Consumer complaint received 2020-04-16
Company: Rocket Mortgage, LLC
State: MA
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage

Complaint:
In XXXX of XXXX, I reached out to mortgage lenders for refinancing quotes to consolidate debt and lower the total sum of my monthly payments to all creditors. One company was Rocket Mortgage ( Quicken Loans ), who offered a very competitive rate. Even though I was attempting to refinance my existing debt, I was simultaneously searching for a new home to purchase. My family and I are in a good situation, so we are merely looking to upgrade when and only if the perfect home were to ever come on the market. We may never move or we may find that house tomorrow. For that reason, the " break even point '' of the new loan was very important in my decision of whether or not to refinance. 

The " break even point, '' I describe as the number of months which it would take for the principal to return to the original balance at the point which I closed on the loan. I am aware of closing costs and that the principal sum would increase upon loan closing, but would eventually benefit me in the long term. My concern was that we would find a new house the day after closing and be completely upside down in the refinance loan. When I began discussions with Rocket Mortgage, I believe the break even point was verbally presented as 8 months with approximately {$6500.00} in closing costs. This offer seemed like an acceptable risk to take given that we were currently looking for new home, but that if we may never move and the long term financial benefit would be worth the risk. I believe the final number discussed was 12-14 months and approximately {$8000.00} in closing costs. I do not recall the reason for the change but do recall that the reason and final numbers were still acceptable. As Rocket Mortgage began producing documents, I began to question if the closing costs and break even point I was provided were accurate. I am admittedly not a mortgage contract scholar, so I called Rocket Mortgage multiple times to confirm that the break  even point and closing costs had not changed. I was assured every time that I was on track and ended the call satisfied, eventually closing on the new loan. 

Today, XX/XX/XXXX, I contacted Rocket Mortgage  because I felt that my principal had not been going down much. The original loan was {$560000.00} and on this date, after paying since XXXX, I still owe over {$550000.00}. The sum of the original debt paid off was slightly over {$540000.00}. I am still {$12000.00} over the original balance paid off and will not " break even '' until XX/XX/XXXX. Rocket Mortgage  informed me today that this would be after my XXXX payment. 

I spoke with XXXX XXXX, Rocket Mortgage Resolution Advocate, who confirmed that that Rocket Mortgage records all calls. He seemed concerned with my situation, where I feel that I was misinformed  or lied to on multiple occasions when contacting Rocket Mortgage for clarification on fine print items that I  again, admittedly, do not understand as a consumer. Mr. XXXX stated that he would review all calls and forward his findings up through chains of command in his company. I asked if I could be CC 'd on his findings, in case I have completely misunderstood every conversation had with Rocket Mortgage prior to loan closing. Mr. XXXX said that I was not entitled to any of Rocket Mortgages recordings or internal communications ( which I understand to a point ) and that Rocket Mortgage would only produce my previous conversations under subpoena. If I were told at one or any point throughout conversations with Rocket Mortgage representatives that 19 months was my break even point, then I am a fully satisfied customer. However, that is a number I do not recall in multiple conversations and find alarming given the situation I described above. 

My concern is that Rocket Mortgage will not inform me of their findings of their investigation. I am beginning my search for notes and emails I had taken, sent, and received throughout the process.

Company response to consumer: Closed with explanation