Mortgage -- Closing on a mortgage -- Complaint #13816378
Complaint Overview
Complaint ID: 13816378
Company: Jpmorgan Chase & Co.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
Sub-Issue: Changes in loan terms during or after closing
State: California
ZIP Code: 90036
Date Received: 2025-05-30T12:00:00-05:00
Date Sent to Company: 2025-05-30T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
We locked in a particular rate and points ( cost of the loan ) with Chase Bank ; the points were 0.848 ( or {$11000.00} ). During escrow, we negotiated a credit from the seller to be applied to closing costs. The credit was for items that came up during our inspection and outstanding repairs the seller initially was going to take care of prior to close of escrow but which we, as the buyers, agreed to address ourselves after close of escrow. Based on the credit, Chase unilaterally increased the points on our loan ( to 1.223 points, or {$16000.00} ) despite us having locked it in previously. They claim that the seller 's credit changed the loan to value ratio despite the loan amount not changing and the value of the property still being what it was appraised at. They explained that the credit exceeded the " allowable closing costs/pre-paid that it could be applied to '' so they had to charge more for our loan ( aka, increased the points ) to make up the difference. They also noted that their system automatically makes these adjustments. The credit we negotiated with the seller was for our ( the buyers ' ) benefit, not Chase 's benefit. Their explanation that it somehow changed the value of the home is nonsensical and it certainly didn't alter the loan amount.
Frequently Asked Questions
What is Complaint #13816378 about?
Complaint #13816378 was filed against Jpmorgan Chase & Co. regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2025-05-30T12:00:00-05:00.
How did Jpmorgan Chase & Co. respond to this complaint?
The company responded with: "Closed with explanation". 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.