Eric Gilbert at Guaranteed Rate (NMLS #1697769)

Our experience with Guaranteed Rate and Charles Olguin, the branch VP, and handled our loan was unprofessional and not at all what we expected. The housing market explosion and loan request increases over the past year have left them greedy for profit at the cost of incompetence and then lack of customer service. Words alone cannot express how angry we are. My wife and I bought a new home. We are both veterans and she used her VA loan for the first time. In order to provide the best offer for our new home, we needed to submit with no contingencies. We knew we would have 2 mortgages, albeit, one less than $35,000, and could sell our home quickly. Our primary concern when we bought the new house was if we could pay a lump sum on it after we sold our old home. The mortgage officer, Charles Olguin, told us we would be able to. We asked several times as this was a concern and were reassured every time it would not be an issue. After we sold our home, we submitted paperwork with Guaranteed Rate as they detailed, and shortly after received a letter (attached) outlining the procedure, and a new mortgage rate adjusted for the lump sum we would send. We promptly sent the required amount and a processing fee as directed. Within a few weeks, we received a letter advising we were unable to recast, as they call it, a VA loan. Hence our surprise and now anger. The company has applied the lump sum check to our loan amount, but will not adjust the mortgage rate as we were promised and led to believe with the recast. Charles Olguin and Guaranteed Rate are 100% responsible for this error that has my wife and I now paying twice the monthly mortgage amount as we were promised and putting us in financial danger. Their resolution now is to offer us a refinance at 6.1% plus closing costs. So, their ERROR will cost us over $10,000 to fix!! Seriously?? Our previous rate was 4.75% and we have already paid closing costs. We don't accept this as our mistake. Neither my wife nor I are mortgage professionals. Our loan officer is the branch Vice President - not a new loan officer! He is expected to know the rules governing all loans, or at the very least have the resources to research them. There is no excuse!! We expected to receive professional service and advice from the company we paid to prepare and finance our loan. We would not accept anything less than a refund of money owed and a complete refinance of our loan at our previous rate with a monthly mortgage rate that is consistent with the sum owed. At the present time we have filed complaints with the Better Business Bureau of New Mexico and Illinois - where the company is headquartered , the Consumer Financial Protection Board, and the New Mexico Attorney General's office. We are also in the process of retaining an attorney.
Aug 29th, 2022

If i can put a NEGATIVE rating, I would!!!! HORRIFIC EXPERIENCE!!! Purchasing a home is supposed to be exciting. I tried to be on top of most things, all paperworks neeeded, i provide in 24hours. 2 days at the most. Wired down payment money morning 4/26. Closing date is 4/27 but due to my location, the signed loan docs got fedexed and should have been received on 4/28 early AM. And when i thought everything was running smooth, the unthinkable happened. Clerical error at Guaranteed Rate happened!!! They wired the funding to the WRONG ACCOUNT. I've never heard of something like this happening. We kept asking if we were going to get the keys and we didn't. Agent kept saying in a few minutes which turned into hours and was told until 5pm. until the day is done then they found out, they funded the wrong account. I guess that's why their name is not Guaranteed Funding! We couldn't cancel our movers anymore so the next day (4/29), we were still waiting. Movers loaded all our things at 8am then head to the home we just purchased BUT waited infront FOR HOURS!!! until finally, at almost 2pm, we got the KEYS!!! and no compensation or whatsoever for this unacceptable mistake!
May 12th, 2022