JPMorgan Temporarily Steps Away From HELOCs, Focuses on Refis – NMP
Industry News

JPMorgan Temporarily Steps Away From HELOCs, Focuses on Refis

Apr 17, 2020
JP Morgan Chase building. Credit: iStock.com/LewisTsePuiLung
A headshot of Navi Persaud
Director of Events

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.
 
 
About the author
A headshot of Navi Persaud
Director of Events
Navi Persaud is Director of Events at NMP.
Link copied
Published
Apr 17, 2020
Get the NMP Daily
Analysis and Data
Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Continue reading
Tech
New AI-Run Mortgage Startup Builds Database Of 224,000 LOs

LenDb.ai is making LO records available to AI assistants, offering a potential new way for borrowers to find originators

A new mortgage technology startup is betting that borrowers will increasingly turn to artificial intelligence to find a loan originator, and it wants to make sure AI knows whom to recommend.LenDb.ai, launched Thursday by venture studio Draper Goren Blockchain, has assembled ...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News
Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News
Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News
Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News
Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News
Oct 09, 2026
Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News
Oct 08, 2026