Consumer complaint received 2016-10-07
Company: JPMORGAN CHASE & CO.
State: FL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
To Whom It May Concern : After three months of XXXX aggravation we finally closed on the property located at XXXX XXXX XXXX XXXX XXXX XXXX, XXXX We did NOT obtain a mortgage through Chase.. I think it necessary to tell you of the most horrific experience we had with Chase Mortgage. 
After shopping mortgages, they seemed to have the most favorable rate for an owner investor at the time. 
We were introduced to mortgage XXXX, XXXX XXXX XXXX who we thought was professional and efficient. We were so wrong ... .promises, promises and more promises. 
Our main gripe with XXXX XXXX was her inability to return phone calls in a timely fashion and follow up left much to be desired. This is unacceptable at any level. XXXX major error that was made was the insistence of getting a gift letter because our daughter who is living in the property had contributed the {$35000.00} down payment. Reflecting upon this we know now that it is NOT accodording to the guidelines of an investment property and therefore Chase was out of bounds with this. 
In addition Chase notified us that we needed a tenants insurance policy. When this was investigated with our insurance company they told us that our daughter would not be covered because she is on the title and the deed. Chase said how do we know this? They would not take our word or our attorney 's word or send representative to the closing. Therefore, we could not close in good faith to protect our daughter with the wrong type of an insurance policy. It is our daughter who occupies the property with our granddaughter and she would not be covered under a tenant 's policy. Chase knew this all along. The mortgage people at Chase and the underwriters refused to recognize this and not until the 11th hour on day of closing with time being of the essence we refused to lie about the fact that our daughter is not paying rent and they would not go with this true fact. They would not go with the insurance company proposal. We could not postpone the closing at all. Fortunately we are in a position financially where we could write the check for {$200000.00} to close. In addition, the Bank wanted a letter to release an attorney review clause on the contract which XXXX XXXX, 2016 at the last minute. They were requesting XXXX signatures and our attorney said it was null and void at that juncture and completely unnecessary.. 
We lost money on liquidating stocks in a down market to come up with the {$200000.00} needed to close. 
We have lost money on the application fee, the appraisal, the survey and legal fees. How unfair because of the inefficiency of the underwriters and mortgage brokers at Chase. 
Today we were told by a XXXX XXXX XXXX that we would not even receive the {$500.00} application fee because we did not wait for an official letter about rejecting us on the basis of the insurance. Had we waited for a formal letter and not closed on the property we would have been subject to liquidated damages by the owner of the property that we were purchasing. because our contract was XXXX of " time being of the essence ''. 
The lack of knowledge, making full disclosure at the time of application and not returning phone calls in a timely fashion, we feel Chase mortgage should be taken to task. 
XXXX XXXX XXXX was another person in underwriting who also never returned our phone calls. 

In closing, it would be acceptable to us to get reimbursement for all our expenses while transacting. 
There were bank errors that took place, misinformation and many inequities. 
We hope that you will investigate the fraudulent behavior that took place by Chase Mortgage. 
Thank you, Should you need attachments of documents we can scan this to you. I do not know how to attach to this letter XXXX XXXX loan number is XXXX XXXX

Company response to consumer: Closed with explanation