Consumer complaint received 2022-06-13
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: GUARANTEED RATE INC. (KY)

We applied with Guaranteed Rate back in XX/XX/2022, with XXXX XXXX being our Loan Originator, after being referred to us by my Mother in Law. We we're quickly preapproved and in the beginning the process had went smoothly. However, after being pre-approved communication stopped. COMPLETLY. It became near impossible to reach XXXX XXXX, whether that was through text, phone or email. XXXX XXXX would ignored any communication from myself, husband, or our realtor ( XXXX XXXX ), however she would frequently discuss our personal loan details with out Mother in Law despite us and XXXX XXXX asking her not to on numerous accounts. We we're frustrated at this point but stuck. We we're told and have supporting documentation that shows that we we're locked in at a 4.75 % interest rate and at this time interests rates we're quickly increasing. We didn't want to risk losing this rate or start the process all over with a new loan company, despite XXXX XXXX recommending a local lender. A week before closing XXXX and I started reaching out to XXXX XXXX, as we hadn't heard from her in weeks. We text, called and emailed. Neither of us ever received a response. I than reached out to XXXX XXXX associate XXXX XXXX and asked for an update on our loan and an estimate closing date. I was told on XX/XX/2022 that XXXX XXXX was currently finishing up our file and we should be closing within 72 hours after we e-sign the initial closing disclosure. A few days later I receive the disclosure via email to e-sign, and to our surprise our interest rate was no longer 4.75 % but instead 5.375 %. I immediately tried calling XXXX XXXX but again their was no response. I tried XXXX XXXX, who returned my call the following day and went over the closing disclosure in length with me and my husband. It was than, that we discovered that we we're never locked in at 4.75 % interest rate. In addition, XXXX XXXX had charged us 2 points ( thousands of dollars ) to reduce the interest rate to the current 5.375 %. And an attempt to cover those costs she waived her fee. However, the changes in interests rates and the additional points, costs us thousands more in closing costs. While discussing this with XXXX, our Mother in Law had a conversation with XXXX XXXX via phone where XXXX XXXX asked us to buy down the 5.375 % interest rate, to try and return it to the 4.75 %, costing thousands of dollars, and in return XXXX XXXX would pay us the difference after closing by " buying some of our furniture. '' I was told to not discuss this with anyone, as it is illegal. However, not trusted XXXX XXXX and seeing how unprofessional she already was I refused to be manipulated into participating in this plan. I spoke only with XXXX XXXX from that day forward and asked for upper management to be involved in trying to correct the issue. XXXX XXXX was introduced to us at this point. He heard all of our concerns, however he only focused on the current interest rate of 5.375 %. He didn't spend any substantial time investigating our claims of XXXX XXXX being unprofessional throughout the loan process. He also denied us being locked in at 4.75 % despite us having a conditional loan agreement stating so. Furthermore, he discussed a floating rate but didn't provide any documentation supporting that my husband and I agreed to that. Essentially he covered for XXXX XXXX. His attempt at correcting the issue was giving us a measly {$1600.00} credit, which we used to but down our interest rate to 5.2 %. We we're also promised to be reimbursed for additional appraisal fees in the amount of {$300.00} and we we're not. When I followed up with XXXX XXXX and XXXX XXXX about these fees via email on XX/XX/2022, I was ignored. I than followed up again with XXXX XXXX on XX/XX/2022, asking for another form of contact to make a formal complaint and the fact that we did not receive our reimbursement. On XX/XX/2022, XXXX XXXX replied that he would not give me any additional contact information to make a formal complaint and to have a good weekend. When starting my investigation on how to report a complaint against XXXX XXXX and Guaranteed Rate, I came across several other reviews within the last three months with individuals experiencing the same misfortunes we did with Guaranteed Rate. They we're " told '' they we're locked in at a certain interest rate and than when their closing date came up, their interest rate had significantly increased. Its seems that Guaranteed Rate is clearly taking advantage of the current housing market and rise in interest rates.