Consumer complaint received 2016-07-01
Product: Mortgage — Home equity loan or line of credit
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (OR)

XXXX. I was directed down a path doomed to fail for {$0.00}. out of pocket cost. Originally we were comparing Chase & a credit union we have accounts with. We chose Chase after our credit union loan officer said they, XXXX XXXX could not offer us a product as good as Chase was offering. I had gone back & forth several times comparing products, fee 's , % rates, etc.. Our points of contact were a branch rep, then a XXXX loan rep, then a processor in XXXX , then Branch mgr, then local loan rep in XXXX then regional mortgage mgr in Wisconsin & back & forth multiple times to all. 
We were required to open a savings & checking account to qualify for this {$0.00}. out of pocket XXXX % LV HELC. We closed our XXXX XXXX XXXX, Credit line, checking & savings accounts & opened the accounts at Chase. After a week we started getting mailers stating, open an account & get up to {$500.00}. added to it, but when asked about it the Branch rep said no because we already just signed up. We 've gotten XXXX of these so far adding salt to the wound. 
We then went thru weeks of redundant paperwork, faxing from branch & emailing plus sending documents required to prove occupancy in XXXX, by utility bills & then required to change our XXXX XXXX insurance policy to a Homeowners policy to really prove we lived there and fully qualify. This is the Loan CHASE directed me to out of XXXX options, ( XXXX % owner occupied property, XXXX % XXXX or cash out Refi ). After a month of this bureaucracy I received an email from XXXX the processor requesting another document & as a side note said, " If not 100 % Satisfied let us know '' to which I directed my frustrations to I suppose XXXX XXXX. To this day I 've heard nothing. Two months into this & 3 confirmations that the loan was a For Sure Thing & it would be just a week longer to wrap it up we got a call from XXXX the Processor saying Chase would not count the income we XXXX but would be counting the debits for taxes, ins, etc. but would n't say why other than It was CHASE POLICY. After escalating this to the branch Mgr, she was told & passed it on to me that yes the XXXX income would not be counted per CHASE POLICY, also with no explanation, thus would fail our debt to income ratio. At that she called another loan rep that directed us to a Cash Out Refi that would by the way cost $ XXXX- XXXX. in fees & take 2-3 more months for approval, thus starting from scratch. And by golly this option would count the triplex income. The processor had told me that since they already had all my paperwork it could just be transferred to a product that would really work. The processor also told me that the Appraisal had come in mysteriously right @ XXXX, what the loan was based on. Not XXXX or XXXX, '' XXXX '' just what we needed. The branch Mgr & Loan Rep, both straight up gals I believe said since this was CHASE POLICY I should n't have been directed down this path or at least it should have been caught in the 1st 2 weeks. I thought this only happened with Pay Day loan Companies. Fast forward 1 week & I talked to the Regional Mgr. She contradicted the whole thing. She changed everything.CHASE POLICY did allow it???. Did n't know why I was told a done deal?? There was no Appraisal?? Two months of this is just wrong for an, OOP 's we may have made some mistakes, SORRY. Then upon closing our accounts we were overpaid by .XXXX and got a letter stating we were overdrawn for that amount. As a General Contractor, if I did this to a customer they 'd have me in front of the XXXX looking at fines or at least some accountability. Business is business, big or small. Thank You, XXXX XXXX, XXXX, XXXXXXXXXXXX