Consumer complaint received 2016-06-09
Product: Mortgage — Conventional fixed mortgage
Issue: Settlement process and costs — 
Company: JPMORGAN CHASE & CO. (TX)

On or about XXXX XXXX, 2016, I received an offer from JP Morgan Chase to refinance my existing mortgage loan with XXXX closing costs to me and a lower interest rate. After discussing the offer, the refinancing process and terms with a Chase representative on the phone, I completed the initial loan processing package and returned the documents to the Chase representative via email. 
One of the documents I completed was Exhibit A ( Escrow Account Notice ) where I chose the option to have " the funds in my existing escrow account returned to me. '' My understanding of this option meant that I would ( a ) establish the required balances of the tax and insurance escrow accounts for the " new '' loan from cash that I would provide at closing, and ( b ) once the " old '' loan was paid off with funds from the " new '' loan ( i.e., none of the " old '' loan escrows would be applied to the payoff ), the tax and insurance escrow account balances from the " old '' loan would be refunded to me. Essentially, I would be funding the " new '' loan escrows, but would be getting that money back when the " old '' loan escrows were available in a few weeks after closing. 
Additionally, in my conversation with the representative on the phone, I was left with the impression that the first option described on Exhibit A was not even available to me ( even though both the " old '' and " new '' loans were there Chase ). 
On XXXX XXXX, 2016, I closed on the " new '' loan and provided {$2200.00} of funds to pay for ( a ) the " new '' loan tax and insurance escrows ( {$1700.00} ) ; ( b ) stub period of interest ( {$38.00} ) ; ( c ) the monthly escrow payment that would be due on XXXX XXXX ( {$430.00} ). 
On XXXX XXXX, 2016, I received a check in the amount of {$17.00} from Chase. Since there was no explanation of what the check represented, I waited a few more days to receive a check for the full amount of the " old '' loan escrows ( {$1700.00} ) On XXXX XXXX, I called Chase and was told that the {$17.00} check represented a full refund of the escrow balances of my " old '' loan after they had been applied {$1700.00} to principal at the time of pay-off. In other words, Chase had done exactly the opposite of what I requested. Please see Exhibit C which is a Loan Transaction History received from Chase. 
After hearing that, I wrote an email to the Chase representative I had been working with as well as the title company. Such email exchange is attached as Exhibit B and is where I stand today. Basically, on XXXX XXXX, XXXX XXXX XXXX admits that Chase made an error, but indicates there is no way to correct it and refund me {$1700.00}. 
Therefore, my complaint has to do with the fact that I had specifically chosen to receive a refund of my escrow balances on the " old '' loan and NOT to use those funds to pay-off any portion of my " old '' loan. Chase did exactly the opposite and now indicates that there is no way to correct the error. They have referred the matter to someone in their Resolution & Complaints Office ; however, I feel that without your assistance, I will continue to be stone-walled, further delaying the return of my funds. I would, therefore, appreciate your assistance in resolving this matter. I have now waited six business days to be contacted by someone in Chase 's Resolution and Complaints Office, but no such communication has occurred. 

I am agreeable to amending the loan documents -- at absolutely no cost to me -- and would like to be refunded the full amount of my " old '' loan escrows ( {$1700.00} ). Thank you, in advance, for your assistance in this matter. If you need additional documentation or information, please feel free to contact me at the email address provided. 
Thank you,