On Sunday, the 12th of April 2020, the New York City-based United States’ largest lender by total assets, JPMorgan Chase & Co. said that the American multinational borrower was going to raise its borrowing standards for most of the new mortgage loans as early as by this week, as the United States’ No.
1 lender having total assets worth of $2.687 trillion, appeared to have shifted gears to allay lending risks brewed off the pandemic which had been plummeting the United States deeper into a recession territory. According to the JPMorgan Chase & Co.’s Sunday’s (April 12th) statement, customers applying for a new mortgage loan would require a down payment of at least 20 per cent of the home’s real value, while the customer would need a credit score of at least 700 in order to qualify for the JPMorgan’s newly introduced mortgage loan criteria.
Meanwhile, adding that the new rule would come in to effect as early as by this Tuesday (April 14th), the Chief Marketing Officer of JPMorgan Chase & Co.’s home lending business, Amy Bonitatibus said in an interview with a press agency on Sunday (April 12th), “Due to the economic uncertainty, we are making temporary changes that will allow us to more closely focus on serving our existing customers.
” Nonetheless, JPMorgan had been the fourth-largest US mortgage lender last year, home lending industry publication Inside Mortgage Finance said.