Comments on: Updated: Chase Mortgage Wholesale Slimming Down – not closing

By: Bob

Bob — Wed, 24 Sep 2008 21:02:59 +0000

Chase is not laying off people. They are managing them out. There is a 4 4 4 rule in place to get people fired. 4 aps, closed loans, and in pipe at the end of the month. They are reducing half of their retail loan officers.

By: morganb

morganb — Wed, 24 Sep 2008 20:00:12 +0000

maybe it's because they never announce the retail downsizings… i
post most of the layoffs i get word of. this seems very typical.
downsize, try to save the business for a quarter or two, then decide
to kill it off. i would be surprised if they're out of wholesale in 6
months.

By: mikew

mikew — Wed, 24 Sep 2008 19:57:47 +0000

Virtually every nationall wholesale lender has consolidated. What is so surprising is that it took them so long.

I know for a fact that Chase has closed and consolidated a good bit on their retail side. Funny how that never makes these blogs.

By: Bob

Bob — Wed, 24 Sep 2008 19:27:38 +0000

I agree. I was in subprime and they told us they were committed to the business about a month before they shut us down.

By: juke

juke — Wed, 24 Sep 2008 16:32:02 +0000

This move sounds just like what WaMu did to wholesale. They slimmed down reps, ops, etc in Dec of 07. April of 08 announced they are out of wholesale and major retail. Good luck to who is left at Chase…. Save your money while you can.

By: bill

bill — Wed, 24 Sep 2008 16:01:36 +0000

This sounds all to familiar – are they done?

By: mikew

mikew — Wed, 24 Sep 2008 14:36:07 +0000

I spoke with a vp in Chase Wholesale this morning. Yesterday Chase announce a downsizing to fit today's smaller marketplace just like virtually all other natioanal lenders have done. They remain 100% committed to Wholesale.

I have spoken with several Chase employees and they claim they are tired of hearing rumors talking about them getting out of wholesale.

On a similiar issue I had the pleasure of speaking with a representative of Fannie Mae last week on the issue of Wholesale. They said the the marketplace needs wholesale. Their would not be enough capacity to handle lending without it.

Wholesale offers many benefits to the consumers, real estate community and lenders. In the future i would expect Wholesale to be a lot more professional and better managed.