Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #12681782
Complaint Overview
Complaint ID: 12681782
Company: Jpmorgan Chase & Co.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-Issue: Delays in the application process
State: Florida
ZIP Code: 33435
Date Received: 2025-03-26T12:00:00-05:00
Date Sent to Company: 2025-03-26T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I signed a contract for purchase of a condo in XXXX XXXX Fl on XX/XX/XXXX and I signed a loan application through Chase on XX/XX/XXXX. I received my loan commitment on XX/XX/XXXX from Chase. The expected closing date was XX/XX/XXXX. During this time, I checked in periodically with my mortgage team to make sure everything was in line, and I repeatedly received " you are good '', just waiting for the closing date to approach. As I continued to check in with my mortgage team and as the closing date approached and timelines passed, the expectation of closing was not an issue. I made deposits for contract work, purchased items for the condo such as appliances etc to be ready for closing and renovations to commence. Chase did not effectively manage the timelines where if there was any issue during underwriting or any indication that they could not fund the mortgage where I would be protected in the event the mortgage could not close. On Thursday XX/XX/XXXX at XXXX I received a call from my mortgage broker at Chase stating that XXXX XXXX may have an issue with the roof insurance coverage on the building, but they are working on the issue. Why are they still working on this on XX/XX/XXXX? The final date to back out due to circumstances regarding ability to fund the loan from the lender was XX/XX/XXXX. My closing date is XX/XX/XXXX! This was an issue out of my control. On Friday XX/XX/XXXX at XXXX I received a call from mortgage broker stating that Chase will not fund the loan due to the " project '' and that XXXX XXXX and XXXX XXXX won't approve the funding. That was it, I was left holding all the risk without any recourse to now back out, I would lose my escrow of $ XXXX to the seller and a {$7000.00} deposit to my contractor for cabinets that he ordered and was due to start working on XX/XX/XXXX. Chase inadequately handled the mortgage underwriting timeline and did not protect me from losses due to the underwriting process. In order to mitigate damages, I had to quickly search for a mortgage lender that would fund a non conventional loan that will now cost me more money and timing is of the essence, the seller agreed to an extension but if I can't close on this purchase from another lender I will be out of pocket of at least {$17000.00}. I have since asked numerous times for documentation in writing for official reasons and have not been met with a courtesy of anything for my records to present to the seller who now believes that I am a bad risk.
Frequently Asked Questions
What is Complaint #12681782 about?
Complaint #12681782 was filed against Jpmorgan Chase & Co. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2025-03-26T12:00:00-05:00.
How did Jpmorgan Chase & Co. respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Jpmorgan Chase & Co.?
Yes, visit the Jpmorgan Chase & Co. company profile at readthecomplaint.com/company/jpmorgan-chase-co to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.