Consumer complaint received 2015-10-09
Company: JPMORGAN CHASE & CO.
State: CO
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
We were working with Chase to refinance, combining our XXXX and XXXX and take out some cash. We knew we could do this and stay under 80 % LTV. When we filled out the paperwork, the numbers were filled in to reflect our XXXX and XXXX but not the cash out. We were told that we could adjust that number once the appraisal came in. However, the appraisal only came in at {$4000.00} more than what we had to have for the XXXX and XXXX with little room for cash out. Oddly though, our appraisal was also {$20000.00} less than what homes were selling for in our neighborhood - right next door. We brought many glaring mistakes in our appraisal to our loan originators attention and requested a second appraisal. We were denied. We brought it to our loan originator 's superior and were denied. We called Chase XXXX number and brought it to their attention and were denied. Our concerns include the fact that the woman that showed up was not the appraiser, but a subcontractor. I did not learn this until she was leaving and have no proof other than a picture of her truck in my driveway. Assuming she was the appraiser I expected specific builder upgrades to be noticed - walk-in closets, whole house fan, pantry, wiring for hot tub, wiring for swimming pool, and skylights. However, there is no mention of these upgrades in our appraisal and no pictures were taken of these things. So, the appraiser refuses to acknowledge them. The square footage in the appraisal is also incorrect and we were not given the opportunity to provide proof of correct square footage. In addition, our home was compared to other homes that were not in fact comparable. We have a three bedroom, XXXX, two-story. We were compared to ranches with 2/3 the square footage, fewer bedrooms and fewer bathrooms, and one home that was not only smaller with fewer bedrooms and bathrooms but was also XXXX years older than ours ( our home is only 17 years old ). There were XXXX homes sold in our area within the previous year and only XXXX of our comparisons were truly comparable. We pointed out XXXX homes that had sold in that period that were more comparable, but they ignored us. Finally, even with the comparables used and the price adjustments made, our home was valued {$7600.00} below the average of the comparable adjustments - and yet even the appraiser acknowledges that our home " has been well maintained. The subject 's design and floor plan is well accepted in the market and does not suffer from physical, functional, or external inadequacies. The subject has been updated ... '' All of this, plus our inability to get Chase to work with us, or on our behalf, leads us to question whether our loan and appraisal may have been price fixed. While we do not have any interest in working with Chase at this point, and would like to get our {$500.00} Good Faith Funds fee returned, our main goal is to ensure that if there was any misconduct on anyone 's part ( Chase, appraiser, etc. ) that they are held accountable.

Company response to consumer: Closed with explanation