Consumer complaint received 2019-04-15
Company: JPMORGAN CHASE & CO.
State: LA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I made loan application online for a cash-out refinance with my present mortgage company. I submitted all the information Chase requested and received " conditional approval ''. Chase requested {$500.00} to proceed and they received the money. A day or so later my Loan Adviser called to discuss the Underwriter reply. I needed to pay off some of my debt with the new mortgage. I told the Loan Adviser, " NO ''. We talked a little longer and he suggested again that I increase my mortgage by {$60000.00} not the {$25000.00} I requested, I told the loan adviser that I would only consider 2 debts that I would pay off. The loan adviser would discuss with the Underwriter and he thought that would work. Loan Adviser went on vacation. A different Loan Adviser called to discuss paying off the debt again but now increasing it to {$75000.00} more. Once again I said, " NO '', I would only pay off 2 debts and not interested in increasing my Mortgage any higher than what I have requested. The insistence on me to increase my mortgage loan amount made me feel intimidated and I knew after this phone call that my loan would be denied because I refused to increase the loan amount. The second loan adviser never called back. 

Three days later, in the mail, I received a " counter Offer letter '' from Chase with the same terms I had requested. In the envelope was also a letter " Congratulations on Loan Approval '' I was confused and tried to contact the Loan Adviser or anyone else at Chase to discuss the letters. After waiting for a week, I contacted the Title Company and was told they had just received the request for title from Chase. The title company was not asked to pay any of my debts and the loan amount was the initial amount I had requested. I figured everything was worked out and we would be closing the loan this week. A couple of hours later, I received a call from my original, loan adviser, " let 's see what you can pay off to get this loan? '' I got upset and told him about the letters. He didn't understand what happened and transferred me to a Supervisor. The Supervisor told me he could see the letters and did not understand why they sent the letters. The loan problem according to the Supervisor was different than anything I had been discussing with the Loan adviser. We discussed this new problem and he was going to check further into it. A couple of days went by and I received a message from the Supervisor saying he thought it was worked out and my Adviser would be calling me to discuss. The Adviser called and again the conversation went to I had to pay off debt with a higher mortgage amount. So for the 4th time I said " NO ''. My finances have not changed since I first started this process ; however, Chase 's terms have changed. I gave Chase everything they asked for within a day, I paid in good faith the {$500.00} for the prepaid expenses, I was given " Conditional approval '' which I thought was due to the need of the Appraisal. The Appraisal came in with the value needed. I received " Congratulations on receiving the loan '' and now I feel that I am being " bullied '' into taking out a higher mortgage loan amount that I have repeatedly refused. 

I work with mortgage companies daily basis and have not had this bad of a situation with a mortgage company in years. Normally, a mortgage company would not spend any of the client 's money until the last step and loan approval pending the appraisal. I feel like Chase has stolen from me and tried to bully me into a new mortgage at a higher amount and higher interest rate to benefit them. I am attaching a copy of the " approval '' letter. 

Thanks for your consideration.

Company response to consumer: Closed with monetary relief