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JPMorgan Chase, NA Send Email
Mortgage Refinance
Respected sir/madam,
On Dec., 17, 2008, I contacted Lisa A. Burke at JPMorgan Chase Bank, N.A., 1111 Polaris Parkway, Columbus, OH 43240 (866)-766-2165 EXT. 70532 about refinancing my existing mortgage with Chase . I was told there should be no problem as my house was only 2 ˝ years old and I only owed approximately $244, 000 on a house that was originally appraised at $370, 000. My credit score was checked and was 777. I was assigned loan application #?????????. Included in the application packet was an “APPLICATION DISCLOSURE” that stated the application fee was non-refundable. My understanding was that would apply only if my credit was no good or I lied on my application or I decided not to go through with the refinance. At no time was I told that it was absolutely necessary for me to have at least 80% loan to value as there was no PMI available for Fayette County, TN. A drive by appraisal was done which was too low and an appointment was set for an appraiser to go through my house. While the appraiser was there I pointed out all the custom features of my home, most of which were disregarded. That appraisal also came in low. I spoke directly with the appraiser and pointed out that he was low on his square footage computation, had missed a fireplace and had not taken into consideration many of the other amenities of the home and although he compared me to homes that were close to and sometimes over $100.00 a square foot, he only valued mine at $72.00 a square foot. Additionally, he was penalizing me for my location based on his opinion that my rural location was detrimental to the value of my home. He promised to relook at my appraisal on 2 different occasions and report to the bank. According to Chase, that never happened. I was told that Chase denied my refinance because the appraisal was $290, 000 which is less than needed for 80% loan to value. Furthermore, I was told that there was no PMI offered in Fayette County, TN because it’s a declining market. Most homes in this market have been devalued 10-15% due to market conditions. Chase’s appraisal devalued my home 24.32% in a stable area where no homes are for sale, there are no foreclosures and all the homes built in the last 5 years have been custom built. At this point I requested my application fee be refunded because of Chase’s failure to perform. I have been in contact with Joshua Brandon by telephone and e-mail several times about this situation. The latest was 27 March 2009 when I emailed a 3rd request for a refund based on the inability of Chase to provide me with a product. He indicated by telephone that there would be no refund and refused to give me the name and contact information of his superior to escalate this to another level. I have checked with several bankers in the local area and have been told that PMI IS available with less than 80% LTV. Apparently, Chase only wants to do business with 3 lenders and is unwilling to look elsewhere. My understanding is that when I paid the application fee they are supposed to be working on my behalf. Their job is to find the right lender or mortgage insurance for me. After being notified if Chase’s denial, I went shopping and finally contacted First State Bank, 100 East Reelfoot Ave, Ste 2A, Union City, TN 38261 and have been working toward a refinance agreement with them. During my conversation with the bank, I explained what had happened with Chase and I was assured that there was mortgage insurance available in the event the next appraiser came up with an equally low value. They sent another appraiser who valued my home at $325, 000.. It seems to me that Chase stands to pocket an enormous amount of money in application fees based on their policy of no refunds. In today’s market, almost every county in the country is declining. Does that mean no mortgage insurance is available to anyone with less than 80% LTV? I don’t think so. I paid my application fee in the good faith that Chase Mortgage would find and supply me with a financial product that suited my needs. At worst, I figured they’d at least make me an offer that was unacceptable. That way they could justify keeping the fee. This is just like stealing! Additionally, I have been a customer of Chase Mortgage since November, 2001. I’ve never been late on a payment and almost always send extra principle with my payment. Just think of all the people trying to either get new mortgages or doing a refinance -- if the bank only keeps $100.00 of their money. 10, 000 turn downs = $1, 000, 000.00. Great scam!!
Post by Harvey Weinberg
More JPMorgan Chase, NA complaints
5 Comments and Trackbacks (Add your Comments)
Posted: 16 Jun , 2009 by Dawn Neese  
just a follow up I received a call from Nelson Martin in the executive resolution dept. at Chase He is in the process of gathering information so he can get me my 395 back This call was a result of the complaint I filed with BBB I urge you again to copy and paste your complaint and send it to both the BBB and the Office of the controller of currency I m sure my complaints are creating quite a bit of attention in the executive resolution dept at JP Morgan Chase I lost out on the great low rates to refinance but it sounds like I have a good chance at getting my non refundable deposit of 395 back due to the inadequate customer service by Chase for some reason I cant enter any symbols or punctuation in this post other wise it doesnt go through sorry it may be difficult to read because of that
Posted: 22 Jun , 2009 by Dawn Neese  
Tadaaa I just received a response back to my complaint and request for a refund of my application fee JPMorgan Chase has agreed to refund me my 395 back I accepted the money back and I am hopeful that this complaint will make a difference Now that the executive dept is aware of the negligence of the loan processing dept I am hopeful that customer service will improve in the loan processing dept because of my complaint. We all have a voice and we need to use it
Posted: 12 Jun , 2009 by Dawn Neese  
I agree I think Chase profits very well by taking non refundable application fees knowing very well that they dont plan on ever closing the loan I too have been ripped off for 395 from the same exact bank as you I too have been a loyal Chase customer for years with them and have excellent credit I started the refinance process in Jan 2009 and still have not closed They told me it would be minimal paperwork but they have requested more financial docs than any other bank I have ever dealt with They don t return phone calls Not even the supervisor of my loan processor returned my calls when I left her 2 messages I have given up on the refinance as my 90 day interest rate lock has expired and the best rates are already behind us We have to make other non suspecting victims aware of what is going on I urge you to do what I did and copy and paste your complaint to the Office of the Controller of Currency They are a government department that control what the bank can and cannot do If you file a complaint to them they will contact the bank and make them resolve the issue I just did this a few days ago and I requested to get my 395 back It can t hurt If nothing else than one of the big wigs at Chase will have to at least answer for the wrong doing of it s employees While I was at it I also copy and pasted the same complaint and sent it along to the BBB Better business bureau You can contact the office of the controller of currency at 1800 613 6743 or go to helpwithmybank gov We must stick together to inform people of what is going on Please join me in getting justice served. Good luck Dawn
Posted: 15 Aug , 2009 by Richard Fellegara  
Posted: 26 Sep , 2011 by Mark Janssens  
it is time for a class action suite against chase! I have a lost of 40,000 people that have paid the application fee that were solicited by chase employees and told that they were pre-approved! Time for Americans to stand-up and stop taking the abuse from chase! Please send me and E-mail if you are a victim of this Chase scam!
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