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http://www.cnbc.com/2015/09/21/chase-mortgage-ceo-red-flags-fha-loans.html
JPMorgan Chase may be the second-largest mortgage lender in the nation, but when it comes to government-backed, low down-payment Federal Housing Administration loans, it's not even in the top 100. Onerous regulations and the constant threat of litigation have all but stalled originations of these loans, which were originally designed to help first-time homebuyers with lower credit scores and less cash.
"FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5 percent down; that's subprime lending, and we're not in the subprime lending business," said Kevin Watters, CEO of Chase Mortgage Banking.
@gdale6 wrote:http://www.cnbc.com/2015/09/21/chase-mortgage-ceo-red-flags-fha-loans.html
JPMorgan Chase may be the second-largest mortgage lender in the nation, but when it comes to government-backed, low down-payment Federal Housing Administration loans, it's not even in the top 100. Onerous regulations and the constant threat of litigation have all but stalled originations of these loans, which were originally designed to help first-time homebuyers with lower credit scores and less cash.
"FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5 percent down; that's subprime lending, and we're not in the subprime lending business," said Kevin Watters, CEO of Chase Mortgage Banking.
Surprised it's taken this long to notice; big banks have been actively discouraging government or GSE-backed loans based on their rates and service levels for a while; doesn't take a long walk through the mortgage forum here to find the disdain that big banks are held in by a number of real-estate professionals... but these same people when talking jumbo loans, suggest big banks are the ones to turn to.
@Revelate wrote:
@gdale6 wrote:http://www.cnbc.com/2015/09/21/chase-mortgage-ceo-red-flags-fha-loans.html
JPMorgan Chase may be the second-largest mortgage lender in the nation, but when it comes to government-backed, low down-payment Federal Housing Administration loans, it's not even in the top 100. Onerous regulations and the constant threat of litigation have all but stalled originations of these loans, which were originally designed to help first-time homebuyers with lower credit scores and less cash.
"FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5 percent down; that's subprime lending, and we're not in the subprime lending business," said Kevin Watters, CEO of Chase Mortgage Banking.
Surprised it's taken this long to notice; big banks have been actively discouraging government or GSE-backed loans based on their rates and service levels for a while; doesn't take a long walk through the mortgage forum here to find the disdain that big banks are held in by a number of real-estate professionals... but these same people when talking jumbo loans, suggest big banks are the ones to turn to.
^^^yep. Each lender has their niche. Big banks *seem* to do what they can to discourage FHA/VA type loans and encourage jumbo loans.
Of course, servicing and its rewards (think revenue here) for the jumbo loans has to be less difficult or even less risky than the fha/va loans.
It is a shame in my opinion that the lenders that are notorisly bad on government loans are so good on jumbo loans (pricing and servicing). In a way they are being rewarded for behaving badly in their origination of government loans because many stay away and many more are turned down so they don't have to bear the risk of the govenment loans. Just my perception.
thanx for sharing!