Consumer complaint received 2015-11-22
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (CA)

I have got a loan from Chase bank to buy a new home. My experience with them was an absolute nightmare. 
I am totally unhappy about my experience with XXXX XXXX ( Mortgage banker, NMLS ID XXXX ), XXXX XXXX ( Mortgage Banker, NMLS XXXX ), and the whole Chase bank. 
They are not good in communicating with their clients. They made too many mistakes throughout the approval process. They were not proactive enough in trying to resolve the issues and pushing to close on time. 
First, it took them so many days to prepare the docs for the underwriter. They were too late that if I had not paid the rush fee for the HOA inspection, we could not have closed at the pre-set date. They were too late, but I am the one who ended up paying for the extra fee! 
At the very end, exactly one day before closing, I realized I need to pay off my whole car loan ( {$9000.00} ) to be able to received the home loan! I had no idea about this, and no one had never mentioned that to me. The way I figured that out was by going through the closing costs page, which was sent to me that day at about XXXX ( 1 day before the closing date ). 
First I thought this must be a mistake, because the total due amount was about $ XXXX more that what I had expected. I had asked XXXX many times how much would be the approximate cost, and he had mentioned $ XXXX roughly, including the $ XXXX that I had paid at the beginning ( I have all email chains of my communications with him in this regard ). That means I would need less than $ XXXX for the closing, and that is the money I had placed in my checking account. 
I called XXXX about XXXX times when I saw that, and I finally managed to talk to him. I asked him if he knew about this requirement. He had clearly no idea!! First he said this must be a mistake. Then, he said he would ask and get back to me. After calling me again, he said this was written in the previous docs that Chase had sent me. Such a big lie! I went through them all, and I found nothing ( I have kept all the mailed docs ). Even if it were mentioned in the docs, he was supposed to communicate it to me very clearly, which he never did. 
He also said, the very first time we had talked, he had mentioned paying off my car loan might be a requirement for getting approved for the loan! It is amazing that because this was a possibility, he expected me to assume this is indeed a requirement, although it was not brought up since then! 
I had the same horrible experience with XXXX. When I talked to her, all she did was blaming me! To be fair, she also mentioned XXXX was supposed to communicate that requirement with me, and she can not do anything about it. Basically, all they said was this requirement is imposed by the underwriter and they have no say on it. 
Btw, at the very last day ( XXXX XXXX ), after I had paid all the closing costs, the tile company contacted me complain they can not find the contact person in Chase to fund the loan!! It took them several hours the resolve the issue! 
My question is why these guys did not tell me about this at least a couple of days before, so that I would have a choice. How did they expect me to find {$9000.00} in less than one day? Do they even care? The real tragedy is I did have the money in a different bank account, but because it would take a couple of days to transfer it to my checking account, I ended up borrowing money! It was also too late for me to withdraw from my application, because I already had removed all my contingencies. I would end up paying a huge penalty to the seller if I wanted to cancel the contract. 
I am planning to use all my legal tools to make Chase compensate for all the extra trouble I went through because of their ignorance/incompetence. They should be held responsible for their very unfair way of practicing business. They should also be stopped from treating their other clients in such a brutal and unfair manner. 
-XXXX XXXX