Consumer complaint received 2020-01-21
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Chase attempted predatory lending and mortgage fraud by leveraging, misstating, misrepresenting, omitting, and not providing full disclosure. The following are the details : I was approved for 30-year fixed mortgage ( $ XXXX ) with Chase for purchase of a new primary home ( 60 day escrow, expiring XX/XX/XXXX ) - contingent on sale of my existing primary. We closed on existing on XX/XX/XXXX and had to vacate on XX/XX/XXXX. Chase told me all was set to issue loan docs on XX/XX/XXXX, subsequently fund and close escrow within a day or so if I forwarded final escrow closing statement on the existing primary. 

Very early on XX/XX/XXXX, I promptly send the final statement. The same day, Chase reassured me loan docs were being prepared and should have it very soon, to no avail. I followed up with them all day on XX/XX/XXXX and they kept telling me that loan docs are being prepared. Almost at the end of XX/XX/XXXX, two of Chase 's officer conference called me stating there was a " technical glitch '' to get me the correct interest rate - Chase purposefully did not disclose. I insist with officers for it to be resolved on XX/XX/XXXX, but they again reassured me that it would be resolved first thing XX/XX/XXXX. The seller gave me an extension to close by XX/XX/XXXX, failing which the deal was off. 

On XX/XX/XXXX, I tried to reach Chase 's officers via text, email and phone, to no avail. Agents and escrow officers were also trying to reach Chase, to no avail. Finally, I got hold of them and I let them that I was driving down to the local branch to meet up with them. When I got to the branch, they told me that the technical glitch was resolved, but there is a new problem - which they did not disclose again. Chase told me my debt ratio had significantly changed because the system retained the seller 's property tax and that I no longer qualified for the loan. Chase was doing a bait-and-switch. I voluntarily offered up a higher down payment to control the ration and even told that a higher interest rate would be acceptable to me. To which, the officers said that would one way to resolve it. 

Subsequently, on XX/XX/XXXX around noon, the officers told me that my loan docs package have been sent to executive level for approval. The officer told me to make my way over to escrow for signing docs by XXXX XXXX. We waited at the escrow officer for over two hours - docs showed up at XXXX XXXX. Around XXXX XXXX  on XX/XX/XXXX, Chase officers conferenced with me and apologized for the actions and let me know that Chase will be refunding underwriting related fees of {$990.00} because its underwriting department was responsible for this. 

Chase funded the loan early morning on XX/XX/XXXX and we did a special recording at XXXX XXXX on XX/XX/XXXX. 

Chase was aware me and my family closed escrow on our existing on XX/XX/XXXX and vacated it on XX/XX/XXXX. Chase was also aware that me and my family were at its mercy without a home and had no choice but to be strung along which it did thru XX/XX/XXXX. 

I requested a conference call with all parties involved to find out what actually happened. No clear answers were given to me and the underwriter was in absentia. During the call, one officer stated " when you order at a restaurant, you don't get a chance to peak in the kitchen '', which I thought was absurd and completely inappropriate and reminded the officer that the mortgage industry is highly regulated, especially after the housing crisis in XX/XX/XXXX/XX/XX/XXXX following the financial industry 's MBS   debacle. 

After the conference call, I followed up with an email to the Chase officers and let them know of my intent to file a formal complaint with all regulators.

Company response to consumer: Closed with monetary relief