Consumer complaint received 2021-11-12
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: JPMORGAN CHASE & CO. (NJ)

I want to file a formal complaint against Chase Bank, and specifically one of their loan processors, XXXX XXXX ( XXXX ID XXXX ), for their laughably negligent business practices when closing on a traditional home mortgage. Throughout the process, Chase does not call you, email you, or use any means of communication to inform you when documents need to be signed in order to keep the mortgage process moving. They advise you to " check their portal every few days '' to see if there are any new documents to review or sign. 

As a multibillion dollar corporation with seemingly infinite assets at their disposal, this process is antiquated, arcane, and quite frankly, embarrassing. XXXX XXXX XXXX has more sophisticated technology when ordering a pizza, and Chase Bank doesn't even have the technological infrastructure to email their customers who are committing to spend a fortune with them for 30 years. This process is broken, to put it mildly. 

Not only were documents posted late, which slowed down the mortgage process, but their mortgage bankers and loan processors did not even bother to review basic information in the documents they wanted me to sign. To name a few issues on a plethora of documents, my current income was inaccurate, my HOA fees were higher than what I'm obligated to pay, and there would even be simple spelling mistakes and grammatical errors. The laziness and recklessness of Chase 's mortgage bankers and loan processors is truly concerning. 

Throughout the mortgage process, I would need to be the one to remind my loan processor of things that I needed from him, including the most basic request of all, committing to my closing date of XX/XX/2021. In spite of this broken process, I was on top of them the entire time and was near the point of closing. I was assured on the Friday before closing that nothing else was needed from me at the moment, and that all that was left to do was wait for instructions on wiring funds for closing. 

For context, at this point, I had already hired movers, taken off from work, started my home owner 's insurance policy, and began other financial commitments with the intention that I would be closing on the day that I anticipated. 

On the evening of XX/XX/XXXX, at XXXX XXXX, my loan processor, XXXX XXXX ( XXXX ID XXXX ) decided to reach out to me for the first time that week and told me that there was one form that I did not " acknowledge '' on their portal, and as a result, my closing date would be pushed. I instructed him that nobody informed me of the form to sign, to which he responded that I could just close on the following Monday instead. As I had mentioned previously, I had already began financial commitments with the intention that I would be moving on XX/XX/XXXX, and he seemed to not care that his negligible business practices were going to cause me financial hardship. 

I demanded that I speak with his manager immediately and that this needed to be resolved that night. He told me that since it was after XXXX that all managers had gone home, and that since tomorrow was XXXX XXXX XXXX, nobody would be able to help me. After waiting on the phone for 45 minutes, I spoke to a manager in Arizona, who was the manager for my mortgage banker who is also on my account. This manager assured me that I would be contacted the next morning to work through this issue, and at the bare minimum, ensured my closing would be complete by the following Monday, XX/XX/XXXX. I still found this unacceptable, but at the very least, it was better than the alternative of the silence to which I was accustomed by Chase Bank. 

I did not receive a call from Chase Bank as I was assured, and now it appears that my closing will be pushed once again. I am now going to need to undergo further financial hardship to cancel movers, change the start date of my homeowner 's insurance policy, and use another day off from work to accommodate for Chase Bank 's incompetency. I hope that these processes are fixed in the future, so that no first time homebuyer like me needs to go through the herculean task of dealing with Chase Bank 's reprehensible business practices.