Consumer complaint received 2015-11-26
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: JPMORGAN CHASE & CO. (NM)

CHASE is not vetting the servicers to whom they sell their mortgage loans and should be investigated for negligence and the consequences it produces. Below is a thread. 

My mortgage loan was recently ( XXXX/XXXX/15 ) sold by CHASE Bank to a collection agency called XXXX. I never missed a payment nor was late with a payment in the ten ( 10 ) years I was with CHASE. I do understand that, under the terms of the loan, CHASE may sell my loan servicing to other entities. I do expect however that whichever entity they sell it to would be able to service it adequately and legally, and follow the terms of the loan. XXXX appears to be unable to do so. 
I attempted to make an additional principal payment during two separate online sessions one month apart ( see attachments ) and was informed that I could not do so. I was informed that the maximum payment I was allowed to make was the minimum payment I had to make. I do not believe this is legal, ethical, nor within the terms of the loan agreement. 
When I complained to CHASE with the following message, Date : XX/XX/2015 XXXX : Chase Card ServicesSubject : General CommentsMessage : XXXX : XXXX : XXXX : XXXX : XXXX : OTHER ACCOUNT NUMBER:XXXXSSN/TAX ID NUMBER:XXXXYou sold my mortgage loan to XXXX vultures. I tried making an online payment, adding an additional principal payment. Even though it is an option on their online form, they would not allow it. What kind of cheap, underhanded, lowlife, second rate, shady, despicable loan sharks are you selling citizens loans to? I have never missed a payment nor been late with a payment and you sold my mortgage to an unscrupulous collection agency. I will be reporting them and you to the appropriate regulatory agencies. 





CHASE responded that I should call XXXX and make the extra principal payment over the phone. 
Yes, I could call XXXX. In fact, just a short while ago today XXXX called me ( I refused to talk with them ), probably in response to a message I left them informing them I was making this complaint. And yes, I could probably call and make the extra principal payment over the phone, as CHASE suggested. But what about all the other people who will have to deal with this collection agency and not know their rights or maybe do not understand the terms of their loan? What if they believe the message that their minimum payment is their maximum allowable payment? I believe that the XXXX collection agency should be investigated and persuaded to change their website online access to give accurate and legal information to the people unlucky enough to have them collecting their loans. 
I understand why CHASE has to sell the loans ; competent financial managers are hard to find and CHASE is probably in need of fast cash to shore up some bad investment choices, but they should still take the time to vet the collection agencies to whom they sell their loans to ensure a consistent quality of service for their previous customers. Would n't you agree? 
I believe CHASE has been negligent in vetting the " servicer '' to whom they sold the loan and should be held accountable. 
Thank you for your attention to this matter. 
Sincerely, XXXX XXXX XXXX XXXX. 
XXXX, XXXX XXXX ( XXXX ) XXXX - XXXX Bank XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX # XXXX Loan # XXXX