Consumer complaint received 2021-10-28
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I recently refinanced my mortgage. My original mortgage was with Chase. Trying to get the payoff amount from Chase was nightmarish, requiring long and numerous phone calls. I had to request a payoff for 4 different dates because of delays on the part of the refinance company and/or XXXX. To this date, I am still waiting for Chase to send me, as promised, the payoff sums for XX/XX/XXXX and XX/XX/XXXX. I requested payoff totals for 2 different dates at the same time because I had already experienced unexpected delays in the refinancing process. 

The first payoff amount was {$280000.00}, good through XX/XX/XXXX. ( Pls see attachment ). 

The second payoff amount was {$280000.00}, good through XX/XX/XXXX. ( Pls see attachment. ) The closing date was moved to XX/XX/XXXX. I tried numerous times to get the payoff sums for XX/XX/XXXX and XX/XX/XXXX from Chase, without success. 

On XX/XX/XXXX, I sent Chase {$2700.00} for the XXXX mortgage. The refinance company was supposed to pay off the Chase mortgage on XX/XX/XXXX, but I was concerned they would not ; I was concerned because there had already been a number of other delays. The refinance company advised me to send Chase the XXXX mortgage, assuring me Chase would refund me the money, along with any money in my escrow account, after Chase received the payoff. 

On XX/XX/XXXX the refinance company sent Chase a check for {$280000.00}, according to the records they sent me. According to the information on my Chase online mortgage account, Chase received two checks, totaling {$280000.00}. I can not explain this discrepancy. 

Online, the principal balance for XX/XX/XXXX is indicated as {$280000.00}. This is almost XXXX XXXX dollars LESS than Chase received as payoff for my mortgage. I know that the principal balance and the payoff amount are not usually identical, but it is nevertheless odd that the payoff amount should have increased rather than decreased over time. The 2 payoff sums I did receive from Chase ( for XX/XX/XXXX and XX/XX/XXXX ) indicate that the payoff sum decreases over time. Why then did Chase receive a payoff sum on XX/XX/XXXX that is greater than the payoff sum Chase indicated for XX/XX/XXXX and XX/XX/XXXX? 

I have reached out to Chase several times to find out how they determined the amount of money they sent me as the balance after my account was closed. I have continued to request the payoff sums for XX/XX/XXXX and XX/XX/XXXX To no avail. I am not a mortgage expert, but it seems to me that the payoff Chase received may have been hundreds of dollars more than the payoff sum due. I also paid the sum of {$2700.00} some days before Chase received the payoff sum. If my calculations -- and what the refinance company told me -- are correct, then Chase has kept at least {$3500.00} that belong to me. 

I need clarity on this mortgage account : Chase needs to send a transparent tally of the escrow balance. 

The escrow balance on my Chase mortgage for XX/XX/XXXX indicates a balance of {$17000.00} in one place and {$7600.00} in another ( see attachment ). 

Because Chase did not include any documentation or correspondence whatsoever with the check they issued me, I have no idea how they arrived at the sum of {$9100.00}. 

Chase simply mailed me a check for {$9100.00}. With no indication how they arrived at the sum. 

I would really like the CFPB to look into this to make sure this lack of transparency is not a system-wide problem. Such opacity is extremely conducive to criminality. 

Thank you very much for your time and help

Company response to consumer: Closed with explanation