Consumer complaint received 2018-01-31
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: Rocket Mortgage, LLC (CA)

1. We purchased our home in XX/XX/XXXX knowing that our mortgage payment would be {$3800.00} monthly, which was already at the top of our budget. In late XXXX or early XX/XX/XXXX we received a notice stating that starting XX/XX/XXXX our mortgage payment would be {$3300.00} based on an escrow reanalysis. We called Quicken Loans at the time to confirm if that was correct and they said it was. For the last seven months we have been paying {$3300.00} monthly until the following occurred. 

2. I contacted our loan servicer, Quicken Loans on Monday, XX/XX/XXXX to ask for basic information regarding the refinancing process hoping to get rid our mortgage insurance that comes with an FHA loan. The representative that I spoke with asked me if she could run my credit score in order to give me information regarding refinancing loans. My concern was that I did not want a hard credit check because I was just trying to get basic information. She assured me that this credit check would not affect my credit score. I called back later and spoke to a supervisor and she confirmed that it was indeed a hard credit check and had thus decreased my credit score. Additionally, I learned that she had ran my wife 's credit as well without my knowledge or permission, causing her credit score to decrease as well. 

3. As a result of my call, it was brought to my attention that Quicken Loans had made a huge mistake in determining the correct amount of the property tax on my new home. As I mentioned earlier, they did an escrow reevaluation and lowered the amount that was collected through no fault of our own. This amount was insufficient to pay the property tax and we now owe almost {$6000.00}. This is a large amount of money and we are in fear of losing our home. Quicken loans informed us that we would have to pay a mortgage payment of {$4200.00} to {$4400.00} a month as a result of this mistake. This is an increase of almost {$1000.00} compared to what we are currently paying. They have not provided us with any assistance on how to correct this issue other than saying we owe the amount. 

4. A mortgage banker from Quicken Loans contacted my wife yesterday,XX/XX/XXXXto provide her with refinancing information given that they had already ran our credit. He told her that if we refinanced, we wouldn't have to pay mortgage insurance. I contacted an acquaintance that is in the mortgage industry and we went through the information that I was given. He brought up several points that concerned him and myself : A. No mortgage insurance with a refinancing loan is incorrect. The mortgage insurance is simply rolled into the loan instead of being separate. That was the first lie. 

B. She was also told that they recommended refinancing otherwise our payment will be increased to the {$4200.00} to {$4400.00} I mentioned above which feels like extortion. 

C. The mortgage banker gave my wife an approximation of what our payment would be if we refinanced through them which was done by valuing our house at an unrealistically high amount. 

D. They paid the property tax back in XXXX and overlooked the fact that our mortgage payment was insufficient to cover the corrected property tax amount and yet did nothing to inform us of the problem until we contacted them nearly two months later.