Consumer complaint received 2019-03-12
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: GUARANTEED RATE INC. (IL)

Timeline of events : ( Short version ) XX/XX/XXXX : I emailed XXXX XXXX to get started on the pre-approval process See start of loan-1 XX/XX/XXXX : XXXX was notified of us putting {$11000.00} down See start of loan-1 XX/XX/XXXX : Framework Certification completed and emailed to XXXX XXXX question asked about value of home after doing the homebuyers class I learned that you didnt have to PMI if you have 20 % invested into the home through a down payment or sweat equity. Our home needed to appraise at around {$170000.00} to not have PMI. 
See Framework Certification : Conditional approval was received and our attorney was emailed to begin the process See XXXX Purchase - Conditional Approval! 

: Inquiry was made about getting appraisal scheduled, homebuyers class completed etc, XXXX said the appraisal company would call me and that we would get a copy of the invoice. Told once we heard from appraisal we would get final approval from XXXX in 48 hours See Initial Appraisal Questions XX/XX/XXXX : Asked for any ideas on how to keep the current homeowners insurance policy because it would save us moving from our previous annual rate of XXXX to the re-written rate of XXXX. 
See exceptions for homeowners insurance question XX/XX/XXXX : Asked about renewing my homeowners policy instead of re-writing it to save {$410.00} a year, it was never offered to me to waive escrow and put the 20 % down in order to do so. It was even offered to pay the premium in full to keep the lower homeowners premium. I asked for an exception. I was told there was NO WAY they could use the current policy, that it would only be acceptable during a refinance, but truth is it could have been an option if we waived escrow as well. 
See Homeowners Insurance XX/XX/XXXX : Still no word from the appraisal company See No word from appraiser XX/XX/XXXX : XXXX XXXX, trainee came out for 15 minute appraisal See First appraisal XX/XX/XXXX : My attorneys office is having trouble getting the title commitment from XXXX XXXX See Title commitment needed XX/XX/XXXX : XXXX needs updates to appraisal report, was originally told the appraisal report would be to us by XX/XX/XXXX. 
See updates from appraisal still needed XX/XX/219 : Appraisal made the mistake about sending out a trainee, was told we would get a copy of the invoice. Promised compensation for the appraisal difficulties. 
See Appraisals Mistake See Appraiser comes back out compensation promised for lost time XX/XX/XXXX : Concerns about the appraisal arise due to appraisal lacking looking into the actual worth of our home. Appraisal company had to come out twice because a trainee was sent out the first time. My husband lost 1.5 days of work because of this and I lost .5 days. Both times appraisal trainee and appraiser were only at our home for 15 minutes top each time. 
XX/XX/XXXX : Corrections to appraisal were still needed, questioned if we could still close on the XXXX or not because I had already taken time off work See Corrections to appraisal needed XX/XX/XXXX : XXXX needing cancelled checks from the beginning of the rent to own contract when a screenshot proved, and after I had asked multiple times about being sure XXXX had everything from me that they needed. There was a {$49.00} fee paid, in this email thread XXXX said she would reimburse for it, she never did. I was still getting stuff for closing together at this point, so there was still no closing documents provided to me. XXXX pushed back to UW after I made a big deal about it due to the multiple times inquiring about any more needed info etc. This is the day I was told by XXXX that I should have final figures for closing the next day at XXXX and that I would have them on XX/XX/XXXX by XXXX. Was told I would have time to ask questions because they just got final approval from UW. Also in this thread was reminded that XXXX hadnt forgotten about the {$300.00} credit, said appraisal was {$600.00} but invoice given me showed {$600.00}. I was personally concerned about closing on the XX/XX/XXXX with so many unknowns one day before closing. Promised reimbursement for bank charges of {$49.00} See UW Screenshot- still no closing paperwork See Final figures by XX/XX/XXXX am See Time