Consumer complaint received 2019-09-05
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: Rocket Mortgage, LLC (CT)

On XX/XX/XXXX I spoke with XXXX XXXX about refinancing my existing mortgage and combining it with a home equity loan I had taken out earlier. When he reviewed the terms of this new loan with me he stated the points would be in the neighborhood of {$4000.00} with a processing fee of {$850.00} and an underwriting fee of {$300.00}. I said I was not willing to pay that much and attempted to end the negotiation. XXXX asked if he could put me on hold while he spoke with his supervisor. When he returned, he stated the points would be reduced to {$3500.00} and I would get a lender credit of {$950.00}. I agreed to those terms. 

As the loan process got underway I received emails from their online tool, Rocket Mortgage, that there were documents available that I needed to acknowledge before the application process could progress further. When I reviewed a subsequent Loan Estimate Document dated XX/XX/XXXX, the points were stated at {$4700.00} with a processing fee of {$850.00} and an underwriting fee of {$300.00} and the Lender Credit was reduced to {$150.00}. The cost of the loan was now well above what I had already rejected during our initial conversation on XX/XX/XXXX. 

I called XXXX, he mentioned that my house appraised for a lot less then I thought it was worth on XX/XX/XXXX. I told him again I was not willing to pay that much for a loan. He said he would get back to me. Another gentleman, XXXX, called me an assured me that the original terms of the loan would be honored when I received the actual Closing Disclosure. He told me to acknowledge the form so that the loan would not be held up. 

When I received the Closing disclosure, date issued XX/XX/XXXX, the points listed were {$3900.00} with a processing fee of 700 and an underwriting fee of 300. No additional lender credits. 

I called XXXX again to tell him I was not willing to pay that much for a loan. He said that he could not honor the original terms of the loan because my house appraised at 270,000 and my loan was for XXXX giving a loan to value of 61 %. I suggested that a LTV of 61 % was quite acceptable and should not have impacted our original agreement. He assured me that there was nothing he could do. He insisted that this was a good deal for me and I was scheduled to close in just a few days. He kept pushing me to proceed with the loan, told me it was industry standards that I would not get a better deal elsewhere and I would have to start the loan process all over again with someone else and that would take months. Again I told him that I was not willing to accept these new terms, I agreed to proceed based on the terms presented to me on XX/XX/XXXX and I wanted to end my proceedings with Quicken Loans. He sent me an email on XX/XX/XXXX which is attached. I stopped taking his phone calls because they left me feeling frustrated, manipulated and insulted by his insistence that he knew what was best for me. I stated that I wanted a refund of my {$500.00} deposit. 

I went out to the Rocket Website and formally withdrew my loan application and called the attorney to cancel the closing scheduled for XX/XX/XXXX. 

I started looking for another Mortgagee and contacted XXXX XXXX. Their interest rate was 4.125 %, loan amount {$160000.00} instead of {$160000.00} and Points {$1400.00} with a {$500.00} lender credit. 
Attached is my XXXX Closing disclosure as proof. My LTV with XXXX is about the same, yet they didnt ask for almost {$5000.00} to process my loan, they did it for {$1800.00}. 

XXXX XXXX called me on XX/XX/XXXX. Again I had to endure conversations very similar to XXXX on how these new terms were mandatory, how this was a good thing for me and I wouldnt find a better deal. Both he and XXXX thought that by reminding me that I was so close to closing would convince me to take this loan. I interrupted him, thanked him for taking the time to speak with me and hung up. I received an email from him outlining new loan terms. I reviewed the email briefly but couldnt make sense of it, it contained total loan cost, total prepaids no actual line detail. After speaking with XXXX XXXX and knowing that a LTV of about 60 % does not mean I have to accept points of almost {$4000.00} ( {$4700.00} on XX/XX/XXXX ) I did not want to do business with Quicken Loans regardless of their offer. They put me through a lot of aggravation, waisted a lot of my time and insulted me by ignoring my decision not to spend {$5000.00} on this loan, which I stated repeatedly. They would decide how much I would spend for this loan even though I told XXXX on XX/XX/XXXX that I was not willing to spend that much for a loan. 

I contend that Quicken Loans should have been able to honor the original loan terms. My deposit was given based on the original loan terms. That deposit should be refunded to me since they would not honor the original terms until I formally closed out my application. 

Thank you