Consumer complaint received 2020-04-05
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (CA)

This message is dated XX/XX/2020. On XX/XX/2020, we initiated a mortgage refinance application with our current primary residence mortgage lender ( JP Morgan Chase Bank ) based upon a solicitation letter from them that indicated we could lower our mortgage rate from a current rate of 4.00 % to 3.125 % ( and an estimated APY of 3.204 % ). At that time, our current mortgage balance ( account number XXXX ) was approximately {$580000.00}. After immediately contacting Chase to refinance, we were told that the offered interest rate of 3.125 % was no longer available. However, we were offered and subsequently accepted a Lock-in Agreement ( also issued on XX/XX/2020 ), for a 30-year, fixed rate mortgage of {$580000.00} at 3.49 % with discount points of ( .039 % ), essentially representing a no-cost refinance. Despite feeling like Chase had just pulled a bait-and-switch on us by offering us 3.125 % and then rescinding it in favor of 3.49 %, we decided that we would still proceed with them since this should merely be a very simple, streamlined rate-and-term refinance of a performing loan already in their portfolio. We immediately executed a Lock-in Agreement. That Lock-in Agreement has an expiration date of XX/XX/2020, so at the time of this writing that Lock-in Agreement has not yet expired. 

Anyway, after the electronic delivery by us of considerable personal financial information to Chase through their employee XXXX XXXX ( Executive Mortgage Banker - NMLS ID : XXXX ), all communication from Mr. XXXX ceased approximately a week ago. Beginning at that time, Chase ' website began indicating that our mortgage application was no longer active. We have been instructed to download our application documents if we want to keep copies for our records. Presumably, Chase has decided to decline our refinance application without any written or verbal notice. Several email and phone messages to Mr. XXXX have gone unanswered ; Chase has been equally non-responsive.

For reference, we have a strong FICO score of XXXX, and a spotless payment history with Chase. The refinance in question would have significantly lowered our current monthly mortgage payment with Chase. Furthermore, the appraised value of our home as part of this application came in significantly higher that at origination. Simply stated, the actual credit risk associated with our current situation is considerably stronger than at origination. If anything, Chase would have been in a more secure credit risk position that when this loan had been originated. Consequently, we fail to see any basis for what amounts to a decline of our mortgage refinance application. 

At this point, if in fact our refinance application has been declined, in order to feel as if we have been made whole, at a minimum we would like Chase to refund to us the {$500.00} appraisal fee that they initiated - and for which we had to prepay. However, to feel fully vindicated, it is our opinion that Chase should honor their original refinance offer of 3.125 % ( APY 3.204 % ) as presented to us in their original offer letter. At the very least, Chase should deliver on their Lock-in Agreement for a loan of {$580000.00} on a 30-year fixed rate at 3.49 % with ( .039 % ) discount points ; yet to expire on XX/XX/2020.