Profile picture for viewfind

Chase overcharges for CEMA loans

Are there enough of you out there that are fed up with Chase and their stealing of money through triple the normal CEMA loan fees to start a class action suit.  If so sign in and I will get the ball rolling because i am tired of getting screwed by this bank. $1100 fee for a service that takes less than five minutes and is normally $150-$300 through other banks.  Enough is enough. Time to get our money back and stop this practice forever.
  • July 16 2009 - US
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Answers (8)

Profile picture for wetdawgs
Vote with your feet and use a different lender.
  • July 16 2009
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Profile picture for MJCLEAN
That's their personal choice, and it's yours to choose a different lender.
  • July 16 2009
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Profile picture for Chris Corica
viewfind - I would say most lenders charge around $750 to prepare a CEMA. Instead of a class action law suite you would be better served taking it up with our elected officials. New York is one of the only states in the country that has this tax and the banks take full advantage. They charge high fee's or even worse, refuse to re-assign even though it benefits them as well. I guess they see it as a new form of customer retention. Send your thanks to Mr. Cuomo.
  • July 16 2009
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Profile picture for gborn
Agreed.  Their refi fees are a ripoff in general.  How do you actually request a loan assignment from Chase to another bank?  Wanted to do that before I lock rate, but no one at Chase even understands my request.
  • August 06 2009
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Profile picture for gborn
Agreed.  Fees are way too high in general.  I'm going to use another bank to refinance.  Do you know how to request assignment of a loan? Want to do that before I rate lock to save time.  Chase didn't even understand my request.
  • August 06 2009
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A bank or lender may charge you a fee to sign the CEMA or acknowledge it; but the extra cost is normally an additional Attorney in New York that handles the CEMA and then a seperate Attorney to do the closing.
Attorneys' that handle CEMA's are few and far between because they must meet the bank's criteria and this will cost you an additional 650-900$.
JR
  • August 10 2009
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Profile picture for igot2beme
I am happy to join, the exact same fee for me was recently charged to my current chase mortgage monthly statement, and i haven't closed on the new loan yet.  $1100 is alot considering the time they spend. and I didn't see anything when i applied for my refinance with bank of america that allowed them to charge me anything.  I expected to pay something but in NY the borrowers always get the shaft.  What about the title insurance.  If the loan amount is the same from the existing mortgage to the new one, why do we have to pay for new insurance?  thats also 2500 plus for nothing.  When was the last time a title co paid out anything?  Same house, new bank , new title insurance policy.  What about a refund on the 28 years I didn't use their policy?
  • December 07 2009
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Profile picture for RosemaryCantali
for title insurance, your orig title insurer can do a re-issue if it hasn't been too long since your last issue....fyi
  • July 31 2012
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