Consumer complaint received 2024-03-13 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: IL

Complaint narrative:
Dear Sir/Madam, I am writing to formally lodge a complaint against Guaranteed Rate regarding a recent mortgage application experience. I had endeavored to secure a mortgage through Guaranteed Rate for the purchase of a condominium to serve as my primary residence. Throughout the process, I encountered several issues which I believe were mishandled, resulting in significant inconvenience and financial loss on my part. This complaint will reveal how I was misled and misinformed consistently throughout the transaction.

The central issue stems from the mishandling of pertinent information regarding the property under consideration, which had previously been two separate units before being combined into one dwelling. I had diligently communicated this fact to the loan XXXX, XXXX XXXX XXXX ( NMLS # XXXX ), who, despite being aware of the property 's unique circumstances including its retention of XXXX separate PIN numbers, instructed me to proceed with the application process. 

Subsequently, after my file had been submitted for underwriting, XXXX XXXX informed me that my loan would be denied due to the property PINs not being consolidated, supposedly in accordance with Fannie Mae underwriting guidelines. This revelation came as a surprise to me, especially given XXXX XXXX 's assurance and guidance throughout the earlier stages of the process. 

I proceeded to inquiry into the Fannie Mae underwriting guidelines. XXXX XXXX 's stated that the Fannie Mae underwriting guidelines are confidential and I would not be allowed access. I discovered that such guidelines are indeed publicly available on Fannie Mae 's official website. This inconsistency in information provided by XXXX XXXX reflects poorly on his professionalism and competence. 

Furthermore, I find it concerning that despite the apparent oversight in evaluating the property 's viability for financing, XXXX XXXX proceeded to recommend and facilitate costly procedures such as an appraisal, a home inspection, and even going as far as requiring me to enter into a lease agreement for my current residence. These unnecessary expenses, coupled with the time and effort invested in this transaction, represent a substantial loss on my part. 

In light of the aforementioned circumstances, I respectfully request that Guaranteed Rate reimburse me in the amount of {$2800.00} to cover the damages incurred as a direct result of XXXX XXXX XXXX 's actions. This figure is inclusive of the financial losses suffered and does not fully account for the invaluable time and opportunity costs associated with this ordeal. 

It would be unfortunate to have this incident tarnish my otherwise positive experiences with Guaranteed Rate, having previously engaged in two successful mortgage transactions with the institution. I express my desire to maintain a favorable relationship with Guaranteed Rate and continue to conduct business with the organization in the future. 

Thank you for your attention and consideration to this matter and I trust that appropriate measures will be taken to rectify the situation.

Company response to consumer: Closed with explanation