Consumer complaint received 2015-07-14
Company: JPMORGAN CHASE & CO.
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Settlement process and costs

Complaint:
We worked with Mortgage Banker XXXX XXXX to obtain a home loan from JP Morgan Chase Bank. XXXX XXXX, 2015, XXXX XXXX emailed us Chase " management approved rate at 3.5 % with points of XXXX '' for a 30 yr fixed rate home loan ( Supporting XXXX # XXXX ). XXXX XXXX, 2015, borrower signed the " Lock-In Agreement '' docs and returned them to XXXX XXXX to lock in loan rate at 3.5 %, Origination Fee of 0 %, Discount Points of 0 %, and Extended Lock-In Fee of {$0.00}. XXXX Supporting Doc # XXXX and # XXXX ) XXXX XXXX, 2015, we received an email from XXXX XXXX congratulating us on approval for Chase Grant, meaning " Chase will pay XXXX towards [ our ] closing cost. '' ( Supporting Doc # XXXX and # XXXX ) We were given a Good Faith Estimate ( GFE ) only when we requested it XXXX XXXX, 2015. Upon reviewing, we noticed discount points. Per conversation via phone, XXXX XXXX advised we were charged discount points on the loan due to approval for Chase Grant. This condition was not disclosed to us with any communication about the Chase Grant nor mentioned to us in until we saw the points on the GFE and brought it up for questioning. Since XXXX XXXX said only management could remove the points, we reached out to XXXX XXXX 's manager, XXXX XXXX. We placed several phone calls ; all went unreturned. We got in touch with a XXXX XXXX, whom promised a call back from someone to address the issue, but again we did n't receive a call back. We were finally able to get a hold of XXXX XXXX on XXXX XXXX, 2015 and per his request, emailed proof of the approved 3.5 % rate, XXXX discount points. On XXXX XXXX, 2015, we received an email from XXXX XXXX saying he " spoke to XXXX he will honor the XXXX point. You still receive the Chase XXXX. '' XXXX Supporting Doc # XXXX ) XXXX XXXX, 2015, we were notified loan docs had been sent to XXXX XXXX for signing. While on the phone with XXXX XXXX with escrow to arrange for mobile notary for same-day signing, XXXX XXXX informed us XXXX XXXX just gave word borrower could not sign and loan docs were no longer valid. We asked XXXX XXXX what happened but she suggested we speak with XXXX XXXX. XXXX XXXX explained via phone that in conversation with the loan processor, the processor determined the borrower could not sign and had immediately placed a Lock-In extension on the rate, making the original loan docs void. This was simply false as we were already scheduling the signing with escrow for within the next hour. XXXX XXXX did not communicate this decision with us prior to placing the lock-in extension. Due to XXXX XXXX 's negligence and the actions taken without formal consent from the borrower, the loan did not fund and escrow was not able to close. Additionally, we were charged {$830.00} on the loan as a fee for Lock-In extension, inconsistent with the " Lock-In Agreement '' which states an Extended Lock-In Fee of {$0.00}. XXXX XXXX, 2015, we contacted XXXX XXXX to address concerns with not seeing the Chase Grant credit applied to closing costs on the " Final HUD-1 '' ( Supporting Doc # XXXX ). Per the email response received from XXXX XXXX, he advised the grant was " calculated into the numbers in the HUD on line XXXX. '' ( Supporting XXXX # XXXX ) Upon review, Line XXXX is the {$830.00} ( 0.25 % points wrongly charged for the Extended Lock-In Fee ). There was no credit of {$1400.00} for the Chase Grant. We contacted XXXX XXXX whom advised the grant was applied to discount points then proceeded to trivialize our concerns and divert the conversation saying what a " great deal '' we got. He never acknowledged his mistakes nor addressed the issue of misinforming and misleading us on loan terms. Due to negligence and unprofessional manner of XXXX XXXX and his peers, we paid {$2300.00} for fees in excess of terms.

Company response to consumer: Closed with explanation