Comments on: Chase pulls out of Wholesale Lending with Mortgage Brokers

By: Steve

Steve — Thu, 02 Apr 2009 10:33:12 +0000

Chase hummm lets see ……….Well I don’t miss them ! When the refi boom is over they will be back begging for business from the brokers . Brokers are the best place to secure a mortgage. It is April 2 now , my small office has closed over 14 million since they pulled out and we are selling to other companies .Now multiply that times the number of brokers out there, as usual Chase will be just like WAMU losers. We have plenty of smart agressive wholesale outlets to sell good paper to. We have been in business 20 years , a member of the state BBB and plan to be around another 20 + years . Our loans are over 720 mid , average loan size 250,000 A A A + paper . Thank you Chase for pulling out of the broker end first , so we will not crash with you down the road. the company you run is very much like Chrysler , no business plan .

By: Rhonda Porter

Rhonda Porter — Fri, 06 Feb 2009 20:16:57 +0000

I keep seeing wrong reporting about Chase… I just saw this from Realtor(R) Magazine:

“Some banks, including JPMorgan Chase have stopped using outside brokers and only accept applications submitted at their own branches.”

They are still working with some mortgage brokers who are correspondents. Our company still works with Chase.

I think misreporting in this market (and any) is irresponsible and dangerous. I’ve sent Realtor(r) Magazine an email and I hope they will correct this.

By: Rhonda Porter

Rhonda Porter — Tue, 27 Jan 2009 18:33:41 +0000

Cindy, I’m so sorry…this market is amazing. Hopefully rates will come down low enough for you to find a new lender for your clients. Have you told them what’s going on?

By: Cindy Smith

Cindy Smith — Tue, 27 Jan 2009 17:59:04 +0000

Hi Rhonda…
All of my clients are golden. Low ltv’s, 750-800 credit scores, good ratios.
At this point, I don’t think they will deliver. I was told this morning by William King at Chase that since they are exiting wholesale, Chase basically does not care that they are responsible for rate locks expiring and they are not extending rates for free.
Just amazing!

By: Rhonda Porter

Rhonda Porter — Tue, 27 Jan 2009 01:14:40 +0000

Cindy, how perfect are your borrowers? Do you trust that Chase will come through?

By: Cindy Smith

Cindy Smith — Tue, 27 Jan 2009 01:09:10 +0000

.375% for 15 days and .50% for 30 days extensions. At the rate they are going, I don’t think 30 days is enough!

By: Rhonda Porter

Rhonda Porter — Mon, 26 Jan 2009 20:34:03 +0000

How expensive are the extensions?

By: Cindy Smith

Cindy Smith — Mon, 26 Jan 2009 20:32:51 +0000

I can’t touch the pricing I locked in at.

By: Rhonda Porter

Rhonda Porter — Mon, 26 Jan 2009 20:19:25 +0000

Cindy, Do you have to keep the loans with Chase?

By: Cindy Smith

Cindy Smith — Mon, 26 Jan 2009 20:14:17 +0000

Hi Rhonda…
No, Chase let all of their AE’s go Jan 21st. Employees are leaving the wholesale department like rats on a sinking ship.

Cindy