mortgage bankers: No More Funds for Mortgage Brokers? Not Yet...
- 01/15/09 11:10 AM
If you haven't already heard, JP Morgan/ Chase has announced that they will no longer be funding loans originated by Mortgage Brokers (those companies that do not use their own money to fund loans at the closing table) effective this Friday, January 16th. Chase is one of the largest wholesale sources of mortgage funding to the broker sector. Many in the industry feel that this is the start of a trend and that many other major wholesale sources may follow suit and cease funding loans originated by Mortgage Brokers. What does this mean to you? If you are a consumer who … (7 comments)
If you haven't already heard, JP Morgan/ Chase has announced that they will no longer be funding loans originated by Mortgage Brokers (those companies that do not use their own money to fund loans at the closing table) effective this Friday, January 16th. Chase is one of the largest wholesale sources of mortgage funding to the broker sector. Many in the industry feel that this is the start of a trend and that many other major wholesale sources may follow suit and cease funding loans originated by Mortgage Brokers. 
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