Chase today announced that its efforts to help struggling families by lowering interest rates, extending loan terms and deferring or forgiving principal has been validated by the Office of Mortgage Settlement Oversight. The company disclosed last year that it completed its consumer relief requirements under the Settlement two years ahead of time.
“We are proud of the extraordinary work our employees undertook to help ease the burden economic conditions took on our customers,” said Kevin Watters, Chief Executive Officer of Mortgage Banking.
The company’s efforts from March 1, 2012, through April 15, 2013 included:
- Providing $11 billion in total mortgage relief in just 13 months
- Forgiving $2.9 billion in principal on first-lien mortgages
- Refinancing $3 billion of loans to underwater borrowers who were current on their mortgage
- Reducing customers’ loans by an average of $121,000 in forgiving principal while modifying first mortgages
- Forgiving an average of $118,000 to facilitate a short sale for those who couldn’t afford a modified payment or no longer want to stay in their homes
- Implementing all 320 servicing standards as announced in October.
"As the housing market continues its recovery, Chase is as committed as ever to providing sustainable homeownership to families across the country,” Watters said. “We are making strong investments to simplify the business, enhance technology and strengthen controls to improve the overall customer experience.”
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. Chase is one of the leading mortgage originators and servicers in the country. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at