Consumer complaint received 2016-09-07
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Settlement process and costs — 
Company: JPMORGAN CHASE & CO. (CA)

My mortgage banker repeatedly lied to me about the status of my application and the timing for closing. Additionally the bank changed the Closing Disclosure unilaterally 3 times in the final 2 days before closing ( ultimately removing approximately {$2500.00} in lender credits with no prior disclosure ). However, because we were already 3 days past closing, I was in a position where I had to sign the docs or risk losing the property that we had purchased. I have copies of all emails and text messages referenced below. 

XXXX XXXX, my mortgage banker who I first met with late XXXX, initial stated that he had everything that was required and that everything would go smoothly. Around XXXX he suggested that we could close early as the underwriter was done. While I had received a list of conditions that needed to be satisfied in the mail, he told me not to worry about them and indicated that the underwriters do n't usually need everything. Relying on this, I began to plan for our closing date of XXXX. I set up the utilities to switch under our name on XXXX and obtained property insurance to start on that date. 

On XXXX/XXXX/16, I spoke with XXXX again by phone to ask if he could have the bank 's loan docs to escrow by Friday, XXXX, so that escrow could arrange a notary to come to my wife and I 's current residence, so that we could sign over the weekend because we were working in different cities ( and living at XXXX places ) prior to this home purchase. XXXX said that this should n't be a problem as the loan had already cleared the underwriters. At this time XXXX emailed me to confirm this and indicated that he had contacted escrow to tell them that they would receive the docs on XXXX. On XXXX, XXXX asked me for revised gift letters and stated that the underwriter needed these. XXXX also texted that the docs would not be delivered to escrow as expected on XXXX, but that we could " anticipate signing on Tuesday or Wednesday at the very latest and we close the same day. '' On XXXX, XXXX asked for additional info related to my student loans. After this was sent he texted that " underwriter finally cleared all the conditions... I 'm pushing for them to get this out so you and your wife can sign early Wednesday morning. '' On XXXX, instead of sending loan docs to be signed, XXXX asked for me to send him {$500.00} for the appraisal via credit card as this could hold up our close further. He also requested more info about the XXXX 's insurance on the property. These requests were answered immediately. The bank still could n't seem to send loan docs. XXXX then sent a text blaming the loan processing and underwriting departments. He also indicated that they were not being properly managed. He indicated at XXXX PM that it was n't going to happen on XXXX. 

Finally on the evening of XXXX the bank sent closing docs. However, these docs reflected the wrong interest rate ( 3.75 % vs. 3.5 % as agreed to and stated in the prior closing disclosure ). I immediately called XXXX and his boss. They promised to fix this and were " not sure what happened. '' On XXXX, I posted messages on their social media and spent time talking to a bank manager in XXXX for assistance in escalating this. As a result XXXX called me back indicating that he would reduce my rate to 3.375 % due to all of the trouble. Finally, in the evening ( too late to fund before the long weekend- meaning that keys would not be received until XXXX and my family would have no place to live over the weekend ) loan docs generated again. This time, the docs reflected the 3.375 % interest rate but reduced the lending credit from {$3700.00} to {$1300.00}. I was not made aware of this until I was at escrow ready to sign the docs ( after XXXX on Friday before the long weekend ). As a result I had to pay an extra {$2400.00} to escrow immediately or risk losing our house.