Consumer complaint received 2020-08-08
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (NY)

Here 's the story. I've heard a lot of negative reviews regarding the Chase Bank Mortgage, but at first I don't believe this as it's such a big bank it should be professional enough to handle the mortgage, but later my experience told me really how screwed up and incredible this bank is. 

I had my mortgage banker start the application for me, back to the end of XX/XX/2020, it takes reasonable time to come back with the conditional approval, and after that, the disaster began. I strongly doubt the competence of the Chase underwriter, and I don't understand how they can get their work done professionally. After I submitted the documentations to clear the conditions, it started taking so long as 2-3 weeks to come back with issues need me to provide documentations, and it took another 2-3 weeks to come back with another stupid questions which was on my very original provided documentations, I don't think this is professional as you supposed to identify all the issues in one step and for the next step it should be issues regarding the next step, you can't tell me that we came to the third step you still can observe issues on the first step. You kidding me? You can say that's your way of working but that's not professional, and taking so long to come back with questions for different steps is incompetent as a mortgage team. So it's Chase Bank 's problem for processing the loan too slow as I always responded the second day if issues came out and worked closely with my mortgage banker to make every effort, and did whatever I can to convince them regarding issues. I couldn't do more ... ... 

Chase Bank 's process is very tedious and stupid, there're so many things can be done in a lot more efficient way. Here I want to pointed out a very ridiculous experience I had with their underwriter, after a month and a half of the application process, the UW came back with a stupid question saying the original bank statement I provided at the very beginning they can not interpret the amount of balance so that it can not serve as a prove of assets. What? A bank statement can not tell the balance? I did took a look at the bank statement, it's a very professional detail-oriented bank statement, says clearly on the second page, the ending balance is a certain amount they were looking for! If you don't understand the bank statement do you understand the word " Ending Balance ''? There're so many experience like this one which really disappointed me on their service and the competency at work. Chase bank underwriters are not professional and very inefficient. 

They we come to the major problem of this, it's totally their problems processing everything too long, incompetent in dealing with different financial documentations in a timely manner, which caused my closing 10 days later than the contract date. My contract was set up as XX/XX/XXXX and the closing was on XX/XX/XXXX. For the benefit Chase had promised online called on-time closing guarantee, a XXXX dollars refund if not closing on-time. If you are not able to do that, don't list it online, it does nothing but ruin your reputation. They never tell you that all sorts of hidden rules they can setup to disqualify you for this claim. If you can not close it on time, it's your fault, don't say anything else, especially when I tried that hard to work with you to supply everything. It's totally your incompetence that causing the delay, you should pay upon your promise. 

More interesting things here is, you will see how unprofessional they are, I first tried to call and make this claim and I found out that nobody even know what it is. After couple of transfer they finally said it's under processing, which was a month later, then a few days later someone called me saying because there was an interest rate change and you did not lock the rate so that's what disqualified you for the claim. I don't want to comment this excuse, I will let whoever is reading this to tell me what the XXXX this is meaning to me. 

More fun coming, I contacted the mortgage banker about this and she came back with a totally different answer, which said I did not submit documentations on time. WOW, sounds amazing right? Well my response time is clearly recorded in your system, just take a look at my response time and compare with yours. Again there's no excuse of keeping coming back with stupid questions which you supposed to identify a month ago, if that takes too long to figure out, that's your problem. 

There're other very bad things like, they are pulling credit report from certain credit bureau which did not include my car loan on it, and due to their inefficiency of processing the mortgage, after two month they asked to run my credit report again! That's very unprofessional behavior, you cost me hard inquiry twice to apply for a mortgage? You kidding me? And the second time they found the car loan and asked me why I have a car loan on it ... ... .. You kidding me?? It's totally Chase Bank 's problem regarding this process, and this does cost much more time, but again, this is not my problem. 

There's no way that you can convince anyone that this tedious mortgage process is my problem. It's totally Chase Bank 's problem of delaying my mortgage for that long. What makes things worse is their attitude towards the customer satisfaction on their service, when you file the guarantee claim, they were trying to disqualify you with unreasonable excuse, that's very bad. 

Hope you can learn from my experience for Chase mortgage application process.