Consumer complaint received 2017-08-16
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In the first week of XXXX we started talk to XXXX at Chase Bank about doing a refinance on our main property. He took down the information and advised that our rate at that time would be 3.275 %. I agreed to proceed with the refinance, in XXXX he advised me that my rate would have to change due to the fact that closing costs exceeded the cap amount of XXXX XXXX dollars and it would violate a law in state of Texas where the closing costs has a cap. He told me that the new rate would be 3.5 %. I agreed to the new rate as the payment did not change tremendously, at the same time I asked XXXX to do a cash out of XXXX XXXX. Nothing was heard again from XXXX or Chase Bank until a week later when he called in to have us sign and provide supporting documents as well as to collect {$500.00} dollars for appraisal fee. After asking if closing costs would be rolled into the loan, he advised that they would, and in result be deducted from the final closing costs. I was a bit reluctant to make the {$500.00} appraisal fee payment, however, I proceeded with this payment with impression I was given that the loan would close on time. After paying the {$500.00} appraisal fee, he advised I would be lock in a rate until XXXX XXXX, 2017. Once again never herd from XXXX or any loan officer from Chase Bank until the first week of XXXX At that time a new loan officer named XXXX was assigned to my loan, he then advised me that underwriting had approved a " Conditional Loan '' but that i needed to send more supporting documents to show that I lived at XXXX XXXX XXXX I proceeded to send in the requested documents which were a copy of my driver license, payroll, electric bill, cell phone, employee information and Insurance information reflecting my address of XXXX XXXX XXXX and in which was uploaded their portal in a timely fashion. On XXXX XXXX XXXX called me back and advised me that none of the information I had submitted had helped me to proof Chase that I currently live there although it was the documents they requested and that underwriters wanted to change my rate once again to 4.375 % as they still felt it was a rental property. Although very frustrated and upset at this point, I told XXXX to give me a day to crunch in numbers and figure out if this would work for my family and I. I called him back ( XXXX XXXX ) and emailed him today to advise we would not continue with the Refi due to Chase not abiding to the original terms and changing them although I had provided everything they requested. The change in the terms they decided to do once again would not be something that would be beneficial for my family and I, therefore, there was no point of refinancing at this point with all they changes they decided to do.At this point, I requested my {$500.00} refund per " Good Faith Estimate '' for appraisal fee as they had changed the terms two times and it was not my fault. XXXX called me and advised they would not provide a {$500.00} appraisal fee refund and stated that this fee was non refundable although again, Chase decided to change the rate even though all the supporting documents they requested were provided .I am requesting for the {$500.00} in appraisal fee to be returned to me ASAP.

Company response to consumer: Closed with explanation