JPMorgan Chase & Co. Mortgage Complaint

JPMorgan Chase & Co. Mortgage department,

Conventional adjustable mortgage (ARM) Application, originator, mortgage broker California

1. Generally speaking, an oral contract is indeed legally enforceable in California. Chase bank ( - : - ) Mortgage banker - - ( NMLS ID : - ) quoted us a rate of 3.375 % for a - ARM, no-point, no-fee program if we agreed to do a $410000.00 cash-out mortgage refinancing on our rental property on -/-/-. She emphasized that the rate & price could only be promised until Monday -/-/-. We followed her instruction to submit our loan application package to Chase on -/-/-. So, a mutual agreement about the rate and terms on the mortgage application should have been established on -/-/-. 2. After receiving loan disclosures dated -/-/- from Chase, we went in - 's office to sign all documentation on -/-/-. We did clearly question why the float rate option on Lock-in Agreement had been checked if the rate lock had previously been done. - simply told us to ignore


3. We, as Borrowers, had absolutely no idea why the rate lock was performed on -/-/-. On the other hand, our understandings were that the rate had been locked on -/-/- and the loan documentations would be ready for signing by end of last -. ( The latter is what we had been told several times by - while we checking loan status with her during - -. ) 4. We submitted the requested documentation from Mortgage Commitment Letter ( dated -/-/- - to - - on -/-/-. We, as Borrowers, have submitted the required documentation to Chase in time and never delayed anything along the loan process. We have kept all the email communications between - 's assistant, -, and us to prove this point. 5. - locked the rate on -/-/- and found out a fee charge of 2.5 %. According to -, she reported to her manager - ( - ID : - ) immediately and requested to remove the fee charge. But nothing had been done by - at all ; thus the loan was unable to get funded by rate lock expiration date on -/-/-, which further caused an extra 0.5 % fee charge to this loan. 6. Even until -/-/-, - - did not deny about the original agreement on the loan rate & price between us. Instead, she told us that she had reported all the facts to Chase. After a direct phone conversation in - 's office with her Lending Manager - yesterday, we finally realized that - is the one who refused to honor the original rate & price. We asked - for a copy of her report to Chase, she said the report was done through Chase internal email system and thus could not be released. In conclusion, Chase mortgage banker - - failed in locking the rate & price on our mortgage loan application as she promised to perform on -/-/-. During the loan process, we, as Borrowers, have fully trusted and followed her instructions even when she told us to ignore some obvious mistakes shown on the loan documents including disclosures. We had such strong trust in her because we had full trust in Chase Bank, a reputable giant among American Banks. We also believed in verbal agreement are enforceable in mortgage industry due to our previous great experiences with other mortgage loan brokers. But this mortgage loan application with Chase has totally destroyed and against our trust and belief ... We, as a regular loan Borrowers, understand that our chance to fight against the giant Chase Bank on litigation issues is extremely bleak. But we still have to claim that Chase Bank, as employer for - -, should take 100 % full responsibility in - 's mistakes. Chase bank needs to be responsible for 3 % of fee charge to our loan and to fund the loan exactly following the rate & price as originally agreed upon between - and us.