Consumer complaint received 2020-05-29
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (DC)

I am writing to ask the CFPB review JPMorgan Chase Bank NA 's ( JPM ) mortgage practices because, 1 ) JPM changed the terms of my mortgage after I locked in the interest rate and points, and 2 ) the bank failed to disclose a COVID-19 reserve requirement upfront that could cause my property sales contract to become void. I applied for a mortgage pre-qualification with JPM on XX/XX/XXXX for a home purchase. I then began the mortgage application process on XX/XX/XXXX and submitted my ratified sales contract with a closing date of XX/XX/XXXX. On XX/XX/XXXX, I emailed JPM my financial statements. On XX/XX/XXXX at XXXX, I emailed the JPM Home Lending Advisor to lock in a rate of 3.2 percent 3.303 % APR with point costs of {$450.00}. Home Lending Advisor XXXX XXXX NMLS ID XXXX emailed back at XXXX with " Yes, I can lock that in for you today. '' On XX/XX/XXXX, JPM provided a revised loan estimate that showed that I had locked in the rate of 3.25 percent interest rate with {$610.00} in points ( 0.159 percent ) valid until XX/XX/XXXX at XXXX. On XX/XX/XXXX, JPM provided another revised loan estimate with the same rate of 3.25 percent but the fees jumped up to 0.868 percent equal to {$3300.00}, significantly higher than the {$450.00} in points I had locked in. When I emailed XXXX on XX/XX/XXXX about the increase, she responded on XX/XX/XXXX, " It looks like we initially had your property as being a detached condo when in fact it is attached. '' There should have been no doubt about the property type from the sales contract I provided on XX/XX/XXXX. XXXX wrote on XX/XX/XXXX, " When quoting rates I do mention interest rates, points, and APR quoted are subject to change based upon credit score, loan to value, and other factors. '' I would like to ask the OCC if this applies to locked-in rates and points too? Regarding the COVID-19 reserves issue, on XX/XX/XXXX, XXXX wrote, " I just got off the phone with underwriting and we need to show for additional reserves at minimum around {$10000.00}. You will not need to use these, we just need to show for them due to new COVID-19 guidelines. Do you have additional assets that you have not already provided? If so, please send XXXX and XXXX statements for those non-retirement accounts. If the additional assets for reserves are not available, we will have to look at restructuring your loan. '' Why did JPM not notify me of this earlier? On XX/XX/XXXX, I wrote that I have no other funds besides a XXXX plan for which I am both owner and beneficiary. I received a reply on XX/XX/XXXX that " We cant use the XXXX because that account benefits a minor. '' After I explained that a XXXX plan is not just for minors, XXXX replied on XX/XX/XXXX " I received confirmation from management that we can not use it. '' As of XX/XX/XXXX, JPM has not decided if they can approve my loan. I contacted XXXX XXXX, Executive Director of JPM Chase Home Lending in XXXX, OH through his XXXX profile on XX/XX/XXXX but have not heard back from him. I have consistently provided the documents they requested usually within 24 hours. Only 11 days remain until closing so there is virtually no possibility for me to obtain other mortgage financing before the financing contingency expires causing me to lose the house that me, my wife, and children were looking forward to living in. I have tried to resolve both issues with XXXX and her manager XXXX XXXX NMLS ID XXXX with no results. If I withdraw my application I would forfeit {$500.00} in " good faith '' funds JPM charged me on XX/XX/XXXX. These funds are supposed to be credited to me at closing but it is not shown as a Lender credit in the closing estimates. I noticed unfortunately afterwards that JPM has many complaints on the XXXX XXXX XXXX and XXXX so there could be an institutional problem. I thank the CFPB for its oversight and assistance.