Complaint / review text:
I wanted to refinance my mortgage. I went to Chase and was told there was a $700 application fee. I agreed to the fee on the condition that I could review their closing cost first. Next thing I know, $700 is missing from my checking account and I still have no idea what their closing costs are. By Federal Law, they are required to provide a good faith estimate of these fees within 3 days of the application. This never happened. Over a month goes by and it’s the day before I am scheduled to close. I finally get a copy of their fees and they are charging $600 in junk "underwriting fees" and "processing fees". This is about double from what I've seen anywhere else. I complained to my loan officer and reminded her that she was violating Federal Law by hiding these from me until the night before closing. She conceded that they did not provide a good faith estimate as is legally obligated. She then simply said she was sorry and refused to negotiate the outrageous junk fees. I wanted to walk away from the loan, but rates had gone up in the meantime and it would have been more expensive.