JPMorgan Chase & Co. Mortgage Complaint

JPMorgan Chase & Co. Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker Illinois

On -/-/- I applied for a mortgage pre-approval. I was denied in significant part because of the ratio ( % ) of revolving credit utilized compared to revolving credit available. There were other issues that I have been able to correct, however not the terms of a Chase second mortgage. Page - of the attached file is the merged credit report from - showing my revolving credit balance as $35000.00 and available revolving credit as $7500.00, a utilization rate of 78 %. Also note on pp. - that both - and - identified ( factor - ) the proportion of balance to limit on revolving accounts as too high as part of the reason for the low credit score and subsequent denial. Page - of the attached file from - shows the Chase MTG as a home equity loan revolving with a limit of $27000.00 and a balance of $25000.00, utilization of 93.4 % of revolving credit for just this - account. The issue is the actual terms of this second mortgage. I took this as a HELOC in - - as a 10 year interest only HELOC that I was able to draw from for home improvements. It matured


only via - on -/-/-, asking that the terms be changed. I received the results of the dispute on -/-/- ( - of attachment ). - - indicated that Chase verified the account as revolving with all three credit bureaus. I contacted Chase MTG. on -/-/- and spoke with - different customer service employees. They - agreed that the terms had changed and this was no longer a revolving charge account. They contacted an employee in the credit reporting department and a senior employee in the mortgage/home equity department. - those employees also agreed that this was no longer a revolving charge, but stated that the terms could not be changed or reported to the credit reporting agencies any differently unless I would refinance to a home equity loan. I told them that would be foolish because I was selling the home and this second mortgage would be satisfied with the proceeds from the sale. Plus, I would incur significant costs and fees associated with a refinance that were not in my best interests. In the end, while they all agreed that in fact I was correct, they could do nothing about it. - - of the attachment show the actual current revolving credit that I have. A total of $4700.00 available and utilization of $1400.00 or 31.5 % utilization. Correcting the terms of the Chase MTG by deleting the revolving notation and identification as a second mortgage would increase my credit score significantly. It is not fair that despite the facts, this company is unwilling to correctly identify the current terms of this loan, apparently for the sake of making additional profit with a refinance is just wrong. Thanks in advance for your assistance. - -