• Report: #451022

Complaint Review: JP Chase Home Finance

  • Submitted: Tue, May 12, 2009
  • Updated: Tue, May 26, 2009

  • Reported By:Mountlake Terrace, Seattle Washington
JP Chase Home Finance
JP Chase Bank , WAMU Tempe, Arizona U.S.A.
  • Phone: 602-627-9171
  • Web:
  • Category: Banks

JPMorgan Chase Bank Home Finance Tempe, AZ Chase Bank home loan??? who to blame, the Mortgage Consultant, the Loan Processor or the underwriters Tempe Arizona

*Author of original report: UPDATE ..

*Consumer Comment: Emelita

*Author of original report: The mortggae consultant and the loan processor at Chase Bank are still working on my loan as they said

*Author of original report: To Flynrider of Phoenix Arizona U.S.A.

*Consumer Comment: I can see why they questioned it.

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I do not know who to blame at the Chase Bank home loan, is it the Mortgage Consultant, the Loan Processor or the underwriters, who decline my loan. Last April, I got this on the Chase websites: WE APPROVED YOUR LOAN REQUEST ON 3/30/2009. The interes rate was locked at 4.875% and will expired on 6/29/09 and the locked points for this loan is 1.875%. This is from the mortgage consultant. I am so happy I can build a fence on my house for the safety of my grandkids for the cash out. Then the Loan Processor make all the papers in order and make sure she did not missed anything then she submitted it to the UnderWriters. All my papers is in correct order and everything was verified on my credit report and my co-barrowers credit report and appraisal is excellent. We have enough income and assets to get this loan but the nightmare comes when we get decline by the underwriters. The 1st reason "Occupancy for the co borrower is questionable, due to the distance from his office and your home (50 miles).

The co-borrowers is, my son, a Postal Mail Handler, who do not live with me, my reason, he only stay with my relatives because of the gas raise but all the mail goes to my house and he still live with me. Second reason is my bankcruptcy in 2002 which is already gone but they still mentioned that WAMU has a serious derogatory credit on mortgage loan. They knew about all of this but the Mortgage Consulatant still approved my loan as he said that my credit score and my son is way up high. Then he transfered all the papers to the Loan processor who asked for more assets and I gave my three more bank accounts and all my life insurance which is worth more than half a million. Then when all is in order she gave it to the underwiters who decline it because of the live in situation and the more than 7 years bankcruptcy. I have read al lot on your website about the Chase Bank especially the $750 application fee Rip off by Chase BAnk. Is the Chase BAnk only wants to get some money from borrowers from this application fee. Do they want to loose all their good reputaion because of this fee. The reason for my loan decline is questionable: the Chase BAnk underwiters supposed to see to it if the loan will be paid every month, if the owner will live in that property for a long period of time and if the borrowers has a good job.

Emelita
Mountlake Terrace, Seattle, Washington
U.S.A.

This report was posted on Ripoff Report on 05/12/2009 09:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/JP-Chase-Home-Finance/Tempe-Arizona-85281-3640/JPMorgan-Chase-Bank-Home-Finance-Tempe-AZ-Chase-Bank-home-loan-who-to-blame-the-Mortg-451022. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

UPDATE ..

AUTHOR: Emelita - (U.S.A.)

Well I just got a second e-mail from the loan processor and she said it was decline again:

Here is her note on the e-mail:
emilita,

I received your file back from underwriting per your second request and the file is still a second level decline. I am sorry we could not help you at this time..

Thank you,
Loan Processor
JPMorgan Chase Bank
(P) 602-627-9171
(F) 866-914-7967

CAN anybody help me?
I have read a lot of RIP Off here from Chase Bank and now I think I am one of the victim here too.

I think Chase Bank do not approved any loan and they only make all the customers and borrowers apply, get their application fee and make the borrowers suffers for two months of waiting after telling them they got approved but it isn't......

What happen to this Financial Stability that our President talking about. I try to settle all of our debt and try to lower my mortgage interest.
I have read this:
As part of the Financial Stability Plan, Treasury has put in place a series of financial initiatives to help lay the financial foundation for economic recovery: 1) a broad program to stabilize the housing market by encouraging lower mortgage rates and making it easier for millions to refinance and avoid foreclosure;

Easy to refinance??? That is not good to Chase Bank.
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#2 Consumer Comment

Emelita

AUTHOR: Flynrider - (U.S.A.)

