Consumer complaint received 2016-12-05
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker — 
Company: Rocket Mortgage, LLC (MI)

I applied and received a conditional approval to refinance my home on XXXX/XXXX/2016. My rate was 2.75 % on a 5/1 ARM with a 30 year mortgage. The balance on my mortgage at the time of application was {$400000.00}. ( not a jumbo loan ). I gave the estimated loan to value of {$550000.00}. I paid a {$500.00}. deposit to insure my rate until XXXX/XXXX/2016. I uploaded all documents requested and e-signatures upon immediate request. My appraisal took place on XXXX XXXX, 2016. The results of which were XXXX pages and valued my home at {$670000.00}. Everything seemed to be in order. I was told on XXXX/XXXX/2016 my payoff amount was being ordered from my bank and the closing would be scheduled easily in time for XXXX/XXXX/2016. More than a week later I still had not heard anything and contacted Quicken Loans again only to be routed to another handler, a solutions consultant who told me I had to have another appraisal because of my outbuilding, as there were no comparables. This made no sense as there are plenty of properties in my area with outbuildings of various types. I spoke questioned the need as the appraisal was more than what I valued the home at and clearly poses no risk. I was told it must be done. I waited to be contacted for a week by another appraiser and never was. Meanwhile, the looming deadline was drawing near. I was told since I had everything in order and Quicken wanted the second appraisal, they would pay for it and a 15-day extension. I voiced my concerns about getting it done on time and was told not to worry about something that had n't even happened yet. So the deadline passed and I still had not heard from an appraiser. Finally the solutions consultant calls and tells me they can not honor the 5/1 ARM at all because of the outbuilding and I will have to do a 30 year fixed at 3.5 % and still do another appraisal. I was concerned they were trying to wiggle out of the 2.75 % rate lock as rates have increased since I locked. My new expiration date on the 3.5 % 30 year fixed is XXXX/XXXX/2016, but I still have not been contacted by an appraiser. When the solutions consultant first told me of their inability to honor my original rate lock, I said I want my deposit back and I will go elsewhere. He said that was unlikely but had me discuss my case with another handler who would review my case and get back with me. I spoke with my client care specialist on XXXX/XXXX/2016 and said I would like to proceed with the 30-year fixed if they wo n't honor the 5/1 ARM at 2.75 %, but at this point I have not idea where my refinance is. I feel like Quicken is trying to wiggle out of the agreement via this ridiculous claim that the appraisal revealed an outbuilding they can not find com parables for. My home appraised for more than enough to completely discount that building and still validate the loan to value that was originally approved. I have all supporting documents in hard copy, but was having trouble scanning to upload. All documents are available on their website, but not accessible for the purposes of copying and pasting. I have all of the loan estimates, appraisal, etc. on hard copy if needed upon request.