Consumer complaint received 2023-11-18
Company: JPMORGAN CHASE & CO.
State: OR
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Problem with a company's investigation into an existing problem
Sub-issue: Their investigation did not fix an error on your report

Complaint:
On XX/XX/, we received a letter from XXXX that our loan was sold to Chase Mortgage. That letter was dated XX/XX/. The letter stated that our loan would be transferred to Chase effective XX/XX/. On XX/XX/, we received an email from Chase notifying us that they were our new lender and stated they sent us a letter on XX/XX/. We never received a letter from Chase. 

On XX/XX/, we modified our payments so they would be sent to Chase. On XX/XX/, we logged into our account and had not seen a payment posted although our bank showed that Chase received our payment on XX/XX/. To avoid a late fee, we immediately made an online payment which was posted to our account on XX/XX/. On XX/XX/, the originally payment from XX/XX/2023 was posted to our account. This was posted as additional principal vs as the XXXX payment. After back and forth with Chase, they reversed the additional payment and posted the second payment to XXXX. 

On XX/XX/, we received an email stating that the transfer between XXXX and Chase was finalized. On XX/XX/2023 we received our first email notifying us that our statement was available for XXXX. In XXXX we set up automatic payments given the issues we already encountered with the first payments and to avoid issues going forward. Since XXXX and XXXX were accounted for, automatic payments were due to start on XX/XX/XXXX. We received no email in XXXX notifying us that our XXXX statement was available. 

On XX/XX/2023, we received an email notifying us that our statement was available for XXXX. On XX/XX/XXXX, we received a Past Due notification via email. This was the first past due notification, so we believed something happened with the XXXX automatic payment. We immediately reached out to Chase on XX/XX/XXXX to understand the issue. We also immediately made 2 payments on XX/XX/XXXX to cover XXXX and XXXX once we were notified that the XXXX automatic payment did not work. We also immediately went into our account again to set up automatic payment this time validating with Chase, via secure email, that automatic payment was set up. 

Upon communication with Chase, they reversed our late fee. However, they had already reported the late payment to the credit bureau at that time. We immediately filed a dispute with Chase to reverse the negative reporting to the credit bureau and after investigation they stood by their decision and believe they had done nothing wrong. 

On XX/XX/, I reached out to Chase and they validated the following information : 1. They did not provide us 15 days notice of the sale of the mortgage which is required by law.

2. They were not set up to take payments until the XXXX XXXX  days after the XX/XX/XXXX due date stated in their XX/XX/XXXX email. 
3. They received and held our XXXX payment for 12 days without posting, which resulted in us having to send a second payment to ensure it was received within the grace period. It was obvious they had several technical issues from the beginning given the validated information I have provided. 
4. They did not send us periodic statements ( each billing cycle ) per their policy and per the Consumer Protection Act 5. They validated they had correct phone numbers and email address and they did not use any of that information to communicate the XXXX late payment to us. 
6. They stated they called numbers several times, which we can not validate ; however, one number is disconnected and the other number, when you XXXX  it, goes to an HOA. These numbers were not provided to them by XXXX nor have these numbers ever been used by us. We have done over 8 loans with XXXX, all have been sold, and all new lenders have received the same, correct contact information for us. We have had no issues with any other lender. 
7. When we disputed the actions with Chase, they did not notify the credit bureau of this dispute and still have not reported that there is an ongoing dispute. 

We believe that Chase has maliciously reported a late payment to our credit bureau without following the laws they are required to follow from the very beginning. Had their system been properly set up to handle the sale and had the team followed their process, we would not be in the situation. We communicated with Chase to ensure that the payments were there and even made additional payments to avoid issues. We did everything in our power to avoid this situation and Chase still reported us to the credit bureau without communicating to us and will not take responsibility for their actions. 

I also want to add that we have a very low interest rate. Given the fact that they did not communicate in XXXX which happens to be just past the 60 day grace period for reporting ( XX/XX/XXXX would be 60 days ), we believe the malicious intent was for us to get to the 60 days past due so they could increase our interest rate. We also believe that this is why they are standing by their decision not to overturn reporting to the credit bureau.

Company response to consumer: Closed with explanation