JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

NEW YORK: JPMorgan Chase & Co, the country's largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.

The bank was the fourth largest US mortgage lender in 2019, according to industry publication Inside Mortgage Finance. JPMorgan would not disclose the current minimum requirements for its various mortgage products, but the average down payment across the housing market is around 10 per cent, according to the MBA.

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Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkensJPMorgan Chase & Co , the country's largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves ...
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Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkensJPMorgan Chase & Co , the country's largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »