going up so they are not able to sell my loan with a higher rate to another bank. 
when they asked for nonrelevant documents like my fully paid foreign property and their insurance so we submitted purchase deed duly registered by court jurisdiction with stamp of the relevant country court jurisdiction and when they insisting for insurance for that property, I said we don't have insurance for our paid property because legally it is not required for the paid property. 
then they agreed that in the USA also it is not required for the paid property. 

again they delayed my case by 2 months just by asking me to provide something else to prove my foreign property and so I said which document is top of court jurisdiction documents? and I asked them exactly let me know what kind of document are you expecting? but they don't know what they need. 

then, this company has no answer and said if you not happy you can go somewhere else and that is after I followed after there instruction to paid off {$500.00} Apparasial fees and paid out of {$13000.00} XXXX loan. 

11 > XXXX XXXX XXXX said it is finally going for approval to underwriter again 11> XXXX XXXX never replied of my email after XXXX because we get Auto email reply about she was off due to Holidays. 
again on XX/XX/XXXX, I get an email from XXXX for asking the same documents back and asked to run my credit report again. 

12> we have about more than 150 email communications but they just delayed the case not give any results. 

13 >In XXXX, I called 3 times to the owner Mr. XXXX XXXX and left a voice mail but he never replied to me so far 14 > we again signed for the run credit report on XX/XX/XXXX but after 5 months they not closing my loan. here to mention that meantime I already paid 5 Installment to my current mortgage company XXXX and so the subject loan amount goes further low. 
15> this company is not a professional at all and they have no knowledgable employee over there and they never keep documents in their records and so they asked for the same documents, again and again, and they asked for unrelated documents just to delay the case by thinking that customer may withdraw loan case after they tired. 

we have applied for refinancing for {$180000.00} loan ( which is already paid off 40 % of the original house purchase price of {$340000.00} and 50 % paid off for current Apparasial value )

Company response to consumer: Closed with explanation