Consumer complaint received 2022-05-13
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Rocket Mortgage, LLC (NY)

On XX/XX/XXXX I executed a rate lock agreement with Rocket Mortgage for 4.875 % for a refinance of an investment condo, with a total mortgage amount of approx {$170000.00}. On the same date, I provided all of the requested income documentation to my assigned banker, including my XXXX, a letter confirming Paid Family Leave coverage ( I was on maternity leave at the time of the application ), our joint tax return from the prior year, my husband/co-borrower 's XXXX XXXX. When going through the e-signature pages with me over the phone, my banker XXXX XXXX ( XXXX # XXXX ) emphasized that the rate lock was for 45 days and assured me that " we would move fast and close within 30 days. '' At no point did he disclose that the rate could be cancelled within 7 days by Rocket Mortgage. After I executed the documents, XXXX told me he needed three things : 1 ) I needed to provide proof of insurance and the cost 2 ) he needed to get my 12-month mortgage payment history from my current lender, and 3 ) that he needed to consult with his " self-employment specialists '' because my husband/co-borrower gets XXXX through a partnership rather than a standard XXXX. 

Regarding Item 1. I sent our insurance policy on XX/XX/XXXX to XXXX via email. 

Regarding Item 2. On XX/XX/XXXX, I contacted my existing lender ( XXXX XXXX Bank ) for the Verification of Mortgage and they informed me that the request would need to come from the requesting lender. I provided Rocket Mortgage with the fax number to send in their request. On XX/XX/XXXX, I spoke with XXXX and he said he had sent a fax on both XX/XX/XXXX and XX/XX/XXXX but not received any documentation from XXXX and urged me to call them and have it released to me. I called XXXX and they again said they'd need the request to come from the requesting lender, so I provided this response to XXXX at Rocket Mortgage again. On Monday, XX/XX/XXXX XXXX called to inform me that he would cancel my application if he could not get the mortgage information that day. I again called XXXX who said they could turn it around to him that day if they actually received a request from him. I provided both an email and fax number for the general group, as well as a rep 's contact information so that XXXX could request what was needed. I asked him to copy me on his email request to them. I did not see any emails or faxes come through and my contacts at XXXX say they did not either. 

Regarding Item 3. XXXX repeatedly told me he would need to work with his self-employment specialists regarding my husband 's income. I was not informed I needed to do anything on this front, so didn't. The first contact I had with a " self-employment XXXX '' was on XX/XX/XXXX from XXXX XXXX XXXX XXXX he informed me I had been referred to him by my original banker XXXX. I arranged a time to speak with XXXX and did so on XX/XX/XXXX. This conversation seemed at the time to simply be a transfer of contact/representatives, so I took the time to being XXXX up to speed on everything. He then informed me on XX/XX/XXXX that they could qualify me for the mortgage on my own, without my co-borrower whose XXXX income was generating complexity. I agreed to move forward with this approach. The following week, I got a call from XXXX that he could offer me a refinance rate of 5.25 %. This was the FIRST TIME I was informed that my rate lock had been cancelled. Prior to that, i simply thought I was being transferred to the appropriate banker. In the intervening days, rates had skyrocketed. 

During this time, i did receive several automated email messages from Rocket Mortgage to upload income documentation to the portal, however, my original banker XXXX told me I could ignore them because I had already emailed the documentation needed to him directly on XX/XX/XXXX. 

Rocket Mortgage used a bait and switch tactic to get me lured in with a low rate ( significantly lower than competitors, the next lowest quote i received was 5.00 % ( vs 4.875 % from Rocket ). They then SLOW WALKED my mortgage application -- without reaching out to my existing lender to get the documentation they needed -- until they let my rate expire. They then further let the process drag out for another week and a half before even making me aware that my application had been terminated and my rate lock cancelled. In this interest rate environment, their tactics cost me thousands of dollars. 

To add, this is a relatively small mortgage, for which we provided proof of income that could cover the entire mortgage value nearly XXXX annually. It is not a complicated deal, but Rocket Mortgage screwed us over with their incompetence and/or deceptive tactics.