Consumer complaint received 2016-05-26
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: JPMORGAN CHASE & CO. (NC)

My wife and signed a contract to purchase our first home ( a condo ) around XXXX XXXX. We decided to go through Chase for our mortgage. We have since encountered numerous problems throughout the closing process, all of which can be attributed to their dysfunctional loan process and poor communication. 

I 'll start from the beginning when I spoke with the mortgage banker over a month ago. To his credit he gave us fair warning that, because Chase did not have our condo association on file, there would be an additional audit step and it could potentially delay the closing. However, so long as the condo association was cooperative it likely would n't be a problem. I was also given to understand that Chase would be able to handle this on their end. 

In the interim we completed and submitted all the necessary documents requested of us, leaving ample time for Chase to complete the condo documents, which was over 3 weeks ago. From what I recall, the underwriting team reached out to the association on XXXX XXXX to obtain the necessary documents. On XXXX XXXX they finally got in touch with the association, which in itself was an unnecessary waste of time. It 's unclear that their conversation was at all productive though, as Chase still could not provide us a definitive answer as to what documents we needed to provide. Incredibly, after numerous unanswered phone calls and messages and emails, that answer did not come until last Tuesday, XXXX XXXX. Once given the answer we immediately ordered the documents, while also incurring a completely unnecessary {$35.00} rush fee on top of the document ordering fees. {$35.00} is n't a lot when considering how much we are paying Chase for closing costs, but it could have easily been avoided had we simply been told to order the documents 3 weeks ago when there was still plenty of time. In addition, the loan processor they assigned to us left for vacation on XXXX XXXX with little warning, and will not return until XXXX. Why on earth would Chase assign a loan processor to us that would be out of the office during the most crucial time period for our closing? 

Still, we were willing to look past this as it seemed we would still be able to close on time. The condo documents were received by Chase on XXXX XXXX, which provided them a whole week to finalize the loan package. We were also informed by the mortgage banker on XXXX XXXX that everything would be sent to underwriting and be ready for us to close. On Wednesday XXXX XXXX ( 2 days before closing ) they still had n't updated us on the status of the loan package, so we called the loan processor 's replacement. She informed us that the loan was still in the audit stage and that there was nothing anyone could do about. This is wholly inexcusable. A client should never have to hear this 2 business days before the closing date. Again, had we been apprised of this sooner, we could have attempted to rearrange times with our closing attorneys as well as the sellers to help smooth things out. Now we are left with rearranging the closing date, relying on the good graces of the seller, and inconveniencing all parties involved. Luckily our current lease does not expire until XXXX, but if it had been sooner we would have no place to live. 

I then tried to call the loan processor 's manager to seek some kind of remedy, but they were unavailable ( lack of availability is a pervasive issue throughout Chase ). I would have left a message but their inbox was full, which is totally unacceptable for a customer service manager. 

I then emailed all parties involved ( mortgage banker, processor, and XXXX their managers ) to make our displeasure known in a firm but civil manner. They still have not responded, and each time I try to call they do not answer. There is no accountability - not once has anyone apologized, and now they tell us the closing date will have to be in early XXXX. Inexcusable.