CHASE is shutting down their wholesale business (loan, fixed rate, rate)

[Keith G]

I'm in Florida and Chase in Tampa is shutting down their wholesale business. They say they are keeping their USDA business open but USDA is out of money, so???

I tried to do a refi with them and was put off for a week and than zap, they say they are closing their wholesale business? I thought they were one of these banks getting billions in bailout money? And were supposed to loan it out to ALt A and needy sub-prime borrowers hit hard in this housing crisis? I don't see M.B.'s, like myself, doing any business with them in the future, as they have stated they will only keep their retail open and work with only correspondent brokers, of which I am not one. Anyone have any similar info on them?

Keith G.

[Kathleen1971]

I just went to their Chaseb2b site and read the announcment. I guess the loan I was going to upload to them is going to have to go elsewhere now lol.

[Keith G]

Kathleen 1971,

I'm finding most of my lenders stopping their wholesale business and refi's. Who do you use for refi's. I'm in the Tampa area.

Keith G.

[VictorBurek]

Keith, a couple good wholesale lenders to check out would be Taylor Bean and Whitaker, Sierra Pacific, Plaza.

[Thatguywho]

Originally Posted by Keith G

I'm in Florida and Chase in Tampa is shutting down their wholesale business. They say they are keeping their USDA business open but USDA is out of money, so???

I tried to do a refi with them and was put off for a week and than zap, they say they are closing their wholesale business? I thought they were one of these banks getting billions in bailout money? And were supposed to loan it out to ALt A and needy sub-prime borrowers hit hard in this housing crisis? I don't see M.B.'s, like myself, doing any business with them in the future, as they have stated they will only keep their retail open and work with only correspondent brokers, of which I am not one. Anyone have any similar info on them?

Keith G.

I was almost signed up with them as a mortgage broker in 2004, but they refused to offer any fixed rate plans. Only ARMS, that was all they would do.
I told them to stuff it and I am glad they are hurting. What a bunch of sc#mbags they are.
Just my personal experience and feelings about them. They are not good people to do business with.
I would never allow any of my mortgage brokers to ever use them, ever.

[Kathleen1971]

Originally Posted by Keith G

Kathleen 1971,

I'm finding most of my lenders stopping their wholesale business and refi's. Who do you use for refi's. I'm in the Tampa area.

Keith G.

Keith,



We have been using Taylor Bean, Suntrust, Vertice, Provident and Metlife lately. Wells is good too but their turn time is around 10 days now. Who have you been using?