Consumer complaint received 2018-11-16
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Greetings, My wife and I are in the process of buying a new home in XXXX XXXX, Texas and chose CHASE as our home loan provider. 

We had already made several contract offers on several homes over the past weeks and had been receding a GOOD CUSTOMER SERVICE EXPERIENCE working with CHASE employee XXXX XXXX / XXXX XXXX  adviser INMLSID XXXX, XXXX, XXXX However on our current contract offer, my wife and I provided the Sellers Agent with a written contract offer of {$550000.00} on a home that had been on the market for 88 days and listed at {$620000.00}. My wife and I included paying all normal Sellers cost 's like the loan title policy, survey, resale certificate and Sellers not paying the 3 % realtor fee to the buyers agent since a family member of ours was writing the contract. All of these efforts were to entice the Sellers to accept our offer of {$550000.00} knowing we were at our maximum purchasing limit. 

Upon submission and review of our written contract to the Sellers Agent, the only request back from the Sellers agent was for a pre qualification letter for the purchase price of {$550000.00}. 

My wife emailed XXXX XXXX in writing requesting a pre qualification letter for {$550000.00} HIGHLIGHTED IN YELLOW. 

What we received back without knowing was a pre qualification letter for {$560000.00}. I unknowing sent the letter to the Sellers agent assuming I was working with a trusted professional. 

Once I realized what CHASE had done, I immediately panicked and realized CHASE had exposed us qualifying for a higher loan amount than offered to the sellers in the contract and took away our ability to negotiate for the best price. 

I immediately called XXXX XXXX and explained to her what she had did was in direct conflict with what my wife had requested in writing. 

XXXX XXXX, stated " O, sorry I will get that corrected for you and send you another letter ''. 

I called the Sellers agent and stated CHASE had made an error and stated we were qualified for a {$550000.00} loan amount and to please not send the letter to the Sellers. The Selling agent stated " Sorry, I have already sent it ''. 

I contacted XXXX XXXX back and requested she provide the Sellers agent with the corrected pre qualification loan letter reflecting the {$550000.00} offer and to please explain this was an error on CHASES behave, which she did. 

Well as expected the Sellers countered our offer and agree to sale us the house for {$560000.00}. 

CHASE jeopardized our negotiating power and left us in a no win situation other than to accept the counter offer knowing there was no way to convince the Sellers that we really were not pre qualified for a {$560000.00} loan. 

My wife and I are now in the loan process with CHASE and expecting to close on XX/XX/2018. 

My wife and I complained to the Supervisor of XXXX XXXX, XXXX XXXX, NMLS ID XXXX, XXXX, XXXX about this huge costly error on CHASES part which cost us an additional {$10000.00} dollars. 

XXXX XXXX informed us that CHASE would only offer us a {$3300.00} lender credit for the error. 

My wife and I then contacted XXXX XXXX XXXX  supervisor, XXXX XXXX VP-Senior XXXX XXXX Manager, NMLS ID XXXX, XXXX, XXXX XXXX was very " matter of the fact '' about the issue and stated CHASE was only offering us a {$3300.00} lender credit and nothing else. XXXX stated this was his decision and stands by it after speaking with Financing. 

XXXX deflected from the real problem and stated in writing that CHASE did not obligate or commit us to pay $ XXXX for the home and insinuated we were to blame for accepting the Sellers counter offer of {$560000.00} and not negotiating better. 

XXXX knows our backs are against the wall with requesting a very short closing date ofXX/XX/2018.I also expressed my concern of being retaliated against by CHASE and not processing our loan in time for complaining. 

My wife and I fill that we have been treated unfairly by CHASE and want to resolve this issue in a fair and amicable way. 

XXXX 's offer of only a {$3300.00} lender credit over a {$10000.00} dollar CHASE error leaves us expected to eat a {$6600.00} loss. 

Additionally the CHASE error added {$8000.00} more dollars to our mortgage. 

Thank you, XXXX XXXX XXXX XXXX

Company response to consumer: Closed with monetary relief