Consumer complaint received 2021-06-28
Company: JPMORGAN CHASE & CO.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for a mortgage with Chase on XX/XX/2021. On XX/XX/2021, I sent Chase the executed contract and the application process started. It was an ordeal that took far longer than I had expected and I refused to comply with Chase 's request that I place my down payment ( 25 % ) in my Chase checking/savings account so that Chase could verify that the funds were " liquid. '' I also had a great deal of trouble with Chase regarding the source of my down payment, which is an IRA. They had no idea what an IRA was and also had no idea what an Required Minimum Distribution was. On XX/XX/2021, I authorized a {$500.00} charge for an appraisal and was subsequently reminded that amount was non-refundable. The process went badly from that point on and I dealt with two " customer service '' representatives whose experience in this field did not impress me at all. 

On XX/XX/2021, I applied for a mortgage with XXXX XXXX XXXX  and was approved on XX/XX/XXXX. This, after putting up with Chase 's foot-dragging for over a month. On XX/XX/2021, I sent an email to XXXX XXXX XXXX cancelling my application. That email was forwarded to XXXX XXXX XXXX and she asked me if I really wanted to cancel my application. I replied that I did on XX/XX/2021. On XX/XX/2021, after being informed by XXXX XXXX XXXX  that they had not received a response from Chase after requesting the appraisal to be transferred, I sent an email to XXXX XXXX requesting her assistance. She replied 39 minutes later, writing that " [ a ] ccording to Chase guidelines, we only transfer FHA appraisals. Therefore, I wouldn't have an option to transfer the appraisal that was completed on the home. '' I spoke to a friend who advised me to ask for a refund and I did that. XXXX XXXX replied on XX/XX/XXXX : " The {$500.00} that you paid were collected as Good Faith Funds and your file was cancelled per your request. Before the {$500.00} was collected, you were provided with the required disclosure : As part of Chases application process we collect Good Faith Funds of {$500.00}, which will be applied as a credit to your closing costs. If your application is closed for incompleteness or is withdrawn by you, this is not refundable. If your application is denied, these funds will be returned to you minus any expenses incurred on your behalf. As the disclosure reads, there is not a refund due, since your file was cancelled per your request. Also, the 3rd party vendor that completed the appraisal charged {$650.00}. Your {$500.00} Good Faith Funds will go to the 3rd party appraisal to help offset the {$650.00} cost and Chase will pay the remaining funds. If you have any additional questions please feel free to reach out. '' My complaint is this : I paid for this appraisal and Chase refused to transfer it to the mortgage company I am working with. The appraisal belongs to me and Chase denied my request, based solely on the fact that their internal guidelines do not permit a transfer of an appraisal for a non-FHA loan. If that was part of the " required disclosure, '' I do not recall it. Even if it was, it is unreasonable of Chase to make that a condition. This entire scenario could have been avoided by Chase simply transferring the appraisal when it was requested by XXXX XXXX XXXX. My position is that I paid for the appraisal, it is my property and Chase denied my property rights by refusing to transfer the appraisal. It is too late to transfer the appraisal now as I have already paid XXXX for another appraisal. This is about Chase doing what is right for the customer and not arrogating to itself the right to determine how property belonging to a customer is used. Since Chase refused to transfer my appraisal, I think I am entitled to a refund, regardless of Chase 's " guidelines. ''

Company response to consumer: Closed with explanation