Consumer complaint received 2017-02-21
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Settlement process and costs — 
Company: Rocket Mortgage, LLC (MI)

Hi, I contacted Quicken Loans for a mortgage on a 2nd home in XXXX ( I currently reside in XXXX ). I wanted to close quickly as I actually had the cash on-hand and a short window of opportunity to attend the close in person. I stressed this to Quicken Loans and provided all info they needed within 24 hours of every request. As the scheduled closing date of XXXX/XXXX/17 approached, I encountered XXXX issues : 1 ) I received a preliminary Closing Disclosure Loan Estimate, and under the " Calculating Costs to Close '', the line item " Adjustments and Other Credits '' showed - {$8100.00}, and the bottom line " Cash to Close '' amount was {$180000.00}. I contacted several people at Quicken to understand all the figures on the Closing Disclosure form, especially this figure, for which I could not get a straight answer from anyone. The closest I got to an explanation was that it was calculated by an algorithm. This did not sit well with me, especially when the final Closing Disclosure came out and this figure was now reported as - {$1200.00} ; a drop of nearly {$7000.00}, meaning an increase in the cash I owed of {$7000.00}! My thinking was that they had purposely low-balled my " Cash to Close '' figure, as this may have won them my business had I asked for an estimate from another lender. My mistake is that I did not get an estimate from another lender, and given my desire to close quickly, I felt locked into this situation. Aside from this line item there were also other figures on the form that they had not calculated correctly. In all fairness, some they did n't know until closer to the close, but bottom line, my final " Cash to Close '' amount increased significantly. In sum, I honestly felt no confidence in the calculation of the figures on this form and wished there was considerable more transparency. 
2 ) As I mentioned, I had a short time window and set flights for the close. The Friday before the close ( XXXX ), I received a call at XXXX telling me we could no longer close on XXXX because the Title Company had dropped the ball on something and there is a mandatory 3 day wait for some reason. I was dumb-founded because I had kept close tabs on the situation among all parties, including the Title Company, and at no time had anyone mentioned anything was missing. In effect, Quicken Loans threw the Title Company under the bus, saying it was something they were missing, when in fact it was Quicken Loans that did not do their homework. It irritated me that they would not own up to their mistake and instead tried to blame someone else. Quicken ended up having to get a loan specialist involved to straighten out the mess, and get the process on track for a close the following day. Had I not called the Title Company myself, and the Quicken Loans Personal Banker to get people working on resolving the issue, I 'm not sure they would have been able to pull off the XXXX close. The whole situation was highly stressful, emotionally wrenching, and very, very disappointing during a time when I should have been super excited. To-date I have not received an explanation or an apology, nor been told of any action steps that Quicken is taking to keep this from happening to others. Buyers beware - shop around and pick someone who can explain all the forms and all the figures!