Consumer complaint received 2020-04-16
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
This complaint involves my ( XXXX XXXX XXXX dob XX/XX/XXXX ) application to JPM Chase mortgage lending for a HELOC. Essentially, after representing to me that I qualified for a HELOC - pending a residential home appraisal - Chase then required I spend nearly two ( 2 ) months supplying information and documents ( including requiring I go out into Covid-19 stricken areas ). At the end of delays, obfuscation and repeated requests for the same information, Chase obtained an appraisal showing the value of the collateral was almost exactly the amount I estimated. However Chase the admitted it misrepresented what Chase considered income and continued to drag out the process. I asked that Chase immediately supply me all the information it had gathered as I had found a real bank - but Chase refused. 

The key dates are : XX/XX/XXXX - date of initial application XX/XX/XXXX - date Chase required I go throught the application process again ; XX/XX/XXXX - date I asked to be able to speak to anyone at Chase that would give me a straight answer ; XX/XX/XXXX - date a XXXX XXXX, represented to be a supervisor, asked again for the very information I had provided numerous times before and then changed the requirements ; XX/XX/XXXX - date on which I sent an email to XXXX XXXX, XXXX XXXX, XXXX XXXX and XXXX XXXX setting forth in detail the facts summarized above and requesting that any of those four ( 4 ) individuals who were principals in the handling of the " application '' provide any factual dispute with the facts as I recited them - to date I have received no response. 

Copied below is the email of XX/XX/XXXX : Loan Application XXXX XXXX XXXX XXXX Sun, XXXX XXXX, XXXX XXXX ( 4 days ago ) to XXXX, XXXX, XXXX, XXXX Dear Chase employees - I am sending this email as a factual representation prior to seeking legal and agency review of the misrepresentations and deceptive conduct on the part of each of you in handling the referenced loan. I am sending this to provide a full and complete opportunity for each of you to provide what you believe are accurate facts that dispute those that I set forth. Unless I hear from you by the close of business ( XXXX XXXX CDT on XX/XX/XXXX ) I will represent to any reviewing authority that Chase adopts and ratifies this factual recitation : 1. I, XXXX XXXX XXXX have been a banking and credit card customer of XXXX Chase for over 20 years. I have been a good customer. Chase previously extended to me a home equity loan on the property at XXXX XXXX XXXX XXXX  XXXX, XXXX XXXX XXXX Tx. XXXX. All payments were made timely timely, the loan repaid in full and Chase made a tidy profit. 

2. On Wednesday, XX/XX/XXXX in response to a promotion/offer extended by Chase through its website for customers I telephoned the number provided and spoke with a XXXX XXXX. During that conversation I began by carefully and painstakingly explained that I previously experienced difficulty when I responded to a promotion from XXXX only to learn that XXXX considered a simple phone call to a formal application and initiated a " hard inquiry '' to the credit score agencies. I further carefully and in great detail explained that I did not wish to proceed absent some indication from Chase whether I met the numerous and hidden criteria Chase uses to make a credit decision. I further carefully explained my income situation and the two main sources of money that came in ( not how money that " comes in '' is another way of saying in come ). I was told I met the criteria for the {$75000.00} HELOC I requested. I was told to set a time on Tuesday, XX/XX/XXXX to " finalize the application. '' 3. When I spoke with Ms. XXXX on the XXXX I was told that the system was down and that I should proceed online. I then spoke with an XXXX XXXX. Once again I went over in great detail the value of the collateral - the insurance, title, flood and income situation. I specifically noted that the income from the Texas XXXX XXXX program was a one time payment but that i have been accepted into the follow on program the XXXX XXXX  program. Not only did no Chase employee indicate that this money which " came in '' was not income - no Chase employee has ever bothered to share with its customer what definitions it uses for income. Chase did repeatedly, consistently lead me to believe that the only matter to resolve was the value of the property. 

4. On XX/XX/XXXX a Mr. XXXX conducted a detailed in person inspection/appraisal of the premises at XXXX XXXX XXXX XXXX He appraised the value of the collateral at {$240000.00}. During my initial conversations with Ms. XXXX and Ms. XXXX I estimated the vale of the house at {$250000.00}. So, as with the income, insurance, title, flood and all related matters every representation I made was true and accurate. 

5. However, for 6 weeks Chase repeatedly ignored my calls and emails other than to request that I venture forth in a pandemic to send to Chase the same documents I had previously sent - both by fax and email. For six ( 6 ) weeks I complied with every request. 

6. After being subject to misrepresentations, statements that Chase was incompetent to do business in a professional manner, repeated email saying Chase was " out of the office '' I requested via email to speak to someone in the income verification department. Not surprisingly Chase is unable to honor a simple request from a customer to speak to a live human with a representative that has knowledge and authority.

7. Finally I contacted another individual who was represented to be a " supervisor ''. This person was a XXXX XXXX. I requested that Chase immediately release to me all file materials, specifically including the appraisal report and engagement letter for Mr. XXXX. I informed Chase that there are real banks capable of doing business. To date I have not received a formal written reply to this simple request. What is Chase hiding? Why is Chase ashamed of it's business practices? 

The wrongful conduct of Chase cost me health, money and time. All I requested of Chase was honesty. It is clear that Chase is a dishonest enterprise. 

I look forward to any of you providing your version of facts. 

XXXX XXXX XXXX

Company response to consumer: Closed with explanation