Consumer complaint received 2020-11-14
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Rocket Mortgage, LLC (ID)

On XX/XX/2020, I started the process to refinance my current mortgage with Rocket Mortgage. We worked through the initial numbers, and came to a consensus on the interest rate and discount points associated with this loan. The terms were to be 1.99 % interest, with 1.25 % in discount points / origination fees. 

After contacting my title company that I had used originally when securing the current mortgage, I was led to believe that my title company could offer me a discount on their title insurance premium, as I had used them for the original purchase. I decided to go through this title company, instead of XXXX XXXX Rocket Mortgage 's Title Company partner ). This title company finished their title search and came back with an amount that was about 300 dollars more than the initial disclosures estimated. 

I contacted Rocket Mortgage to ask about the possibility of switching title companies and going with XXXX after all. In that conversation, I asked specifically if this would be a problem, as we were getting close to the end of the 3rd rate lock at this point ( XX/XX/2020, 77 days after the initial application ). I stated that I would be willing to just eat the extra cost and go with my title company if they thought it would be a problem. I was assured by the banker that he " thought it could be done in time '', and that " they would rather stay in-house anyway ''. So, we switched the title work back to XXXX and had them get the title work ready. 

3 days later ( XX/XX/2020 ), I received a call to schedule a closing appointment on this refinance. I setup the appointment and thought we would be good to go. I received closing disclosures a short time later, which still listed the original title company, and their ( higher ) fees on the disclosure. I called Rocket Mortgage and let them know there was an issue with the closing disclosures. They informed me that the loan would be pulled out of closing so they could correct the issue. 

I didn't get any update on the situation over the next few weeks unless I called and asked for an update, and every time I called Rocket Mortgage, they told me that they didn't control the closing disclosures and that I would have to talk to XXXX. I contacted XXXX and was told that the amounts they sent to Rocket Mortgage were the amounts on the initial disclosures, and that my closing disclosures were incorrect, and that Rocket Mortgage would have to fix them. 

Finally, as my rate lock was renewed for the 5th time on XX/XX/2020, I had enough of the run-around. In this rate lock disclosure, the interest rate remained the same, at 1.99 %, but the discount points for this loan had risen to 2.375 %, a nearly {$1600.00} increase in the cost of this loan. I contacted Rocket Mortgage Consumer relations and had a senior researcher start figuring out what was going on and why this seemingly simple fix had now taken 3 weeks, with no resolution, and absolutely no movement on this loan. He started looking into it, and found that an apparent computer issue was not allowing Rocket Mortgage to update their documents correctly. A couple days later, he informed me that the issue had since been resolved, and that a new closing disclosure would be printed. However, he said he had no power to honor the rate lock that I had in place throughout this arduous process, and that I would have to speak with the banking team to see if they would honor the originally agreed-upon rate. I got a call on XX/XX/2020 from a member of the banking team informing me that they absolutely would not honor the original terms at 1.99 % interest and 1.25 % discount fee. 

There are many frustrating failures here, but what gets me is the fact that I was the one that was on top of this loan every single step of the way. This should have been one of the most straight-forward, easy to process refinance applications ever. I didn't require an appraisal, I got payoffs from my current financial institutions so as to expedite the process, and I checked on this loan at least every other day. To have a simple clerical error push into nearly 4 weeks of nothing happening, only to actually be resolved in a matter of days once I called enough times and made a big enough stink, and then to have this bait and switch happen in a petty cash grab at the end, hoping I would roll over and simply pay their extortion fee, is unconscionable.