Consumer complaint received 2017-08-01
Company: JPMORGAN CHASE & CO.
State: IL
Product: Debt collection
Sub-product: Mortgage debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
XX/XX/XXXX CFPB : JPMChase ARM Loan XXXX Payoff Statements violate Financial Accounting Standards Board ( FASB ) Standards for verifiability.
Verifiability QC26. Verifiability helps assure users that information faithfully represents the economic phenomena it purports to represent. Verifiability means that different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation. Quantified information need not be a single point estimate to be verifiable. A range of possible amounts and the related probabilities also can be verified.
QC27. Verification can be direct or indirect. Direct verification means verifying an amount or other representation through direct observation, for example, by counting cash. Indirect verification means checking the inputs to a model, formula, or other technique and recalculating the outputs using the same methodology. An example is verifying the carrying amount of inventory by checking the inputs ( quantities and costs ) and recalculating the ending inventory using the same cost flow assumption ( for example, using the first-in, first-out method ). QC28. It may not be possible to verify some explanations and forwardlooking financial information until a future period, if at all. To help users decide whether they want to use that information, it normally would be necessary to disclose the underlying assumptions, the methods of compiling the information, and other factors and circumstances that support the information At my family 's homestead, XXXX XXXX XXXX, XXXX, IL XXXX, built by my parents, XXXX and XXXX, in XX/XX/XXXX, I have received JPMChase ARM Loan XXXX Payoff Statements, through First Class Postage USPS Delivery. The Payoff Statement I received XX/XX/XXXX, was for {$84000.00}. The Payoff Statement I received XX/XX/XXXX, was for {$88000.00}. Somehow, in the course of XXXX hours, the JPMChase XXXX XXXX XXXX Computers calculated an extra {$4000.00}, that I was expected to pay. XX/XX/XXXX, JPMChase took all my Mortgage Payoff Statements from XXXX Bond, and refuses to return any of them to me. On the back of each such Statement, I printed, in ball-point pen, the Date and Time that I had received each. I stored said Statements, with other Mortgage Documents, in sealed, nested, re-sealable thick-walled transparent plastic bags. XX/XX/XXXX, JPMChase, through First Class Postage USPS Delivery, sent me a Mortgage Payment Schedule. That Payoff Amount, for XX/XX/XXXX, {$84000.00}, differs substantially from those that I had received XX/XX/XXXX and XX/XX/XXXX. That violates Financial Accounting Standards Board ( FASB ) Standards for verifiability. I demand, that JPMChase immediately send me the Originals of those two Statements. If that is not possible, then I demand that JPMChase send True Copies, to be followed up with the Originals. Sincerely, XXXX XXXX XXXX, XXXXXXXXXXXX XXXX XXXX XXXX XXXX, IL XXXX

Company response to consumer: Closed with explanation