JPM Confirms: It Will Limit FHA Streamline Refis After All
The public relations department of JPMorgan Chase has finally made up its mind: the megabank will only engage in FHA streamline refinancings on loans that it presently services.
On Wednesday National Mortgage News reported that JPM would not fund new Steamlines that it wasn’t already servicing, which the bank’s PR department confirmed. Then later in the afternoon a bank spokeswoman said that it would, but then few hours later flip-flopped again: no new streamlines on non JPM loans.
As reported by NMN this week, a handful of large servicers, including Wells Fargo, PHH Mortgage, and now JPM won’t engage in new refis on nonserviced loans.
Among GNMA issuers (FHA lenders) Wells and JPM rank first and second, respectively, according to figures compiled by NMN and the Quarterly Data Report. The two have a combined market share of about 47% based on issuance.