Consumer complaint received 2025-01-12 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: JPMORGAN CHASE & CO.
State: CA

Complaint narrative:
I have been trying to assume the mortgage of my loan and remove my ex husbands name off of it vs selling my kids and Is home. Chase offers this option vs refinancing therefore keeping the same terms/APR of the loan. I have the same story as everyone else in the XXXX links below. Its ridiculous. I have excellent credit, a great salary, have been paying the mortgage on my own on time for 2yrs and have been going back and forth for over 6 mos. They had me pay off a cc and my car note as a condition of approval, which was a brand new car, then still did not approve me. 


They told me the reason for denial was because of documents asked for months before asking me to pay off my car, so why even have me do that?! The reasons were ; 1 ) Not having an actual lease for the monthly income I receive from my relatives, even though I had bank statements showing consistent monthly payments for 4+ years. 2 ) Not having at least 6 mos of CS payments, which come directly from XXXX. The monthly amount hadnt been finalized until I started the process, but they wanted 6 mos of that exact amount even though I had over a year of consistent CS payments ; Therefore neither my rent or CS could be used as income. The person in the assumptions department suggested I reapply if I have those documents.

Why they wouldnt just ask for the documents instead of denying me and making reapply is beyond me. 

I re-applied XXXX days after being denied and included ALL the documents I was previously asked for and the additional documents that I was told were missing ( the reason for denial ) neatly packaged in .pdf files all at once. This time I provided an official CA certified lease and 6 mos of CS payments in the final agreed upon amount.

Im thinking theres nothing else they could possibly ask for, then after waiting 3+ weeks they send me a letter saying they need an explanation for variations of my name on my credit report, which were clearly typos. Also what does that even have to do with determining my ability to pay the loan? 

Thats not all, they asked for an updated quarterly XXXX statement dated XX/XX/year>. I had to call and make a special request because the new quarterly statements werent out yet. Then finally more pay stubs and statements that Id already sent but were now outdated because they take so long.

I felt like the ask for an explanation of variations in my name was a micro aggression because its an ethnic name.

Ive sent everything and am now waiting.

I already had to ask the judge for an extension to assume the loan, because my 90 days per the court stipulation was up. My new court date is in 4 weeks. My credit has been pulled twice, which is at least less than what others reported.

The process starts by you requesting an application. They take weeks to review and let you know whether youre eligible to apply. Then you receive disclosures to sign and send back, which they now can do electronically which I did on my 2nd round to save a few weeks. Then you get your first List of Items Needed letter 2-4 weeks later. If you dont call and check the status weekly so you can get any mailed letters emailed, add another week or two. I learned that quickly. Then they come back asking for more and more, adding weeks and weeks in between each request. Then they ask for updated documents because they are outdated. 

See very similar stories from frustrated customers XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX

Company response to consumer: Closed with explanation