Consumer complaint received 2021-01-01
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: JPMORGAN CHASE & CO. (NY)

XX/XX/2020 : Contacted my chase lending agent XXXX XXXX to enquire about rates for refinancing my primary residence and started the refinance application process XXXX, 2020 : Received conditional approval on my refinancing application. Provided all the additional documents requested by the chase lending team XXXX, 2020 : As per my home owners insurance provider XXXX insurance, they sent the policy documents to chase to renew my home owners insurance policy but chase did not pay them from my escrow account XXXX, 2020 : I let my chase lending agent XXXX XXXX know on a phone call that I do not wish to proceed with my refinance application and that he should cancel it and close the file. XXXX XXXX confirmed that he will proceed with cancelation of my refinance application. 

Chase sent me a letter stating that my Home owners insurance has expired and that they do not have evidence that I have obtained new coverage XXXX, 2020 : I called up Chase and asked them to pay for my home owner insurance through my escrow account. They check and let me know that since my application for refinance was active, there had been a hold on my escrow account. Hence, they could not pay for the home owner insurance from my escrow account. I call up my chase lending agent XXXX XXXX and ask him to make sure that my refinance application is closed so that the hold on my escrow account can be lifted. XXXX XXXX confirmed by email on XX/XX/2020 that the loan has been cancelled and I should be okay now. 

Chase sent me a second and final notice on XX/XX/2020 that my Home owners insurance has expired and that they do not have evidence that I have obtained new coverage. 

I called up Chase again explaining them that the hold on my escrow should have been removed now and they should pay my home owner insurance provider, XXXX insurance immediately. The customer representative told me that they will call up XXXX insurance and get this done from their side. I warned them that there is a possibility that my policy wont be reinstated because it is overdue and even if it does get reinstated there may be additional charges which I am not willing to bear because it is really not my fault, my payment should have been made from my escrow account after the hold was lifted. To which the customer representative assured me that she has acknowledged it is an oversight from their end and she will get it done while any additional charges will be borne by them. She called XXXX insurance while keeping me on hold but couldnt reach them and asked me to call her later to follow up. To make sure, I get the home owner insurance renewed immediately, I called up XXXX insurance on XX/XX/2020 and spoke to some person named XXXX who sent me the policy declarations page and confirmed that if chase pays it within the next 10 days ( grace period for lenders like chase ), the policy can be reinstated. 

I called up Chase the next day again and asked them what XXXX from XXXX told me and asked them if they can now go ahead and pay my home owner insurance policy. Chase asked me to email them the declarations page at XXXX XXXX, 2020 : I emailed the home owner insurance policy declarations page to XXXX on XX/XX/2020. It seems Chase called up XXXX insurance on XX/XX/2020 but did not make any payment ( I learned about this after contacting XXXX XXXX recently. See their email that I have uploaded in the documents ). I receive another letter from chase about two weeks later stating that my home owners insurance policy has been reinstated. 

XXXX, 2020 : I receive a letter from Chase that my Home owners insurance has expired and that they do not have evidence that I have obtained new coverage. I thought it is a mistake from their end and call them up again to find out what went wrong. This time it is a different agent who has no recollection of what went wrong and does not know why my policy was not reinstated. I tell them the whole story and they again acknowledge their mistake. I tell them that because of fault from their side they should pay for any additional amount I incur to pay to get insurance from another provider and they put me through some other department to escalate this matter. The lady from the other department tells me that she doesnt have the power to approve the additional amount if I have to get another policy from another provider. She tells me to escalate through the secure message feature after logging into my bank account. 

XXXX - XXXX, 2020 : I start escalating the matter through chases secure message feature linked to my account and after several follow up messages they tell me that they have investigated the matter and did not find it was there fault. Therefore, I should buy from another insurance provider and any additional amount will not be paid back to me. 

I buy new coverage from another insurance provider at {$2500.00} which is more than twice the amount I was paying originally ( {$1200.00} ) to XXXX XXXX. 

I am now contacting CFPB to help me get either the additional amount I paid ( {$1300.00} ) from Chase or have them buy home owners insurance for my home at their expense so I dont have to pay this exorbitant amount for no fault of mine. 

I hope that you will help resolve this matter with Chase at your earliest. I have attached the documents to provide you full visibility into what transpired. I have also informed my chase lending agent XXXX XXXX about this and told him that I will be raising this as a complain with CFPB. 

Let me know if you have any questions. 

Thanks!