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Chase is expanding the Fannie Mae High Balance Fixed product offering to include cash-out refinance transactions.

These enhancements are effective with Best Efforts Locks and Commitments taken on or after May 14, 2012. Refer to Chase Bulletin CB12-53 for complete details.

It is important to select the correct Document Type when delivering Funding Conditions using ChaseLoanManager Imaged Document Delivery.

Refer to the Imaged Document Delivery Funding Conditions Package Type – Document Type Mapping Job Aid for complete details. Documents uploaded to the applicable Document Type are processed more efficiently.

Note: This job aid is intended for funding conditions only and should not be used to index documents for initial file delivery.

Chase Anti-Money Laundering Program (AML) and Suspicious Activity Report (SAR) Filing for Non-Bank Residential Mortgage Lenders and Originators Guidance

On February 7, 2012, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule requiring non-bank residential mortgage lenders and originators to establish an Anti-Money Laundering (AML) program and file Suspicious Activity Reports (SARs) under the Bank Secrecy Act. Compliance with the new rule is required as of August 13, 2012.

Correspondents without a written Anti-Money Laundering program approved by the Correspondent’s Senior Management or Board of Directors should take appropriate actions to comply with the regulation by August 13, 2012. See CB12-44 for complete details.

Utilize Batch Registration/Lock for Best Efforts or Mandatory loan allocations to commitments

With ChaseLoanManager, you can Batch Register and lock multiple loans at once through the uploading of an Excel® spreadsheet. Customers are required to register, lock and cancel loans in ChaseLoanManager on or after April 16, 2012.

Refer to Chase Bulletin CB12-39 for complete details and training information.

Update: MERS Extension and additional details

In MERS Announcement 2012-02, MERS provides information regarding the extension, membership process timeframes and additional information for their system. Please see the announcement for complete details.

Introducing New ChaseLoanManager Pricing Features

Effective March 1, 2012, Chase implemented a new Product and Pricing Engine allowing us to respond quickly to market movement and product opportunities.

Benefits include:

Enhanced Rate Sheet formatting
Historical Rate Sheets
Improved Register/Lock functionality
Fewer manual lock reasons

Refer to Chase Bulletin CB12-26 for complete details.

Update: HARP 2.0 – Fannie Mae DU Refi Plus™ and Freddie Mac LP Open Access

In Fannie Mae Selling Guide Announcement SEL-2011-12 and Freddie Mac Bulletin 2011-22, the Agencies announced expanded LTVs of greater than 125% for the DU Refi Plus and LP Open Access programs. Additionally, Freddie Mac announced the acceptance of a Home Value Explorer® (HVE) value received on the Loan Prospector Feedback Certificate to determine the property value for LP Open Access transactions. These changes will be implemented with the March releases of Desktop Underwriter and Loan Prospector.

At this time, Chase Correspondent is unable to accept the higher LTVs or Freddie Mac HVE. However, we are in the process of assessing operational impacts and our implementation strategy. Additional information regarding eligibility, delivery and pricing requirements will be provided at a future date.

Be on time, every time

Get your borrowers set up with Automatic Mortgage Payments

Do you have borrowers asking you how to set up ACH with Chase for their new mortgage? Chase has developed marketing collateral to assist you in helping your borrowers make their mortgage payment on time, every time.

For free marketing flyers, email your name, company name and shipping address to b2b.marketing.group@chase.com.

Chase Correspondent has revised the Funding Request Form & Submission Checklist.

Refer to Chase Bulletin CB12-05 for complete details. The changes are effective January 24.

Does your company need ChaseLoanManager Batch Registration training?

If you are not using Batch Registration and would like customized training, contact Chase Application Support at 877-ASK-CHASE, Option 4.

Batch Registration can:

speed up the register and lock process
expedite locking multiple loans
map data files field by field
and more

Uniform Appraisal Dataset (UAD) Requirements for Agency Loans - Revised

At the direction of the Federal Housing Finance Agency (FHFA) Fannie Mae and Freddie Mac have jointly created a Uniform Appraisal Dataset (UAD) designed to improve appraisal data quality. As a result of the UAD initiative, several appraisal fields have been standardized to ensure consistency in the information entered into these fields. Examples of appraisal changes, include but are not limited to:

Standardized format for numbers, dates and measures
Standardized ratings and definitions for “Quality” and “Condition”
Use of drop down values for certain fields rather than free form descriptions
Revised abbreviations to allow more data to be displayed on printed appraisal forms

Refer to Chase Correspondent Bulletin CB11-99-Revised for complete details.

Preparing for the Uniform Mortgage Data Program