Consumer complaint received 2016-03-27
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (CA)

On XXXX/XXXX/XXXX, Chase ( NMLS ID : XXXX ) Mortgage banker XXXX XXXX ( NMLS ID : XXXX ) approached me and offered me a loan with No point, No fee, XXXX ARM 3.375 % interest rate to refinance the mortgage loan on our investment property ( refer to the loan application form, the subject property address for the loan is my investment property ). She told me that a cash-out refinancing to a loan amount of {$410000.00} would be necessary in order to get the interest rate of 3.375 %. Since the deal offered by XXXX was better than what other loan brokers had offered me, I re-confirmed all the terms with XXXX again and decided to accept her offer. I then submitted my loan application, along with all the requested documentation, to Chase bank through XXXX XXXX on XXXX/XXXX/XXXX. She emphasized that the rate and price could only be promised until Monday XXXX/XXXX/XXXX. And I was also told the refinancing process would take about 45-60 days. So a mutual agreement about the rate and terms on the mortgage application has been established on XXXX/XXXX/XXXX. 
After receiving the loan disclosures dated on XXXX/XXXX/XXXX from Chase, we went in XXXX office to sign all documentation from the package on XXXX/XXXX/XXXX. We did clearly question why the float rate option on Lock-in Agreement had been checked if the rate lock had previously been done. XXXX simply told us to ignore it. Moreover, we also pointed out there was an {$8800.00} fee charge listed on the GFE dated on XXXX/XXXX/XXXX. Again, XXXX simply told us to ignore it and do n't worry about it. She told us Chase bank will refund all the fees at closing since this is a NO Point, NO Fee refinance loan. 
The fact is XXXX did n't lock the rate for our loan on XXXX/XXXX/XXXX. She locked the rate on XXXX/XXXX/XXXX instead. From the GFE dated on XXXX/XXXX/XXXX, there is also XXXX point fee charge against the original NO Point, NO Fee she offered to us. 
We, as Borrowers, had absolutely no idea why the rate lock was performed on XXXX/XXXX/XXXX. On the other hand, our understanding was that the rate had been locked on XXXX/XXXX/XXXX and the loan documentations would be ready for signing by end of last XXXX. ( We had been told several times by XXXX while we checking the loan status with her during XXXX XXXX. ) After we received the GFE dated on XXXX/XXXX/XXXX, we contacted XXXX XXXX and pointed out the discrepancy and the fees, and questioned her. Her answer is still the same : just ignore it and do n't worry about it. 
In XXXX XXXX, XXXX XXXX suddenly started to avoid responding to my inquiries about the loan status. I had to seek assistance from XXXX assistant, XXXX, and the Chase loan processor myself in order to keep the loan process going and hope the loan could be funded before the rate lock expired on XXXX/XXXX/XXXX. 
Unfortunately, XXXX kept delaying the loan process and refused to make corrections to the extra fee charge, the loan was unable to be funded before XXXX/XXXX/XXXX and expired, which incurred an additional XXXX point of fee charge to the loan. 
During the entire loan application period, we, as Borrowers, have submitted the required documentation to Chase in time and never delayed anything along the loan process. We have kept all the email communication between XXXX and us to prove this point. The documentation requested from Mortgage Commitment Letter ( dated on XXXX/XXXX/XXXX ) was submitted to XXXX on XXXX/XXXX/XXXX. 
XXXX locked the rate on XXXX/XXXX/XXXX and found out a fee charge of 2.5 %. According to XXXX, she reported to her Lending Manager, XXXX ( NMLS ID : XXXX ), immediately and requested to remove the fee charge. But nothing had been done by XXXX at all ; thus the loan was unable to get funded by rate lock expiration date on XXXX/XXXX/XXXX, which further caused an extra 0.5 % fee charge to this loan. Chase bank side is fully responsible for this charge. 
As of today, there are total of XXXX points of fee charge on this loan.