Consumer complaint received 2022-04-06
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: Rocket Mortgage, LLC (CA)

I did a cash-out refinance home loan on my home that I owned free and clear. I was only permitted to take out XXXX from my home currently valued at XXXX. Quicken Loans/Rocket Mortgage was the lender and the final documents indicated Quicken/Rocket intended on servicing my loan. I just received a notice informing my loan was sold to XXXX XXXX. I researched XXXX XXXX and discovered the company rated extremely low with other financial companies and advisors and was rated as very poor and problematic with current customers. I contacted XXXX XXXX, sat on hold for XXXX minutes waiting for the line to be answered, and informed the process was not complete and I was not yet able to set up an account online or make the payment due. I contacted Quicken/Rocket to lodge a complaint about the sale of my loan to a subpar third company with poor ratings and plagued with complaints regarding poor customer relations and other problems resulting in additional fees and posting errors. I was told nothing could be done. I reminded I signed the final documents which stated Quicken/Rocket intended on servicing my loan and was told the small print disclosure informed things change. I exhausted considerable efforts and research prior to accepting the loan to ensure the company I chose was reputable and demonstrated integrity, even having declined the first offer due to poor ratings of that company. There are substantial and complex rules and regulations governing lenders and to protect consumers from a variety of problems and practices, yet lenders are permitted to sale my loan to a third rate loan servicer? This makes absolutely no sense whatsoever and contradicts the in-depth and complicated laws intended on protecting consumers. I had to jump through hoops, prove everything three times over, permit the lender to access confidential financial and personal information, prove my worthiness, and comply and agree to tedious requirements with the threat of losing my home should I breach the contractual obligations. This is my home, my asset, and my financial security. It is a considerable risk to me and it is incomprehensible that I should be sold and forced to business relations with a third rate company that I did not and would not have selected to engage in any type of relations or business with. I would not have agreed to this had I known I had no rights and no say over who I do business with. All of the laws and rules seem to benefit lenders and it is homeowners who suffer and lose their homes if something goes wrong. Exactly how much money does lenders make selling loans? And why does XXXX XXXX permit these transactions? I took a loan against my home I owned free and clear, it doesnt mean I gave up my rights or should be forced to do business with some little known company who has earned a very poor reputation and does not hold me and my asset to the highest level of integrity. This is a very poor business policy that leaves consumers unprotected and forced into relations that are unacceptable and potentially dangerous. It is unconscionable that all the information available is to reassure and inform consumers to obtain a loan without informing the loan can be sold to a third rate company who does not possess or operate with integrity and accountability.