Consumer complaint received 2020-10-15
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
This claim is in regards to the claim response I received on XX/XX/XXXX. Evidence had been provided for to show how the bank was lying on their behavior.

The company 's response on my previous claim was totally lying and cheating, struggling to put off their responsibility, and their response does not follow the basic logic. It's so bad such a big bank do things like that, let 's take a look at this one by one : 1. The most funny things is, the company said it's was provided a higher rate and because later I requested a lower rate so it delayed their process. Let 's look into the logic here, the market rate are changing everyday, whatever I got on the pre-approval letter will not be the final, that's the rule of thumb, how can I request a lower rate? It's whatever the market rate at that time was, and the agent came in and lock in the final rate for me when everything else is cleared. I can not request lower rate, I  can not go in and lock the rate, everything was processed by the agent XXXX XXXX. And locking the rate when able to is just a natural process, we did not lock in the rate by the projected closing date is because you don't get things done to that step yet, far away off ... .Will provide evidence and talk about this later. To make long story short, when I was at the step to lock the rate, the market rate floated down which was a change, this is always the case in every mortgage applications, just re-calculate all the numbers, it should not be the consumer 's responsibility to delay the process, it's just how the market and process goes, which is the same case on every application, I did not request, the agent lock the rate whenever she is able to. I don't know where the company 's words are coming from, just struggled to not to pay. 2. In fact, the company said the projected closing was on XX/XX/XXXX, I did ask about if we can lock the rate for this mortgage on XXXX, as the market rate was good, I want to ask if we can lock it, however, the response was we are far away off from locking the rate yet, I've uploaded the chat history and XXXX XXXX 's voice response as well, she had made it clear that it was Chase 's problem of processing it very slow, rate will be good, there's no need to worry about locking it right now, the processing is very slow and we are far away, will not be as fast as you think. Take a look into the evidence. The process of locking the rate was controlled by the agent, not me, and we know the reason why we are slow on the application processing. 3. Let 's take a look at the most funny things here, the  projected date by the company was XX/XX/XXXX, let 's take a look at what the company was doing by that time. I luckily saved the emails communications with agent XXXX XXXX and please refer to the attachment email, I got the email from this agent on XX/XX/XXXX, asking for some missing documentation or more documentations, please noted that I response to conditions almost right away, the pay-off screenshots are being sent back to my agent right away after the request and they said no documentation received ... .Monthly statement can only be retrieved at certain time which is not possible for a immediate response so they've clarified they accepted screenshots. There're a lot of things like this which make me think their team is really incompetent and don't know what they need and what they are doing. There're many back and forth redundant processes like this which is not needed. Please also noted that the original condition had all been submitted by XX/XX/XXXX, which is within 2 business days of the XXXX condition request, it took them 3 weeks to figure out what they still need. and due to their slow process, they needed keep reviewing the latest activity as they were not able to finish processing on time and the documentation kept getting out of date, which had caused a lot of work and frustration for me and extremely overwhelming. Long story short, we say that the email had indicated clearly that, Chase was not able to clear the condition upon my immediate response on their request on XX/XX/XXXX, so what's the reason causing them not able to close on XX/XX/XXXX? The answer is very clear and straight forward, they are not able to meet the projected closing as they were slow, had nothing to do with the interest rate change, as we are far way off locking the interest rate. 3. The company had indicated that the agent locked the interest rate on XXXX, which means that's the date we are able to lock the interest rate, which was already way past the projected closing date, so how could that be me delaying the process by locking the interest rate? The logic here is, if you say I lock the rate by XX/XX/XXXX, which delay the process for XX/XX/XXXX, that could be reasonable, we locked the rate on XXXX, what's that mean? You were not even close to meet the XX/XX/XXXX closing!! Not even close .... More funny things are, they said rate change can not be within 10 days of closing, the case here is, we lock the rate passed the closing because they are not able to close, and also, the actual closing date was XX/XX/XXXX, which means I did that early enough based upon the real closing date, and they are struggling to say it has to match the projected closing date, how does that work? It's really a joke of their behavior. 4. The company had quite a few dishonest behaviors in this process which dramatically ruined the reputation of the Chase bank. First, they responded to my previous claim about this issue with a closing guarantee rules, which never been disclosed and communicated before the application ( you said you did, please provide evidence ), that's dishonest behavior one, they put the advertisement online saying they will guarantee the closing but they did not tell they can do everything they can, including changing the rules to disqualify you, that's cheating on the customer, totally cheating, they should not post that closing guarantee online which is misleading statement. Secondly, they tried to stretch the reason of delay to the interest rate change reason which is stupid as the interest rate change is normal on everyday basis and we locked in the rate in-time for processing on XXXX which after that it still caused them 20 days until final processing. Requesting the locking of rate should not be the delay reason as well as we can only lock it when we can, when the process is up to certain status. If not, it's the misleading activity by the agent XXXX XXXX, which I had clearly indicated in the message of communication as the attachment to this claim. Thirdly, logically speaking, the within 10 days of closing, no interest rate change should be comparing to the actual closing for sure, no doubt. They are stretching to compare it to the XX/XX/XXXX projected closing which is a joke, it's not even comparable!!! It past the date, means something is happening that they've already missed the date!! They way they did this is extremely a dishonest behavior. Finally, the evidence I've provided, they should also had access of, they said they talked to my agent and the team, they still determined to give me a stupid response like this is really dishonest. To clarify, they know they were far off being able to close it on time, they know they are still asking for documentations by XX/XX/XXXX, they still chose to say because I requested the interest rate change causing the delay, their point has nowhere to stand and they still chose to say that. So far we had gone through how Chase bank had cheated through their customers on closing guarantee, after trapped you in, find a way to disqualify you and even when you file a claim, they are still stretching the reason in dishonest way and struggling not to pay for it.

Company response to consumer: Closed with explanation