Consumer complaint received 2016-09-13
Company: JPMORGAN CHASE & CO.
State: OH
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
I 'd like to lodge a complaint about the service and the subsequent underhanded methods employed by XXXX Ohio. From failing to meet mandated federal guidelines and underhanded tactics to ultimately force me to use them or possibly lose my home. 

Background I went to the bank to get some documents notarized where a bank employee introduced me to the Loan Officer. I mentioned that I was working with a Mortgage Company getting an FHA Loan. He asked why FHA and I told him I had a previous Foreclosure and it was the only option. He said I could do Conventional with 10 % down with him. 

XXXX XXXX was pleasant enough taking my application while he was on vacation right around XXXX XXXX 2016. I thought this was a very good sign and we had several weeks to go before our closing on XXXX XXXX, 2016. Unfortunately, that was the last level of service I received through the entire process. 

Any request from me was turned around within minutes and at the latest a couple of hours. My wife and I have done well to maintain a high credit score ( XXXX over XXXX ) even with a past foreclosure. However, I wanted to make sure we received the approval or rejection early because our landlord had an opportunity to rent our current home and not charge us an extra month of rent. We were absolutely positive we could qualify for a FHA as a back-up. 

Between the days off and no return calls from XXXX, his Manager and the Processor I was in a constant state of confusion as to where we were in the process. I received XXXX call from my Loan Processer to introduce herself and that was it. On the XXXX of XXXX I received a letter requesting documentation for the loan and it stated the information must be here by XXXX XXXX in order to make your closing on the XXXX. The letter itself had a XXXX XXXX date on it, strange, but true.??? 

The problems they caused other than the emotional distress which I believe they should be held accountable : 1 ) I was informed from my realtor we were not going to make our scheduled closing date, because she called XXXX Manager because XXXX was not returning calls. 
2 ) When they did finally switch products on XXXX XXXX when I was verbally quoted rates they continuously delayed providing me the XXXX. I was requesting daily until they were sent to me on XXXX XXXX via fax. Federal guidelines state I should have the Loan Estimate within 3 days of changing products. Knowing that I needed to close quickly in order to avoid losing faith with my seller or at least having to pay another month 's mortgage to the seller, it seemed like the delay was calculated based on my closing window. This could have all been avoided had they switched the product from a Conventional to an FHA several weeks earlier which they had plenty of time had any follow-up been done by the loan officer. 
3 ) The final insult was from the Customer Resolution Department. They notified me after I had decided to work with another Mortgage provider and apologized about my experience at JP Morgan Chase. They said they would look into reimbursing me the cost incurred ( {$1800.00} for additional Rent and {$1900.00} paid to my seller for missing our close date by nearly 30 days ). I was told I would hear in a day and as expected it took over a week and the Senior Manager 's decided they did n't need to reimburse us.I did n't expect they would do the right thing, but I held a glimmer of faith in their humanity. 

At the very least I would like to recoup the costs incurred for rent and the mortgage payments and see Chase get the proper sanctions for the unethical tactics employed during this process. 
I will be more than happy to provide all the documentation associated with this activity. 

Regards, XXXX XXXX XXXX XXXX XXXX XXXX XXXX, OH XXXX XXXX XXXX

Company response to consumer: Closed with explanation