Mortgage -- Closing on a mortgage -- Complaint #4868732
Complaint Overview
Complaint ID: 4868732
Company: Jpmorgan Chase & Co.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Closing on a mortgage
State: Illinois
ZIP Code: 60201
Date Received: 2021-11-02T12:00:00-05:00
Date Sent to Company: 2021-11-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am writing to file a complaint about Chase XXXX XXXX and that they improperly charged undisclosed fees on a loan payout upon closing a home mortgage. Chase Banks actions violate the Truth in Lending Act, and we want the FTC to enforce that regulation and help us recover the improperly taken money. BACKGROUND We had two mortgage loans with Chase. The first mortgage loan was XXXX. We decided to refinance that loan with Chase to get a lower interest rate. We closed out the first loan and opened a new loan with Chase ( XXXX ) on XX/XX/XXXX. There was some confusion by Chase in terms of the closeout amount on the first loan. Chase sent us a letter on XX/XX/XXXX stating that the total payoff amount for loan XXXX was {$450000.00}. Then on XX/XX/XXXX, they sent us an updated letter on XX/XX/XXXX that the total payoff amount from the first loan was {$450000.00}. The new mortgage we secured with Chase on XX/XX/XXXX for {$450000.00}. Chase used the updated and disclosed payoff amount provided by them on XX/XX/XXXX to determine the loan amount for the refinance. Eight months later, we decided to refinance again. This time with another lender. Loan XXXX closed on XX/XX/XXXX for XXXX After reviewing the charges by Chase to close the loan, we noticed that we were charged a Broker Price Opinion for {$2100.00} ( see the attached copy from our bank statement ) This Broker Price Opinion was not disclosed to us upfront. It also was not a service that was performed, requested, or authorized by us. We have had discussions with Chase for several months. Chase now claims without admitting they made a mistake that there was a shortfall in closing the first mortgage we had with Chase. They are also now claiming the Broker Appraisal was a Corporate Advance to make Chase whole for the shortfall going from the first loan to the new refinanced mortgage. Again, we were never advised of a Corporate Advance/ escrow account, nor had we requested or approved those fees. Once a loan is closed, it is not proper for Chase to intermingle that transaction with a new loan. Both actions above are a clear violation of the Truth in Lending Act.
Frequently Asked Questions
What is Complaint #4868732 about?
Complaint #4868732 was filed against Jpmorgan Chase & Co. regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-11-02T12:00:00-05:00.
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.