Consumer complaint received 2019-08-11
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (IL)

-XX/XX/19 receive email from Chase re : new low rates. I contact XXXX XXXX, my previous loan officer at Chase to inquire. I receive a telephone call from XXXX XXXX, a Chase Loan officer shortly after this note -we discuss the new rates including my overall goal which is to save money overall ( vs. lower monthly payments, for example ) and he quotes a reduction of my monthly payments of approximately $ XXXX/month. I inquire as to whether this saves me overall on my repaymentas this is my stated goal with any refi -- and he does a calculation and reassures me that it does. I agree to commit the {$500.00} to a Good Faith Estimate with the understanding that, based upon the information discussed, I agree to and am committed to going forward with the refi. my intention to go forward, andmy commitment. He also says that he doubts we will need an estimate as my last refi was quite recent and the amount of equity might not necessitate this. 
-a day or two later, XXXX phones to let me know we will need an appraisal to which I agree. I receive a phone call from the appraiser and we make an appointment for late XXXX. 

XXXX I receive an email that XXXX XXXX XXXX will be my Client Care Specialist. 

-shortly after, I speak with XXXX XXXX on the phone. We go over the numbers and she provides numbers that are significantly different than my initial conversation with XXXX, as I will only save $ XXXX/month. I state that I need to speak with XXXX again to figure out if this still makes economic sense and meets my initially stated goal from my conversation with XXXX. 

-I phone the appraiser to tell him that I might not be going forward, given the different amounts cited between my initial conversation and the one with XXXX , cancelling my appointment with him. 

-I speak with XXXX and he agrees that given these numbers, my initially stated goal of saving money overall is not being met, and he advises me to withdraw my application. I inquire about the {$500.00} Good Faith Estimate and he says that he cant guarantee it but that he expects that Chase will refund the money given that there is a substantial difference from his initial estimate and what the numbers actually turned out to be. He concurs that he recommends the refund. 

-I receive notification that my {$500.00} GFE will not be refunded as I withdrew the application -I speak with XXXX who says that he will inquire. He calls back, stating that instead of my withdrawing he will cite that the loan was not approved because of the second loan I have with the XXXX XXXX XXXX ( taken at the outset of the original loan when the XXXX XXXX XXXX, my employer, provided me with a low interest loan to meet a minimum so as to avoid the mortgage insurance costs ). A couple of days later he calls back to say that the executive branch did not accept his recommendation, nor did they acknowledge that the loan was not approved, instead, they used my withdrawal as an excuse to make me liable for the {$500.00} Good Faith Estimate. He agrees with me that this does not make sense and says he will pass again to the executive branch. 

-late XXXX I receive a phone call from a Chase rep. We go over the information. He phones back the next day to inform me that the executive branch again did not approve the refund, using my withdrawal as their reason, ignoring the fact that the information initially given by their representative was incorrect ( $ XXXX/month savings, that then was reduced to $ XXXX/month ), as well as XXXX recommendation for me to withdraw my application. 

-I state that this is not legal, that I was led to believe one set of information as communicated by Chase , only to then be given a more expensive option that resulted in my not pursuing the refi. He said that he would again submit to the executive branch. 

-I receive another phone call from a Chase representative ( XXXX ? ) who informs me that the executive branch decided not to refund my money, with the same reasoning cited earlier, and not considering the discrepancy of information communicated initially and then subsequently by Chase. I cite my concern, that Ive been a client of Chase for over 25 years and have had my mortgage with them for about 10 years, and that I had based my initial yes on one set of numbers that turned out to be erroneous, and because of this, decided, as was advised by their representative, to not go forward with the refi. He again says that he will pass it on to the executive branch. 

-XX/XX/19 I receive a phone call from XXXX who informs me that the executive branch has reviewed my case and will not refund the money because the discrepancy is in regards to the escrow amount which changed and thus they do not take responsibility for the difference in their initial quote and what was subsequently quoted, and so would not refund my money. 
I state that this is fraudulent, that I was has responded to an advertisement from Chase, spoken with a Chase representative who gave me financial information such that it was advantageous to refi, but when the information turned out to be incorrect, I was advised, BY A CHASE REPRESENTATIVE ( XXXX XXXX ) to withdraw the application, and reassured that my {$500.00} would be refunded as it was a miscalculation on CHASES part, as well, no costs had been incurred as no appraisal had taken place.

XX/XX/19 I went into the XXXX XXXX XXXX and spoke with XXXX, a bank manager, to whom I explained my frustration and the seeming fraudulent behavior perpetuated by Chase.