Consumer complaint received 2018-08-01
Company: JPMORGAN CHASE & CO.
State: TX
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I previously submitted a complaint, but the response from Chase bank is not correct. The CFPB closed the file without giving me a chance to response, so I want the case open. The previous case number is XXXX. Below is the complaint and response. The bank is claiming we didn't have sufficient funds to receive the discount, when in fact we did, and this has been verified with the local branch. Chase corporate said we didn't have the funds in our checking/savings account, but we were told our 401k plans counted toward this amount and that was the sole reason we transferred over {$200000.00} from another financial institution to Chase. I would like the complaint re-opened and to receive the 0.125 % discount on my mortgage as promised by Chase for being a private client. 

Submitted to the CFPB on XX/XX/2018 PRODUCT Mortgage ISSUE Closing on a mortgage We received your complaint. Thank you. 
We will review your complaint. Depending on what we find, we will typically : Send your complaint to the company for a response ; or Send your complaint to another state or federal agency, or help you get in touch with your state or local consumer protection office ; or Let you know if we need more information to continue our work. 
YOUR COMPLAINT Chase told us we would receive 1/8th lower on  our interest rate if we were a preferred client, so we moved our retirement savings over to Chase so that we would qualify. We were told the rate would be applied after closing and we locked in our rate at 4.25 %. After closing they did not honor the rate, and told us we didn't have enough savings to get the better rate. When i showed him the message he previously sent me saying we would get it, he said he would see what could be done. I got tired of going back and forth with the loan officer and 3 weeks ago called his manager directly. He said a file was open and they were working on it and would get back to me after a week. A week pasted and no response, I called and left a message but still no response. We closed on our house over a month ago now and Chase has yet to do anything or return my calls. In addition to this the bank messed up our closing by not funding the correct amount. They were short {$1400.00} and we never closed on Friday and couldn't get the keys to our house for two days until they admitted their mistake and let the title company know it was an error on their end. Chase promised to get some money back to make this up to us, but we never received anything. 

View full complaint Sent to company STATUS Sent to company on XX/XX/2018 We've sent your complaint to the company, and we will let you know when they respond. 

Their response should include the steps they took, or will take, to address your complaint. 

Companies generally respond in 15 days. In some cases, the company will let you know their response is in progress and provide a final response in 60 days. 

Company still working STATUS Company response is in progress as of XX/XX/2018 The company has responded that it is still working on your issue In some cases, companies need more time to respond. You should receive a final response within 60 days from the date we sent your complaint to the company. 

COMPANY 'S INTERIM RESPONSE When we were notified of this case, we sent you a letter letting you know we received it. We also spoke with you on XX/XX/2018, about the interest rate reduction. Although we began researching your concerns right away, we need more time to complete it. Please expect a letter from us when we have an answer. Thank you for your patience. 
Company responded STATUS Company responded on XX/XX/2018 RESPONSE TYPE Closed with explanation Company 's Response Thank you for your feedback about the level of service you received. Weve confirmed that we completed our review of your application in good faith, following our lending guidelines. We didnt find any attempts to mislead you. We received your application for a purchase loan with an interest rate of 4.25 % on XX/XX/2018. We sent you a Home Loan Application Package with all of the legal disclosures were required to provide, and a Mortgage Conditional Approval Letter listing any conditions that needed to be met for approval. We based our decision on lending guidelines and market conditions, including current loan programs, interest rates and costs. We also needed to confirm your income, employment, collateral and credit information. We approved your application, and your loan closed on XX/XX/2018. Your Home Lending Advisor let you know that you could receive 1/8th off of the interest rate if you had {$250000.00} in your checking or savings account during the closing of your mortgage. Unfortunately, that money wasnt in your checking or savings accounts during that time ; therefore, we werent able to approve the 1/8th percent off of your interest rate. Were not able to change your interest rate from 4.25 % to 4.125 %, as you didnt qualify for the lower interest rate. Your loan was expected to close on XX/XX/2018. Your Closing Disclosure ( CD ) was incorrect when it was sent to the title company, as your extended rate lock credit of {$1400.00} wasnt included. We apologize for this and that your loan closing was delayed until XX/XX/2018. You advised us during a phone conversation on XX/XX/2018, that you incurred no extra costs due to your closing being delayed. We arent able to compensate you for the inconvenience. 
ATTACHMENTS XXXX XXXX Final Letter XXXX ( 26 KB ) Feedback provided STATUS Feedback provided on XX/XX/2018 Your feedback THE COMPANYS RESPONSE ADDRESSED ALL OF MY ISSUES No ADDITIONAL COMMENTS First of all the rate originally quoted was prior to us becoming a private client. Even if we had not become private clients we paid to lock in the 4.25 % rate. We were told that if we became a private closing we would receive a 1/8th discount after closing. Second our loan house didn't close on XX/XX/XXXX because Chase bank failed to provide the required funds to the tile company on the day of closing and this wasn't corrected until two days later. Chase originally claimed the tile company has messed up and they provided the right amount. Chase later omitted that due to a problem with their new system that they in fact transferred an incorrect amount to the tile company. Third we were told that all balances we had with Chase in accounts, including our retirement accounts counted toward our private client status. This is the sole reason we transferred over {$200000.00} of our 401k saving with other institutions to Chase, so that we would qualify as private clients and receive an additional 1/8th savings off the loan rate. At the time of closing we had more than the {$250000.00} amount to qualify as private clients, even receiving new bank cards and account, but Chase corporate refuses to give us the additional 0.125 % off our loan rate, even though the branch confirms we had the necessary funds to qualify as private clients and should have received the discounted rate. 
I UNDERSTAND THE COMPANYS RESPONSE TO MY COMPLAINT Yes THE COMPANY DID WHAT THEY SAID THEY WOULD DO WITH MY COMPLAINT No

Company response to consumer: Closed with explanation