It sounds like they are going to make an attempt to work this out. I hope everything goes well. I was only pointing out that in your original post, there seemed to be a question about where your son actually lived. These days the loan writers at the banks take these things very seriously (unlike a few years ago). They want to be sure that all signers on the loan have a vested interest in making sure that it gets paid. Making sure that the mortgaged property is their primary residence is one way they do that. Best of luck.
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#3 Author of original report

The mortggae consultant and the loan processor at Chase Bank are still working on my loan as they said

AUTHOR: Emelita - (U.S.A.)

Here is the words from the mortgage loan processor who appoved my refinance loan from Chase Bank: I copy and paste:
1.)From J: Hi E
Good morning. We are working with the underwriters in an attempt to answer their questions and overturn the decline that was issued on your loan.
2.) Hi
As R noted, she is discussing the options with her manager and I am having my manager see what she can do.
3.)I will continue to work on it for you. The occupancy of your son was a key component to this decision, as his income is needed and if he does not live, nor intend to live there, that would be an issue. If he is living there, please write a letter that we can use.
Thanks, J

Here is the words from the e-mail of the loan processor: I copy and paste:
1.) from R:
I apologize for not getting with you since the file came out of underwriting last week. I wanted to get J assistance with your file because I did not agree with the decline. Again, I wanted to give j the opportunity to try to figure out something for you.

2.) from R:
I am asking my manager to review your file with me. About the comment on the hud page, I have never heard of that. would I be able to see it myself?

Well, I am waiting now if they can do anything for me. Maybe I will make another statement here if good happen and apologize..???

Jus got an e-mail from R:
yes, I am submitting it back to the u/w with your letter of explanation this afternoon. I should have an answer by tomorrow.

Thank you,
R



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#4 Author of original report

To Flynrider of Phoenix Arizona U.S.A.

AUTHOR: Emelita - (U.S.A.)

Flynrider
Phoeix, Arizona
U.S.A.

I can see why they questioned it.
You say, 'The co-borrowers is, my son, a Postal Mail Handler, who do not live with me, my reason, he only stay with my relatives because of the gas raise but all the mail goes to my house and he still live with me.'

Look at what you wrote. You say that your son does not live with you, yet in the same sentence you claim that he does. If your application has these kinds of discrepancies, I'm not surprised that they declined the loan. It sounds like your son does not actually live with you, but that you are claiming that he does because his mail is delivered there. The bank is not buying it and I don't blame them. You could probably have gotten away with that a few years ago, but nowadays, loan applications are taken a lot more seriously than they used to be.
============================================
Thank you Mr. Flyrider on your comment and I respect of what you say here.
My son really actually live with me but for some times he spend some of his sleeping nights with relatives especially when there are more overtimes at the post office, and as I said here he only stay with my relatives to save gas and 1 1/2 commute everyday. As I also said all his mail comes to the house and this is his primary residence. Soon he will make the long commute again when the family comes here from the Philippines and it will be a long commute everyday which makes me scared being a mother.

From the beginning the mortgage consultant, and the loan processor knows all of this and they did not even told me that my son needs to live with me for the whole month but instead they said it is no big deal as he is only a co-borrower and the name is going to be on my mortgage loan.
I am serious with this loan and I even make a commitment letter to them that i will pay this loan every month on time together with my son.

Tell me, isn't this a mortgage fraud, tell the borrower that they are approved and let them pay the $750.00 after telling me that my son and me have a good credit score. Then after a month and half telling me that, this coming May 11, you will sign the papers and will give your cash out then suddenly you won't hear from them and then they tell you your loan is decline.

I have the same story here on this website why don't you read that one too.

I just hope there some more people there who got the same situation as mine and tell their story on what the Chase Bank is doing.

Maybe... if If there is no $750 application fee or did not approved me from the beginning or if this is not a reputable company maybe i wont trust them... but.. he...they are JPMorgan Chase BAnk.

Seattle Washington
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#5 Consumer Comment

I can see why they questioned it.

AUTHOR: Flynrider - (U.S.A.)

You say, "The co-borrowers is, my son, a Postal Mail Handler, who do not live with me, my reason, he only stay with my relatives because of the gas raise but all the mail goes to my house and he still live with me."

Look at what you wrote. You say that your son does not live with you, yet in the same sentence you claim that he does. If your application has these kinds of discrepancies, I'm not surprised that they declined the loan. It sounds like your son does not actually live with you, but that you are claiming that he does because his mail is delivered there. The bank is not buying it and I don't blame them. You could probably have gotten away with that a few years ago, but nowadays, loan applications are taken a lot more seriously than they used to be.
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