Consumer complaint received 2021-05-20
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: Rocket Mortgage, LLC (TX)

I applied for a refinance ( no cash out ) of my existing mortgage on XX/XX/21 with Rocket Mortgage. The rate was locked on that day for 2.875 % for a 30 year term and an amount of {$610000.00}. Ultimately at about 110 days into the process, they allowed my rate to expire due to delays in their processes internally with their vendors and investor. They then had the audacity to present me with a new loan estimate on XX/XX/21 for a rate of 2.875 % with a loan discount fee of {$22000.00} for 3.625 points. Obviously that is not providing me a net benefit, however at this point I either need to apply elsewhere to refinance my mortgage in order to achieve the desired reduction in interest and payment or lose out on the opportunity that I'd been led to believe was possible for the last 110 days. 
Here is a more detailed timeline of events : XX/XX/21 : Applied and locked at 2.875 % for a 30 year mortgage - Loan Officer is XXXX XXXX, XXXX # XXXX XX/XX/21 : Provided all documents and met all accurate requirements within my assigned tasks. The loan officer was requesting a lease on my investment property, which I'd explained I did not have as my parents live in the home rent free. The loan officer was requesting my lease agreement for my previous home, which was not accurate as I owned the home. At this time, the loan officer ceased communication from XXXX and did not correct the tasks despite numerous texts, calls and emails. 
XX/XX/21 : Received a Notice of Incompleteness as the inaccurate tasks had still not been completed - I reached out to customer service at Quicken as I still could not get ahold of the loan officer. They simply sent me to his voice mail. Calling back I was able to get directed to his manager XXXX XXXX XXXX XXXX # XXXX ) who then assisted and corrected the tasks moving the loan forward. 
XX/XX/21 : The loan was conditionally approved XX/XX/21 : ( email chain is included ) I emailed the loan officer as I was being told the appraisal would not be completed until XX/XX/21 - as my rate was set to expire on XX/XX/21 I was concerned we'd not have time to close this loan - I was assured that they would extend the rate if it became a problem. 
XX/XX/21 : The appraiser was able to visit the home early and conducted the appraisal XX/XX/21 : No update from Quicken, inquired about the appraisal - told by XXXX that they did not have it in yet, but not to worry as the loan would rapidly close once received XX/XX/21 : No update from Quicken, inquired about the appraisal - no response XX/XX/21 : No update from Quicken, inquired about the appraisal - told by XXXX they did not have it yet, but he'd look into it XX/XX/21 : No update from Quicken, inquired about the appraisal, XX/XX/21 : No update from Quicken, inquired about the appraisal, included XXXX XXXX XXXXXXXX XXXX manageXXXX ) on the email - informed by XXXX that he'd reached out to XXXX and their appraisal team for an update as they still did not have the report XX/XX/21 : No update from Quicken, inquired about the appraisal - received response from XXXX who was standing in for XXXX, no response from the appraisal relations team, but they'd let me know XX/XX/21 : XXXX asks me if I've contacted the appraiser directly - I did so by phone and the appraiser informed me he can not speak with me about the appraisal process but that it would take months - I did not agree with that timeline and relayed that to XXXX - as my rate was set to expire in days I asked for proactive communication going forward ( this never happened in the entire process - every update I received was from me asking them ) XX/XX/21 : XXXX sent a one sentence email saying he'd try, but that he can't do anything to get the appraiser to submit the report XX/XX/21 : As the rate had been locked for 90 days I was concerned about the expiration and asked about it XX/XX/21 : XXXX responded acknowledging that I did nothing to impede the process and he would see what he could do XX/XX/21 : No update from Quicken - original rate lock expires XX/XX/21 : Still no update from Quicken on my loan - I reached out for a status on the rate lock and was informed the lock was extended at no cost to me until XX/XX/21 XX/XX/21 : No update from Quicken, inquired about the appraisal and the new rate lock approaching - informed the appraiser would not be providing the report until XX/XX/21 but that we'd be moving to closing soon after receipt XX/XX/21 : I requested the appraisal fee be waived due to the absurd amount of time it was taking to get the report complete - this request was ignored - I also asked about the rate expiration as it was the following day and no one had reached out on an update - they agreed 2 months was an unreasonable timeframe on the appraisal and would see what they could do XX/XX/21 : Finally received notice the appraisal report came in - LTV was under 50 % per the report ( $ XXXX valuation ) - emailed Quicken asking for next steps to get to close, also wanted the loan amount decreased as my principal on the existing loan was lower and I did not want cash back - informed by XXXX XXXX he lowered the loan amount and also wanted to close XX/XX/21 : No update from Quicken - requested status of the loan ( rate was expiring on XXXX ) XX/XX/21 : Response from Quicken - XXXX XXXX I'll see what I can do XX/XX/21 : Still no update from Quicken - I requested an escalation to XXXX XXXX supervisor - this never happened, I was instead connected with their Customer Care team who essentially did nothing but tell me on the phone they were sympathetic to the situation and would see what they could do. The response I received from XXXX did not address the rate lock expiration and left me believing we could still get this loan closed. ( I spoke with XXXX XXXX XXXX - Resolution Advocate by phone ) I was also told by phone that for some reason the investor for the loan wanted to review the appraisal and conduct a 'desktop review ' - they finally did that on XXXX which was after the rate lock. They also arrived at the same valuation of the original appraisal from XXXX weeks prior. 
XX/XX/21 : No update from Quicken, requested update - informed the loan was in final review XXXX no mention of an issue with the rate / worst case pricing situation ) XX/XX/21 : Followed up as I also asked about service related concessions - was told the loan was already discounted XX/XX/21 : Received automated email from Quicken that my new loan estimate was ready and needed to be signed - went to my tasks and noticed the change from the original loan to now being charged a discount fee of {$22000.00}. I emailed XXXX and XXXX asking for an update and explanation XX/XX/21 : I receive a single sentence reply from XXXX, no call per my request explaining that no, I do not expect you to bring that to closing, but the loan did not close in the allotted time. I then needed to ask for clarification on what that meant to be told that yes in fact the document was accurate and no, Quicken would not be doing anything about it. As a banker of 12 years after serving in the Navy for the previous 7.5, all sorts of UDAAP alarm bells are going off in my head and I informed them as much and that I would be contacting the CFPB to look into the matter from a regulatory perspective. Both XXXX and XXXX responded with their apologies for my frustration, but did not offer any recourse to the situation. After 110 days or so I am now pursuing a refinance with a local credit union - something I should have started when I learned of the absurd appraisal delays. Beyond just UDAAP, I'd be very curious their Third Party Risk Management practices for vendors as that appraisal, which caused much of this was completely unacceptable in terms of an XXXX