Consumer complaint received 2023-09-30
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Confusing or misleading advertising or marketing
Company: Rocket Mortgage, LLC (HI)

XX/XX/XXXX - Me emailing lender, " Could you tell me how much the monthly would be with the XXXX ARM at XXXX  XXXX offering with 20 % down? '' XX/XX/XXXX - Lender tells us application is sent via email XX/XX/XXXX - Lender emails " Hi Guys. Will you be able to login and create your accounts and get things back to us this weekend? We need everything back before XXXX to secure the pricing. '' XX/XX/XXXX - Lender emails " Sorry for the delay on things. We will not be able to do 20 % down on the arm however we will be able to do XXXX XXXX down on the fixed rate loan option. I am in the process of getting that updated so I can see what the interest rate would be for that for you. I should have things completed for you tomorrow on this. '' XX/XX/XXXX - Me to XXXX 's superviser : " XXXX XXXX, As of XX/XX/XXXX, we received an updated redisclosure package ( attached ) for a locked mortgage rate of 6.6 % on a {$960000.00} loan for a XXXX ARM ( purchase price {$1.00} XXXX with 20 % down ). My father and I both signed acknowledging this on XX/XX/XXXX and our appraisal was scheduled for and happened this afternoon with the understanding on our end these were our mortgage terms. 

As of today, XXXX notified us this rate lock we've been operating under is not possible. 

Can you confirm the current terms of our mortgage? If the terms are no longer what was redisclosed on XX/XX/XXXX, please provide a written explanation as to why, including the program guidelines and borrower eligibility. '' XX/XX/XXXX - Lender supervisor to me " It currently shows loan amount of XXXX  XXXX on a 30 year fixed loan at 7.625 % '' XX/XX/XXXX - Me to supervisor : " Now please explain the reason for this change in writing. You can not legally charge me additional points because you misquoted me and issued a loan estimate. There may be a valid reason for a change in circumstance. '' XX/XX/XXXX - XXXX to me : " I actually dont know the reason for the change, did [ redacted ] go over it with you? 

XX/XX/XXXX - Not in writing, no. [ redacted ] please give everyone an explanation in writing. 

XX/XX/XXXX - Lender to all : " So yes XXXX and I spoke on Friday and I let XXXX know I had submitted an allowance to proceed on the loan to try to put 20 % down on the XXXX unit home and would await to hear back from XXXX XXXX early this week. We had spoken of this previously in our conversations for the loan. 

I let her know last night that we were unable to do the 20 % down on the arm product but would be able to provide the loan on a fixed rate option and would follow up with pricing on that today once things were updated. 

We had to change the loan product due to that. '' XX/XX/XXXX - Me to lender : " As discussed yesterday, we will wait XXXX hours to hear if XXXX XXXX XXXX XXXX the original loan estimate. 

If they deny it, we expect a written explanation as to why, including the program guidelines and borrower eligibility, along with proof that a letter of denial at no fault to us has been submitted for processing. 

In the future, please do not put customers in the same position you have put us in by submitting them for a product they can not afford in the first place. ''