Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4972719
Complaint Overview
Complaint ID: 4972719
Company: Guaranteed Rate INC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Illinois
ZIP Code: 603XX
Date Received: 2021-12-03T12:00:00-05:00
Date Sent to Company: 2021-12-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Guaranteed Rate denied a loan application to finance the purchase of a condo unit. The denial letter stated XXXX reasons for denial without giving any more details : A. Inadequate Collateral Unacceptable Property B. Inadequate Collateral Insufficient Data - Property The denial letter did not provide any LOX or options for reconsideration. Guaranteed Rate stated in an email that the property appraised at the purchase price. How can the collateral be inadequate when the condo unit has already appraised for the purchase price? When probed further, Guaranteed Rate stated they required the insurer of the condo building 's master insurance policy to provide their Replacement Cost Calculator. The insurer pointed out that the loan is for the purchase of one unit in the building. The building does have master insurance policy and it was provided to the lender. Can a lender require the association 's insurer to provide Replacement Cost Calculator as a precondition to approve the loan?
Frequently Asked Questions
What is Complaint #4972719 about?
Complaint #4972719 was filed against Guaranteed Rate INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-12-03T12:00:00-05:00.
How did Guaranteed Rate INC. 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 Guaranteed Rate INC.?
Yes, visit the Guaranteed Rate INC. company profile at readthecomplaint.com/company/guaranteed-rate-inc 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.