Consumer complaint received 2015-05-20
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (TX)

My husband started a new XXXX position XXXX. We received conditional loan pre-approval from the assigned loan XXXX XXXX XXXX with Chase Bank on XXXX/XXXX/XXXX, put our house XXXX for sale, and began house shopping XXXX. Three months later, I requested another pre-approval letter since my XXXX XXXX expired. In his email on XXXX/XXXX/XXXX, XXXX stated, " I will need the following documentation in order to have your file underwritten and fully approvedXXXX Most recent paystubs for all borrowersXX/XX/XXXX and XXXX XXXX forms for all borrowersMost Recent 2 months of bank/asset/retirement account statements to source the downpayment and reserves. Please ensure the statement includes your name, account # and all pages ( for example, if the document says page XXXX of XXXX at the top then we would need all XXXX pages even if the last page is blank ) XXXX and XXXX XXXX XXXX tax returns including all pages and schedules ( if you own a corporation we will need your business returns also ) Fully executed Purchase Contract ***This is needed to lock your rate so please send it ASAP***. " I submitted the requested along with our XXXX tax return information that included my husband 's current job title and compensation information and was pre-qualified for a purchase of a house for {$300000.00} on XXXX/XXXX/XXXX. On XXXX/XXXX/XXXX we had an executed contract to purchase a property located at XXXX XXXX XXXX XXXXXXXX that stated a 21-day period for third-party credit approval. I forwarded this contract to XXXX. XXXX XXXX, XXXX was our closing date. We deposited {$3000.00} in earnest money and {$200.00} option fee. On XXXX/XXXX/XXXX we had our home inspection done ( {$330.00} XXXX. Chase charged us for the property appraisal {$470.00}. On XXXX/XXXX/XXXX, XXXX XXXX send me this email, " Below are the items we will need:XXXX Signed and dated letter of explanation regarding : a. paystub from XXXX - XXXX reflecting only XXXX hours for almost a full monthb. explain why address reflects previous XXXX Borrower to provide evidence that employment is a full time permanent employment with XXXX XXXX, XXXX. Copy of the earnest money check XXXX front and back ) XXXX. Transaction history to show liquidation of CD XXXX need the history to go from XXXX - current ). 
I liquidated my CD account losing around {$92.00} for penalty charges. This was the XXXX time, XXXX mentioned that he needed a letter from my husband 's employer stating that he had a full-time permanent employment since he pre-approved us XXXX times for the previous 6 months. us after having seen my husband 's XXXX forms and pay stubs with his job title. We submitted several letters from his employer describing my husband 's work status. Our realtorlee XXXX with XXXX stated, " Typically the lender notifies me if an extension is needed on the financing end. We reached out to XXXX prior to your 21 days to get an update on the loan process and were not told of any loan issues. I even reached out to Chase a few days prior to closing to get an closing date extension per my discussion with XXXX regarding the closing of your home on XXXX XXXX. Even at this time no one mentioned any issues ... '' In another email, XXXX talks about his attempts to get in touch with XXXX XXXX again, On XXXX/XXXX/XXXX I emailed and called XXXX from Chase to confirm that a closing extension was needed and that the seller 's agent would be contacting him directly as well. He then told me that he would call me back in XXXX minutes because he had to confirm with XXXX if he could discuss the loan details with me. He never returned that call or email. '' We were issued a financing denial letter by XXXX supervisor XXXX XXXX on XXXX/XXXX/XXXX. As a result of XXXX failure to communicate potential and real problems in regards to our loan in a timely manner, we lost our earnest money, option fee, and inspection fee. I had no place to move my family and furniture.