Chase Launches Lite Income Documentation for Home Equity Loans
Brokers and correspondent lenders approved by Chase can now allow more of their home equity customers to take advantage of easier income-documentation requirements. The new Lite Income Documentation option is available for home-equity lines of credit and loans associated with primary residences, second/vacation homes and non-owner occupied homes and for purchase, cash-out and no cash-out transactions.
“Borrowers with strong credit backgrounds can verify their income with as little documentation as one pay stub that includes year-to-date earnings,” said Kimberly Salvo, Home Equity National Sales Manager. “Knowing that origination clients want faster and more convenient application processes, Chase has launched the Lite Income Documentation option to provide just that.”
Borrowers with a FICO score of 700 or more are eligible for the Lite Income Documentation option for lines or loans up to $350,000. “With Chase home equity lines and loans, originators can further enhance the borrower experience for their best customers,” Salvo said. “Our broker and correspondent clients expect both product and process innovation from Chase to help build their businesses and remain competitive. In addition, they can access a wide range of robust support tools and product information when they utilize the chaseb2b.com Web site.”
Chase is one of the nation’s leading home equity lenders, generating more than $54 billion of home equity originations in 2005 through bank branches, brokers, correspondents and mortgage offices. Parent company JPMorgan Chase is a leading global financial services firm with assets of $1.3 trillion and operations in more than 50 countries.
Information about the firm is available at www.jpmorganchase.com.
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