Consumer complaint received 2025-01-30 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:
On XX/XX/XXXX, I submitted an online application in my name alone, to Chase Home Lending for a potential loan in the amount of {$130000.00}. The loan officer, XXXX XXXX phoned to go over my application. He calculated my monthly bills in addition to estimated taxes and homeowner 's insurance with a total of {$2200.00} /month. The actual total is {$2100.00}. He stated that the DTI ratio was 58.35 %. The DTI is .54 %. With the auto loan paid in full as I proposed, the DTI is 38 %. With the loan agents monthly calculation of {$2200.00} the DTI without the auto loan would be 42 %. 

Based on the very discouraging conversation with XXXX XXXX, I did not feel comfortable speaking with XXXX XXXX again, so my wife contacted the agent to request that he reduce the loan amount to {$100000.00}. He stated that now the DTI would be 92.82 % based on a {$1300.00} mortgage payment. ( Stated par rate of 7.25 and 7.56 APR ). My wife expressed our interest in paying off the auto loan in full and queried whether it would impact the DTI. He stated that paying off the loan was not it either. XXXX XXXX stated in his XX/XX/XXXX e-mail, that I could complete the application and he would set up a time on Monday. In XXXX XXXX XX/XX/XXXX e-mail he stated that I was always welcomed to apply and have the application reviewed by an underwriter. My thought was to pay an amount that lowered the DTI, before review by the underwriter, to increase the possibility of obtaining the loan. Why would anyone go further with an application that was already earmarked for rejection? Thus, I wanted to know any ballpark information with regard to Chases preferred ratio. XXXX XXXX never responded to my attempts to reach him. On XXXX XXXX, I e-mailed XXXX XXXX, attempting to ascertain whether there was a certain amount that I should pay off and whether the interest rate that he quoted was for an FHA or conventional loan. I received no response. So, on XX/XX/XXXX, I contacted the supervisor ( XXXX XXXX XXXX ) listed in his e-mail as his supervisor, basically asking the same questions. She stated that XXXX XXXX was a member of her team previously. She did not address my questions, and referred me to XXXX XXXX. I had to contact XXXX XXXX and did so by e-mail on XX/XX/XXXX. XXXX XXXX responded by e-mail and stated that paying off the auto loan would make a difference, but the DTI would now be " about 70 % ''. And, that an option would be to add a co-applicant that has more income than debt. The inference of that discouraging statement does not apply, since I do have more income and savings than debt. The removal of the auto loan makes a great impact, but its impact is reduced by adding a {$1300.00} mortgage loan payment on a {$100000.00} mortgage with 7.5 % interest. How was that {$1300.00} calculation determined? Was this premised upon a conventional or an FHA loan? There was no discussion of an amount that would be required for a down payment, nor any mention of Chases advertised Down payment Assistance, nor what it takes for one to qualify for their XXXX. I sold my home after decades of family ownership in XXXX. Now deemed a first time buyer, I thought that Chase might have provided some information, even if I was not deemed their ideal borrower. 

The antagonism which XXXX XXXX displayed, made it clear that Chase was not going to make the loan under any circumstances. His conduct was dismissive and the task at hand was to damage, discourage and shoo me away. XXXX XXXX stated that my bills would have to be paid down to {$350.00} per month. I query whether that is the general standard for all. Is a DTI of 11 % the prevailing standard at Chase? The message is that in order for me to qualify for a loan, I need a DTI of 11 %. I am a XXXX XXXX XXXXXXXX XXXX and work as a XXXX XXXX. My wife is an XXXX and does not receive social security benefits as XXXX XXXX asked me. Discrimination on the basis of color, nationality and age are never my immediate conclusion in any matter. In this instance however, it is the only clear conclusion. While my credit may not be worthy of a Chase loan, discussions about my need to bring my bills down to {$350.00} were no longer about credit worthiness. I do believe that my age, accent and evident ethnicity are the pertinent factors and even prompted the loan agent to ask me twice whether I am a XXXX citizen. XXXX XXXX conduct has brought us great distress. The behavior of XXXX XXXX, and the manipulation of numbers is a far cry from what Chase advertises. It appears that the strategy and intent was to do damage. Chase.com states that one can mask a hard inquiry by requesting a copy of their credit report. XXXX XXXX XX/XX/XXXX e-mail stated : You should receive something in the mail to request your credit report if you want to see in detail all the monthly liabilities on there. Chase never sent any such document as stated by XXXX XXXX. The benefit of " masking '' that hard pull was not conveyed to me. In good conscience, a hard pull should not have been done, particularly when Chase offers pre-qualifications. 

Chase surely had a right to discourage me from applying further, but so doing only, in good faith.

Company response to consumer: Closed with explanation