Consumer complaint received 2016-10-23
Company: JPMORGAN CHASE & CO.
State: IL
Product: Mortgage
Sub-product: Other mortgage
Issue: Application, originator, mortgage broker

Complaint:
Describe what happened so we can understand the issue ... 
JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC continue to abuse consumers in the mortgage market by practicing unfair, abusive, or deceptive lending and servicing practices. JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC failed to provide Notification of Sale or Transfer of Mortgage Loans -- 12 CFR 1026.39 as outlined in Subpart XXXX - Special Rules for Certain Mortgage Transactions. 

CFPB Laws and Regulations TILA Prohibited Acts or Practices in Connection With Credit Secured by a Consumer 's Dwelling -- 12 CFR 1026.36. 
Notification of Sale or Transfer of Mortgage Loans -- 12 CFR 1026.39 " Notice of new owner : No later than 30 calendar days after the date on which a mortgage loan is acquired by or otherwise sold, assigned, or otherwise transferred to a third party, the " covered person '' shall notify the consumer clearly and conspicuously in writing, in a form that the consumer may keep, of such transfer and include : identification of the loan that was sold, assigned, or otherwise transferred ; name, address, and telephone number of the covered person ; date of transfer ; name, address, and telephone number of an agent or party having authority, on behalf of the covered person, to receive notice of the right to rescind and resolve issues concerning the consumer 's payments on the mortgage loan ; location where transfer of ownership of the debt to the covered person is or may be recorded in public records or, alternatively, that the transfer of ownership has not been recorded in public records at the time the disclosure is provided ; and at the option of the covered person, any other information regarding the transaction. '' Per the TILA Act, JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC violated the regulations set forth in Notification of Sale or Transfer of Mortgage Loans -- 12 CFR 1026.39 of this Act in respect to the Notification of Sale or Transfer of Mortgage Loans of the subject property. The consumer that resides at the subject property never received the notice of the new owner from JPMorgan Chase Bank NA, Chase Home Finance , LLC or its affiliates. 
Per the TILA Act, JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC violated the regulations set forth in Notification of Sale or Transfer of Mortgage Loans -- 12 CFR 1026.39 of this Act in respect to the Notification of Sale or Transfer of Mortgage Loans of the subject property. The consumer that resides at the subject property was never made aware of the initial servicer change from Chase Home Finance LLC to Ascension Capital Group between XXXX XXXX, XXXX and XXXX XXXX, XXXX. In Chase Home Finance LLC 's Motion to Modify the Automatic Stay, Chase Home Finance LLC states that they are party that " services the first mortgage lien on the property '' on XXXX XXXX, XXXX in US Bankruptcy Court. 
Furthermore, Chase Home Finance LLC failed to inform the consumer of second servicer change to XXXX XXXX XXXX from Chase Home Finance within the thirty calendar day window. The consumer received written notice on XXXX XXXX, XXXX and the servicer change was effective XXXX XXXX, XXXX. 
.The revisions of Regulation Z have banned unfair, abusive and deceptive lending and servicing practices ; however, furthering its predatory lending and servicing practices, JPMorgan Chase Bank , NA and Chase Home Finance , LLC continue to violate CFPB Laws and Regulations TILA and Prohibited Acts or Practices in Connection With Credit Secured by a Consumer Dwelling-12 CFR 1026.36. 
JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC 's predatory lending and servicing practices should be investigated by the FBI Mortgage Fraud Unit and the Bank and its affiliate should face significant Civil Penalties.

Company response to consumer: Closed with explanation