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Chase Restricts Loans to Auditors, Examiners

Bulletin issued to correspondent customers

Oct. 22, 2009

By MortgageDaily.com staff


JPMorgan Chase & Co. has advised its third-party customers that it is changing its policy on mortgage loans to external auditors and bank examiners.

The New York-based institution disclosed the changes in a bulletin to its correspondent customers today.

Chase said it will not purchase mortgages made to external auditors who "may also be authorized to examine JPMorgan Chase & Co. or any of its subsidies." The restriction applies to immediate family members of the audit employee as well as other partners at the auditing firm. The impacted auditing firms include PricewaterhouseCoopers; Faw, Casson & Co.; and Meaden & More.

In addition, the company will only purchase mortgages made to bank examiners if the loans were made on their principal residences, according to the bulletin. In an apparent attempt to ensure no favorable terms are given to examiners, Chase said any loans to bank examiners "must be made on the terms and conditions generally prevailing at the time."

Impacted bank examiners include those who have authority to examine Chase -- including the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the state of Michigan.

Chase also indicated that a "No Conflict Letter" from the borrower's employer will no longer satisfy the requirements for this type of borrower.

A spokesman for the company indicated he had no idea why the move was made.

The changes are effective on loans locked or re-locked on or after Oct. 26 and on commitments taken on or after Oct. 26.

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