Consumer complaint received 2016-02-24
Product: Mortgage — Conventional fixed mortgage
Issue: Settlement process and costs — 
Company: Rocket Mortgage, LLC (FL)

Quicken loans offered me a low cost loan product to secure a deposit and lock in my business, only to later to tell me I did not qualify even though nothing of my financial, credit, or employment situation had changed. 
Starting in XXXX/XXXX/XXXX, I began sending Quicken Loans my documents in order to get a loan estimate after the initial pre-approval. I filled out all the required forms and answered all their questions truthfully. Out of all the prospective lenders I had spoke to, they where the only ones who could secure me a conventional loan as a XXXX ( XXXX ) in the middle of a transition to XXXX. Every other lender said they could offer me a FHA loan with simply proof of employment, but their underwriting guidelines required me to show proof of income in the form of XXXX based pay stubs in the last 30 days to qualify for a conventional loan. Quicken loans however, told me they did not have this paystub requirement to qualify for the conventional loan. Naturally, I asked the Quicken loans Senior Mortgage Banker XXXX XXXX ( XXXX # XXXX ) to double check with his underwriters to ensure this my employment situation would not be an issue. He assured me that they would not need pay paystubs, and offered me a loan product with only {$250.00} in origination fees, and over {$2000.00} in lender credits. 
On XXXX/XXXX/2016, I signed an " intent to proceed '' to move forward with them and paid a {$500.00} deposit formally initiate the process. As the underwriting process had started, and I sent them all my documentation. All appeared to be in order, they said there were no issues with my documents and only a few documents were remaining- an employment offer letter, and proof of payment to the IRS XXXX 
The problems began as soon after the appraisal was ready on XXXX/XXXX/2016. It was very strong- the purchase price for the home is {$200000.00} and the appraisal came back at {$280000.00}. Two days later, on XXXX/XXXX/2016, I get a call from Quicken Solution consultant XXXX XXXX ( XXXX # XXXX ), who said they could not finance me because of my " temporary employment situation. '' Nothing had changed, and there was no new discovery made. They simply talked to my employer and she told them exactly what I had said all a long- that I was in transition from a XXXX paid consultant to a XXXX paid staffer. I told him I could have my employer right a letter stating my employers desire to keep me as an indefinite/permanent employee which XXXX replied he would check with his underwriters and get back to me. 
On XXXX/XXXX/2016, XXXX informs me they are not going to be able to finance me without the 30 days of XXXX paystubs- the same requirement every other lender was very upfront about in the beginning of the process. Now we are two weeks into the process and with nearly two weeks to close, XXXX XXXX counters with an other loan product, an FHA that has substantially higher origination costs and significant less lender credits, costing me rough {$3000.00} more out of pocket to close. When I ask why they are higher, I get no answer. Quicken used dishonest bait and switch tactics to acquire my business, have me pay the deposit and once we 're far along in the process change the loan product to something more expensive without giving me any clear reason as to why.