ComplaintsforRate

• Initial Complaint

  08/06/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I applied for a loan with Guaranteed Rate Affinity, through one of their agents. As part of the loan application I was asked to pay $800 (on Feb 5, 2021) and was told that a loan rebate at the end would cover the charges.The company then proceeded to assess my application. However, they came back with a negative to approve my loan. This process took them until April 15, 2021 and after repeated enquiries (the agent was completely unresponsive).I then asked for a refund of $800 for my application (given that I had paid the application fee knowing that it would be paid back to me in the form of a rebate) and was told that the request had been submitted. Then I received an email stating that request had been approved (July 8, 2021) and that funds would be disbursed within **** business days. It has been a month now and I have not received any of my refund.The total process has been long and very disappointing and I hope that I can put this behind me ASAP.

  

  Business response

  08/16/2021

  
  Hello, 

  
  Thank you for bringing this matter to ourattention and allowing us the opportunity to respond. **************** spoke with our Client Relationship Manager, ***********************, on August 9, 2021 and the situation has been resolved.  Based on their conversation, *********************** he would be withdrawing his complaint.
  
  Respectfully,

  
  The Customer Success Team
  ********************
  ********************************* 60613Tell us why here...

  Customer response

  08/24/2021

   
  Complaint: 15736890
  
  I am rejecting this response because: The representative from the business (***********************) informed me that my refund was being processed (on 8/10/2021), but I have not received it as of 8/24/2021. Until I have receieved my refund, I cannot accept resolution of my complaint.
  
  Sincerely,
  
  ***********************

  

  Business response

  09/15/2021

  Hello, 

  
  Thank you for bringing this matter to ourattention and allowing us the opportunity to respond. Dueto the sensitive nature of the information included, we have emailed the borrower directly in an attempt to conduct further research. 
  
  Respectfully,

  
  The Customer Success Team
  ********************
  3940 ************************************** us why here...

  Customer response

  09/15/2021

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  08/02/2021

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Engaged with them in Nov 2020 for a loan refinance. Paid Application fees in Dec for $1850. Provided all documents to merchant application.In May, merchant contacted saying per Investor Policy loan was rejected due to ************ while in fact my **** and all immigration document are valid. I have tried to contact them for solutions and they either dont respond or tell me to wait.In Jul, initiated request to them to provide evidence from investor communication for my loan rejection reason. Merchant not willing or not able to provide.However, merchant said they are able to process my loan now because investor policy changed. Asked merchant to share what has been changed and why suddenly my **** considered as Valid, merchant did not respond.My view: Merchant not willing to fulfill earlier in May due to Interest Rate increase and my case being not profitable. Now they are willing to because IR dropped. Unbelievable how they manipulate applicant and the market. Please investigate

  

  Business response

  08/10/2021

  Hello, 

  
  Thank you for bringing this matter to ourattention and allowing us the opportunity to respond. Dueto the sensitive information, we have emailed our formal response directly tothe borrower. 
  
  

  Respectfully,

  
  The Customer Success Team
  ********************
  ***************************************

  Customer response

  08/12/2021

   
  Complaint: 15720899
  
  I am rejecting this response because:

  Current dispute focus is:

  1. Whether I have a valid **** status in **

  Merchant claim that because my **** stamp is expired, it's invalid. They are changing the definition of **** status here. Since I am in **, my immigration status is determined by my valid legal time period stated in my H1B. As stated below.

  "U.S. Citizenship and *********** Services (USCIS) issues an I-797 Notice of Action when a nonimmigrant petition or application is approved. The I-797 reflects the **** classification (H-1B, L-1A, etc.) the foreign national has been approved for and the validity period for the nonimmigrant status authorized by USCIS."

  A typical change of concept/definition to lead people think they have a legit reason but in fact they do not. They are just trying to find excuse to deny my application because it's no longer profitable for them.

   

  2. When and why "investor" changed guideline and suddenly they can proceed with my loan application?

  After interest rate goes down recently, they notified me that guidance changed and now they can process with my loan application and asked me to approve so they can continue. My **** and immigration status did not change at all in the past months/years.

  I asked them to provide detailed evidence of the guideline change and time. Merchant send a screenshot (in attachment) without showing who issued the guideline change and when they are issued.

  To me, this just shows they are not able to provide strong evidence and trying to make things up.

   

  Overall, this is such a horrible case and needs storng regulation. They made up a reason to reject my loan application when interests went up and they are no longer profitable. And when interest rate came down, they would reach out to reopen the case. In my view, there should be thorough investigations in areas like fair lending, there must be many other victims.

   

  Sincerely,
  

  
  *************************

  

  Business response

  08/18/2021

  Hello, 

  
  We haveprovided the borrower with a detailed explanation of the current and pastguidelines, as well as how this affected his application.  He has alsobeen advised that were not able to release internal communications butprovided a date on when the guidelines were updated.  Additionally, theborrower has been made aware that if hed like to submit a new application, toplease contact his Loan Team at the contact information he was provided. At this time, we are unable to provide any further explanation to the borroweras we have already responded in four separate instances. Our response stands.
  
  Respectfully,

  
  TheCustomer Success Team
  GuaranteedRate, Inc.
  *************************************

  Customer response

  08/25/2021

   
  Complaint: 15720899
  
  I am rejecting this response because:
  

  Well merchant said themselves, they are not able to provide the detailed information (such as dates) relates to what they claim as "guidance". 

  I think we both know they are just saying whatever they want but not able to provide evidence.

  If this is how fair lending is performed in **, then there are major concerns about this entire system. 

  Where is the regulation? How do we protect end consumer? We cannot let merchant do whatever they want, they took my application money and said they can do my loan with a low interest rate. When interest rate went up they were no longer profitable they can simply reject the application. And the worst part is truly when interest rate came down, they dare to come back and ask me to apply again.

  
  Sincerely,
  
  *************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