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JPMorgan Chase is focusing all of their efforts in the tsunami of refinance offers that have flooded the market. In doing so, the bank announced that it will be stepping away from home equity line of credit applications due to economic uncertainty.
"Thursday’s move will free up employees to focus on the wave of refinancing applications the bank has received since mortgage rates dropped to near record lows late last month, the bank said. JPMorgan already moved some of its HELOC staff over to handle refinancings as well," according to The Real Deal.
"New customers can pull equity from their properties with a cash-out refinancing, which essentially replaces a mortgage with a new one worth more than a given property."
This is yet another change that the bank has made on the lending side, after tightening its lending standars earlier this week. Those standards require borrowers to have a minimum credit score of 700 and a 20% down payment.
