Home Buying in 85339>Question Details

Frank, Home Buyer in phx

Does Chase Bank Mortgage have their own underwriting department?

Asked by Frank, phx Sun Dec 28, 2008

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9
Portland, OR Home owner below - Chase will play games with you as long as they can. They are not too big to fail, they are too big to care. You're right, they feel safe from legal consequences too. If you want out of your situation, consider talking with a short sale expert (like myself). Loan modifications are a joke in this industry. Short sales can get you out from under their thumb (and sometimes with more money in your pocket too).
0 votes Thank Flag Link Wed Nov 6, 2013
We don't need a short sale. When the market improves, the sale of our property will be epic for our location. We have already had interest because of the location. The location is the reason Chase would like to intimidate us. I used to be in real estate and was quite good. I didn't like the people I had to work with. Chase will not be stealing our home.
Flag Wed Nov 6, 2013
Home Owner, Portland Oregon
I see the list of underwriters on the internet. It is hard to say what they actually do. We started the process of the loan modification approximately five and one half years ago. In our original application we were told by Chase that we didn't qualify for the loan mod unless we were more than three months past due. I worried to that person that we would be in jeopardy of losing our home. I was told "We have people over a year behind and they are still in their homes so don't worry." A year or so later and four applications later we were sent notification that our house was going to be foreclosed upon. We promptly went to an attorney and filed for bankruptcy. One our house was safe our attorney told us to reapply for the loan mod. We are three years into that process. We were just told by Chase underwriters that our application is again outdated and we need to reapply yet again for the third time this go around. I seriously doubt that we will ever get a loan modification. Chase claims they do not want to be in real estate. I disbelieve. Our intrest rate is too high for them to give it up. Our location is prime. Despite their protestations I disbelieve that statement also. We have been told that we changed jobs so that makes it difficult to approve us, but that made no difference for the two years at one job before changing to one that paid better. They come up with one excuse after another. the truth is they are not going to hand out loan modifications. They got the money from the government for loan mods and they intend to keep it. The truth is Chase Underwriters care only for their personal bottom lines and do not care about reasonable business practices or even legality. They feel safe and insulated from legal consequences.
0 votes Thank Flag Link Wed Nov 6, 2013
See above.
Flag Wed Nov 6, 2013
Yes they do. If you are doing a loan modification, they have an underwriting department that is located in Arizona. Call everyday. They went through alot of reorganization and you have to stay on top of your file to get anything to happen.
0 votes Thank Flag Link Tue Dec 18, 2012
My wife and I are currently applying for a refinance loan and just received word that we won't be approved unless my wife confirms she isn't in danger working as a volunteer at a Wildlife Rehab center for seabirds. They won't even tell us how they found out she works there. On top of that they also require proof of her birth date to verify her
age. They did not ask for proof of my age or explain why they even needed her age. I think underwriters just dream up these ridiculous requests to justify their fee. Silly me I thought my credit score of 840 would be more important than my wife's age!!
0 votes Thank Flag Link Thu Mar 15, 2012
Chase is one of the worst banks out there. Talk with a top Portland agent for a list of "good" lenders.
Flag Wed Nov 6, 2013
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.
0 votes Thank Flag Link Thu Oct 8, 2009
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!
0 votes Thank Flag Link Wed Oct 7, 2009
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.
0 votes Thank Flag Link Fri Mar 13, 2009
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.
0 votes Thank Flag Link Fri Mar 13, 2009
JP Morgan Chase is a very large institution that does many mortgages. Yes, they do underwrite their own loans.
Web Reference: http://www.usaloanshome.com
0 votes Thank Flag Link Sun Dec 28, 2008
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