JPMorgan Chase & Co. Mortgage Complaint

JPMorgan Chase & Co. Mortgage department,

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

On -/-/-, Chase ( NMLS ID : - ) Mortgage banker - - ( NMLS ID : - ) approached me and offered me a loan with No point, No fee, - ARM 3.375 % interest rate to refinance the mortgage loan on our investment property ( refer to the loan application form, the subject property address for the loan is my investment property ). She told me that a cash-out refinancing to a loan amount of $410000.00 would be necessary in order to get the interest rate of 3.375 %. Since the deal offered by - was better than what other loan brokers had offered me, I re-confirmed all the terms with - again and decided to accept her offer. I then submitted my loan application, along with all the requested documentation, to Chase bank through - - on -/-/-. She emphasized that the rate and price could only be promised until Monday -/-/-. And I was also told the refinancing process would take about 45-60 days. So a mutual agreement about the rate and terms on the mortgage application has been established on -/-/-.


us to ignore it. Moreover, we also pointed out there was an $8800.00 fee charge listed on the GFE dated on -/-/-. Again, - simply told us to ignore it and do n't worry about it. She told us Chase bank will refund all the fees at closing since this is a NO Point, NO Fee refinance loan. The fact is - did n't lock the rate for our loan on -/-/-. She locked the rate on -/-/- instead. From the GFE dated on -/-/-, there is also - point fee charge against the original NO Point, NO Fee she offered to us. We, as Borrowers, had absolutely no idea why the rate lock was performed on -/-/-. On the other hand, our understanding was that the rate had been locked on -/-/- and the loan documentations would be ready for signing by end of last -. ( We had been told several times by - while we checking the loan status with her during - -. ) After we received the GFE dated on -/-/-, we contacted - - and pointed out the discrepancy and the fees, and questioned her. Her answer is still the same : just ignore it and do n't worry about it. In - -, - - suddenly started to avoid responding to my inquiries about the loan status. I had to seek assistance from - assistant, -, and the Chase loan processor myself in order to keep the loan process going and hope the loan could be funded before the rate lock expired on -/-/-. Unfortunately, - kept delaying the loan process and refused to make corrections to the extra fee charge, the loan was unable to be funded before -/-/- and expired, which incurred an additional - point of fee charge to the loan. During the entire loan application period, 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 communication between - and us to prove this point. The documentation requested from Mortgage Commitment Letter ( dated on -/-/- ) was submitted to - on -/-/-. - locked the rate on -/-/- and found out a fee charge of 2.5 %. According to -, she reported to her Lending Manager, - ( NMLS 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. Chase bank side is fully responsible for this charge. As of today, there are total of - points of fee charge on this loan.