Consumer complaint received 2019-09-12
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: GUARANTEED RATE INC. (CO)

To whom it may concern : On or about XX/XX/XXXX, I contacted Guaranteed Rate ( rate.com, ) to refinance my home.I was quoted a " No Cost, No out of pocket '' refinance at 4 % for around {$470000.00}. I rounded up the required documentation and supplied to XXXX, XXXX XXXX of XXXX ( XXXX, XXXX. ) I was given a cloing date of XX/XX/2019. A mobile title rep came to my house to sign papers, at no time during the signing was I told I needed any money to close. The Title company was XXXX XXXX and the Title Agent was XXXX XXXX, XXXX, XXXX, FILE # XXXX. I signed on XX/XX/XXXX with a promised close of XX/XX/XXXX. On XX/XX/XXXX, I received this email, This is the actual email, I have saved every email from day 1. 
____________________________________________________ Hi XXXX and XXXX -- Congratulations! All documentation is complete and the funds for your loan have been disbursed to your prior lender to pay off your existing loan. The final step in the loan process is now complete, and your mortgage refinance has funded. 

The loan package you received at closing has important information on payments, due dates, and your payment coupons. You can contact our Servicing group with payment questions at XXXX. 


Your feedback is important to me! You will be receiving a customer satisfaction survey and would greatly appreciate if you completed it at your earliest convenience. 

If you have any questions about your loan, please dont hesitate to contact me or my team at any time. And if you know of anyone currently looking for a new home or considering refinancing their current mortgage, please send them my way. Your referrals mean the world to me. 

Thank you for choosing to work with me, my team, and Guaranteed Rate! 

Regards, XXXX XXXX XXXX Mortgage Specialist XXXX XXXX/XXXX O : ( XXXX ) XXXX - F : ( XXXX ) XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, XXXX, and XXXX XXXX, IL XXXX NMLS ID : XXXX Here 's where it gets bad. 
The day before my vacation, on XX/XX/XXXX, I receive mail from my previous lender, I think it's a thank you and a confirmation of payoff. It was actually a past due notice with a late fee. I called them, XXXX XXXX, loan # XXXX, and said I thought the loan was paid off, they responded that the loan was not paid off and is 26 days late and if I don't pay before the end of the month, it would be reported to credit bureau, ( see  above email from XXXX saying my previous loan has been paid off! ) I then called XXXX and after a series of calls to see what happened, they said I owed {$1200.00} to close and that I had to get the money to Title asap so the loan would close before the XXXX, it's now XX/XX/XXXX and I'm out of state, this problem has now become mine and mine alone. Again, I am on vacation and now had to scramble to get wiring instructions from Title and hope my bank could get the money sent in time, bottom line was I got it to them and my old loan got paid off, 4 hours before the wire cut off and the end of the month. If I had not opened the letter from XXXX XXXX before I went on vacation, I would never have known and my credit would have been greatly damaged. 
I contacted XXXX XXXX stating my displeasure and requesting a refund of {$1200.00}, he sent me to his manager, XXXX XXXX, XXXX. 
Mr XXXX emailed me today, XX/XX/XXXX to say : _____________________________________________ Hi XXXX, " Upon further review, it is Guaranteed Rates position that we will not be crediting the amount of {$1200.00} as this amount pertains to the payoff on your previous loan. 

If you have any other questions let me know. 

Thank you XXXX XXXX Director of Online Lending XXXX XXXX O : XXXX - C : XXXX F : XXXX XXXX XXXX XXXX XXXX XXXX XXXX and XXXX, XXXX, IL XXXX NMLS ID : XXXX A ) How does a lender send an email to a client saying the loan has funded and your old loan has been paid off??? 

B ) If there was indeed {$1200.00} dollars owed, how am I not given an option of paying that or rolling it into the new loan, which I know can be done at closing with ease. This was never offered. 

C ) I feel that XXXX 's irresponsible practices nearly cost me my credit and their nonchalant reponse to me by accepting no responsibility in this whole mess, makes them liable. 

I also feel that sending out an email stating the loan has funded and I am all set with the new mortgage is fraudulent at best. 

Thank you for looking into this matter for me, I feel that I have done my best to resolve this matter internally and have gotten no acceptance of liability from XXXX My loan # with rate.com was XXXX, I know the loan has already been sold. I hope I have given you enough information to research this situation. 

Sincerely, XXXX XXXX XXXX XXXX United States XXXX XXXX XXXX XXXX ( c )