twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Chase Cuts Correspondent Jumbo

Bulletin indicates non-agency programs being eliminated

March 17, 2009

By MortgageDaily.com staff


Customers of Chase Correspondent Lending are losing non-agency jumbo programs. A number of other program changes were also announced.

In Bulletin # CB09-19 issued yesterday, the New York-based company said it is discontinuing its non-agency product suite. Impacted market types are 603, 623, 511, 513, 516, 517, 510, 194, 495, 487 and 549.

Correspondents will have until tomorrow to lock non-agency loans, the bulletin said. Best effort commitments must be delivered by May 15 and cleared for funding by June 1, while mandatory commitments must be fulfilled and cleared by the commitment expiration date.

"Locks and underwriting decisions on or after March 19, 2009, under a non-agency market type will not be considered valid, and may result in a lock cancellation or repurchase," the message said.

Chase cited the current market in its decision.

Among other changes outlined in the bulletin, the cashout loan-to-value on owner-occupied agency loans secured by co-ops was cut to 80 percent from 85 percent. In addition, high-balance agency loans secured by co-ops will no longer allow subordinate financing on purchase transactions.

LTVs on high-balance agency adjustable-rate refinances with interest-only and secured by condominiums were reduced to 80 percent from 90 percent.

Chase noted that qualifying ratios on agency loans are determined by the automated underwriting system for all states except Florida. It said, however, that the Mortgage Insurance Companies of America had notified it that no M.I. policies will be issued when the LTV exceeds 80 percent and the debt-to-income ratio is above 55 percent.

Existing first mortgages that were utilized to payoff a non-purchase subordinate lien must be seasoned at least six months to be considered a no cashout refinance.

On non-owner occupied properties, interested third parties may not contribute to the down payment -- though they may pay closing costs and prepaid items. Chase said it will continue to limit borrowers to four financed properties even though Fannie Mae recently raised its limit to 10 properties.

In addition to ordering appraisals using Chase's appraiser status Web site, correspondents can use the appraisal management companies of Equifax and Quantrix Valuation LLC, Lenders Service and First American Appraisal Services. Existing appraisals can be used in new loan transactions if the appraisals are less than 12 months old.

Chase noted that although PMI has eliminated contract underwriting services -- GEMICO, MGIC, Radian, RMIC and UGI continue to perform contract underwriting.

On the flip side, Chase raised the cashout limit on Freddie Mac high-balance refinances to $200,000 from $100,000.

Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.


Mortgage Insurance News | Mortgage Insurance Statistics

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders