Consumer complaint received 2026-04-10 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: JPMORGAN CHASE & CO.
State: MI

Complaint narrative:
WHO WE ARE AND WHAT WE ARE COMPLAINING ABOUT My name is XXXX XXXX. I am filing this complaint on behalf of myself and my husband, XXXX XXXX XXXX. We are complaining about JPMorgan Chase Bank , N.A . ( Chase Loan # XXXX ) in connection with the purchase of our primary residence at XXXX XXXX XXXX XXXX XXXX, Michigan XXXX XXXX XXXX XXXX XXXX XXXX which closed in XX/XX/2024. Chase made verbal representations that it would match a competing lender 's mortgage offer. When we provided Chase with the competing offer a documented XXXX XXXX XXXX loan estimate with a {$10000.00} non-repayable down payment grant Chase refused to match it without providing any explanation. As a result, we were required to bring {$10000.00} more cash to the closing table than we would have needed under the XXXX XXXX XXXX offer. This is our documented financial harm. XXXX XXXX XXXX XXXXXXXX XXXX OFFER WHAT CHASE WAS ASKED TO MATCH On XX/XX/2024, XXXX XXXX XXXX issued us a formal Loan Estimate ( Loan # XXXX, prepared by XXXX XXXX, NMLS # XXXX ) for the same property under their Community Affordable Loan Solution program a program designed specifically for homebuyers in underserved communities in XXXX XXXX, Michigan. The XXXX XXXX XXXX offer included : Loan amount : {$99000.00} at 6.125 % fixed rate, 30 years {$10000.00} non-repayable down payment XXXX no repayment required Full closing cost coverage : lender fees, appraisal, title insurance, recording fees, transfer taxes Estimated cash to close : {$1500.00} No discount points charged On XX/XX/2024, we forwarded the complete XXXX XXXX XXXX loan estimate package to Chase representatives XXXX XXXX, SA-Executive Mortgage Banker, XXXX # XXXX, XXXX, ( XXXX ) XXXX, XXXX and XXXX. The email subject line referenced our Chase loan number ( XXXX ) confirming Chase connected the BoA offer to our active loan file. This was a complete and formal match request. WHAT CHASE ACTUALLY DELIVERED AND THE FINANCIAL HARM CAUSED Chase declined to match the XXXX XXXX XXXX offer without providing any written or verbal explanation. We had no option to return to XXXX XXXX XXXX because the XXXX XXXX XXXX rate lock had expired by the time Chase declined. We were forced to close with Chase on the following terms ( per the Chase Closing Disclosure dated XX/XX/2024 ) : Loan amount : {$99000.00} at 5.875 % fixed rate, 30 years Lender credit : {$5000.00} but {$2700.00} of it was used to pay Chase 's own discount points ( 2.765 % ), {$1300.00} for Chase 's processing fee, and {$87.00} for tax service fee Cash to close : {$12000.00} Total of payments over 30 years : {$210000.00} DOCUMENTED FINANCIAL HARM : We paid {$12000.00} at closing. Under the XXXX XXXX XXXX offer we would have paid {$1500.00}. The difference is {$10000.00} in additional out-of-pocket cash we were required to bring to closing because Chase refused to match the competing offer. Additionally, XXXX XXXX XXXX offered a {$10000.00} non-repayable grant. Chase provided only a {$5000.00} lender credit which was largely consumed by Chase 's own fees a {$5000.00} shortfall in grant assistance. CHASE 'S OWN DOCUMENTS SHOW IT KNEW ABOUT HOMEBUYER ASSISTANCE PROGRAMS This complaint is further supported by the fact that Chase 's own conditional approval letters issued XX/XX/2024 and XX/XX/2024, both signed by XXXX XXXX ( NMLS # XXXX, XXXX ) explicitly stated the following : " Learn about homebuyer assistance options that may be available in your area by visiting Chase.com/Affordable and look for the Chase Homebuyer Assistance Finder tool or contact your Chase Home Lending Advisor. Homebuyer assistance programs may provide opportunities for grant funds, XXXX interest or deferred interest loans, or may reduce the amount of money you save for a down payment. '' Despite this explicit written acknowledgment that grant-based homebuyer assistance programs existed, no Chase representative ever proactively offered, applied, or explained the Chase XXXX XXXX XXXX XXXX mortgage program to us at any point during this transaction. We are a family purchasing a home in XXXX, XXXX XXXX an underserved community that Chase 's own programs are designed to serve. Yet when we presented a competing offer that included {$10000.00} in grant assistance, Chase refused to match it and refused to explain why. THE CHASE PERSONNEL INVOLVED The following Chase employees were directly involved in this transaction and in the decision not to match the XXXX XXXX XXXX offer : XXXX XXXX, SA-Executive Mortgage Banker, NMLS # XXXX, XXXX, ( XXXX ) XXXX signed both conditional approvals XXXX XXXX XXXX XXXX XXXX XXXX, NMLS # XXXX, XXXX, ( XXXX ) XXXX received the XXXX match request email ; signed the XX/XX/XXXX Loan Estimate XXXX XXXX XXXX XXXX XXXX XXXX, NMLS # XXXX, XXXX, ( XXXX ) XXXX signed the XX/XX/XXXX Closing Disclosure cover letter XXXX XXXX XXXX XXXX also copied on the XX/XX/XXXX match request email DOCUMENTS ATTACHED TO THIS COMPLAINT The following primary source documents are attached to support each element of this complaint : XXXX. XXXX XXXX XXXX XXXX XXXX XX/XX/2024 ( Loan # XXXX ) XXXX. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. Email forwarding XXXX offer to Chase XX/XX/2024 ( subject : Transfer XXXX ID # XXXX ) XXXX. Chase Conditional Approval XX/XX/2024 ( referencing homebuyer assistance programs ) XXXX. Chase Conditional Approval XX/XX/2024 ( referencing homebuyer assistance programs ) XXXX. Chase XXXX XXXX XX/XX/2024 ( showing 2.765 % points and {$5000.00} lender credit ) XXXX. Chase Closing XXXX XX/XX/2024 ( showing {$12000.00} cash to close )

Company response to consumer: Closed with explanation