to ask questions See Promised reimbursement for bank charges See Advance Fee Agreement XX/XX/XXXX : TODAY IS CLOSING DAY SCHEDULED FOR XXXX XXXX : Emailed at XXXX XXXX  asking about closing paperwork, got a message back at XXXX XXXX  stating, Im also ordering some sandwiches to be delivered to say thank you to your attorneys and the title closers. And also so you guys can eat for lunch. Typical closings are about 1 hour. But no answer on closing paperwork so I emailed back at XXXX asking again about closing paperwork then got told at XXXX XXXX  that, Just spoke with them. Making a small change but looks like you wont need to bring anything to closing!! Dont quote me I want to see the final but looks good. Cash to close was XXXX! so I still did not have an answer on when I was going to get closing paperwork. Was also told I would have paperwork closer to XXXX, was told I would have time to review them. 
See Closing papers when will it come See Closing papers by XXXX XXXX   XX/XX/XXXX : Noticed I never received a settlement sheet, inquired about the {$100.00} appraisal fee credit that was promised and the {$300.00} credit that was promised. 
See Broken Promises XX/XX/XXXX : Received the appraisal invoice for {$600.00}, but XXXX  email said the appraisal was {$610.00} and the advanced fee agreement that I signed stated the amount I agreed to pay for the appraisal was {$500.00}, I was never notified of the increase in costs. Was told the reason I didnt see the {$300.00} promised credit was because XXXX was not able to and shes sorry, even though those were promised pre-closing. Received final closing documents. 
See Broken Promises See XX/XX/XXXX : Now being told the appraisal was {$600.00}, was told that I could have waived escrow if I had put 20 % down, but this is the first time I was even made aware of that and that was after I had questioned it. She admits that the {$300.00} and the {$49.00} was a bummer and the appraisal is what it is, was told to speak with the customer service team from here on out because I should just be thankful for the exceptions that were made and her pricing me below what she is supposed to do. Email was sent showing how upset I was about being told something and not getting what I was told/promised. 
See Post closing questions See upset about lies XX/XX/XXXX : Supposed to have a resolution by Friday concerning the items I had problems with regarding the mortgage. I confirmed with XXXX XXXX on the resolution date and followed up again on Friday at XXXX XXXX when I didnt hear from XXXX concerning the alleged Friday deadline, once again I was told something that didnt happen. I tried to be patient and was told I would hear more on Monday regarding info from the appraisal department and resolutions to my other complaints. 
See Resolution now Monday XX/XX/XXXX : I had to reach out because I still hadnt heard anything regarding my concerns from XXXX XXXX. She agreed to write me a check for the promised {$300.00} but nothing else was addressed. I followed up with XXXX on XX/XX/XXXX @ XXXX regarding the rest of the issues I was having and asked for resolution. 
See Resolution still needed XX/XX/XXXX : Emailed CFPB on the issue at hand and suggested the following as a resolution Another appraisal- paid by GR to get an accurate assessment of our home at the picking of a non-biased party PMI to be taken off if new appraisal shows home worth gets us to the 20 % mark of having enough equity built up in the home to not need it The difference in increased homeowners insurance cost over the life of the loan due to lack of communication even after questions from myself arose as we will now never be able to get that lower premium back The previous appraisal total to be refunded- as I was given misleading information on how much the appraisal even was so the {$100.00} that the appraisal company took off only brought those costs down to a little over what I agreed to pay per the advanced fee agreement The promised {$300.00} to be refunded to us A copy of my final appraisal report The {$49.00} that was promised There are currently 298 complaints against GR on the CFPB site, something needs to be done about them I need to have information on how to even pay my loan, even after attempts to getting this figured out I still do not have that information. 

