Consumer complaint received 2020-05-09
Company: JPMORGAN CHASE & CO.
State: FL
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/20 I applied for a $ XXXX HELOC with Chase. On XX/XX/20 we reviewed application and XXXX XXXX submitted. On XX/XX/20 XXXX reached out via email and asked if I could call him that he had a status update, I did. The update was that the underwriter said They couldnt do $ XXXX but the could do $ XXXX. I needed some time to think about this as I was not sure I was happy with the interest rate. I did say I would get back to him end of day however with the current work environment I was unable to and I needed to think about this decision as it is not what I was exactly looking for. On XX/XX/20, XXXX called and emailed me to follow up. Less than two hours later at XXXX I responded to his email that I was unable to call back due to work however I would like to proceed. I never heard back from XXXX until XX/XX/20 @ XXXX I attempted to call him back at XXXX and didnt hear back from XXXX. On XX/XX/20 I sent him a follow up email to see where we were at with the loan process. It was at this point that he told me he could not give updates via email and we need to get on a call. We got on the phone and he proceeded to tell me that I would not be able to get the loan because Chase stopped all HELOC loans ( which was on XX/XX/20, two days after I started this process ) and since I hadnt told him verbally to proceed I was not able to receive loan. However he had a call in with his manager to see if anything could be done. He never got back to me Friday nor respond to my email on Saturday, XX/XX/20. When we finally connected he said sorry nothing could be done and reiterate that he couldnt give sensitive information via email. Well last time I checked saying yes I have an update or no I do not does not include any sensitive information. When I explained that to him on the phone he said we must have to different ideas of status update, funny I have a previous email from him stating I have an update I would like to discuss with you please call me, Not really sure what the difference is there? 

First, I replied to him on XX/XX/20 to proceed. At no point until XXXX did he EVER mention he would need verbal confirmation. Second, he NEVER mentioned any timeline of when he would need me to respond with my decision. Third, he missed my email and completely dropped the ball on any follow up or any clear direction of what was needed. Fourth, he tried to turn his error around on me, that it was my fault he missed my email and didnt get a verbal response which again he NEVER said he would need. Fifth, on XX/XX/20 @ XXXX I emailed his manager with my dissatisfaction with my treatment and he NEVER called or responded to my email. Last, on XX/XX/20 they submit a rejection notice stating the reason for denial was credit score from the consumer credit agency is insufficient for the loan program requirements. Well this wasnt the case when they counter offered so why is it suddenly now? Because he dropped the ball and is covering up his mistakes with the help of his manager. I have been a great customer of Chase but will reconsider this moving forward. They have now put another mark on my credit because of their lack of due diligence. They need to be stopped from treating customers this way and marking peoples credit due to their incompetence.

Company response to consumer: Closed with explanation