(Bloomberg) -- JPMorgan Chase & Co will raise mortgage borrowing standards starting Tuesday, Reuters reported, citing Chief Marketing Officer for home lending businesses Amy Bonitatibus.
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Customers applying for a new mortgage will need a credit score of at least 700 and will be asked to pay 20% of the home’s as a down payment, according to the report.
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JPMorgan & Chase told Reuters the bank will allocate staff to respond to an increase in the number of mortgage refinance requests, delayed processes from working from home and the closing of non-essential businesses.
The new credit standards don’t apply to existing mortgage customers, the report said, nor to those that qualify for its “DreaMaker” loan products.
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