Consumer complaint received 2018-02-04
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I had somewhat bad experience with Chase during XX/XX/XXXX/XX/XX/XXXX when I was buying my very first house in XXXXXXXX XXXX  They were very slow and unresponsive and that's why I never intended to work with them at least in terms of loan. 
Flash forward this is XX/XX/XXXX - I am in XXXX XXXX and having my new primary residence getting ready by XX/XX/XXXX. I had a Premier checking and Savings account with Chase ( opened at their Branch during XX/XX/XXXX or XX/XX/XXXX ) plus a Business checking account. I opened this at their XXXX XXXX Office in XXXX TX. 
Their bankers just to sell more services and products tried to convince me hard that this time it will be really better experience if I try out the Chase mortgage. 
Finally they connected me to : XXXX XXXX Mortgage Lending Advisor NMLS # XXXX XXXX   - XXXX XXXX Pre qualification was all done on XXXX XX/XX/XXXX I clearly stated to them ( Chase ) that only if you are able to beat the rates of loan estimate - then I can work with you. If you have equal rates like them - I can not work with you. 

For that I provided them all the necessary documentation ( bank statements, salary statements, property value related etc ... ). 
Chase were making a lot of excuses to find out faults in my loan estimate from the other lender like we can't find APY or the loan amount etc ... that was also provided to them ... 

I was expecting that after providing all this information in the most prompt manner - Chase will cooperate and provide me their loan estimate ... .but they had something different in their mind ... they keep on changing their terms and conditions ... .they added the " good faith deposit '' term to me ... .and stated that they will only move forward if I pay them upfront the " good faith deposit ''. I never heard of this term - as I had already one mortgage in XX/XX/XXXX and also had one application with Chase in XX/XX/XXXX. 

It seems that XXXX and " XXXX, XXXX XXXX '' who joined the back and forth email never had any serious plans to do business and can't honor their 3.25 % interest rate for 15 years terms and same fees ( almost zero closing costs that is being offered by the other lender ). When i questioned them - is it normal to " charge good faith deposit '' as Chase never talked to me in XX/XX/XXXXand no other lender ever talked to me about it and me being a US Citizen and being in this country since XX/XX/XXXX have never heard of it ... they simply starts withdrawing everything ... .. 

Worst thing ... why in the world they did the hard inquiry in my credit file if they were not serious? Or if they were serious why they never told me about the " good faith deposit '' from day one???

This is straight forward example of UDAAP ( unfair, deceptive, or abusive acts or practices by those who offer financial products or services to consumers ). 

Or otherwise both of these folks from Chase mortgage division simply thinks that it's very easy to mistreat the folks from XXXX XXXX origin. 

In fact when XXXX and XXXX are talking to me and provided me 3.25 % interest rate for 15 years term with all the required inputs from me - what is stopping them to share the full loan estimate with me so that it's very clear and transparent to me as a borrower? Or they feel that I should pay their so called " good faith deposit '' to even see that? And no where they mentioned what is amount of their so called good faith deposit? 

Moreover I started talking with Chase since the month of XX/XX/XXXX for the closing of XX/XX/XXXX ... enough time ... me being more than XXXX yrs of age ... it makes perfect sense for them to share with me the loan estimate rather than hasty emails and expecting me to get ready for their terms for the so called and undetermined " good faith deposit '' to move forward.

Company response to consumer: Closed with explanation