Consumer complaint received 2022-04-14
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: GUARANTEED RATE INC. (CA)

On XX/XX/2022 we applied for a Conventional / Jumbo Mortgage through Guaranteed Rate in XXXX, CA. 

We submitted our names, income, Social Security numbers, Property address, Estimate of the value of the property, and the desired loan amount in addition to bank statements, w-2s, tax returns, rental payment history, 1099s. On XX/XX/XXXX we were pre-approved and received the pre-approval letter along with their loan summary. 

I then asked them to provide us with the official Loan Estimate.

They responded saying, This is as official as it gets until you are in contract with actual title fees and home address. What do you feel is missing?

I replied, Aren't all lenders required to use the same standard Loan Estimate form? This way we can compare mortgage loans so we can choose the one that is best for us? 

After hopping in a phone call with them and explaining that I wanted the official Loan Estimate they replied in an email : we tried to get the Loan Estimate to you. I am sorry but our system does not allow us to send out Loan Estimates as we have a department that send them once we are in contract. Unfortunately, the loan summary I provided is all I can provide until you are in contract on a specific property. I apologize for the inconvenience.

I then replied, Lenders are required to send us an official loan estimate so that does not make sense. Please send us the official Loan Estimate. 

They replied, I have already reached out to our compliance department and will explore this issue with XXXX tomorrow. Meanwhile, its clear that you have other lenders who were able to provide exactly what you want for your rate search. I will withdraw your application and I wish you the very best in your pursuit of a loan. 

I said back in email, No, please dont withdrawal our application. We would like to have the official Loan Estimate as required on your part. Thank you!

They replied, I am choosing to withdraw your application. As to the loan estimate, I have already explained that this can not be resolved tonight. You are not in contract. You have been courting several lenders. I just do not think we are going to be able to move past your frustration and into one of mutual trust. 

I do wish you well and when I find out if and where XXXX made an error, I will tell you regardless. I want to continue to be totally straightforward with you as I have since our call one hour ago. Had you approached me directly yesterday, I could have addressed this sooner. 

I replied in email, The error would be you not sending us the official Loan Estimate.

It doesnt have to be resolved tonight. It can be resolved tomorrow. We sent you everything needed. Whats clear to me, is you do not like that we are doing our due diligence and attempting to secure the best rates for ourselves. Looking forward to receiving the official Loan Estimate from y
ou.

They replied, That is an unfortunate conclusion and all the more reason why I do not want to work together. You are set on one thing, not hearing anything else. We sent a loan summary and have been very clear about our fees and rates. With my clients, I run scenarios and summaries often. The loan estimate I believe I have discussed this in detail.

So all in all, they refuse to send me an official Loan Estimate and because I pushed back demanding one, they withdrew my application. We have exceptional credit and are well qualified buyers Please help!