Consumer complaint received 2020-10-31
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO. (CA)

This year we decided to research home loan refinance options and rates. After speaking with several different lenders, we selected a Loan Officer at Chase by the name XXXX XXXX. After speaking with Mr. XXXX  about our desire to obtain an APR of 3.000 % or lower, and pay no points, he promised us that he would not pressure us to lock-in a rate until we were satisfied with one that met our expectations. On XXXX XXXX, we applied for a loan paying {$500.00} application fee which was to go toward our closing costs. Mr. XXXX  consistently checked in with us and provided us with up-to-date interest rates. Each time he requested updated documentation from us, we quickly provided it to him.

On XXXX XXXX at XXXX XXXX, we received a voice message from XXXX XXXXl who identified himself as Mr. XXXX  manager. In the message he explained that our loan application had reached a point where we either needed to lock-in or cancel our application. We immediately called Mr. XXXX  to inquire about the voice message and to find out why the call was made. Mr. XXXX  was unaware that his manager had called and agreed to contact him to relay our initial loan expectations. On XXXX XXXX at XXXX XXXX, we received a second voice message from Mr. XXXX  requesting a call back to discuss our loan application. Shortly thereafter, Mr. XXXX  called and agreed to contact Mr. XXXX  again. The following day, XXXX XXXX, at XXXX XXXX, Mr. XXXX  left yet another voice message requesting that we return his call right away. We called Mr. Kyles and agreed to have a three-way call with Mr. XXXX  later that day. At XXXX XXXX, Mr. XXXX  called saying that Mr. XXXX  wanted to speak to us NOW. Mr. XXXX  said that the loan process had reached a point where he must get involved and he proceeded to pressure us, and what felt like bullying, telling us we needed to lock-in or withdraw our application. We asked why he was pressuring us and inquired about Chases lock-in policy. Mr. XXXX  only repeated that the loan had reached a point where we either had to lock-in or cancel. He threatened to cancel the loan if we did not lock-in by Friday of that week. We explained that we did not intend to cancel but wait for an interest rate that fit our expectations. We explained to Mr. XXXX  that if he needed to cancel our application ; we expect the application fee of {$500.00} to be refunded to us. He denied a refund but mentioned that if we applied again in the future, the fee would be waived. We expressed our displeasure about the company withholding the application fee since it was not our choice to cancel. Mr. XXXX  agreed to speak with his district manager to determine if a refund was possible. He provided us with another option, which was for us to obta

in three quotes from other banks so Chase could price-match ; however, that option came without a guarantee that the lower rate would be honored. Mr. XXXX  threatened to cancel the loan if we did not lock-in, withdraw, or provide quotes by Friday, XXXX XXXX. After our conversation with Mr. XXXX  on XXXX XXXX, we regretted that we entrusted Chase to handle our refinance transaction in an ethical and honest manner. We never imagined that our desire to have the best interest rate on our home would lead to being threatened and bullied. Furthermore, Mr. XXXX  did not wait until the 11th to relay more bad news. He and Mr. XXXX  called us again on the 9th, and Mr. XXXX  said that his supervisor denied our refund and that he would be cancelling the loan. Once again, we inquired about Chases policy on the time frame to lock a rate and no time frame was provided. Mr. XXXX  accused us of playing the market and even proceeded to give us a ridiculous analogy of going to a restaurant and not ordering anything. We requested the contact information for his supervisor, and he provided the name of XXXX XXXX, and a contact number of ( XXXX  ) XXXX. However, Mr. XXXX  did not hesitate to inform us that Mr. XXXX  was already aware of our case leaving us with the impression that no one was going to assist us with our refund request. On Friday, XXXX XXXX, Mr. XXXX  and Mr. XXXX  called, and Mr. XXXX  informed us that the loan was being cancelled and the application fee would be refunded. We asked Mr.
XXXX  to send us a confirmation email reiterating the conversation and asked him to acknowledge that it was not our decision to cancel the loan. He agreed to send the email and promised to do so immediately. One last time we asked Mr. XXXX for Chases policy about the time frame for locking an interest rate so we would understand the cancellation reason. At first, he did not give a definitive answer ; however, when we suggested that as a manager, he should know the banks policy, he finally told us 120 days. We had not yet reached 120 days, and this time limit was never disclosed to us prior. Mr. XXXX told us that he made a complaint on our behalf and when we asked if he included himself as part of the complaint, he told us he had. A curious statement he made out of the blue was to tell us that this would not affect our credit report. We are at a loss as to his meaning and the relevance, unless it was to instill fear of retaliation. As of XXXX XXXX, we have still not received the promised e-mail and/or refund, nor seen any complaint that Mr. XXXX  claimed to have made on our behalf.

On XXXX XXXX, we received a voice message from XXXX XXXX with Chase claiming to be responding to an e-mail she received from the lending manager XXXX. She requested a call back at ( XXXX  ) XXXX, ext. XXXX. That day, we made seven attempts and were unable to reach her. See attached call log.

On XXXX XXXX, we wrote a letter to Chase to file a formal complaint based on the unfair and disparate treatment we encountered with Mr. XXXX. And as a qualified written request for the refund of our application fee of {$500.00}. Mr. XXXX  last stated he was canceling our application and would refund our {$500.00}. We informed Chase in this letter that if we did not receive a response within 30 days, we would file a formal complaint with the CFPB. Our letter was sent Priority Mail on XXXX XXXX, and received by Chase in XXXX, Ohio on XXXX XXXX. See attached letter, and USPS Priority Mail Tracking.

After mailing our complaint, we have received two letters from Mrs. XXXX, one on XXXX XXXX, and the last on XXXX XXXX. These two letters refer to inquirys they received on XXXX XXXX, which were not from us.

On XXXX XXXX, we each received an email from : no-reply XXXX stating that our loan application documents will be available for the next 30 days. This is the only confirmation to us that our loan application was in fact cancelled by Mr. XXXX.

We would like to acknowledge Mr. XXXX  extreme professionalism throughout this entire debacle and are saddened that because of his supervisor, he was not able to complete our loan process or receive the monetary gain that comes with it.

As of today, XXXX XXXX, Chase has not responded to our complaint dated XXXX XXXX, nor have we received any refund.