Consumer complaint received 2016-05-05
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: JPMORGAN CHASE & CO. (NY)

I had been aggressively paying down the Chase mortgage on my co-op for the past year or XXXX. By XXXX 2016 the principal balance was {$1500.00} so I requested a payoff quote. I received very confusing information about the process to pay off my mortgage ( e.g., there would be a closing, I was required to have an attorney, the attorney fee is {$370.00}, etc. ) ; apparently, the representatives I spoke with did not understand -- or bother to confirm -- that I was doing a straight payoff, not refinancing. As a result of all the confusing information I received, I was not able to pay off the loan by the date the quote was good through -- if I remember quickly the quote might have arrived after the " good through '' date, but the representative I requested it from did not think to suggest I request a later date. I decided to just pay off the {$1500.00}, thinking Chase would then have to provide clear payoff instructions via my XXXX mortgage statement. Instead, Chase held the funds in limbo and did not process the payment. When I called to inquire why the payment had not been processed ( on approximately XXXX XXXX ), they advised that it was unclear that I was paying off the loan since the payment was short $ XXXX dollars ( interest for that month ) ; they ended up forgiving the interest and closing my loan that day. From doing a little research on what happens after you pay off a mortgage, I expected to receive my lien release/original loan documents, co-op stock certificate and proprietary lease. After over a month I had received nothing. I called Chase on XXXX XXXX to inquire about the documents ; it was only then that a case was created to start the lien release process. On XXXX XXXX I called back and received the XXXX tracking number for the lien release which had been sent to XXXX XXXX records office ( every time I called I received unclear and slightly different information about which documents they would be sending where ). It later occurred to me that there was still no update on the stock certificate and proprietary lease, so on XXXX XXXX I called back to inquire about those documents. It was only then that another case was created to have them sent to me ; I was advised it would take XXXX 10 days. On XXXX XXXX I called to follow up and was advised that the only/last note on XXXX XXXX indicated they were looking for the documents in their warehouse ; I asked when I should call back for an update and was told to call on Thursday. On XXXX XXXX ( today ) I called and there was no update or additional note since the XXXX on XXXX XXXX ; she advised she would send an email to their Research department to escalate the matter. I asked the representative if this is the normal process ( i.e., it 's up to the borrower to keep calling to request documents that Chase has a legal obligation to return to him/her ) ; she could not explain to me what went wrong in my case. She said she confirmed that the XXXX 3/lien release had been recorded by XXXX XXXX and asked me if I needed the other documents to refinance ; I had to remind her that the stock certificate and proprietary lease are the only legal proof I will have of my ownership in the co-op and rights to my apartment. I suspect that the way my loan was closed is part of the reason processes that should have happened automatically were never triggered. However, if Chase chooses to deviate from its normal process to close a loan, they should have a manual process to ensure next steps are still carried out ; it should not be up to the client to follow up multiple times to ensure he/she receives all documents to which he/she is entitled.