Consumer complaint received 2022-01-25
Company: JPMORGAN CHASE & CO.
State: MI
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
Complaint against JP Morgan Chase ( JPM ) for evasive and incomplete respond and violations of RESPA, TILA and Sabranes-Oxley Act. 

I filed my Complaint where particularly asked if JP Morgan certain specific questions such as if JPM follows GAAP in their bookkeeping practices, mandatory under SEC and XXXX ; and provide me disclosures regarding Discharge of Mortgage prepared and filed by JP Morgan for their {$200000.00} mortgage with XXXX XXXX XXXX XXXX as required under TILA and RESPA. I also requested a copy of wire transfer receipt received by JP Morgan on my behalf to satisfy JP Morgans Account receivable for Steins loan ( which is not Steins account, its JPMs account bearing Steins name ) ; when this transfer was received by JPM and from whom. 

None of this information is privileged, confidential or burdensome to respond. I am entitled under RESPA to have this information, specially actual Discharge Letter with all financial figures, prepared by JP Morgans accountant or bookkeeper before my closing on XX/XX/XXXX. 

Respond provided on XX/XX/XXXX by JPM is evasive and created many new questions which I am entitled to be answered under RESPA and TILA. For example, how much money was enough for XXXX to cover for {$200000.00} with {$130000.00} loan? When exactly [ on which day and time ] in XX/XX/XXXX JPM received these money if my closing was on XX/XX/XXXX around XXXX XXXX Time ? Why Discharge executed by JP Morgan XXXX XXXX XXXX XXXX ( who never worked as Vice President ) did not included Discharge of the Note, which is a fatal defect in my Chain of Title was prepared on XX/XX/XXXX and filed on XX/XX/XXXX? Who filed this XXXX? Was it JPM or any other company? 

JP Morgan refused to answer any of my questions, including if JPM follows GAAP ; name and contact information for the employee whom I can contact with questions ; or provide me copy of wire transfer receipt or even a copy of Discharge. 

Someone said : ( 1 ) We wont provide the information you requested about our employees or our business processes. I didnt ask about JPM business process, I asked if they follow GAAP XXXX which is mandatory under Sabranes-Axley Act. Either JPM follows GAAP or not, which means they conduct business illegally. I did not asked about JPM employees at large. I asked for the name of responsible agent whom I can ask questions directly to clarify my situation with unmarketable property Title due to this fatally defective discharge. 

Someone said : We cant give you any payment information regarding the property in question because the account wasnt in your name and we dont have authorization from our customers to share this information with you. This is incorrect. IF such account existed, it would JPM account opened for Stein 's loan where JPM deposited MY money to discharge this loan, not Steins account with JPM. So, JPM does not need permission from XXXX to share with me information about JPMs account where payment in my behalf was received and deposited by JPM accountant or bookkeeper. Again, I am not asking for any details for this JPM account for XXXX, I am asking specific question to verify JPMs receipt of wire transfer on my behalf and written confirmation that this certain amount of money in $ $ $ was received by JPM, from whom and when. 

Clearly, someone who prepared this letter understood my request which is covered by RESPA and TILA, not by my idle of curiously - but unlawfully refused to respond. 

Someone said : However, any funds [ which must be a specific amount ] we received for the property in question [ when and from whom these funds were received? ] were applied to an account [ whose account? JPM s account? ] for which you arent authorized to receive information. 

Someone referred me to XXXX XXXX XXXX to obtain a Discharge of Mortgage which was filed on XX/XX/XXXX, or more than 3 weeks after my closing. It is unclear why JPM does not have this Discharge in their own records ; and why this Discharge was filed so late, after my loan was purportedly sold to XXXX XXXX sometime before XX/XX/XXXX. When theres a mortgage on a sellers property, it is registered on the certificate of title as an encumbrance and must therefore be discharged by the lender before settlement can occur. This is Sellers bank ( JPM ) responsibility to issue all the documents to complete the transaction. 

This is why I need to talk to JPM employee from JPM department who processed this Discharge and received money wired on my behalf, who can clarify for me this situation with this discharge which must be prepared before my Closing to provide me Clear Title for the property. How can XXXX XXXX ( who has no records about my transaction with lender XXXX who sent wire transfer to JPM ) buy my loan with such a huge cloud on its Title as not discharged prior mortgage?? 

Someone said : This confirms we received enough funds [ $ 135K? ] to pay off the [ $ 200K ] loan around the time frame [??? ] of XX/XX/XXXX XXXX on this respond, it appears that JPM has no records when was my closing and how much money involved and for some reason does not even have this Discharge in their files. 

Bear to repeat, I am requesting this information under the laws, and I am entitled to have clear answer from JP Morgans responsible employee who can explain me how much money received JPM on my behalf ; from whom and when exactly these money were received by JPM. Provide me copy of wire transfer receipt received by JPMorgan on my behalf ; explain why this Discharge was filed on XX/XX/XXXX ; copy of the Discharge as prepared before my Closing, which is required under RESPA ; and explanations why the Note was not discharged. 
I did not even asked why XXXX 's original cabin which would worth at most $ XXXX in XXXX was appraised at astronomic $ XXXX if it was sold to me fully remodeled for $ XXXX in XXXX. Which creates really reasonable questions about JPM 's appraisal process.

Company response to consumer: Closed with explanation