Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4948818
Complaint Overview
Complaint ID: 4948818
Company: Rocket Mortgage, LLC
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Maryland
ZIP Code: 20817
Date Received: 2021-11-25T12:00:00-05:00
Date Sent to Company: 2021-11-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2021, I purchased a condo on the beach in Delaware with cash from the sale of a commercial property in XXXX and cash from my XXXX XXXX account. I had to use about {$260000.00} in margin from my XXXX account. Seller insisted purchase must be in cash. On or about XX/XX/2021, Rocket Mortgage began to process my delayed financing of {$330000.00} ; XXXX year fixed rate mortgage. I made it clear that the cash out would be used to cover the margin. They offered {$320000.00} cash out, for a {$330000.00} mortgage. On XX/XX/2021 I was told by Rocket Mortgage ( XXXX XXXX bank ) that, because the master insurance plan was shared between the condo ( HOA ) and the adjoining XXXX XXXX ( at XXXX XXXX XXXX, XXXX XXXX, they would NOT approve a 30 year fixed rate mortgage. The mortgage would have to be a 10 year XXXX and I would need to pay {$4900.00}, which could be financed as part of the mortgage. The new offer was a {$330000.00} mortgage with {$320000.00} cash out 10 year ARM. On XX/XX/2021, I was told that the mortgage could NOT be used to cover margin. The implication is that XXXX XXXX Bank wanted me to maintain XXXX {$300000.00} high rate margin. Seems absurd they would move me to a riskier 10 year ARM and demand that I keep my margin. My XXXX XXXX is XXXX.
Frequently Asked Questions
What is Complaint #4948818 about?
Complaint #4948818 was filed against Rocket Mortgage, LLC regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-11-25T12:00:00-05:00.
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.