Consumer complaint received 2018-01-04
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: JPMORGAN CHASE & CO. (ID)

I recently filed complaint # XXXX, and the response filed by Chase was neither accurate or truthful, and their offer of solution is not acceptable due to the lack of explanation and disclosure by their loan officer. 

The response from Chase is completely inaccurate as to the performance of XXXX XXXX as loan officer and  his conversations and explanations with regard to the appraisal and the value of my property. XXXX XXXX did discuss the appraisal with me, and the appraiser, and  told me that there would be two people doing the appraisal as one was training and was not qualified to do the appraisal alone. Only one person arrived at my home to do the appraisal, and he was here less than 20 minutes, and used comps that were more than six months old. I myself provided XXXX XXXX with current comps, which indicated the value of my property to be in the area of {$190000.00}, as well as a copy of the appraisal done in XX/XX/XXXX, which valued the property at {$180000.00}. I also provided XXXX XXXX with a letter from another refinance source estimating the value of my property at {$210000.00}. Additionally, I have done approximately {$10000.00} of improvements to the property since XX/XX/XXXX, and property values in XXXX, ID have increased by at least 17 % in the last three months, so there is no way to have lost over {$8000.00} of value in my home. 

I did receive the counter offer from Chase in the mail, and took it with me when I was called into the office in XXXX by XXXX XXXX to discuss the loan. XXXX XXXX called me in to clarify my trust, and my XXXX XXXX credit account, and when I asked about the letter from Chase, XXXX XXXX disregarded it, and did not review or explain it. 

XXXX XXXX called around XX/XX/XXXX to inform me that closing would be done through XXXX XXXX what my new mortgage payment would be, and that I would not have to pay mortgage payments for XX/XX/XXXX or XX/XX/XXXX. When I told him I had already paid my XX/XX/XXXX mortgage, he stated that it would be refunded to me with any excess additional fees. I received calls from XXXX XXXX the same week to arrange and finalize the closing, and a mobile notary came to my home on XX/XX/XXXX to sign the closing documents. He left a Notice of Right to Cancel letter, and explained I had three days to exercise my right to cancel. I received a check from XXXX XXXX on XX/XX/XXXX in the amount of {$1600.00}, which I assumed was the refund of fees that XXXX XXXX mentioned earlier. The letter mentioned that creditor checks could also be enclosed, but not creditor checks were included. I assumed that Chase would pay off the credit cards internally, and since I bank on line, watched the accounts on line for pay-off. When the cards were not paid by Friday, XX/XX/XXXX, I texted XXXX XXXX to ask when the credit cards would be paid. XXXX XXXX responded that I should have received checks from XXXX XXXX to pay the credit cards, and he would check into it as soon as he finished with his clients. XXXX XXXX called me on Monday, XX/XX/XXXX to tell me forms for my trust that needed to be signed. I asked them about the creditor checks and they said there were no checks for Chase. I again texted XXXX XXXX, and his response was that he saw no checks either and was looking for the error. XXXX XXXX called me on Tuesday, XX/XX/XXXX, finally informed me of the low appraisal, the loan counter offer by Chase, and thus the lack of available funds to consolidate the credit cards. When I asked what he was doing to correct it, he blamed the notary for not explaining, and me for not exercising my Notice of Right to cancel. XXXX XXXX then referred me to his supervisor, XXXX XXXX who did not return my call, and thus this complaint was filed. 

My entire purpose in refinancing was to pay off those credit cards, and XXXX XXXX lack of disclosure obviously violates truth in lending laws put it place to protect the consumer. And the offer of {$500.00} refund of processing fees is an insult to my intelligence. The least acceptable solution would be to pay off the credit cards as originally agreed.