Consumer complaint received 2016-02-17
Company: JPMORGAN CHASE & CO.
State: MI
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
XXXX/XXXX/XXXX : CONDITIONAL APPROVAL LETTER BY CHASE FOR XXXX AT 4.5 % INTEREST ( CURRENT MORTGAGE BALANCE AT THIS TIME WAS XXXX ) WHICH EXPIRED ON XXXX/XXXX/XXXX. 
XXXX/XXXX/XXXX : HOME APPRAISAL. PREVIOUS APPRAISALS DONE IN XXXX WAS FOR XXXX AND IN XXXX FOR XXXX DUE TO DIVORCE. A XXXX COMPLAINT WAS SUBMITTED FOR XXXX APPRAISALS FOR NON PROFESSIONAL CONDUCT PER RECOMMENDATION FROM CHASE AFTER COMPLAINTS WERE MADE TO XXXX XXXX AND XXXX XXXX. 
XXXX/XXXX/XXXX : NOTIFIED THAT MY HOME APPRAISAL WAS LESS THAN EXPECTED ( XXXX RATHER THAN XXXX AS EXPECTED PER XXXX HOME VALUE ESTIMATE ) AND THEREFORE THE AMOUNT OF LOAN WOULD NEED TO BE REDUCED TO XXXX TO PREVENT PMI INSURANCE WHICH WAS GIVEN THE SEAL OF APPROVAL BY ME. 
XXXX/XXXX/XXXX : CONDITIONAL APPROVAL EXPIRED FOR MORTGAGE REFINANCE WHICH ACCORDING TO MY ATTORNEY MADE THE ENTIRE PROCESS NULL AND VOID. XXXX XXXX SITED THE DELAY OF PROCESS WAS DUE TO UNDERWRITING NEED OF APPROVAL. 
XXXX/XXXX/XXXX : FIRST COUNTER OFFER BY CHASE-NOTIFIED PER XXXX XXXX THAT CHASE UNDERWRITING IS DEMANDING FULL PAYMENT OF MY XXXX XXXX ACCOUNT BEFORE CLOSING CAN HAPPEN. THIS WAS A LOAN CONTINGENT OFFER WHICH I ACCEPTED AFTER THINKING ABOUT IT FOR 24 HRS SINCE i WAS BECOMING SUSPICIOUS OF THE PROCESS. XXXX XXXX ASSURED ME WE WOULD CLOSE IN APPROX 10 DAYS TO MAINTAIN THE 60 DAY LOCK FOR INTEREST RATE, DISCOUNT POINTS OR FEES WHICH GOT EXTENDED TO XXXX XXXX DUE TO HOLIDAY TIME. 
XXXX/XXXX/XXXX : 60 DAY APR LOCK EXPIRED WITH NO NOTIFICATION BY CHASE FOR CLOSING DATE. 
XXXX/XXXX/XXXX : EMAIL SENT TO XXXX XXXX AND XXXX XXXX REGARDING BEING IN " REFINANCE LIMBO '' WITH NO WORD OR NOTIFICATION BY CHASE PER PHONE, EMAIL OR MAIL FOR CLOSING XXXX/XXXX/XXXX : NOTIFIED PER XXXX XXXX AFTER EMAIL THAT CHASE UNDERWRITING CHANGED THE TERMS PREVIOUSLY AGREED UPON REQUIRING ALL CREDIT DEBT TO BE PAID CONTINGENT ON CLOSING. DECLINED XXXX COUNTER OFFER. WAS ASSURED BY XXXX THAT MY REFUND WOULD BE ISSUED WITHIN 2-4 WKS. 
XXXX/XXXX/XXXX : DATE OF SECOND COUNTER OFFER NOTICE MAILED TO ME BY XXXX XXXX WHICH WAS REJECTED BY ME ON XXXX/XXXX/XXXX TO XXXX XXXX XXXX/XXXX/XXXX : DATE OF THIS EMAIL BEING SENT TO XXXX XXXX AND NOTIFIED OF COMPLAINT PROCESS TO XXXX. 

CHASE UNDERWRITING WAS DEMANDING ME TO PAY ALL CREDIT CARDS INSTEAD OF THE ONE PREVIOUSLY AGREED UPON WITH MY RETIREMENT IRA ( APPROX XXXX CASH VALUE ) BEFORE BORROWING ANOTHER XXXX TO MY XXXX CURRENT MORTGAGE AMOUNT ( WITH 9 YRS LEFT ON MY CURRENT MORTGAGE WITH CHASE ) WHICH BY THE WAY WAS THE COST OF HOME IMPROVEMENT DONE TO MY HOME ONE YEAR AGO ( NEW ROOFING AND WINDOW REPLACEMENT TO MAINTAIN MY HOME ). THE PAYMENT DEMAND OF ALL CREDIT CARD DEBT PRIOR TO LOAN APPROVAL FOR AN INCREASE OF XXXX REFINANCE LOAN WAS UNREASONABLE WHEN YOU HAVE A GOOD CREDIT SCORES, XXXX OF CASH ASSETS, NO LATE PAYMENT HISTORY, NO OUTSTANDING FINANCIAL JUDGMENTS LIKE BANKRUPTCY OR DEFAULTS AND AVAILABLE HOME EQUITY OF XXXX. MY INTEREST RATE ON MY CREDIT CARDS WERE LESS THAN A 4.5 APR ON A FIXED 15 YR MORTGAGE BY CHASE SO WHY BORROW WITH HIGHER INTEREST RATE?

Company response to consumer: Closed with monetary relief