Consumer complaint received 2023-06-02
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
XXXX XXXX Chase Bank XX/XX/XXXX XXXX XXXX XXXX XXXX XXXX, New York XXXX Attention : XXXX XXXX, Chairman of the Board I am writing this letter to Chase Bank to demand the closing of our loan application pursuant to Loan ID XXXX. The reason for this request is that we suspect fraud on behalf of the agent in charge of my account, XXXX XXXX, and Chase Bank. I am not an attorney but have been a business executive for over 50 years. My experience tells me that the circumstances surrounding the processing of my wifes and my loan application are suspect. I am going to outline the facts as I see them which has lead me to further authenticate my concerns and urge you to act on this matter before I seek legal counsel : XXXX. Original online contact date to start the loan application. I work in the Country of Mexico but had access to all documentation needed for this loan application. We fully informed XXXX XXXX that we would be out of the XXXX until XX/XX/XXXX. 
XX/XX/XXXX Confirmation of Terms and Rate Lock. XXXX ARM with Initial Rate : 2.87 %. 
XX/XX/XXXX XXXX requested XXXX loan documents were submitted by the end of XX/XX/XXXX. 
XX/XX/XXXX See my E-mail below requesting a closing date : To : XXXX, XXXX XXXX Fri XX/XX/XXXX XXXXXXXX XXXX Hi XXXX, It has been almost a month since we provided all the loan documents you requested. Please update the status of our loan application. 
XXXX XXXX XXXX XXXX never responded to my Email. In addition, Chase Bank and XXXX XXXX, for unknown reasons, ceased all further communication and ultimately deleted our application from our online account. 

Mortgage Interest Rates were increasing from .25 basis points in XX/XX/XXXX to a rate of over 5 % in XX/XX/XXXX. Our lock-in rate of 2.87 % was due to expire on XX/XX/XXXX. 
Chase Bank XXXX : XXXX. XXXX. I believe Chase Bank had a legal responsibility to inform us in writing of the status of our loan application. By not doing so, it jeopardized our ability to obtain another cost-effective mortgage. 
XXXX. Honoring the Chase Bank XXXX. In the absence of any disqualifying loan items communicated in writing to us, Chase had the obligation to close this loan within the time frame of the locked interest rate. 
Perceived Fraud : It seems evident that Chase Bank purposely slow walked our application after interest rates were increasing throughout the lock-in period. Chase Bank allocated our funds to another mortgage client at a higher interest rate, enriching the bank. The failure to communicate following our E-mails substantiates our belief that this was purposeful. 
XXXX : The intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. 
Damages XXXX. Because of Chase Bank actions, we were forced into a form of mortgage limbo in the months of XXXX, XX/XX/XXXX and beyond. We were disqualified from processing a new loan application with another lender that would be timely in achieving a lower interest rate. Mortgage rates continued to climb throughout the year. Because of Chase Banks actions, we were essentially disqualified our ability to refinance our loan with an acceptable interest rate. Chase Bank then enjoyed the allocation of our loan amount to a much higher rate of return on mortgage loans. The damage to us is already several XXXX dollars a year on our current adjustable-rate mortgage and could be tens of thousands of dollars in the future.

Company response to consumer: Closed with explanation