Consumer complaint received 2023-10-13
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: JPMORGAN CHASE & CO. (OK)

I submitted HOA dues and document on XXXX/XXXX/XXXX, wasn't acknowledged or acted upon until it was requested again XX/XX/XXXX. I asked several questions about a requested Form 4506-C that were not acknowledged or answered until XX/XX/XXXX. 

We were given the results of our appraisal the day before our scheduled closing on XX/XX/XXXX. The appraiser 1 ) measured the property incorrectly and 2 ) did not include 2 bathrooms on the appraisal. We had no time to challenge this appraisal, because they gave it to us the day before closing even though it had supposedly been completed more than a week previously. This delay in getting us the appraisal delayed our closing by 1 week, and caused us the hardship of not having a place to stay. Despite this, Chase did not get a new appraiser. The appraiser came back and did not re-measure our house. Instead she added the two bathrooms she missed and still had the measurements wrong. We know this because we paid out of pocket for an independent professional appraiser to come measure the house. Our independent appraiser agreed within 1 or 2 feet with the measurements provided by the builder. Chase did not acknowledge or use these measurements. So when our property appraisal was re-done by the same appraiser, the measurement was still low, and our appraisal value was still low.

After being delayed by 1 week due to Chase 's mishandling of the appraisal, the night before our second attempt at closing on XX/XX/XXXX, Chase asked for student loan documentation that had previously be provided on XX/XX/XXXX. This document wasn't acknowledged or acted upon by Chase until XX/XX/XXXX when it was requested again, the day before our scheduled closing The day of our 2nd attempt at closing on XX/XX/XXXX, we were asked for signatures on gift letters we had submitted on XX/XX/XXXX. These signatures weren't requested until the day of our scheduled closing. Also on the day of our 2nd attempt at closing, I was asked for a letter from my employer stating I worked remotely, which I provided the same day, but this should have been requested the week or weeks before, not the day of closing. This lack of action led to another delay in closing, and XXXX again not having a place to stay. 

Additionally, our review of appraisal was again given to us the day before our scheduled closing. As described above, it was still incorrect. We could have chosen to contest it again, but at this point we have already been without a home for 1 week unexpectedly. Chase has already made it clear that they are not going to work for resolution quickly. Instead of contesting the re-appraisal, we chose to find a way to close. We had to take money out of retirement along with the penalty that comes with that. 

And, more recently when I've spoken with Chase how they intend to compensate us, they have said they can do nothing because our appraisal did increase... yes it increased, but not to the correct amount. As described above, the square footage measurements were still wrong. 

Our closing was delayed again, not by 1 day or 2 days, but 3 days, even though all of the delays were caused by Chase not acting on the documents we submitted. We have email documentation of all of these submissions and dates and re-requests. So we continue to be without a place to live. Then on the day of our re-re-rescheduled close, we sit at the title company for 2.5 hours as Chase asks again for the gift letters, provided a third time now.