Consumer complaint received 2025-01-10 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: JPMORGAN CHASE & CO.
State: TX

Complaint narrative:
I have applied for the mortgage loan {$400000.00} and loan office promise to provide the lenders credit of {$9600.00} towards closing cost. My realtor has also agreed to contribute {$12000.00} as realtor rebate towards loan. Before proceeding I have informed the loan officer about the realtor rebate about {$12000.00} and asked how that amount will be used and the loan office confirmed to me as well as my realtor that they will use the full amount from realtor rebate in cash to close. I have asked multiple times to both loan processing officer and loan officer to send me updated estimates showing the full utilization of realtor rebate 20 days before loan closer i.e. XXXX XXXX and they did not send me anything in writing. I have send text, email but they did not send me any documents showing the utilization of realtor rebate. I have then called loan office and loan processing officer and both have confirmed that they will utilize any remaining amount from realtor rebate towards the downpayment or principal as an exception and told me rest assured. 
However, XXXX business days before closing on XXXX XXXX loan officer called me and told me that they can only use ~ {$5000.00} towards closing and rest I have to use to buydown discount points, arrange with realtor to get the remaining amount directly. This has been very socking to me and I have replied to loan office and loan processing officer for what they have promised me and this is not reality, despite asking multiple times before 20 days they have just informed me 3 days before closing when I do not have any time to rethink or look for alternative lenders and forced me to proceed with closer whatever option left. It seems they have purposefully not replied or refrain to disclose this when I asked for the details and only disclose this just 3 days before closing as any delay in closing will be penalize to me from builder and I will have no other choice then proceeding with them. After complaining the loan processing officer aggreged to modify on Friday XXXX to update the document and utilize the realtor rebate towards principal and send me updated closing disclosure shortly but they did not act until the closing on XXXX XXXX at XXXX XXXX. I have been waiting at closing office until XXXX XXXX but did not have proper solutions from chase. Then loan processing officer called me and advise that they will have to reduce the loan amount to XXXX to utilize the realtor rebate of {$12000.00}, I confirmed with loan officer that it will not reduce or change any term which was agreed inclusing the lenders credit of {$9600.00} and she acknowledged that nothing will change. I again called and confirmed with the loan processing officer that the new estimates I see the reduced lender credit but she acknowledged that I will get the complete credit of {$12000.00} + {$9600.00}, I waited to closing office until XXXX XXXX  but did not get the final document and my closing have to move to next day on XXXX XXXX at XXXX XXXX When I get the updated disclosure on night of XXXX XX/XX/XXXX, I found that the lenders credit is reduced to {$8500.00} and I was seeing the difference of ~ {$1100.00} in my final disclosure. As first time home buyer i can easily spot these issues, They have processed the thousands of the loan in their life and have the software and they should have easily spot these differences but despite I am asking they were not telling me the correct figures and its acknowledge by the loan processing officer they are working on the numbers to update but I did not received any updates until XXXX XXXX XXXXXXXX XXXX Then the loan officer manager called me and offered me to provide a {$500.00} credit post closure as goodwill to offset the difference of {$1100.00}. They did not left me with any choice other then proceeding with the numbers as any delay in my closing builder will start charging me {$500.00} per day penalty. 
Though the documents did not reach to closing until XXXX XXXX to closing office. Also the post closer promised credit {$500.00} cheque was not sent until today XX/XX/XXXX. Due to this I cloud not close on time and spend 2 days off my vacations, waste time of my family member and missed auspicious date time purchasing home. Also did not get the promised lender credit of {$9600.00}. Despite proactively asking the information and clarification request lender has forced me into this situation without any fault from me. I have also escalated this to chase escalation team but they did not provided any resolution either. I have attached all the email communications the chase representatives.

Company response to consumer: Closed with explanation