Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4781417

Complaint Overview

Complaint ID: 4781417

Company: Jpmorgan Chase & Co.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: Colorado

ZIP Code: 809XX

Date Received: 2021-10-05T12:00:00-05:00

Date Sent to Company: 2021-10-25T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I received a prequalification for a loan from Chase Home Lending to purchase a single family residence in Ohio. I spent many hours providing all of my personal information, tax returns and documents requested by Chase. I worked with XXXX XXXX at XXXX and XXXX XXXX at XXXX. They were constantly asking for more a more information and I provided as much as I could as fast as possible. I was looking to get a loan for {$130000.00}. I have excellent credit and funds to back up the monies needed to obtain the loan. It took over two months to get everything to underwriting. They required me to purchase an appraisal and I paid for it on my credit card. They said the loan was going to be sent to underwriting and then we could look at committing to an exact closing date. The contract closing date was XX/XX/2021. I received a phone call on XX/XX/XXXX from XXXX 's manager and he left a voice mail. I tried to return his call five times and was unable to reach him and he did not have voicemail. I finally heard back from him the following Monday. He told me they closed my loan and could not go any further with the loan. I asked him what the problem was and he said he couldn't disclose that to me. They provided me no explanation on my own loan. He said they are not allowed to tell me why my loan did not go through. I was not given any options to find out what happened and was told they would not be refunding any money I have put towards the loan. I asked him how can they ask for all of my personal information and prequalify me, require me to purchase an appraisal and then just day no with no reason. If it was my credit or XXXX then I need to know so I can address any issues. He said he couldn't share any of that with me. XXXX was asked when was it disclosed to me that they can just decide to pull the loan with no explanation and he said they do not disclose this to the consumer which I find inexcusable. The consumer should have the right to know what is going on with their personal finances. Not only did we lose the house, I am now out the money for the inspection ( {$370.00} ) and the appraisal ( {$650.00} ) and numerous fees charged by my accountant to pull all of the tax documents the lender requested with absolutely no recourse or any information. They basically washed their hands of me because they claim to be the biggest financial institution in the world and I am just one person that has little meaning to them. I am concerned that someone can be asked to provide any and all information in good faith of the lender and then be treated like this.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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