Consumer complaint received 2021-07-13
Company: JPMORGAN CHASE & CO.
State: GA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/XXXX I was contacted by XXXX XXXX ( XXXX XXXX XXXX XXXX from Chase by telephone to speak about refinancing my home. She told me about their refinance program and we spoke about closing costs, how much points will cost and APR and Interest rates. I stated I wanted to go from a FHA loan which I currently have to a conventional loan. One of my goals in this refinance was to not pay PMI on my mortgage loan. She stated to me closing costs will be {$3600.00} and most of this cost can be rolled into my refinance loan. All I would need to bring to closing would be {$500.00} for deposit. Then we spoke about Interest rates and APR. Without buying points, my Interest rate would be 4.49 % and my APR would be 4.548 %. She suggested I buy 1.16 points to bring the Interest rate down to 3.625 % and APR down to 3.781 %. Last, we talked about monthly payments. My monthly payments would be {$1500.00} without buying points and {$1400.00} if I decided to buy 1.16 points at {$2700.00}. She also stated this also can be rolled into the loan process so I dont have to bring it to closing. I told her I was interested in moving forward and I would buy 1.16 points at {$2700.00}. She told me PMI would not be needed in this refinance loan. She then proceeded to ask me about my gender, age and ethnicity. She told me these were optional questions, but I answered them for her. She also asked how much do I have in my 401K and I gave her this amount and emailed her my 401K current statement. This concluded the first conversation with XXXX. 

On XX/XX/XXXX she wrote me an email asking for W-2s from XXXX and XXXX, Last 30 days of paystubs and current Mortgage statement. I emailed her back the documents requested on the same day to move forward with the refinance process. She replied and stated there was an issue with her submitting my loan and she will have to follow up with me the next day to get it resolved. 

On XX/XX/XXXX I received an email from Chase stating my loan documents were ready. 

On XX/XX/XXXX I emailed XXXX and stated I would like to discuss the terms of the loan again just to make sure I understood all the numbers given to me. She called me later that day. She now told me that the numbers have changed and they would have to add PMI of {$88.00} a month but if I want to avoid PMI, I would have to bring {$2200.00} to closing, {$1700.00} more than the original amount. She stated the reason for the change was because the loan to value of my home is not at 80 %. I was a bit confused at this point because she stated originally she can have an appraisal waiver in place and go with the amount of {$300000.00} which then my loan to value would be at 80 % .I told her I would like to speak with my wife first and I would get back to her shortly. After speaking with my wife, we decided we would still like to move forward with the refinance with Chase. I spoke with XXXX again and told her we would like to move forward. She then proceeded to take our {$500.00} deposit which she stated would go towards what we need to bring to closing XXXX {$2200.00} - {$500.00} = {$1700.00} to bring to closing ). 

On XXXX I received an email from Chase stating my loan was conditionally approved and introduced me to XXXX XXXX ( Client Care Specialist ). The emailed stated I will be working with her to gather additional information and documents when needed. I provided the documents and signed the application the same day. I noticed on the Underwriting Package on page 7, it stated Private Mortgage Insurance was needed on this loan. I emailed XXXX right away asking her what the discrepancy was, because XXXX ensured me PMI was not needed. 
On XXXX XXXX emailed me and stated she was going to reach out to XXXX to get more information regarding the PMI. XXXX emailed XXXX and myself asking to reach out to me about my concerns. 
On XX/XX/XXXX I never received an email back from XXXX but, I did received a phone call from XXXX with more changes to the closing costs and numbers on my loan. She stated now I would need to bring {$4500.00} to closing, a {$2300.00} difference from what I was told from XXXX back on XX/XX/XXXX, also that my refinance loan would also need PMI. I then asked why the amount change. She stated she wasnt sure why the closing amount changed but she thinks it was the amount of money needed to start my escrow account with Chase. I asked her how much was the amount, she stated she did not have that amount but she will get back to me. 

On XX/XX/XXXX XXXX called me stating it was not the escrow account that changed but the payoff loan amount that has changed. She stated when they pulled my credit report initially my payoff loan amount was {$230000.00}. She states they pulled my credit report again and now it shows the payoff amount being {$230000.00}. I proceeded to go online to my current mortgage lender to get the payoff amount statement. It shows the payoff amount is {$230000.00} if payoff date was XX/XX/XXXX. I asked her again where she got this payoff amount from. She states she got it from my mortgage lender, when initially she stated she got this amount from my credit report. I then proceeded the express my concerns that I feel like I am being baited and scammed because the numbers keep changing to more and more for closing costs. She then stated we can bring the {$2200.00} to closing. I then asked her would that be minus the {$500.00} that we already paid for the deposit. She stated no, that would be on top of the {$500.00}. I then asked her for documentation on my payoff loan amount stating {$230000.00} and the closing cost amount needed and an explanation on the discrepancies. She said she would get those documents to me. 

I am to the point I dont want to move forward with chase refinance and want my {$500.00} deposit back. I feel she has been dishonest with me and I would like to take my business elsewhere. 

XXXX XXXX XXXX Lending XXXX XXXX # XXXX XXXX XXXX Client Care Specialist NMLS # XXXX

Company response to consumer: Closed with monetary relief