Consumer complaint received 2024-08-16
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Delays with the closing process
Company: JPMORGAN CHASE & CO. (CA)

Chase Bank offers a 21 day close guarantee on their home mortgage loans. It is something they advertise as buying a home in a competive housing market requires closing escrow quickly. It is something they still advertise right now. While shopping for a mortgage company for my recent home purchase, Chase offered this guarantee on numerous occasion as a means of enticing me as a home mortgage customer. Not only at their website, but relayed directly to me by XXXX separate Chase loan advisors, including the one I ultimately chose. At the time, the closing guarantee was increased from {$5000.00} to {$20000.00}. I decided to go with Chase for my home mortgage loan in large part due to this guarantee, as my situation involved a timely closing due to relocation and my partner starting a new career. My home purchase offer was accepted on XX/XX/XXXX and thus escrow was opened no later than XX/XX/XXXX or XXXX, XXXX. During escrow, my Chase loan advisor assured me that everything was moving on time and we were set to close on XX/XX/XXXX. I completed all my tasks and returned documents quickly as requested. My desired interest rate was XXXX XXXX with XXXX points, which my loan advisor indicated he was confident I could obtain. After numerous counter offers and signficant effort moving more liquid cash into my Chase bank accounts, Chase would not offer me that and I could only obtain XXXX XXXX if I bought it down for several XXXX dollars. My loan advisor suggested that I not buy it down and just re-finance later, so he suggeseted I take XXXX XXXX XXXX with XXXX out of pocket and I agreed. A few days before the scheduled close date of XX/XX/XXXX, my closing was delayed to XX/XX/XXXX with no explanation. On XX/XX/XXXX, a member of the Chase team called to arrange for a notary for me to sign lending documents on XX/XX/XXXX at my home, which was a XXXX She assured me that we can sign on XXXX  and everything would close on XXXX  XX/XX/XXXX. She then called back a few minutes later and said there are no notaries that work on XXXX, so it would have to be XXXX XXXXXX/XX/XXXX, but assured me that there's nothing to worry about because Chase will close and fund the loan the same day docs are signed. She set up an appointment for XXXX a.m. on XXXX XX/XX/XXXX to sign documents and I thought all was in order. Come that morning, no one showed up at my house. I tried calling the Chase agent that made the arrangements but she did not answer. I finally got a hold of my Chase loan advisor a few hours later who tried to figure out what was going on. I also called the escrow company, who informed me that they should be the ones arranging a notary for document signing and not Chase and were confused why Chase was doing that, and moreoever, informed me that in XXXX XXXX XXXX, you can not close the same day as document signing because the docs can not be recorded until the next day. This was the first I heard of that rule, and no one at Chase knew about this local rule when they clearly should have. After wasting an entire morning, the escrow company did arrange me to sign docs later that evening on Monday, XX/XX/XXXX, but because it was late, and because Wednesday, XX/XX/XXXX was the XXXX holiday, we did not close until Thursday, XX/XX/XXXX. 
The closing date was critical to me and made this clear to Chase from the beginning, and of course they said no problem and allued to their close guarantee bonus should be there any issues. Well I closed 3 days late but late and no one at Chase accepted responsibility for the delay. I incurred real out of pocket costs for a hotel room as my partner started her new job in XXXX XXXX on XX/XX/XXXX, and what's more it was a very stressful situation without any clear answers or direction from Chase when it was needed most. It was clear to me, the escrow company, and my real estate agent, that Chase was the cause of the delay because of their lack of knowledge regarding the XXXX XXXX recording rule and because they did not stay on top of documents with the escrow company during the critical period days before the scheduled close date. 
Immediately after closing, I asked about the Chase 21 day closing guarantee as this would have gone a long way towards alleviating all the negative feelings resulting from the delayed closing, but all I was told was that all accounts are automatically reviewed post closing, and I would be informed if I qualify in XXXX weeks. Multiple follow-ups led to no answers and more run-around. I did receive calls from XXXX managers at Chase and I explained the entire situation in clear detail. Ultimately, Chase indicated that I did not qualify for the closing guarantee and the initial call that informed me of that decision provided no clarity or reason as to why. I had to ask for a written explanation, which I finally received nearly XXXX weeks later. The letter appears to indicate that I did not qualify because my rate changed from XXXX XXXX XXXX XXXXXXXX XXXX  within 10 days of closing. Yet, I only settled for XXXX XXXX at the advice of my Chase XXXX XXXX, who never once indicated that doing so would cause any kind of delay. Furthermore, I only accepted XXXX XXXX  so I wouldn't have to come out of pocket to buy points, despite assurances by Chase - and significant effort moving more liquid cash into my Chase accounts as directed - that I would receive XXXX XXXX XXXXXXXX without any buy down. Chase 's written letter also erroneously states that I closed escrow on XX/XX/XXXX - this is incorrect as I closed on XX/XX/XXXX. So not only is their reasoning illogical, their written explanation is erroneous. Chase 's handling of this entire situation has not only been frustrating and costly to me in terms of money and time, but it has been insulting as it is quite Chase had no desire to uphold their 21 day close guarantee bonus. It is deceptive advertising that they use to their advantage. They used it to obtain my business, roped me along despite my ability to obtain a better rate from a smaller local mortgage broker, then made me jump through all sorts of hurdles to pursue the closing guarantee bonus, only to deny it. A simple internet search will review many other customers like me who were deceived by the same marketing ploy. Chase has now gone dark on me on this matter, as I've reached out to my Chase lending advisor 's XXXX since receiving the letter from Chase explaning my denial to see if I could speak to someone else as the agent who relayed the denial by phone was not only insulting but incompetent ( she called me 3 times and every time called me by the wrong first name despite my correcting her every time ), but she did not respond.