Consumer complaint received 2016-10-22
Product: Mortgage — Other mortgage
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (IL)

JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC continue to abuse consumers in the mortgage market by practicing unfair, abusive, or deceptive lending and servicing practices. JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC failed to provide disclosures as required in XXXX XXXX XXXX a ) and the disbursement of money to the consumer XXXX copies of check or money wire transfer receipt for funds disbursed ) at closing. 

CFPB Laws and Regulations TILA " In XX/XX/XXXX, Regulation Z was amended to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices. Specifically, the change applied protections to a newly defined category of " higher-priced mortgage loans '' that includes virtually all closed-end subprime loans secured by a consumer 's principal dwelling. The revisions also applied new protections to mortgage loans secured by a dwelling regardless of loan price and required the delivery of early disclosures for more types of transactions. The revisions also banned several advertising practices deemed deceptive or misleading. '' Refinancing - Section XXXX ( a ) Refinancing - Section XXXX XXXX a ) - " When an obligation is satisfied and replaced by a new obligation to the original financial institution ( or a holder or servicer of the original obligation ) and is undertaken by the same consumer, it must be treated as a refinancing for which a complete set of new disclosures must be furnished. A refinancing XXXX involve the consolidation of several existing obligations, disbursement of new money to the consumers, or the rescheduling of payments under an existing obligation. In any form, the new obligation must completely replace the earlier XXXX to be considered a refinancing under the regulation. The finance charge on the new disclosure must include any unearned portion of the old finance charge that is not credited to the existing obligation. '' ( XXXX ( a ) ). 

Per the XXXX, JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC violated the regulations set forth in XXXX XXXX XXXX a ) of this Act in respect to the refinancing of the subject property. The consumer that resides at the subject property was never provided a complete set of disclosure documents by the XXXX, the consumer was not a recipient of the documentation that evidenced the disbursement of funds related to the refinance and the consumer was not present at the closing of refinance. The revisions of XXXX XXXX have banned unfair, abusive and deceptive lending and servicing practices ; however, furthering its predatory lending and servicing practices, JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC Filed a Complaint for the Foreclosure of Mortgage and has now rescheduled the foreclosure sale of the subject property for XX/XX/XXXX. 

JPMorgan Chase Bank , N.A . and Chase Home Finance , LLC 's predatory lending and servicing practices should be investigated by the FBI Mortgage Fraud Unit and the Bank and its affiliate should face significant civil penalties.