Product: Mortgage

My wife and I engaged with Chase Home XXXX earlier this year for a new home purchase in XXXX, TN. Our Chase Home XXXX  Advisor ( XXXX XXXX ) advised us of a mortgage discount program that Chase offers to its clients who agree to sign up for Chase Private Client program. The program was described in an email ( See ATT1 ) and we had multiple conversations regarding the program requirements and steps required to qualify. The maximum discount offered was 0.50 % if we met that threshold for new assets brought to Chase Banking and Chase Investment ( equity positions, cash, etc. ) We agreed, signed up for Chase Private Client and worked with the Chase Investment team to transfer our entire brokerage account from XXXX XXXX ( See statement ATT2 ). This transfer was made c. XXXX. The statement attached indicates the equity positions of cXXXX $ XXXX. NOTE : there is another position that does not show any value in Chases statement : XXXX units of XXXX XXXX ( XXXX ) worth approximately $ XXXX at time of transfer. These shares are subject to partnership ( XXXX ) tax treatment, but are equivalent in value to XXXX publicly traded shares ( ticker : XXXX ) XXXX So this total is c. $ XXXX contributed. 

Additionally, from XXXX to XXXX ( See ATT3, ATT4, ATT5 ), additional funds were deposited to Chase checking account, including payroll deposits and other cash transferred into Chase. The net increase from XX/XX/XXXX to XX/XX/XXXX was approximately $ XXXX. 

Based on these contributions made and after multiple discussions throughout the loan pre-qualification and rate lock process, all indications were that we had comfortably met all expectations to meet the highest threshold required for the 0.50 % mortgage rate discount. Based on our rate lock at 4.25 % on the 7yr/6mo ARM, the final applied rate in the closing documents was expected to be 3.75 % Following this, we worked through a long and rather painful Underwriting process which ultimately delayed our closing date to accommodate appraisal review/revision which took multiple iterations to finalize. We received our closing documents the day before we needed to sign to close our loan on time. That morning, at the notary, as we were reviewing the loan documents, we noticed that the rate was not 3.75 %, but rather 3.875 % - only 0.375 % discount had been applied. 

Given that we had already delayed closing and not wishing to jeopardize closing, we elected to sign in order to satisfy our purchase contract with the Seller. Immediately after closing, we followed up by phone and email to the Chase Home XXXX team ( XXXX, his manager XXXX XXXX and including XXXX XXXX, VP of Home XXXX  ) to determine what had happened. 

In the first discussion with XXXX, he also seemed surprised that the full 0.50 % discount had not been applied. After some investigation, he reported back ( see ATT6 for full email thread on communication back and forth ). The explanation was rather incomplete, but essentially boiled down to his deferring to an Underwriting determination. 

Not satisfied with that answer, I asked for full documentation of the XXXX XXXX rules and guidelines. I also asked for any calculation or substantiation from Underwriting on their determination. We were informed that Underwriting could not provide any substantiation on their calculation method. We did not receive any more detail on the program itself beyond what was communicated in the email from XXXX XXXX initially ( ATT1 ) After reaching out to XXXX via phone and receiving no further assurances that this issue would be considered, I also reached out to XXXX XXXX via email and phone, with no response. We also had engaged with a Customer Satisfaction agent ( separate department )- they made a couple of calls throughout the process, but ultimately stopped calling with regular check-ins. Our situation is still unresolved and we are convinced that Chase has clearly elected to attempt to ignore this issue in hopes that we will drop this issue. Our final communication was our intention to move forward with a complaint to CFPB, and/or legal action as appropriate.