Consumer complaint received 2015-04-01
Company: JPMORGAN CHASE & CO.
State: CO
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
We have been provided blatant misinformation by various sources at JP Morgan Chase Bank. When we initially spoke to XXXX XXXX at Chase, we provided her with a copy of our accepted offer on our house. She told us that if we did not lock our rate on XXXX/XXXX/15, it would be subject to change on Monday, XXXX/XXXX/2015. On XXXX/XXXX/15, we came in to sign the loan application documents and brought all information requested by Chase in order to secure the loan. After having us sign off on the paperwork, we were advised that since our closing period was 32 days and we had chosen to lock our loan on XXXX/XXXX/15, we would have to pay Chase another fee in excess of {$2000.00} to ensure that the rate remain locked until our closing date. We came to learn that we were misled regarding the lock - that the rate would not have changed if we had waited until XXXX/XXXX/15 to lock, as that was XXXX, and the rates would have remained the same until Tuesday, the XXXX. After arguing for days, XXXX XXXX, XXXX boss, then went through the farce of telling us that Chase would pay the fee on our behalf. Pay what fee? This was a fee being assessed by the bank! Having turned in all requested information in connection with our loan on XXXX/XXXX/15, we then followed up with XXXX XXXX multiple times each week to make sure that there were no hiccups in our loan process and that we were on schedule to close on time. We requested copies of the loan docuemtns for review and were repeatedly told that we could not be provided with the documents or the final numbers until processing had concluded, but not to worry, everything was proceeding on time. It was not until the close of business on Friday, XXXX/XXXX/15, that we were informed by XXXX that Chase did not have everything that they needed. They were missing IRS Transcripts - that they would be unable to obtain prior to closing due to delays at the IRS. Contrary to Chase 's disingenuous claim, the cause of this delay was not the IRS - it was Chase bank 's fault in failing to timely request them. We went to extraordinary efforts to obtain the transcripts only to be told the day before we were scheduled to close that the bank was missing other information, which, as it turns out ( following multiple calls ), they already had but had merely misentered into their system. We were urged to notify the seller that we would not be able to close on time, at which point we would have lost our earnest money and our house. We continued to push Chase to get this done, escalating this up through their Executive Offices to get the loan closed on time. We came to the closing table without seeing any final numbers or documents ahead of time only to discover that Chase was now requiring us to escrow amounts not previously disclosed or agreed upon. When we asked to make changes to reflect the terms initially agreed upon, Chase refused. We had not choice but to sign the documents. After the fact, XXXX XXXX worked with us to get this corrected. But not everything went smoothly. We had been told by XXXX XXXX prior to and at the closing table, that the day after our closing, we were eligible to take out a HELOC for up to 80 % of the APPRAISED VALUE of our home ( not the purchase price, which was lower ). We have since been told that this is not true. We were advised by XXXX XXXX through XXXX XXXX that we were only eligible for a HELOC based upon the purchase price ( unless we wait 6 mos ) and that we had to occupy the house in order to apply. We applied for our HELOC online and were told that as XXXX time home buyers, we are not eligible to take out a HELOC until 12 months after occupying the home. We have moved personal belongings into our house and all of our mail is coming there. Despite multiple requests and unreturned calls, we still do not know what defines occupancy and have not been able to secure a HELOC.

Company response to consumer: Closed with explanation