Consumer complaint received 2018-05-29
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: Rocket Mortgage, LLC (WA)

I recently applied for a mortgage through Quicken Loans. The process went very smoothly until I received the settlement statement on XX/XX/XXXX ( I was set to sign the closing documents XX/XX/XXXX -- but more on that in a moment ). When I noted that I had been charged {$2300.00} for " points, '' I called the lender to find out what this charge was. I know I did not buy any points. I did not see this debit amount on the Closing Disclosure. As a matter of fact, the Closing Disclosure lists this discount at 0.875 % ( {$1400.00} ). I don't understand how it arbitrarily increased to {$2300.00}, especially considering I increased my down payment from the minimum required to 20 %. 

I called XXXX XXXX, the document processor, and he was rude and told me he had nothing to do with the process once the loan closes -- he could not help me. He forwarded my call to XXXX XXXX, my loan officer. XXXX was on vacation. I was then shuffled from one Quicken employee to another until I was connected with XXXX XXXX 's supervisor, a man named XXXX. I explained to XXXX that I did not buy points. His response was used-car-salesman at best. He told me I had paid for the privilege of locking in my rate of 4.75 %. I told him that that was not how the process was explained to me. I was not told my XXXX XXXX that I was buying percentage points. XXXX assured me it was a good thing I did because the rate was up. I asked XXXX was the rate was on XX/XX/XXXX when the rate was locked. He told me he could not tell me because he did not have access to that information. I asked what the rate was currently. He would not tell me. I had to ask a few times before he told me it was 5.125 %. He said that since this was my first home ( not factual ) and I planned on staying in it a long time ( not factual ), it was in my best interest to lock the rate. He also, strangely, told me that if I had not locked the rate, Quicken would have paid some of my closing costs. It doesn't make sense that I would pay Quicken more cash up front with no actual benefit to my own accounting when I could have paid less and then had Quicken pay part of the costs too.

I did receive paperwork on the lock that I had to sign. I clearly did not quite understand what I was signing considering the language used in the document stated I was getting a loan " discount '' of {$2300.00}. I have to take accountability for not understanding this process, but I also feel like Quicken loans took advantage of the situation. They clearly knew that if I didn't get the full disclosure of costs until a day before closing, I would most likely be in a position where I would have to either close or blow up the sale. This is so unethical. XXXX, the loan officer, also disclosed that he works on commission, so it doesn't surprise me at this point that he was padding his sale. 

In addition to this issue, throughout the loan process, the document processor, XXXX, kept telling me my closing date was XX/XX/XXXX. My closing date was set initially by my realtor, per my request, for XX/XX/XXXX. I inquired many times what XXXX meant by " closing '' and why it had moved to XX/XX/XXXX. He was very evasive and kept saying, that's the date we have. I kept saying, that's not the date on the buy/sell agreement. ( I was also selling a house in Montana, and I didn't know if it would close and settle by XX/XX/XXXX. ) Yet, XXXX kept telling me I needed to get all the documents in so I could close on XX/XX/XXXX. He even directed me to contact the homeowner 's insurance company and tell them the date needed to be XX/XX/XXXX, not XX/XX/XXXX. My realtor thought he must mean I would have my documents in by XX/XX/XXXX so I could close on XX/XX/XXXX. Finally, my realtor asked me to ask what day the sale was recording. I emailed XXXX on XX/XX/XXXX asking what day the sale was recording. He replied, XX/XX/XXXX. 

I let the closing date of XX/XX/XXXX stand because it didn't seem to matter. But, on the settlement statement, I see I have to prepay {$120.00} for closing " early. '' It was not at my request that the sale close early. I kept telling Quicken I couldn't close early as I was waiting for my other sale to settle. And, at no point was I told I could close early if I prepaid the interest for those days. So, yet another very shady business practice just to get more money in Quicken 's door. I feel like I lost {$2500.00} I could have invested in fixing up my new home -- yet, I did end up closing. I was too far along in the process, and I would have only lost more money if I had started over with another lender. This is criminal. There may be laws on the books that state lenders need to disclose in writing, but when the loan officer explains the entire process is a way that utterly misrepresents the process full well knowing that by the time the buyer figures it out it will be too late is just the lender 's way of successfully circumventing the laws. It's disgusting.