Consumer complaint received 2025-01-29 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: GUARANTEED RATE INC.
State: NV

Complaint narrative:
Re : Complaint Regarding XXXX XXXX  and XXXX XXXX  Failure to Honor Refund and Unfair Handling of Loan Denial I am writing to file a formal complaint against XXXX XXXX and their preferred lender, XXXX XXXX, concerning their refusal to refund my earnest money and upgrade deposits, as outlined in my contract. My situation is further complicated by XXXX XXXX improper handling of my loan denial, which they failed to provide in a timely and transparent manner. 
Background : I am a former employee of XXXX XXXX XXXX and have recently experienced a company-wide layoff within my department, resulting in the elimination of my position. This job loss has directly impacted my ability to secure financing for the home purchase I had made with XXXX XXXX. As required by the terms of my purchase agreement with XXXX XXXX, I am entitled to a full refund of my earnest money and upgrade deposits if the loan is not approved. 
XXXX XXXX purchase agreement, specifically Clause 5.2.3, stipulates that I should receive a full refund if the loan is not secured, which, in my case, was due to the loss of employment. I worked directly with XXXX XXXX, their preferred mortgage provider, and was denied for a loan based on my employment status. Although I have repeatedly requested a formal denial letter from XXXX XXXX, I have yet to receive it in writing. 
Issues with XXXX XXXX and XXXX XXXX : XXXX. XXXX XXXX Uncooperative Behavior : Despite my contractual entitlement to a refund of approximately {$33000.00} ( which includes both the earnest money and upgrade deposits ), XXXX XXXX has ignored my repeated requests for this refund and has not provided a clear indication of when, or if, the refund will be processed. 
XXXX. XXXXXXXX XXXX Improper Handling of Loan Denial : XXXX XXXX informed me verbally that my loan had been denied due to the loss of my employment, yet they did not send the official denial letter until I explicitly requested it multiple times. They claimed they had mailed it, but I have not received the letter in the mail and have not been provided with any tracking or confirmation to prove its delivery. This delay has unnecessarily prolonged the process, contributing to further financial hardship. 
XXXX. Unfair and Deceptive Practices : I believe that both XXXX XXXX and XXXX XXXX have acted in bad faith by not honoring the terms of the purchase agreement, withholding important documentation, and creating undue delays in a process that should have been straightforward. Their behavior has caused significant emotional and financial distress, particularly given the urgent need for these funds due to my current unemployment. 
Request for Assistance : Given these circumstances, I respectfully request that the Consumer Financial Protection Bureau ( CFPB ) investigate this matter and take any necessary actions to compel XXXX XXXX and XXXX XXXX to honor my rights under the purchase agreement and issue the refund to which I am entitled. Specifically, I request : 1. An official investigation into XXXX XXXX failure to issue the refund in a timely manner, despite being contractually obligated to do so. 
XXXX. A review of XXXX XXXX actions regarding the failure to provide a timely and accurate loan denial letter, which has unnecessarily delayed the processing of my refund. 
XXXX. Assistance in ensuring that XXXX XXXX and XXXX XXXX fulfill their contractual obligations to provide me with the full refund of my earnest money and upgrade deposits.

Attached to this letter are the following documents for your review : * A copy of my purchase agreement with XXXX XXXX. 
* A denial letter from XXXX XXXX ( as provided after multiple requests ). 
* Correspondence with XXXX XXXX and XXXX XXXX, including emails and written communication detailing my attempts to resolve this issue. 
I would appreciate your prompt attention to this matter and look forward to your assistance in facilitating a fair resolution. 
Thank you for your time and consideration. 
Sincerely, XXXX XXXX XXXX ( XXXX ) XXXX

Company response to consumer: Closed with explanation