Posted by Karen
Went to Chase to apply for a mortgage loan. I have banked at Chase for almost 30 yrs., I have a high credit score, very little debt and a good retirement fund.
I thought this would be a slam dunk...was I wrong.
I applied for the mortgage loan in January for a closing on April 1st. I paid the $480. for the loan application, everything was going well....appraisal was good, inspection was completed, etc.
I furnished Chase with everything they requested except that my annual Retirement Statement was still in the works and was due to be mailed to me mid March.
All systems were "go" and we were just waiting for the Retirement Statement.
The sellers of course requested that a loan commitment letter be received by March 8th. I was told that Chase could only do a "Conditional Loan Commitment" as the 2014 Retirement Statement had not yet been received.
I was also told that the Conditional Loan Commitment would be ready the next day...it wasn't. Then I was told that it should be ready the next day....it wasn't.
On about March 6th I was told that Chase could not give me even a Conditional Loan Commitment because the 2014 Retirement Statement was not in their possession.
And...not only would they need the 2014 Retirement Statement dated Sept. 30, 2014, they would need another statement dated Dec. 31, 2014 and as I remember also a current statement. This was impossible because I only receive a statement once a year (dated Sept. 30). I told them I could only furnish a Retirement Statement dated Sept.30th and then a letter from the Chief Financial Officer of the company holding my retirement funds verifying the amount in the fund. They would not accept that letter. It had to be an official Retirement Statement.
Because I knew I could not furnish that information and they wouldn't accept any facsimile of the same, I cancelled the loan process with Chase.
By this time it was too late to pursue another loan with another bank, etc.
I believe Chase underwriters knew all along that they would need this information (I told the loan officer in the beginning what the situation was with my retirement statement) - they took my money and chose to make it totally impossible for me to qualify for the mortgage loan by not accepting a confirmation of funds letter from the CFO of my former employer.
BEWARE - Chase doesn't give a hoot about their customers.