Consumer complaint received 2016-11-19
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
Here is my complaint to Chase Bank- But 2 weeks ago as we were getting ready to close on XX/XX/XXXX I was getting updates from XXXX saying everything is in review, following procedures, and in underwriting. I was very nervous and anxious as I am in XXXX and was going to need to fly out to close on the property but I could not book a flight until everything was finalized with Chase. Then finally at XXXX pacific time on Friday XX/XX/XXXX one business day before closing XXXX called to say everything has been completed and everything is good to go, go ahead and book your flight. 

So I had to book a last second flight for Monday XX/XX/XXXX the day of closing. My anticipation was that I would close XX/XX/XXXX, receive the keys and be able to show the property during the week. Then after booking my flight and flying to XXXX the morning of XXXX I received a phone call from Chase saying that everything was not done and the loan was being put on hold. I had a break in service with my employer but was always going to be returning but it wasnt until the morning of XX/XX/XXXX that Chase decided to reach out to my employer. Why this was done at the last possible second I dont know. From speaking to XXXX and others in the industry this is something that should have been done 5 to 10 business days before hand. But I guess since everything didnt get finished until the last possible second there was not an opportunity to verify my employment until the day of closing. So then I was stuck in XXXX in limbo with no property totally stressed out, no place to stay and extremely upset as you can imagine. During the whole process there never seemed to be any urgency on the part of Chase and I was constantly waiting for updates and being told under review.Thankfully the seller was able to wait another 5 days as he could have pulled the deal off the table. 

Chase was then able to verify my employment after speaking to my employer and getting a clearer picture on what happened. But then again it wasnt until late Thursday XX/XX/XXXX that XXXX said everything was completed and the file was sent to the closing department. Again there didnt seem to be any sense of urgency on Chase 's part keeping me waiting until the last possible second. 

In the meantime I had a seller who was also in limbo and upset and I had to turn away a number of potential renters many of whom I had already lined up to view the property before I even flew out to XXXX. 

So then we came to Friday and we were ready to close only to find out that the closing department had never heard of a XXXX exchange which is what I was doing to buy the property. Even the supervisor of the closing department XXXX said she didnt know what a XXXX exchange was! The supervisor! ( I hope you know what a XXXX exchange is ) This was known by Chase from day one and Chase had even requested and received documents from the exchange company during underwriting. So of course this caused yet another major problem as my agent and I were already at the closing office ready to close at XXXX as planned. The sellers agent was ready to close and he had planed a vacation and was wanting to leave town Friday afternoon. So everybody was left in limbo while Chase tried to figure out what a XXXX exchange was. The seller was furious and waiting and I was loosing my mind. My agent had to make multiple calls to XXXX in the closing department as he could not even get through most of this time. We were running up a

Company response to consumer: Closed with explanation