Consumer complaint received 2025-02-03 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: TX

Complaint narrative:
I sent the following message to Chase Mortgage Escalation center and received no response ( sensitive info redacted ) : " Formal Request for Compensation Regarding Mortgage Application Process Dear Chase Mortgage Resolution Department, I am writing to formally request compensation for financial losses incurred as a result of delays, miscommunication, and mishandling during the processing of my mortgage application. For clarity, " the buyer '' refers to myself. Below, I provide a detailed timeline of events and a breakdown of the losses caused by Chase Mortgages actions.

Detailed Timeline of Events XX/XX/XXXX : Pre-approval was obtained from XXXX XXXX, the loan officer. 

XX/XX/XXXX : XXXX confirmed via email that Chase could match another lenders quote. 

XX/XX/XXXX : XXXX provided a loan estimate and application package to proceed, including an updated loan estimate with a {$2000.00} lender credit. 

XX/XX/XXXX : The buyer signed and uploaded all requested documents. 

XX/XX/XXXX : A loan lock-in agreement was shared by XXXX and signed by the buyer, locking a 6.125 % interest rate. 

XX/XX/XXXX : XXXX XXXX, the underwriter contacted and congratulated the buyer with conditional approval. 

XX/XX/XXXX : XXXX shared a list of additional requested documents. 

XX/XX/XXXX : The buyer submitted all requested items except for proof of homeowner insurance and gift fund origination. 

XX/XX/XXXX : The buyer submitted homeowner insurance information. 

XX/XX/XXXX : XXXX requested further documents, which the buyer provided the same day. 

XX/XX/XXXX : The buyer informed XXXX that the gift fund had been deposited and provided proof. 

XX/XX/XXXX : The buyer submitted the executed lease agreement for existing property and proof of rent deposit, as instructed by XXXX during a prior phone call. 

XX/XX/XXXX & XXXX, XXXX : The buyer followed up with XXXX and XXXX about the status of the application and closing procedures, but received no response. 

XX/XX/XXXX : XXXX called to inform the buyer that the application had been denied due to issues related to the lease agreement he had instructed the buyer to prepare. No further explanation was provided. Contract close date is XX/XX/XXXX, and Chase promised to close on XX/XX/XXXX. 

XX/XX/XXXX : The buyer contacted XXXX ( XXXX XXXX ) to request an explanation for the denial and a release of the appraisal, while informing Chase of the penalties incurred due to delays. No response was given. 

XX/XX/XXXX : The buyer followed up again requesting appraisal transfer and received no response. 

All communications mentioned above are evidenced via email chain between the buyer and relevant Chase mortgage personnel. ( can be provided upon request ) Financial Losses Incurred Delay Penalties : {$1600.00} in penalties due to delayed closing caused by Chases handling of the application. This amount is documented in an extension offer and reflected in a cashiers check withdrawn from the buyers Chase account ( recorded in the bank statement ) and paid to the seller / builder, XXXX XXXX. 

XXXX XXXX XXXX : A {$2000.00} lender credit offered by Chase was forfeited, as documented in the Chase loan estimate. 

Increased Origination Costs : Due to time constraints, {$3200.00} ( {$4200.00} Origination Fee - {$980.00} new lenders credit ) was paid in origination and processing fees to the new lender, as documented in the new lenders closing disclosure. 

Higher Interest Rate Impact : Financing was secured with a new lender at 6.375 %, compared to the 6.125 % rate locked with Chase. Over two years, this rate difference on a {$420000.00} loan will cost an additional {$2100.00} ( assuming refinancing in two years, or the loss would be larger ) Total Compensation Requested Based on the above, compensation totaling {$9000.00} is requested, comprising : {$1600.00} for delay penalties. 

{$2000.00} for the lost lender credit. 

{$3200.00} for increased loan processing and origination costs. 

{$2100.00} for the additional interest costs over the next two years. 

Supporting Documentation The following supporting documentation can be provided upon request : Bank statement, cashier check receipt and email communication with the builder showing the {$1600.00} penalty amount and payment made. 

Chase loan estimate confirming the {$2000.00} lender credit. 

New lenders closing disclosure showing {$4200.00} in origination processing fee and {$980.00} lender credit. 

Loan estimates from Chase and the new lender showing the rate difference. 

Resolution Request This compensation request reflects the financial harm caused by Chases actions. It is hoped that this matter can be resolved amicably. I would like to resolve this issue between us first before escalating concerns to the Consumer Financial Protection Bureau ( CFPB ) and the XXXX XXXX XXXX XXXX XXXX XXXX. 

Please respond by XX/XX/XXXX to confirm receipt of this request and provide a resolution plan either via email or phone call. 

Thank you for your prompt attention to this matter. 

Sincerely, ''

Company response to consumer: Closed with explanation