There is definitely an upside for Chase Bank’s purchase of WaMu in that they now have access to what they say is 70% of the US population via local branches. As such, the leaders at Chase believe they no longer need to keep their wholesale business and as of January 16th have closed their doors to mortgage brokers.
Read the post by my co-writer at Rain City Guide, Rhonda Porter, and the notice she received from Chase.
It just so happens that one of my clients who bought last year just got a direct quote from Chase for an FHA refinance with a nice rate. Looks like they’ll be giving Bank of America a run for their money now that they’ve stated on 60 Minutes recently that half of all America has some kind of financial product with them whether it be a loan, credit card, line of credit, bank account, etc.
If you’re currently shopping for a home loan you’ll need to go direct to get a loan here – does that mean you have to Chase your loan down? LOL! I love puns….
