Consumer complaint received 2015-12-26
Company: JPMORGAN CHASE & CO.
State: VA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
I am a XXXX XXXX veteran. In XXXX 2015 I began the process of refinancing my home converting my 30 year mortgage to a 15 year VA mortgage. It was during my refinancing process with XXXX XXXX that I became aware of what I believe to be predatory mortgage servicing practices by Chase Mortgage. XXXX Bank asked me to provide an explanation of why my mortgage payments to Chase were reported late thirty-six ( 36 ) times from XX/XX/XXXX-XX/XX/XXXX. My mortgage payments were due no later than the XXXX of each month and to my recollection my payments had been late only a few times and surely no more than two days late if they were late. 

I contacted Chase Mortgage on XX/XX/2015. During my conversation with Chase Mortgage representative, XXXX, I was informed Chase processes mortgage payments on the XXXX of each month at XXXX XXXX Eastern Standard Time and any payment received on XX/XX/XXXX but after XXXX XXXX was considered late, and a late fee of {$130.00} was assessed to my account. I have never received any correspondence from Chase Mortgage explaining or informing me of this policy. The first time I became aware of this practice was during my Chase Mortgage.conversation on XX/XX/XXXX with XXXX. I have been charged over {$3200.00} in late fees by Chase. 

A review of my XX/XX/XXXX-XX/XX/XXXX mortgage payment record with XXXX revealed 25 payments were made on XX/XX/XXXX, six on XX/XX/XXXX, four on XX/XX/XXXX and one on XX/XX/XXXX. All payments paid on XX/XX/XXXX were assessed a late fee. Furthermore, a review of my credit report during this period shows three payments received on XX/XX/XXXX being reported as 30 days late and one received on XX/XX/XXXX also reported as 30 days late. No payments received on the XXXX of the month were reported late on my credit report. 

On XXXX/XXXX/2015 I contacted Chase and talked with Chase representative, XXXX, concerning the number of 30 day late payments reported to the XXXX major credit bureaus by Chase against me. " How '', I asked XXXX, " can my mortgage payment be reported 30 days late when it is received no later than XX/XX/XXXX. '' XXXX told me, " Chase reports you 30 days late if the payment is received on the second. Your 30 day period is calculated from the XXXX of the previous month to the XXXX of the next month. '' I told XXXX, " If my mortgage is due on the XXXX, it ca n't be 30 days late until the XXXX of the next month. The way Chase reports you being late, one is, in essence, paying their mortgage a month ahead. This is not fair. '' XXXX 's reply, '' That 's the way Chase does business. '' This practice by Chase is unfair, is found no where in my Chase mortgage documents and is still negatively impacting my credit score. Furthermore, all correspondence I have received from Chase mortgage related to my complaint only address their right to assess late fees. They never address the number of reported 30 day late payments or how they calculate their 30 day period. 

My initial complaint was sent to the Office of the Comptroller of the Currency, who, in a letter, stated they referred my case to your office because my complaint " appears to involve an issue that no longer falls under the direct jurisdiction of our office. '' Your office has no record of this referral. 
Request you investigate the way Chase has reported my payments being 30 days late.

Company response to consumer: Closed with explanation