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Chase Cuts Correspondent Jumbo

Bulletin indicates non-agency programs being eliminated

March 17, 2009

By 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.

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