DU Refi PlusTM and LP Open Access Programs Extended
Both Fannie Mae and Freddie Mac announced the extension of the DU Refi PlusTM and LP Open Access Programs based on the Federal Housing Finance Agency's extension of the Home Affordable Refinance Program (HARP). Based on these announcements, Chase Correspondents can continue to lock and deliver loans which meet our guidelines through June 30, 2011. We will distribute reminders as the new effective date approaches.
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Counties Removed from Non-Agency Distressed Markets
Your Chase Non-Agency business opportunities are now expanding. Effective on or after July 19, 2010, Chase has revised the Non-Agency Distressed Markets for Best Effort loans. Revisions to the markets include:
- 149 counties removed from Distressed Market Status in Colorado, Connecticut, Delaware, Idaho, Massachusetts, Maryland, North Carolina, New Jersey, New York and Virginia
- Increased the maximum Distressed Market LTV/CLTV in 43 counties in Arizona, California, Idaho, Illinois, Massachusetts, New Jersey, Ohio and South Carolina
For more information, refer to Chase Correspondent Bulletin CB10-93 
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Great News! Homebuyer Tax Credit Extended to September 30, 2010
The Homebuyer Tax Credit, which expired at the end of April, was recently extended from June 30 to September 30, 2010.
This extension applies only to borrowers who have a signed contract prior April 30, 2010. While this is positive news, correspondents must review their pipeline to ensure eligible loans are closed prior to the September 30 deadline.
Please see the IRS guidelines.
If you have any questions regarding the extension of the Homebuyer Tax Credit, please contact your Account Executive.
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Important Announcement: National Flood Insurance Program Reauthorization until September 30, 2010
On July 2, the Federal Emergency Management Agency (FEMA) announced that Congress passed and the President signed H.R. 5569, which extends the National Flood Insurance Program (NFIP) through September 30, 2010 and is retroactive to cover the lapse period from June 1, 2010.
See more information about the NFIP Reauthorization here.
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Making Things Right Webinar Series
At Chase we are focused on making things right by helping to educate our customers on the importance of quality loan documentation in today's market environment.
Let's face it - the mortgage industry has changed, and the way we document and deliver loans has to change as well.
Chase recently offered a series of Loan Quality Training Webinars each designed for specific roles in your company.
If you were unable to attend these sessions, access recordings, presentations and more at ChaseLearningZone in the Making Things Right folder. If you are not registered for this site, sign-up on the home page today.
Past sessions include:
- Successfully Documenting and Underwriting a Loan File
- Appraisal Policy
- Delivering a Loan File
- Effective Quality Control Plans
- Fraud Detection - Critical Questions and Valuable Resources
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Non-Agency Product
Available for Eligible Chase Correspondent Lenders
Chase now provides access to an exclusive Non-Agency product offering designed for qualified borrowers with high loan amount needs. This program is available to Chase Correspondents who meet certain eligibility criteria.
Program Highlights:
- Maximum Loan Amount: $2,000,000
- Minimum Loan Amount: Minimum loan amounts apply
- Maximum LTV/CLTV: 80/80%
- Occupancy: Primary Residence Only
- Transaction Types: Purchase, No Cash-Out Refinance, Cash-Out Refinance
- Property Types: 1-4 Unit, PUD Condo, Co-op
- 4506-T Policy: A fully executed 4506-T (with transcripts) is required for all borrowers on the loan
Eligibility Criteria:
- Must be approved by the Chase Customer Management Group prior to participation
- Approved to do business with Chase Correspondent for at least one year and minimum volume of $6MM for the previous 12 months
- Minimum audited HUD adjusted net worth of $1MM
- 12-month Conventional 90+ active ongoing delinquency <100% of channel average
- For more information, please refer to Bulletin CB09-58 or contact your Account Executive.
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