Mortgage -- Closing on a mortgage -- Complaint #4505160
Complaint Overview
Complaint ID: 4505160
Company: Rocket Mortgage, LLC
Product: Mortgage
Sub-Product: VA mortgage
Issue: Closing on a mortgage
State: Illinois
ZIP Code: 62221
Date Received: 2021-06-30T12:00:00-05:00
Date Sent to Company: 2021-06-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
I completed and agreed to loan application fore VA refinance, 30 yr fixed at 2.75 % locked rate with a loan discount fee of 0.000 % ( {$0.00} ). ( quicken 1 ). Then received on-line the first Quicken Loan Estimate, which confirmed what was agreed upon in application. Both these on XX/XX/XXXX. ( Quicken XX/XX/XXXX ) Then on XX/XX/XXXX I received on line the second Loan Estimate which showed 4.75 % {$6100.00} loan discount ( loan cost ) Quicken 3-9 ). When addressing this unilateral change in the loan parameters ( cost of loan ) Quicken rep. said it was owing to a lesser valuation on the appraisal. The appraisal was still more than the amount of loan and the original property value they used on application was one they found and supplied for themselves. Regardless of that, I think it violates Federal Consumer Protection act to use " point system '' reserved to mutually agreed basis for negotiated rate reduction, which was not the case in this loan. The rate was offered by them as fixed and locked at 2.75 % and there was no rate reduction on the second Loan Estimate. I advised them I would not make any alterations to the original loan application and approval, I would only proceed with the already existing loan agreement/contract. They have made no change to the last posted Loan Estimate, so I still believe them to be in violation of the loan agreement and consumer fraud protections. They just finished talking to me and offered to make up the difference their miscalculations cost them by increasing the loan amount to increase the amount they could steal at closing ( as supposed costs ) which of course would change the payments, etc originally stipulated and agreed to by both parties. I declined.
Frequently Asked Questions
What is Complaint #4505160 about?
Complaint #4505160 was filed against Rocket Mortgage, LLC regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-06-30T12:00:00-05:00.
How did Rocket Mortgage, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Rocket Mortgage, LLC?
Yes, visit the Rocket Mortgage, LLC company profile at readthecomplaint.com/company/rocket-mortgage-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.