Consumer complaint received 2021-09-29
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (IL)

We are reopening our complaint against Chase CFPB complaint # XXXX The response from Chase was a lie. They have their calls on a recorded line. What we have stated here is fact and can be verified by reviewing the phone calls Chase mad to us. They promised to reimburse us for their errors now have declined to reimburse us. 

Fact Chase approved us for the purchase of a 2nd home in XX/XX/XXXX with 100 % of the down payment as gift funds Fact Since Chase approved our loan structure - We incurred expenses travelling from XXXX to XXXX and found a home but cancelled the contract after inspections we done Fact We found another house and Chase re-approved us for the purchase of a 2nd home with 100 % of the funds from gift funds. 
Fact The loan officer - XXXX XXXX confirmed with us multiple times on the phone and written communications that 5 % of borrower funds were not required. 
Fact We incurred non-refundable expenses related to the purchase of the property based on the approval Chase provided us. 
Fact The {$15000.00} XXXX was non-refundable 21 days from the contract date. 
Fact XX/XX/XXXX - XXXX XXXX told us 21 days after the contract date that he made a mistake and indeed 5 % was required to be provided by XXXX. As he stated on a recorded phone call - XXXX had a strategy session with him manager to fix his mistake and his manager suggested we change occupancy from 2nd home to primary residence. XXXX specifically stated we had 2 options ( my 401k funds or provide a joint bank statement ) but XXXX suggestion of changing occupancy would be a 3rd option. XXXX stated the 401k needed to be liquidated and he didnt know we had a joint account. There was no reason to provide this because until that phone call we were approved to close with gift funds. 
Fact XXXX pitched us on the option to change occupancy and went over what was needed. XXXX provided the option and explained that I needed to get a letter from my job stating I can work XXXX which was provided at his request. Chase even called my manager to confirm that I can work XXXX and approved the loan for primary residency. 
Fact Since we started looking for a 2nd home- my employer closed the corporate office so I am now 100 % a remote employee and can work anywhere in the world. I am no long required to be in the XXXX area. 
Fact - Chases response to the original CFPB complain is a complete lie and further deception. Chase is trying to shift the blame to XXXX. Chase should provide the recorded phone call so everyone can hear how XXXX planned it out to cover up his mistake then presented us with an option that was approved by his manager. XXXX never spoke with any Chase managers about changing the occupancy. XXXX presented the option not XXXX. According to XXXX, his manager was involved so multiple Chase employees were advising us to change the occupancy. 
Fact As a Chase XXXX XXXX should have known what he was presenting to us was not allowed. His Manager should have known this was not allowed and should not have told XXXX to present it to us. This is outright malpractice on multiple levels. Chase should be held financially responsible for improper knowledge and training if their employees. Their advice cost us thousands of dollars and we lost the home we wanted to purchase. 
Fact - XX/XX/XXXX We already had scheduled the final walk through and once again incurred expenses to travel from XXXX to XXXX. 
Fact XX/XX/XXXX - Chase issued an approval as a primary residence. 
Fact On XX/XX/XXXX - {$17000.00} was wired from our joint account to title company even after multiple confirmations from XXXX stating 5 % borrower contributions were not required this satisfied the 5 % requirement for the purchase of a 2nd home. 
Fact Chase declined the loan days later. 
Fact Chase declined a loan that meets guidelines for both a 2nd home or as a primary residence because we wired money from our joint account to the closing agent. We provided the wire confirmation but Chase suspended the loan. 
Fact I have escalated my complaint through several departments at Chase. Members from the Chase Executive Team responded and confirmed with us that Chase is in the wrong. They mistakenly approved us to use 100 % gift funds on 2 applications, they mistakenly told us multiple times that 5 % was not needed from me, they stated they will do the right thing for us They were making transcripts of the calls XXXX had with us. 
Fact We followed up day after day and got no response or kept being told people were on vacation that needed to be present to make a decision on our loan. 
Fact Because of delays by Chase, closing was postponed. We already had travel arrangements from XXXX to XXXX. I was flying in straight from a convention and XXXX was driving. So we incurred yet more expenses due to Chase 's scam. 
Fact Instead of closing on XX/XX/XXXX, we were still waiting for answers. Instead of furniture and movers delivering our purchases to the new house- we had to set up a storage unit to accept deliveries and pick up of non-refundable furniture we purchased for the house. 
Fact We had to get multiple extensions from the sellers because Chase continued to drag out the process beyond the XXXX of XXXX only to come back and say they are declining the loan for the occupancy change which is what XXXX convinced us to do. 
Fact Chase made multiple mistakes on our loan and admitted to it multiple time by multiple people. We met all guidelines and still got declined for both 2nd home and primary residence. There is no valid reason for declining our loan. If we changed the occupancy to an investment property then no one would have even gave it a second thought. So change in occupancy is an orchestrated excuse to decline the loan to cover their mistakes. 
Fact We satisfied all guidelines so if Chase felt like we did not meet XXXX guidelines then there is no reason Chase could not have held the loan in their portfolio since they were the ones who made all the mistakes on the file. 
Fact The Sellers refused additional extensions to allow us to start all over with a new lender and held our deposit and the additional funds we sent to the title company for closing until they found a new buyer. We could not even look for another property because we had over $ XXXX in funds being held hostage due to Chases misrepresentation. 
Fact When the Sellers found another buyer they kept {$5000.00} of our deposit. We did not get our money returned until the first week of XXXX which prevented us from looking at different properties. Now there are no homes in the exact area we wanted to be in. 
Fact We incurred more expenses going back to Georgia to empty the storage unit to bring our purchases back home since we can not return any of it. 
Fact We continue to incur expenses for storage unit here at home. 
Fact The Chase Executive Team confirmed Chase is liable and would be reimbursing our expenses and requested we submit receipts. 
Fact The Chase Executive Team invited us to submit our expenses for reimbursement and provided an email address. 
Fact We submitted out expenses but Chase waited until after our 60 day response period expired before communicating that they will not reimburse us for the expenses we incurred based on their mistakes. So we are reopening this case. We are not going away because they apologized for their mistakes. 
Fact - If they can decline loans that meet all guidelines then the guidelines, lending laws, and consumer protection agencies are completely worthless. 
Fact - We did what we were told to do and Chase keeps dodging responsibility for it. 
Fact We have notified Chase to retain all forms of communication ( emails, online messages, phone calls and transcripts ) they have between us and them. The facts laid our here are 100 % accurate and can easily be verified by reviewing the communications between us, XXXX and the Executive Team. 

Telling us to change the occupancy then declining us for changing the occupancy is beyond deceptive it is blatant fraud! Promising to reimburse us then declining to reimburse us is further proof of their continued dishonesty and deceptive business practices.