TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 17 COVER STORY the beginning of the year in areas like underwriting, loan processing, and closing to meet the anticipated wave of activity in the industry. According to Weinbach, this growth will not sacrifice the standards that have become so important to remain complaint in today's regulated industry. "This doesn't mean a return to lax underwriting standards, but rather the opportunity to leverage technology and what we already know about our customers to simplify what can often be a daunting process. For most customers, buying a new home is the largest purchase they have made in their life and we want to be there to guide them through the experience," Weinbach said. "We're continuing to invest in technology that makes it easier for our customers to do business with us and that offers a simpler, faster journey to the front door of their new home." At the core of all Chase operations are the customers and communities it serves. Weinbach says the company's goal is to "better integrate with the bank's extensive branch network and deepen relationships with new and existing Chase customers who don't have a mortgage, and educate them on the benefits and ease of having one bank handle all of their financial needs." "As consumer behavior evolves, so goes the mortgage industry. The majority of Americans now expect a faster, simpler buying process, and big purchases like homes and cars are no exception. To meet those needs, avenues that make purchasing a home a more seamless, user-friendly experience are a hot commodity." Weinbach and his team are dedicated to navigating these new frontiers, paving the way for success not only for Chase, but the entire financial industry. "I am excited for the future of our industry and what we can do for our customers at Chase," Weinbach concluded. XHEVRIJE WEST is the editor of theMReport.com and is based in Dallas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her bachelor's at Alcorn State University and went on to complete her master's at Syracuse University. JPMorgan Chase has made the news several times already this year with major industry announcements. See what the bank has been up to for the first half of 2016. "Stress Tests? Not for JPMorgan Chase" In the event of a severe economic downturn, JPMorgan Chase has enough capital to absorb the losses, assumed by the annual stress test administered by the Federal Reserve, of the 31 largest banks in the country, according to JPMorgan Chase's 2015 Annual Report. "We have an extraordinary amount of capital to sustain us in the event of losses," JPMorgan Chase CEO Jamie Dimon said in the letter to shareholders. "It is instructive to compare assumed extreme losses against how much capital we have for this purpose." * * * "JPMorgan Chase RMBS Deal First to Qualify Under Safe Harbor" JPMorgan Chase Bank has become the first institution to file a residential mortgage-backed securitizations deal that qualifies under the Federal Deposit Insurance Corporation's six- year-old Safe Harbor rule. On April 1, Chase Mortgage Trust sold a group of RMBSs worth $1.88 billion, Chase 2016-1, one of the largest filings of its kind since the recession. It is also the first since the FDIC enacted updated Safe Harbor rules in 2010 to protect financial institutions and investors in the securitizations market. The deal also is the first transaction from JPMorgan Chase to be entirely backed by mortgages—about 6,000 of them—that the bank already owns. * * * "Chase Ramps up Consumer Relief Efforts" Since 2009, Chase has reduced principal balances by nearly $10 billion in first-lien modifications, helped nearly 1.2 million families avoid foreclosure, and provided loan modifica- tions to more than 650,000 customers allowing them to stay in their home. As a result, Joseph A. Smith, Jr., Monitor of the Chase RMBS Settlement, confirmed that JPMorgan Chase has provided $206,242,520 in consumer relief to 3,389 borrowers through the third quarter 2015. In total, the Monitor has credited Chase with providing $3,887,777,119 to 165,191 borrowers. "We've been there for our customers from the beginning of the crisis and remain com- mitted to supporting those who require assis- tance," said Peter Muriungi, Head of Mortgage Servicing at Chase. "We're pleased with the findings of today's report which speaks to our continued focus on helping our customers remain in their homes." * * * "OCC Frees JPMorgan Chase from Mortgage Servicing Agreement" The Office of the Comptroller of the Currency (OCC) announced that it has termi- nated mortgage-related consent orders against JPMorgan Chase Bank. JPMorgan Chase issued the following state- ment regarding the OCC's decision: "Doing what's right for our customers has always been our top priority. Our mortgage employees have worked very hard over the last sev- eral years to make changes that will further enhance the customer experience and we're pleased by the outcome of the OCC's assess- ment of our work." JPMorgan Chase in the Headlines