Consumer complaint received 2017-01-31
Company: JPMORGAN CHASE & CO.
State: IL
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I have been working with Chase and applied to convert my " adjustable '' home equity line with them to a 30 Year XXXX % mortgage beginning last summer-XXXX. Due to the overwhelming number of loan applications, I was told that the processing would take longer than unusual do to their excessive amount of mortgages being financed or refinanced. I was not overly concerned as my home equity rate was still lower than the proposed 3 % rate that I was applying for. I had been in regular contact with XXXX ( nice lady ) of the XXXX branch and was assured that the loan application process was moving forward. I actually went into her office on at least 3 occasions to present additional information as it was requested. Initially she needed a 6 month business P & L statement and as time progressed they requested a 9 month statement-which was provided to her. After reviewing my last 3 years of tax returns, they asked for copies of my XXXX of which I was a XXXX. Unfortunately several of the XXXX had never been supplied to me and I informed XXXX that they were for minimum or no gains and had basically lost most of the money that I had XXXX. I was unaware of any possible problems up to this point, which is when the situation began to drastically change. To summarize the deposition of the XXXX in question : XXXX was an investment group that dissolved in XXXX ( I had only owned XXXX % of this group ) XXXX was a XXXX that 's been in the process of being dissolved and I 've received {$0.00} payments or income for the last 8 years ( only owed 2.5 % or this investment ) Integral Partners has not produced a XXXX for the past 2 years and in the process of BK ( only owed XXXX % of this investment ) XXXX XXXX XXXX ( XXXX % share owner ) part of an investment of XXXX of which I was a XXXX. 

As recently as XX/XX/2016, I had received an email from XXXX stating that my application had been in underwriting for 16 business days-which surprised me since I had begun the loan application process more than 90 days prior. Once again I was assured that they had been " swamped '' with numerous loan applications, however I was not concerned as the process appeared to be continuing to move forward. On XXXX, XXXX and I exchanged several emails indicating that to the best of her knowledge-they had all the necessary documents ( 4 ) in response to my question about " what does suspended mean? ( 5 ) ''. Additionally on XXXX Chase mailed me a letter ( A ) stating that I had until XXXX to submit the additional documentation on the XXXX mentioned above, so I promptly went to visit XXXX on XXXX with FULL tax return information as filed with the IRS for the previous 3 years and to allowed her once again to make copies of ANYTHING that she needed. It was during this meeting with XXXX that she mentioned ( somewhat embarrassingly that my application had been in " processing '' for 150 days ( or something to that effect ). I knew it had been a long time, but this was the first mention of anything possibly negative regarding the process. Nothing else was said, but she outlined exactly what I needed to get from my accountant ( M ). 

On XXXX, I forwarded all the information from my accountant-XXXX ( XXXX ) to complete their files-still well before the " due '' date of XXXX. Unfortunately, during the time between XXXX and XXXX, Chase sent me another letter ( XXXX ) dated XX/XX/2016 stating " confirming my decision to withdraw my application as requested ''. At that time I was still discussing the additional information with XXXX and NEVER said or implied anything to the contrary. It was after realizing that the situation was beyond XXXX level,, that I contacted XXXX ( XXXX ). Thank you

Company response to consumer: Closed with explanation