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clarenceworley
4230 Posts |
 Posted - 05/15/2008 : 3:26:57 PM
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Is there any confirmation to the report that Chase Subprime is done? Are they funding loans currently in the pipeline and if so, does anyone know the cutoff point? I got one loan in currently that I need to get funded, but they stipped for a repairs.
Thanks, |
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RANDY P
2828 Posts |
Posted - 05/15/2008 : 3:38:21 PM
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| Chase HE just threw in the towel... |
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scramsey
550 Posts |
Posted - 05/15/2008 : 3:38:47 PM
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| I don't have anything solid yet but I've heard the same rumor from 2 other brokers I know. I heard subrime and 2nds were gone. Conforming is all that's remaining. If I get something solid I'll post it. |
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lukyk22
1700 Posts |
Posted - 05/15/2008 : 3:42:41 PM
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| I was on the phone with a broker today, who said the same, sub prime and HE. I thinks pretty official, unofficially. |
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RANDY P
2828 Posts |
Posted - 05/15/2008 : 3:43:19 PM
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from the local AE: I hear the harps playing...
Subject: CHASE HOME EQUITY - URGENT MESSAGE
It is with extreme sorrow that I have to announce that Chase has decided to
exit the Home Equity business.
Friday, May 16th is the last day to submit your seconds.
All transactions will be processed by our Cleveland Center through July
15th.
It's been a great ride and I thank you for your business and support and
the great friendships built along the way.
While I'm feeling a bit quiet today, I will be available for you through
May 23rd.
On top of this Liberty Lending just died today- one of my deals was funded part of the last batch of theirs before they lose their warehouse lines end of day, today.They called my Friday and told me (the production manager) and said they fired everyone except her and the guy who sells on the secondary market and they are closing until June - when they get a new warehouse line (maybe?!)
They rocked for a crew of 2 though.. We had it doc'd mid afternoon yesterday and it's already funded. Drove my *** all over hell (Seattle and Tacoma) and back.
This is getting silly with everyone dropping dead. No one is left.
rjp
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clarenceworley
4230 Posts |
Posted - 05/15/2008 : 3:52:00 PM
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| I wonder what the last day to fund is... |
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RANDY P
2828 Posts |
Posted - 05/15/2008 : 3:53:19 PM
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| looks like 7/15 |
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Xpatriot
333 Posts |
Posted - 05/15/2008 : 3:55:59 PM
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| this is old news and is in fact official. |
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clarenceworley
4230 Posts |
Posted - 05/15/2008 : 4:06:08 PM
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quote:
Originally posted by Xpatriot
this is old news and is in fact official.
Ok, when is the last day they will fund loans then?
Thanks, |
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Xpatriot
333 Posts |
Posted - 05/15/2008 : 4:24:19 PM
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quote:
Originally posted by clarenceworley
quote:
Originally posted by Xpatriot
this is old news and is in fact official.
Ok, when is the last day they will fund loans then?
Thanks,
they have been down for a few months, they stopped taking loans a few months ago. i dont know for sure though, call your rep eh. |
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jillstatz
657 Posts |
Posted - 05/15/2008 : 5:09:40 PM
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this was sent out by Chase today at 2:22pm CST
Prime Broker Bulletin
Bulletin # EA2008-44 chaseb2b.com
Date: May 15, 2008
Page(s): 1
Chase Wholesale No Longer Offering Subprime and Home
Equity Products
Introduction As we continue to analyze and manage our product set, Chase has made the
decision to discontinue offering our Subprime and Home Equity products
through our Wholesale channel.
New Wholesale Subprime and Home Equity registrations will not be accepted
after Friday, May 16, 2008.
Pipeline
Management
All Subprime Loans in your pipeline with Chase must close and fund by May
30, 2008. Rate lock extensions are not available.
All Home Equity Loans in your pipeline with Chase must close and fund by
July 15, 2008. Brokers may continue to submit Home Equity conditions,
schedule closings and manage pipeline via eZmanager until July 15, 2008.
Additional
Information
For status on an existing Subprime loan in your Chase pipeline, contact our
Subprime National Operations Center at 800-888-6625.
For status on an existing Home Equity loan in your Chase pipeline, view
eZmanager or contact our Home Equity National Operations Center at
800-656-3430. |
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clarenceworley
4230 Posts |
Posted - 05/15/2008 : 5:32:07 PM
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| 5/30 it is...thanks! |
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