Consumer complaint received 2021-01-26
Company: JPMORGAN CHASE & CO.
State: MD
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
XXXX XXXX ( Mortgagee ), being duly sworn hereby deposes and says : I am a mortgagee and owner for the property located at XXXX XXXX XXXX XXXX, XXXX XXXX MD XXXX, ( Property ). 
I considered multiple mortgage lenders for the purchase of the Property. 
In late XXXX, I connected with XXXX XXXX, a Chase Mortgage lending advisor, about working with Chase to secure a mortgage for the Property. On XX/XX/XXXX, I agreed to move forward with Chase as the mortgage lender. 
Upon learning that I had received an offer from XXXX, XXXX XXXX offered to match that rate of 2.625 % with 0 points as well as offer an additional 1/8 percent rate discount via relationship pricing. I clearly communicated the need to complete the closing by XX/XX/XXXX, to which XXXX gave us her assurances that this would not be a problem based on the Chase Closing Guarantee. 
On XX/XX/XXXX, XXXX XXXX uploaded the first loan estimate package as agreed. 
On XX/XX/XXXX, my review of loan estimate package revealed multiple errors, including additional points being erroneously noted, no mention of relationship pricing, a higher than agreed to mortgage rate, and a error in the town of the Propertys address. Much of this remained uncorrected for some time despite multiple emails that alerted XXXX to these errors. XXXX assured me that she would fix these errors when the agreement went into underwriting. On XX/XX/XXXX, XXXX congratulated us that we had secured financing. Thereafter, on XX/XX/XXXX, XXXX XXXX, Chase Loan Processor, alerted us to missing information including the sales contract- information that we had clearly provided to XXXX previously by our attorney and Real Estate Agent. Despite this, I resubmitted and provided this information directly to XXXX XXXX on XX/XX/XXXX. With XX/XX/XXXX approaching, and concerns about XXXX errors and unresponsiveness, and valid worries about Chases ability to adhere to the terms of the mortgage and agreed upon deadlines, on XX/XX/XXXX I contacted XXXX XXXX, a Lending Manager at Chase at XXXX XXXX XXXX, XXXX, NY. At this point, the closing date was set for XX/XX/XXXX, and XXXX and XXXX assured us we would close on time. On XX/XX/XXXX, we heard from XXXX that XXXX was working to clear the loan as soon as possible. On XX/XX/XXXX, just one day before the agreed upon closing date, XXXX informed me that the closing may have to take place on XX/XX/XXXX. XX/XX/XXXX came and went, and Chase failed to clear the loan. Despite XXXX informing me that he would extend the rate lock, the closing did not take place on the agreed upon date and he communicated that the closingwould take place by XXXX, XXXX or at latest, XX/XX/XXXX On XX/XX/XXXX I emailed XXXX XXXX, Executive Director at Chase to inform him of the process. While XXXX did not respond right away, XXXX XXXX assured us we would close on Monday, XX/XX/XXXX. On XX/XX/XXXX I still had not received all the documents from Chase, and Lending Manager XXXX XXXX had apparently left the office for vacation. I was able to discuss with XXXX XXXX and we were eventually able to close on Tuesday, XX/XX/XXXX. 
Moving the closing date led the sellers to charge rent for the inconvenience of the delay and their detrimental reliance which put their contingent purchase of another home at risk. We supplied a check to cover this additional and unexpected cost due to Chases inability to close on the agreed upon closing date, despite the Chase Closing Guarantee. 
We were abundantly clear that before ultimately choosing Chase as a mortgage lender, that the closing needed to take place by XX/XX/XXXX. I detrimentally relied on the representations of Chase, its Chase Closing Guarantee, to close by XX/XX/XXXX. I moved large sums of money over to Chase in order to obtain relationship pricing. I incurred fees and missed work due to the unexpected, delayed closing. We relied on Chase standing by their guarantee. 
Lastly, I have reached out 5 times as early as XX/XX/XXXX and as late as XX/XX/XXXX regarding the Chase Closing Guarantee, and the responses have been that is handled by another department. Well let you know. No one has contacted us or let us know and it has been 3 weeks our delayed closing date. 
Our Attorney, XXXX XXXX, from XXXX XXXX XXXX attests to the lack of cooperation and the difficulty that Chase Bank exhibited during the transaction. He witnessed XXXX XXXX unresponsiveness and XXXX XXXX commitment to the adjusted closing date of Monday, XXXX XXXX despite XXXX XXXX promptly taking vacation the week of XX/XX/XXXX. This is concerning as XXXX has stated in an email that he was involved with the loan leading up to the closing and after making the commitment, he goes on vacation without informing the other parties that his involvement was complete.

Company response to consumer: Closed with explanation