Consumer complaint received 2016-11-26
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (WA)

We are attempting to refinance our current mortgage with Chase bank. We need to refinance by the end of the year as we wo n't be able to afford the payments starting in XXXX ( we were sold an interest-only loan which will now convert to a regular loan that we ca n't afford at the much higher interest rate it is at ). 

Chase set up the process in such a way that we ended up losing our rate lock due to not getting all of the documents in by the deadline, so they said we 'd have to pay a {$11000.00} fee to relock. They were not responsive to our questions and changed the story multiple times ( specifically as to when the lock agreement began and ended, and why we missed the deadline, and what interest rate the relock would result in ). At XXXX point they offered to pay for half of the fee, but then later only offered to pay XXXX of the fee, and when I asked why the number had dropped, said that the first offer was " subject to discretion '', as was the current XXXX - in other words, their offers were n't binding anyway. During this process interest rates moved upwards ( after the election ). At this point we have escalated to their " Resolution Department '' but were told not to expect to hear anything until the end of next week, which feels like they are just delaying the process even further. 

XXXX XXXX - started process, including sending all requested information ( employment letter, latest pay stub, XXXX statement, background info on current loan, etc ) XXXX XXXX - received online application package XXXX XXXX - submitted online application package - XXXX said to disregard online application package and fill out paper application instead XXXX XXXX - completed application packet, asked XXXX if we should return in enclosed mailer or FAX as he had instructed verbally XXXX XXXX - Received a second application via XXXX. Asked XXXX why. He said to ignore XXXX, but contents were not identical ( e.g. the first had lock agreement dated the XXXX, the other said we were n't locking - we signed lock agreement version and dated it the XXXX, as instructed verbally ). 
- Asked about returning documents again. XXXX said to FAX packet back, so we did. 
XXXX XXXX - XXXX said he uploaded everything and asked for deposit XXXX XXXX - Gave XXXX credit card information for good faith deposit XXXX XXXX - XXXX asked for XXXX & XXXX XXXX, sent ( via email ) same day XXXX XXXX - We asked to verify that interest rate was locked, since we thought rates might go up after election. XXXX said it would cost 1 % to lock but they would cover XXXX of that. He did n't mention that this was due to the lock agreement expiring - just said " the loan needs to be locked at some point before closing ''. 
XXXX XXXX - Asked if the rates had changed, and whether it matters whether we lock before or after the appraisal came in. This email was n't answered. 
- XXXX sent email to XXXX saying the file was in with the underwriter and he expected to know more in a couple weeks. He also asked if we wanted to lock in the rate and said we had n't because I had n't responded. 
XXXX XXXX - XXXX said loan had been locked on XXXX but he did n't receive all of the documents and good faith deposit until the XXXX, so the lock expired, and we would have to pay a relock fee that was typically 1 % but that he would request that they cover half of that. 
- We replied saying the lock agreement was dated the XXXX and said we had to provide documents by the XXXX, and we did so by the XXXX, and provided the good faith deposit on the XXXX. 
XXXX XXXX - XXXX replied saying we did not send in paystubs until XXXX XXXX. 
- We tried to call ( left voicemail ) and sent email, asking them to extend the lock agreement since we thought we had submitted everything on time, XXXX had confirmed that, and we did n't hear that anything was missing until well after ( 6 days ) the agreement expired. 
( insufficient space to include rest of details )