A copy of the final and updated closing papers as the first time I received them was at the closing table. 

According to my research Guaranteed Rate has many violations of the TRID law. 

o Violation : The rule requires customers to have in their possession final closing figures on the new Closing Disclosure ( CD ) at least 3 business  days prior to closing. An Electronic Closing Disclosure must be e-signed ( not just accepted ) and in-person Closing Disclosures must be wet signed in order to schedule the closing. U.S. Mailed Closing Disclosures must be placed in the mail 6 business days in order to comply with the 3-business review period and schedule the closing. ** After delivering the Closing Disclosure, a new 3 business day review period is required if the consumer changes the loan product or term, if a prepayment penalty is added or if the APR changes by more than XXXX from the previously disclosed APR. Other changes required a new CD to be delivered but do not require a new 3 business day waiting period. ** Never got closing papers until it was time to close that day even after asking multiple times about them. 
o Violation : The new Closing Disclosure ( CD ) must include all the identical line items and names of fees that were included in the Loan Estimate ( LE ). These fees are subject to the Changed Circumstance rules under RESPA, but this means that settlement service providers, in particular, must coordinate with lenders to properly identify fees from the start. ** The appraisal fees and lenders fees were not identical, I was to not pay any lenders fees due to my place of employment o Violation : A Revised Loan Estimate ( LE ) can not be issued once the Closing Disclosure ( CD ) is finalized. This means all rate lock activity must be finalized one business day prior to issuing the CD. In the case of U.S. Mail disclosures which go out 6 business days prior to closing, the Revised LE must be delivered to the consumer 7-8 business days prior to closing giving the consumer enough time to accept the disclosures after which the CD can be delivered. ** Never got closing papers until it was time to close that day even after asking multiple times about them and even after things changed. 
o Violation : Once the Closing Disclosure ( CD ) is confirmed to be in the hands of the consumer either via signature or U.S. Mail, last minute changes to the CD can be handled between the lender and settlement agent without further delaying the closing. A Revised CD can be created and sent to the closing table for most adjustments and unanticipated costs. However, the lender remains liable for delivery a Final CD with  accurate numbers, and retaining that document for the file, even if new information is discovered after closing. ** Am still having trouble getting accurate numbers and we closed on the XX/XX/XXXX. 
o Consequences : The Truth In Lending ( TILA ) penalties on lenders who do not comply with the new Loan Estimate ( LE ) and Closing Disclosure ( CD ) rules are severe. An honest error or mistake on the CD comes with a {$5000.00} per day fine. A reckless or careless error ( defined as the lender should have known better or a reasonable lender would not have made the error ) is a {$25000.00} per day fine. A knowing, intentional or ignored error is {>= $1,000,000} per day. ** XXXX was aware that the appraisal fee changed but never conveyed that with me, that is an ignored error XXXX was aware that I was wanting closing documentation and that they need to be given to me 3 days prior to closing so I would have time for questions, again a known error XXXX promised the {$49.00}, and a {$300.00} credit to be placed into the figures of my loan which I trusted that she would do only to find out that it was a bummer that it didnt happen. This is a careless or reckless error. 
We are now 9 business days past closing and I still do not have all the paperwork, nor do I know where to pay my loan even after multiple emails have been sent questioning this. 
I keep being told that resolution will be one day and then it doesnt happen, I was told that through the process that we will have an answer by a certain day and then never getting the answer by that day. I always had to be the one checking the status of something. 
**This information was found on : XXXX XXXX XXXX   Problems Promised {$49.00} for reimbursement but never received. 
Was told the appraisal was three different amounts, none of which were what I agreed to pay on the advance fee agreement and I was never once notified of an increase in appraisal cost and they did not match up with the actual invoice from the appraisal company. 
The appraisal invoice was not received until after closing which is when I realized I paid more for the appraisal then I originally agreed to so all the {$100.00} credit from the appraisal company did was take the fees down to close to the original amount that I agreed to, it did not credit me much if any. 
Was told I would get {$300.00} compensation then it was brushed off until I escalated my concerns with XXXX in which she said a check would be mailed on as of XX/XX/XXXX. 
Still have not received the final appraisal report The first time I saw closing paperwork was at the closing table even after I inquired on them multiple times, and according to TRID these are to be provided 3 days prior to closing which I see this problem as a known violation of TRID I have a total of 353+ emails to show back and forth and constant problems from everything starting with UW to the appraisal to the closing, nothing about this was fair or easy. 
Since I was not offered to waive escrow by putting 20 % down or even given the knowledge base to do so I am now looking at paying an extra {$9900.00} in PMI ( XXXX payments ) and an extra {$12000.00} in homeowners insurance ( the difference of {$410.00} from my previous policy to this current one at {$1400.00} over the course of 30 years ) All the fees included I was manipulated into having to pay at least an extra {$22000.00} over the course of this loan all because of lack of communication and guidance on GRs part as proven by emails. 
I feel like GR was being a snake in the water when I was made promises prior to closing that did not come to be true and when I inquired about exceptions or ways to make something work and wasnt given the opportunity. 
I believe there were many violations in accordance with the TRID law : o Still no final appraisal report ( supposed to be to me three days prior to closing ) o Closing paperwork was not received as promised and definitely not three days prior for me to ask any questions before closing o Promises were made and not fulfilled o GR took me for granted by not educating me on different laws/options that could have been made available to me even after I inquired and made XXXX aware that I had access to funds if need be. 
o GR was extremely unethical when it came to closing this loan and has now created financial hardship that was not needed. 

Please let me know if you need further documentation as I have taken extremely good notes and have all my emails saved in its entirety from open to close of this loan.