Guaranteed Rate Mortgage Complaint

Guaranteed Rate Mortgage department,

Other mortgage Application, originator, mortgage broker Pennsylvania

On -/-/-, we heard about a TV commercial to offer the low rate for refinancing. The commercial stated that how easy to apply for home loan online and get a guaranteed interest rate instantly. The commercial does not say anything about the company 's eligibility requirements such as - credit score, - % debt-to-income ratio and - % loan-to-value ratio. If I had known these requirements, I would never have called them or applied for loan. My representative spoke with a Mortgage Specialist of the lender. I was asked to complete an application online. I encountered a system error message and my submission aborted abnormally. I did n't have an opportunity to verify data entered online. We also did not receive a Loan Summary for reviewing the payment and costs associated with the loan.


On -/-/-, the Mortgage Specialist sent an email asking for my - & - Personal and Business Tax Returns ( All Pages ) to determine the exact income. However, due to the system error and the company 's failure to send the Loan Summary containing the payment and costs associated with the loan, we did not feel comfortable in sending the tax returns and going forward with the application. We withdrew my application for refinancing. On -/-/-, we sent an email to the Mortgage Specialist notifying our withdrawal of the application. On -/-/-, the Mortgage Specialist notified us that the loan was denied due to high debt-to-income ratio. He made this decision without my Tax Returns and using an incomplete application. On -/-/-, we notified the Mortgage Specialist that I did not send my Tax returns as he requested ; the online application was incomplete ; he did not have my exact income ; and the application was withdrawn. We asked him why he sent the denial letter after the application was withdrawn. Was his intention to destroy the creditability of an applicant when the application was withdrawn? We requested him to cancel his denial letter. He has refused to cancel the denial letter. We wished to bring this to his management 's attention for early resolution. But, he refused to provide the name of his supervisor also. He informed us that we will receive no further communication from him or his company.