Dear frustrated...

In todays world having a 700 FICO doesnt mean the bank owes you a loan anymore. This is the worlds largest financial meltdown and times have changed....with that said, for fannie/freddie loans you have to verify where your DP came from if it hasnt been in your account for less than 60 days.

This is to combat mortgage fraud where people were getting large cash gifts and payments to buy homes and split profits with 3rd parties. Now that the money has likely been in your account for close to 60 days, a lender should be able to get this done for you, you are welcome to contact me if you want help with this - I believe I can get this done for you.

Chase underwriting department is useless! I am so qualified with 20% down, assets and very little debt.
Monthly expenses are 20% of my salary and my employement with same employer has been 25 years.
They turned me down on a home loan because they said my documentation for large deposits to my account for the down payment were unverfiable. I provided all the statements showing when I withdrew the money and stopped investing in the banks due to the threat of all banks ending up like IndyMac last year. I am going to sue them for the money I am out now since the seller is tired of the games played. Oh I forgot to add that Chase didn't even try to make it a 30-day escrow. They waited until 50-days to decline me.
Please spread the word that Chase bank is not the bank to go with for home loans. We need to get this bank out of business, they are horrible. No wonder they have had money problems!

Frank

Chase does have there own underwriting but do to their recent restructuring there mortgage department seems to be in chaos. I would try to find another lender that can offer you what your looking for.

Yes, Chase has their own underwriting department. Their reputation for high handedness is monumental! They asked me to produce falsified paystubs and demanded that I produce detailed medical information for my mother even though she wasn't on the loan. Her medical information is protected under HIPAA but they didn't care - I either produce it or don't get the loan. My loan was guaranteed through USDA and the USDA underwriter told Chase that they would approve the loan without my mothers medical information but Chase demanded it anyway. After "approving" the loan they came back with 5 different sets of 'conditions'. I am on my 3rd contract extension and Chase hasn't responded in 2 days. I requested that the broker take it to another lender yesterday. The loan documents have been in Chase underwriting for 6 weeks!

I wrote a letter to Mr. Dimon, Chase President, and faxed it directly to his office at 212-270-1121. I waited 5 hours then called to make sure they received it. His secretary told me she had it but it was too soon for anything to be done with it. She told me someone would be contacting me but no one has. My question to Mr. Dimon was how his underwriters thought they were above the law by asking for falsified documents and violating HIPAA laws. Stay away from Chase.

JP Morgan Chase is a very large institution that does many mortgages. Yes, they do underwrite their own loans.