Consumer complaint received 2020-09-18
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: Rocket Mortgage, LLC (MD)

The problem concerned the payment of funds after closing. 

The company that did the refinance is Rocket Mortgage, and the " partner '' they worked with to do the closing, including the payout, is XXXX. In my opinion, both are equally to blame for the problems I have had. Both also stand to benefit financially from the problems. Their financial payoff is relatively small -- something between {$100.00} and {$200.00} -- but multiplied over tens of thousands of transactions it could be large. 

First, following Rocket Mortgage 's online closing forms, I tried to get the payout electronically. After many hours of going back and forth with both Rocket Mortgage and XXXX XXXX, where I'd be depositing the funds, I was told that Rocket Mortgage via XXXX will only distribute funds electronically to a traditional bank. The fact that XXXX has a " checking & savings '' account doesn't matter. And when I noted that I also have an account at XXXX, which owns a traditional bank, I was told that that also wouldn't do. It had to be a traditional bank. None of this is explained on the online closing form with XXXX and personal account fields to facilitate electronic transfer. I also confirmed with XXXX, after waiting close to an hour on the phone, that this was the case. Note that Rocket MortgageXXXX has no problem receiving funds electronically from XXXX ; it only has a problem sending funds to XXXX. 

So after hours of exploring electronic transfer options and reaching a dead end, I agreed to accept a check, which is the other option provided. I was assured that the check would be sent XXXX next day delivery and this delivery promise was also on the closing documents I signed. I originally had my closing scheduled for XX/XX/XXXX but that would result, after the required three day wait, in the chick being sent out XXXX next day on Friday, XXXX XXXX so I wouldn't receive it until XXXX, XXXX. So I moved my closing to Sunday, XXXX XXXX, so the check would be sent out overnight on XXXX XXXX and I'd receive it XXXX XXXX, so I could deposit it before the end of the day on Friday, XXXX XXXX. I arranged for it to be sent signature-upon-delivery so today I waited all day for it to arrive. 

But as it turns out, XXXX didn't actually mail the check on Thursday. Contrary to its own promises, including the closing documents, it only scheduled the package for pickup on Thursday, XXXX XXXX. As of XXXX pm on XXXX XXXX -- and after I waited more than a half hour to get through to a person at XXXX -- I was told the check still hadn't been picked up by XXXX but that it would be picked up by the end of today for delivery next Monday -- when I'd also have to stick around yet another day to sign for the XXXX delivery. When I asked to speak to a supervisor at XXXX, I was told that none was currently in. 

XXXX does have a financial incentive to engage in such behavior. The daily value of the float on a $ 300K loan is more than {$25.00}. Making electronic transfer difficult and impractical for many customers builds in one type of float, But so does the careless and sloppy implementation of its next day check delivery promise. 

Both Rocket Mortgage and XXXX have very friendly staff. But ultimately, it is performance that counts. I feel that Rocket MortgagesXXXX has essentially just stolen several hundred dollars from me besides needlessly wasting many hours of my time.