Consumer complaint received 2021-12-10
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: JPMORGAN CHASE & CO. (FL)

I am currently in the process of attempting to refinancing the mortgage on my primary residence. The current mortgage is held by Chase Bank, and Ive chosen to undergo the refinance with same, Chase bank. 

XX/XX/XXXX - The refi process was initiated via phone to XXXX XXXX XXXX dept. The rate offered on the 15 year term, as of XX/XX/XXXX was 2.685 % APR with a buy down cost of 1.061 points for an interest rate of 2.375 %. I inquired about if any additional incentives could be attained to possibly lower the rate further and the Mortgage banker stated that Chase Bank currently offers an additional discount of up to 0.5 % off, if New Funds are brought into Chase, for whatever purpose, i.e. Checking, Savings, Brokerage account, etc. The requirement for the 0.5 % discount was to bring in new funds equaling 150 % of the amount to be mortgaged. This additional discount would result in an equivalent rate of 1.875 %. Chase bank at this time implied all was ok to move forward with this process and therefore I transferred the required funding over to the Chase bank system and awaited further processing. There were NO OTHER requirements or limits disclosed at this time. This Additional incentive discount is also disclosed on their web page, and again lists no further requirements or limits : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

XX/XX/XXXX- I Received call from Chase Bank stating that they will not honor the 1.875 % rate. Explanation given was that the Base rate was recently raised to 2.0 % and that their system would not allow that rate to be offered. I asked when was this change was put into effect and was told last week, so I assume the week of XX/XX/XXXX which was after the initial offer agreement, and transfer of the new funds. I asked to speak to higher level personnel for further assistance and was provided a contact but they were of no help. The issue was then raised to their escalations department. 

XX/XX/XXXX - Received call from the Escalations dept to discuss the situation, whome asked me what do I want as an offer to substitute the interest rate discrepancy between the incentivized 1.875 % and the minimum 2.0 %. I suggested the 2.0 rate would be acceptable if the 1.061 % buy down cost was eliminated. I considered this fair because the cash equivalent was roughly the same between the rate discrepancy value and the cost of the rate buydown. Escalations stated they would review this and will contact me at later time. 

XX/XX/XXXX Received return call from Chase Escalations stating that they will not provide any further rate or value discount beyond the 2.0 % offered, and nothing additional, and that this is business as usual. 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - My issue with this is that i've complied with all initial requirements to meet the original offered rate equivalence of 1.875 % and that Chase Bank refused to honor that offer, for reasons of their own making. This is unfair, highly misleading to the consumer and is without a doubt FALSE ADVERTISING. Any limits and restrictions should be fully disclosed to customer at time of offering. I am filing this complaint to bring forth awareness on this issue, and for assistance in obtaining a fair resolution on this matter. 

Attached are files showing Chase Bank loan rate reduction incentive offering.