JPMorgan Chase & Co. Mortgage Complaint

JPMorgan Chase & Co. Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting Missouri

My home mortgage is currently at Chase Bank and it is in good standing. I received a letter from Chase Bank the first week of - 2016 offering to re-finance my loan at a lower rate, 3.125 %. The day after I received the letter I called the number listed in the letter to start the re-finance process to get the rate quoted and I was told that the letter was just a marketing letter and, assuming my credit was good, which I assured them it was, my rate would be 3.8 %. When I asked why I could not get the 3.125 % rate they told me that was the rate on -/-/16 ( which the letter stated ) and because it was a month later and rates had moved, the 3.125 % rate was no longer available. I believe this was purposely deceptive for - reasons.


loan rate. Clearly, this letter was directed to me and it was specifically about my loan. Second, when I pressed to find out why I could not get the rate quoted in the letter I was told that I would have had to apply for the re-finance on - -, 2016 to qualify for that rate. Since I did not even get the letter until the first week of - - and I called the day after I got it ) I do n't think they had any intention of offering me that rate. They said further that since rates have moved since - -, 2016 it was no longer available. - - have moved but they did not move by - basis points, the difference between what they quoted me when I called - 3.8 % ) and what they told me I could get in the letter - 3.125 % ) from - -, 2016 to the first week of -, 2016. Further, although I was told that because I did not call on - -, 2016 I did not qualify for the rate quoted, I do not believe that Chase did any loans under the terms that were quoted to me in the letter, including the loans they did on - -, 2016, the date the letter said the 3.125 % rate applied. To support this point, under the - - - - - - - banks are required to collect data about the loans that they make, so it should be readily verifiable from their - log that nobody got the rate that was quoted in the letter. I believe the letter was purposely deceptive and they had no intention of offering me the rate that was quoted. They clearly sent me the letter after reviewing my file, putting my account number, approximate loan balance and my current rate in it. I did not receive the letter until more than 30 days after the rate was to have been available. In my opinion this is a clear case of a bait-and-switch selling tactic.