Consumer complaint received 2020-08-03
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Rocket Mortgage, LLC (PA)

On XX/XX/XXXX I reached out to my current investment property mortgage holder, Quicken Loans, to see about refinancing at a lower interest rate the existing mortgage for which they are the current mortgage holder. I asked if they could do the refi, giving them a partially filled in application ( not yet giving authorization to pull a credit report ) along with the application id AND the current account number for the mortgage they hold. The current mortgage is under {$50000.00} and was shared with them. They pushed us to complete the app before they could let us know the terms they could offer. I asked them if we had a high credit score, would they be able to do the loan and what would be the best rate stating I understand they can't guarantee the rate until they have our completed application and credit report was authorized. I went back and forth with the agent, XXXX XXXX from Quicken Loans by chat ( I have the chat log ) including asking for a rate sheet. They provided a link, but I pointed out it was for a primary mortgage and not an investment property refinance, which I pointed out multiple times, and so he told be what to expect in an increase of the rate. At no time did he address the issue that their agents know, which was they can't do an investment mortgage of this smaller size. He kept saying the only way they could tell us about the loan, knowing our current rate, that it was a refinance of an investment property, knowing the current balance, that we are a current customer and having been given the current account number, was for us to provide approval to pull the credit report. Even after I told him that in the past they could let us know if a refi was possible to offer a better rate than we currently have with their company. 

So my wife and I agreed and completed the process online, just to be directed to call or chat back. We did and with a new agent, XXXX XXXX, he told us that they can't do the loan because of the amount of the refinance amount, which they had, and it being an investment property, which they knew. 

I complained as to why they had us go through the pulling of the credit report. His response was ( recorded in the chat log ) - " That guy 's job is to pull credit. '' I asked that this be reported to a supervisor and I get a call back. The reply : - " The call from a supervisor won't come. '' He empathized with me and stated : - " But personally, I wouldn't have pulled it myself. '' AND - " We're trained to operate a certain way. We can't do anything of value without an active credit report. '' Yet he and 3 subsequent agents that called us to discuss going forward with the loan process, apparently they got queued to call us without seeing that they couldn't complete the process. All these agents confirmed that the report was not needed because they couldn't process a loan with these characteristics. 

I then insisted that this be escalated and that Quicken Loans reverse the hard inquiry on our credit report. After multiple conversations with XXXX XXXX, Associate Resolution Advocate XXXX, and suppling the chat logs ( generated by their system - not my personal notes ) she today, XX/XX/XXXX, stated Quicken Loans will not reverse the inquiry because we gave authorization. 

Let me be clear, Quicken Loans holds the existing mortgage. Our issue is not that we gave authorization, it is that they had all the information they needed to determine that they could not refinance the existing loan that is over 2 % higher interest rate than their current published rate, and therefore should not have pushed us to give authorization. This additional inquiry has negatively impacted our credit score unnecessarily.