Consumer complaint received 2022-11-08 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: JPMORGAN CHASE & CO.
State: OH

Complaint narrative:
XX/XX/XXXX Called and spoke with Chase regarding a mortgage of a farm property, that is currently in my late mothers trust in which I am trustee. I called to refinance exhausting mortgage loan and get cash out equity to pay off my sibling of the share shes entitled. On this date I discussed with the lender my options and provided my social security number, and other details to lock in rate. 

XXXX weeks later I decided to move forward after looking around at rates and comparison shopping. Chase appeared to be the best at the time as I already have a banking relationship with them. Therefore I moved forward with another loan XXXX as the first XXXX no longer was listed as my loan consultant after speaking with him nearly XXXX hours during the initial interaction on XX/XX/XXXX. Therefore, I updated the latest person assigned to my application and told her if my wish to move forward again with mention of refinancing a XXXX XXXX. The information was submitted and approved. Payment was made of {$500.00}. 

Then at this time I was assigned another contact who would be working with me through the process. I had several interactions with the representative and provided all appropriate information including the mortgage lien that was requested and that I needed to obtain from another lender. This information was obtained and sent. The appraisal was then ordered and completed by a man who also was an appraiser and a farm owner himself and familiar with farms. I at this point was very happy that chase would actually get an appraiser that was familiar. However, the appraisal was then sent back to the lender, and at this point I was still approved. 

Then I received a call from the original mortgage lender representative that the loan could not be granted as it was in a trust. She was informed that yes the land is in a trust but I would be refinancing it and taking the property out of the trust in which my sister and I are beneficiaries. She understood and appeared glad to hear this and this is as the last I heard from anyone at Chase. 

Then about XXXX week later now being almost the end of XXXX. I login to the chase mortgage portal and see that my application has been closed, and at this time no one informed me of this. I emailed for the status and the representative said we are so sorry we dont loan mortgages on Farms and the appraisal identified the property as a farm. I was absolutely so very upset. However, while the property came in at over and above XXXX the denial says value type, place value or condition of collateral is insufficient. However, its not insufficient, and this is a lie, as the mortgage broker informed me in an email they dont loan mortgages on farms. Therefore my mortgage application was closed on XX/XX/XXXX and I was not informed by the bank of this at all, until I personally logged in to check the status to see the application was closed. Therefore, I feel mislead, by the mortgage services that Chase Bank is offering, furthermore I fully disclosed all information to them upfront and informing them the property was a Farm, and they dont even loan to farms, therefore I was mislead and caused undue heartache, and anxiety from them leading me down a path that clearly in my mind would never be successful, as they dont loan on farm properties. Chase was furnished with property tax information, property deeds, copies of the trust agreement, among many other documents, and no where did they mention this would be an issue. However after months of going through the process I was denied due to their misrepresentation, and poor service. Now rates are XXXX percent, and now I probably cant even afford to save the farm as I had wished. All due to Chase and them leading me down a path to end with denial, which they could have informed me of way before underwriting, when they knew exactly what type of property in which was being discussed for mortgage lending purposes. Furthermore, Chase closed my application with no fault to me and yet still has not refunded the initial {$500.00} fee that was collected, that was cover costs if I backed out of the mortgage process. However, I did not, but they backed out on me, and yet still have not received any refund, and Its now XXXX. 

I am still very upset regarding this entire situation, and how this company discriminates against farmers, and lies to them by leading them down a rabbit hole to denial if they apply for a mortgage, and their staff and website have no information regarding this thats at least easily assessable, as to me this is my single family home, but because of the size I guess its not a home? Chase could have been more upfront regarding this and informed me to seek out services of another lender that lended on a farm property, as clearly I did not know there was a difference as my primary home is on the family farm. Furthermore my income and assets furthermore show XXXX more than qualified for the loan. Yet the application was denied all in a quick, hush-hush fashion with little to no explanation and or anyone even reaching out to me. Truly morally wrong. Chase really needs to look at their moral ethics and values as a company as they are lacking in great regard. This truly hurts consumers at the end of the day, and this experience really shows it. I have XXXX trust in Chase after this experience regarding their banking, and lending institution. Furthermore, Im embarrassed of their treatment of XXXX XXXX, and their disregard for any and all family farms, and their lending principals that exclude lending to agricultural farm properties. However, most of all the upsetting part is their unwillingness to be upfront about these practices.

Company response to consumer: Closed with explanation