Consumer complaint received 2015-06-16
Company: JPMORGAN CHASE & CO.
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
Consumer Financial Protection Bureau ( CFPB ) COMPLAINTComplainant : XXXX XXXX : XXXX XXXX XXXX XXXX XXXX XXXX, Florida XXXXMortgage LoanNumber : XXXX XXXXRespondent : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. XXXX, MN XXXXRESPONDENT 'S FAILURE TO PROVIDE THE TRUTH IN LENDING 'S " NEW OWNER '' DISCLOSURE AS MANDATED BY15 U.S.C. 1641 ( g ) ( 1 ) 1. The Respondent, XXXX XXXX XXXX XXXX as Trustee for XXXX ( hereinafter " XXXX XXXX '' ), is systematically failing to comply with the Truth in Lending Act ( TILA ), 15 U.S.C. 1641 ( g ) ( 1 ), Regulation Z, 12 CFR 1026.39 ( " Reg Z '' ) disclosure requirements. 

2. Upon information and belief, at some time before XX/XX/XXXX, the subject Mortgage Loan/Note was sold or otherwise transferred or assigned to Respondent, XXXX XXXX. 

3. According to its Mortgage Servicer, Chase Home Mortgage ( Exhibit A ), Respondent is a " new owner '' of the subject mortgage loan as defined by TILA, and therefore is or was required to comply with TILA 's 1641 ( g ) ( 1 ) and 1026.39 new owner disclosure provisions. 

4. Unfortunately, Respondent intentionally failed to provide Complainant, XXXX XXXX with the disclosures required by 15 U.S.C. 1641 ( g ) ( 1 ) and 1026.39 and in doing so, harmed XXXX XXXX in many ways. 

5. Certainly, any response to this 1641 ( g ) complaint that does not include a copy of the disclosures required by 15 U.S.C. 1641 ( g ) ( 1 ), would be only a response of " smoke and mirrors ''. 
6. As the CFPB is well aware, 15 U.S.C. 1640 ( a ) provides for civil liability for certain TILA violations. In particular, that section states that any creditor that fails to comply with the notice requirement imposed by 1641 ( g ) " is liable to such person in an amount equal to the sum of -- '' ( 1 ) any actual damage sustained by such person as a result of such failure ; [ and ] '' ( 2 ) ( A ) ( i ) in the case of an individual action twice the amount of any finance charge in connection with the transaction, ... or ( iv ) in the case of an individual action relating to a credit transaction not under an open end credit plan that is secured by real property or a dwelling, not less than {$400.00} or greater than {$4000.00}. " 6. Surely, Respondent will attempt to divert the focus of this 1641 ( g ) ( 1 ) Complaint to some sort of " rescission '' notice as contemplated by TILA, 15 U.S.C. 1635. However, THIS IS NOT AN ATTEMPT TO RECIND THE SUBJECT MORTGAGE LOAN. 

7. As the " new owner '', Respondent was required by the Truth in Lending Act ( TILA ), 15 U.S.C. 1641 ( g ) ( 1 ), to, within 30 days of acquiring the subject mortgage loan referenced above, provide Complainant with the following : ( A ) the identity, address, telephone number of the new creditor ; ( B ) the date of transfer ; ( C ) how to reach an agent or party having authority to act on behalf of the new creditor ; ( D ) the location of the place where transfer of ownership of the debt is recorded ; and ( E ) any other relevant information regarding the new creditor. 

CONCLUSION8. Respondent 's systematic patterns and practices of failing to timely provide TILA 's 1641 ( g ) ( 1 ) 's mandatory notice, blatantly runs afoul of the Truth in Lending Act and must not be permitted by this Honorable Bureau. 

XXXX XXXX, XX/XX/XXXX

Company response to consumer: Closed with explanation