Consumer complaint received 2015-07-23
Company: JPMORGAN CHASE & CO.
State: NY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
JPMorgan Chase is XXXX of XXXX banks that recently pleaded guilty to an array of antitrust and fraud charges. It is the XXXX-largest U.S. mortgage lender, although it now has a new mortgage strategy. The bank pays closer attention to the credit quality of the borrowers, favoring " jumbo loans '' that are so big that government agencies will not guarantee or insure them. The borrowers must be very wealthy. What about the average American seeking a mortgage from JPMorgan Chase? 

XX/XX/2015 my daughter, with a credit score of XXXX, inquired about a mortgage for a house in Illinois. In view of the fact that her annual salary at her new place of work would be only {$30000.00}, she was told by a Chase mortgage banker that she needed me, her father, as a co-borrower. My annual income is approximately XXXX with assets in the neighborhood of XXXX. My daughter and I proceeded together and were informed in writing on XXXX XXXX, 2015 that our home financing experience would be " simple and stress-free from start to finish. " For the next two months my daughter and I were inundated with requests for data and information. It was a massive invasion of our privacy. My financial records for several years were required, telling JPMorgan Chase what I buy, where my purchases are made, and who receives money from me. The height of absurdity was reached when the Loan Processor and the Mortgage Banker wanted to know in writing why a credit report had XXXX first names for me, XXXX and XXXX. 

On XXXX XXXX, 2015, my daughter and I signed a mortgage application. The closing date for the purchase of our house was on or before XXXX XXXX, 2015. Several weeks before the closing date our realtor reached out to our lender for information about financing. The real estate agent informed me that she had had not heard back from the mortgage broker. My daughter and I subsequently received a Mortgage Commitment Letter dated XXXX XXXX, 2015, which was conditional upon fulfillment of XXXX conditions. XXXX condition ( pay stubs from my daughter 's employer for thirty days ) was impossible to meet by the closing date of XXXX XXXX, 2015, or by the XXXX XXXX expiration date of the Commitment Letter. The Mortgage Banker knew from a document e-mailed to him on XXXX XXXX, 2015, that my daughter 's three-year contract would not begin until XXXX XXXX, 2015. 

Needless to say, my daughter and I did not sign the Commitment Letter. I purchased the new home with cash by selling all of my JPMorgan Chase equities, which in ten months had increased in value by only XXXX percent, and by selling some of my XXXX XXXX holdings, which had increased in value by XXXX percent during the same time period. JPMorgan responded by taking {$450.00} from my daughter 's checking account for having " voluntarily '' withdrawn from an " approved loan. '' Our experience with JPMorgan Chase supports the conclusion of U.S. Attorney General XXXX XXXX that JPMorgan chases profits without regard to fairness, to the law, or to the public welfare.

Company response to consumer: Closed with explanation