Consumer complaint received 2016-11-30
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I applied for a home loan with Mortgage banker ( location XXXX XXXX XXXX XXXX XXXX NY XXXX ) at JP Morgan Chase and as first time home buyer and a chase customer on XXXX XXXX 2016. I was given a preapproval letter by him starting at a rate of 3.25 %. I received an call on XXXX XXXX by XXXX XXXX in the afternoon that after the elections the rate is going to go higher I need to come into the branch immediately to locked in rate at 3.375 % on XXXX XXXX. The Mortgage officer XXXX XXXX also wanted changes made to the way I was getting paid ( XXXX vs XXXX ) which were addressed with a great hassle with my employer after XXXX XXXX and my employer spoke. Once I am ready to sign the contract the Mortgage broker told me that the paper work is not complete and he will not be able to do the loan. Then I called his supervisor XXXX XXXX and her boss XXXX XXXX XXXX, both of whom after talking to them for the first time seemed that this is the usual state of affairs at Chase and they were actually defending the Broker without even knowing how much pain and suffering we as a family had to go through because of this gentleman as I had to tell the seller that my loan and the locked in rate was not being honored by Chase. I approached XXXX different banks the very day I was told that Chase is not able to do my loan unfortunately at a higher rate as I was 4 weeks late due to Chases false assurances and lost the house and my family with XXXX small children would have nowhere to go as we had already planned to move ahead with everything. I did receive a call From XXXX XXXX XXXX stating that everything that XXXX XXXX did was protocol and company policy based. When I asked him to share the policy with me regarding locking in mortgage rates ( as he said I need an executed contract to lock in the rate ) and he said he will not be able to email them to me as they do n't share these with the customers even if it is pertinent to me. So as per Chase policy you need to sign a contract and pay all legal fees and then go to them to lock in the rate to a loan which they may or may not approve. He told me that I had lost a great opportunity in securing a great rate from Chase as I did not act fast enough and when I again brought in the issue that I applied for this loan XXXX XXXX and was locked in by their Mortgage officer which was a lie as I came to know that my case was never sent to an underwriter till I involved XXXX XXXX and XXXX XXXX. I was never informed that I need to actually have an executed contract to get a loan from chase. Above all XXXX XXXX told me that I was completely wrong, his employee was totally right, never did he use the term SORRY or we will make amends with anything and told me to wait till the underwriter gets back to him and he will be approving my loan or not. I just wanted to se if this is the way that you employees need to treat there customers and make to feel like that they are doing them a favor by giving them loans. As a first time home buyer and a long time chase customer I am very disappointed and would like to take my business to a bank who appreciate me and my family.

Company response to consumer: Closed with explanation