Consumer complaint received 2023-02-04
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
My wife and I have applied for a conventional mortgage with JPMorgan Chase Bank, a first mortgage for a house being built in XXXX XXXX, Florida. The amount of the mortgage loan sought is {$530000.00} ; the down-payment will be about 50 % of the value of the house. 

My wife and I have paid off the mortgages on XXXX houses we currently own outright on XXXX XXXX and plan to sell those homes after closing and moving to Florida. My wife and I have combined financial assets worth more than {$3.00} XXXX and equity in the XXXX homes we own of more than {$1.00} XXXX. We therefore have more than {$5.00} XXXX in household net worth and very little debt ( less than 2 % of financial assets. ) My " middle '' credit score of the XXXX credit agencies is XXXX with the lowest XXXX XXXX being XXXX. My wife 's " middle '' XXXX XXXX is XXXX, initially Chase said that my wife 's credit score was not an issue because of the large down-payment. We literally can payoff the requested mortgage loan several times over based upon our present financial assets primarily consisting of stock in blue-chip companies that is entirely liquid and fully available to us in our personal accounts ( as opposed to any restricted stock, etc. ) We paid off a Chase mortgage on XXXX of our homes in XX/XX/XXXX. All payments were made on time and all taxes on both property have always been paid on time. All required insurance has always been maintained. 

I have been self-employed for 37 years as an attorney and have been an attorney for nearly 40 years. On my mortgage application, it appears that Chase understated my income and, in the section for providing my financial assets, which are greater than {$2.00} XXXX ( not including my wife 's financial assets or the homes we jointly own ), Chase deliberately left entirely blank listing my financial assets, notwithstanding that a statement from XXXX XXXX, dated XX/XX/XXXX, that was provided to Chase on XX/XX/XXXX, for preparing the mortgage application sent to my wife and me today. 

Chase made it clear, even before receiving our tax returns and financial statements showing financial assets of {$3.00} XXXX that they were unwilling to approve a mortgage for us for ANY loan amount by asking for conditions that Chase knew we could not possibly meet in the time frame that we anticipate closing, even if we were so inclined to seek to comply. 

It is our understanding that the mortgage application sent to me for signature on XX/XX/XXXX ( my wife received a similar mortgage application to sign off on electronically ), which deliberately shows me having XXXX financial assets, has been sought by Chase to " justify '' its decision to deny my wife and me a mortgage in any loan amount, again, because the mortgage application that I was asked to sign was to have me verify as " accurate '' omitted my personal financial assets ( excluding my wife and the joint properties we own ), even though Chase had been provided with the documentation of our financial assets on XX/XX/XXXX. 

In summation, Chase is aware of our financial assets, but refuses to include them as part of our mortgage application, notwithstanding that the Chase mortgage application has a dedicated section for listing such assets ; Chase has provided to me a mortgage application that asks me to verify that I have no financial assets. 

It is our view that Chase can not rightfully deny us a mortgage loan based upon our credit histories, which include paying off XXXX mortgages in the past, the amount we seek to borrow, the 50 % -down-payment, and our documentation showing financial assets of about XXXX times that of the amount of the mortgage loan sought, and household net worth of greater than {$5.00} XXXX. I am also continuing to work as a self-employed attorney as I have been doing for nearly XXXX decades. 

My wife and I have spoken the loan XXXX that we are dealing with at Chase, however it is clear that Chase will not consider our financial assets in the mortgage application, notwithstanding that their loan application requests listing such assets, and indicated a refusal to give us a mortgage in any amount, even prior to receiving our tax returns and financial assets statements. The electronic mortgage applications sent to us by Chase on XX/XX/XXXX ( XXXX to me and another to my wife ), appear to be an effort to " justify '' a discriminatory decision to deny us a mortgage loan under any possible conditions for any amount. Chase has NOT offered us a mortgage loan for a lesser amount than that requested ; Chase refuses to approve a mortgage loan for my wife and me in ANY amount whatsoever. Our mortgage application with Chase and the documentation provided was during the last week in XX/XX/XXXX and through XX/XX/XXXX.

Company response to consumer: Closed with explanation