Consumer complaint received 2022-11-08
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
XX/XX/2022 - I was introduced to Home Lending Advisor XXXX XXXX and she already was asking for financial documents XX/XX/2022 - I got the first pre approval which was for the wrong amount ( incorrect List Price and Loan Amount. 
XX/XX/2022 - I submitted proof of the the Cashiers check for the first half of my 20 % down payment XX/XX/2022 - XXXX XXXX needed more pay stubs and bank statements XX/XX/2022 - XXXX XXXX begins texting me through XXXX informally about my loan process. Shed mention certain things via text but will not reiterate in writing via email. 
XX/XX/2022 - XXXX XXXX advised that she received the purchase contract from my Closing attorney. She also needed more pay stubs and my XXXX XXXX XXXXXXXX XX/XX/2022 - Via text, XXXX XXXX advises me that I qualified for the Chase {$5000.00} Lender Credit. ( $ XXXX towards my closing costs ). I confirmed that this was indeed a gift and not a loan that Id have to pay back. 
XX/XX/2022 - Via text, to my detriment, I begin to bring attention to the incorrect numbers I am see in the estimates. XXXX XXXX advises that the numbers are fine and that she got them from the contract. I let it go instead of pushing for a re-review. 
XXXX - I received an email from XXXX XXXX stating : Your mortgage application documents are ready/ SIGNATURE PACKAGE You need to provide a credit or debit card for the {$500.00} upfront good faith fee ( youll receive a credit of {$500.00} in the closing cost when you are going to close ) We can use your ATM debit card that we have in the system if you are agree. 
No where in the email did it state this fee was non refundable I have not received a refund, after it was Chase that backed out of the deal. 
XX/XX/2022 - Via text, XXXX XXXX follows up about the {$500.00} " Good Faith Credit '' that I was supposed to have returned to me at closing and asks for my credit card information through text as well as over the phone. 
XX/XX/2022 - Via text, XXXX XXXX says that the loan is going to Underwriting for review so I can get my Approval letter. As early as XX/XX/XXXX we were speaking about approval letters with no mention of selling my loan or Tri-Party Agreements. 
XX/XX/2022 - Via text, XXXX XXXX asks if Id like to lock in a 5.99 % interest rate. It gets locked in. 
XX/XX/2022 - XXXX XXXX introduces me to Client Care Specialist XXXX XXXX. 
XX/XX/2022 - The loan is still reflecting the incorrect numbers at this point XX/XX/2022 - I stopped holding my tongue and I emailed XXXX XXXX and XXXX XXXX that numbers are wrong. ( Chase Estimate was based off incorrect List Price ) XX/XX/2022 - XXXX XXXX sees the mistake and advises she will correct the numbers. 
XX/XX/2022 - I received an email from XXXX XXXX stating that I have been CONDITIONALLY APPROVED BY CHASE. XXXX XXXX then asks for more information verifying work history and finances, as well as letting me know that I need to buy insurance. 
XX/XX/2022 - Via Text, XXXX XXXX finally understands the error in her math and revises the loan estimate. 
XX/XX/2022 - CHASE provides me my MORTGAGE COMMITMENT LETTER via the Chase Home Portal, dated XX/XX/2022. Please Note : The Commitment Letter only mentions Recognition Agreement and Lock in Agreement At this point, I finally had the letter that I needed in order to submit my Co-op Board Application. 
XXXX - Via Text, XXXX XXXX says that the loan is APPROVED BY CHASE. At this point, I still have no knowledge of Chase wanting to package an sell my loan to XXXX XXXX or XXXX XXXX XX/XX/2022 - Via Text, XXXX XXXX begins asking me for more assets like a XXXX or another checking account At this point I was confused as both CHASE. 
XX/XX/2022 - I submitted what was asked of me. Upon review of the revised Loan estimate, I noticed my $ XXXX lender credit was not listed. I inquired about it and was ignored and put through the run around by both XXXX XXXX and XXXX XXXX XX/XX/2022 - CO-OP BOARD APPROVAL IS OBTAINED. At this point I still thought I had the CHASE approval and I now had the Co-op board approval. 
XX/XX/2022 - I finally purchased my Hazard insurance with XXXX. At this point I am anxious to lock in my closing date. 
XX/XX/2022 - I submit my Board Approval letter to CHASE and follow up about my Closing date. Still no answer from XXXX XXXX or XXXX XXXX. 
XX/XX/2022 - Via Text, I follow up with XXXX XXXX about my closing date, she responds saying The project wasnt approved by CHASE XX/XX/2022- I followed up via email as to how I was now not approved by CHASE. 
XX/XX/2022 - It was not until XX/XX/2022, 2 months into the process, that XXXX XXXX decided to tell me that my Loan was being shipped off to XXXX XXXX as I was ineligible for XXXX XXXX due to the optional termination clause on the lease hold due to a non-monetary default. I was advised I needed a Tri-Party agreement to lock in a closing date. 
XX/XX/2022 - At this point I contact XXXX XXXX, the listed Manager in XXXX XXXX email signature. Because I was absolutely frustrated with XXXX XXXX. 
XX/XX/2022 - Both XXXX XXXX and myself tried to convince the Co-op to sign the Tri-Party Agreement. Reps from the coop advised me that the signing of this document in order to get a closing date was never standard practice. The co-op I applied to even had previous loans with CHASE that require no such agreement. 
XXXX - After a full week of CHASE Reps and Attorneys trying to bully the Co-op into signing the XXXX XXXX, the loan had officially fallen though. 
XX/XX/2022 - I received a Statement of Credit Denial stating my denial reasons as *Value type place or condition of collateral insufficient or Unacceptable When I tried to get my {$500.00} good faith credit returned, XXXX XXXX finally advised that it was non refundable since a closing did not actually occur in which I would have been refunded. 
***Emails between my closing attorney and CHASE attorneys can be provided on request*** At this point I have been forced to goto another lender and with only interest rates above 7 %. My current Rate is 7.375 %, up from the original 5.99 % from CHASE. My closing cost is nearly {$4000.00} more thanks to CHASE backing out and forcing me to get a new lender. I am no longer receiving any type of lender credit, as CHASE 's {$5000.00} lender credit was now off the table. Not only has CHASE refused to return my {$500.00}, but through the use of a Mortgage calculator, I have deduced that over the life of the loan CHASE would have cost me {$35000.00}.

Company response to consumer: Closed with explanation