Chase sponsors a number of programs to help potential borrowers qualify for a mortgage loan and assist them if they get into financial difficulty, including:
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Mortgage Counseling. Chase provides funds to mortgage counseling agencies to help borrowers qualify for a mortgage loan and understand the mortgage process. In 2007, Chase provided more than $7.3 million in philanthropic grants to support financial education programs and initiatives, $2.4 million of which was for mortgage counseling. Organizations receiving funding included ACORN Housing Corporation, Raza Development Fund and NHS of NYC. |
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Homebuyer Seminars. Chase also has a comprehensive homeownership counseling program designed to provide information about buying a home to individuals who are purchasing a home for the first time or who have a lower income. Seminars are delivered by bank loan officers at local branches or in partnership with community-based organizations to put prospective buyers on the path to homeownership. Some of the organizations that Chase partnered with in 2007 to deliver these seminars include ACORN Housing Corporation, Houston Area Urban League, Columbus Urban League, Bedford Central Community Development Corporation, Neighborhood Housing Services, and the Columbus Housing Partnership. In 2007, Chase sponsored approximately 600 homebuyer and financial education workshops reaching approximately 13,000 persons. |
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Homebuyer Guides. Chase's Web site contains guides to assist homebuyers through the purchase and financing process. These include: Applicant's Checklist, Homebuyer's Checklist, Credit Report Guide, A Guide To Home Inspection and a Moving Timeline Checklist. In addition to the guides, there's a sample application, information on rates and products, planning tools, calculators and a link in the Home Buyer's Guide to 'Getting A Mortgage - The Movie'. These guides can be found at: http://mortgage.chase.com/pages/mortgage/guides_checklists.jsp. |
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$800 Billion Public Commitment. In April 2004, Chase announced an $800 billion, 10-year public commitment to its communities in the areas of small business, affordable housing and commercial and economic development in low- and moderate-income communities. This includes $675 billion in mortgages nationwide for both minority and lower-income communities and borrowers, an expansion of credit and mortgage counseling programs frequently in partnership with community-based organizations, and a national community mortgage lending unit that will work with community groups to help lower-income consumers buy their first home. In the program's first four years, Chase made about $259 billion in loans toward its goal of $675 billion in mortgage lending. |
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Financial Literacy Program. Chase Financial Literacy Program workbooks are downloadable in English, Spanish, Chinese, Korean and Vietnamese from http://www.chase.com/financial. One workbook, "Understanding the Mortgage Process," provides an in-depth review of topics that will help familiarize potential homebuyers with what is involved in purchasing a home, including: how the mortgage process works, how to determine how much of a mortgage a homebuyer can afford, the documentation required, and tips on things to watch out for when shopping around for a mortgage. |
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Early Intervention Program. Chase has developed many different programs that are designed to help borrowers that have a willingness to retain their home. These early intervention programs are designed to help customers in the earlier stages of delinquency as well as those customers that anticipate problems in the near future that would limit their ability to make their payments. |
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Homeownership Preservation Office. The Chase Homeownership Preservation Office was created as a point of entry for non profit counselors, housing advocates, legal services and others working with Chase mortgage customers to sustain homeownership. The HPO has established a dedicated toll free number, dedicated e-mail address and fax number for the non profit organizations which provides a single point of contact.
The office provides foreclosure prevention training at no cost to counseling agencies. The training is structured to provide education on loss mitigation work out solutions. We have conducted 70 sessions and trained over 2,500 individuals since March 2005.
Chase provides funding and resources to counseling agencies in local markets through locally generated foreclosure prevention initiatives focused on outreach, education and public awareness.
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Chase National Housing Advisory Council. Chase created a National Housing Advisory Council, comprised of influential leaders representing underserved segments, including African American, Asian, Hispanic, and Gay and Lesbian communities. The purpose of this Council is to provide guidance that will assist Chase in identifying issues, brainstorming solutions and supporting the work of our strategic alliances. The National Housing Advisory Council member organizations are:
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Alpha Kappa Alpha |
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Asian Real Estate Association of America |
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Human Rights Campaign |
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Matlock Advertising and Public Relations |
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National Association of Hispanic Real Estate Professionals |
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National Association of Real Estate Brokers |
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Neighborworks America |
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100 Black Men of Atlanta |
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Creation of Strategic Alliances. Chase has established strong partnerships with the GSEs (government-sponsored enterprises) Freddie Mac and Fannie Mae, as well as Ginnie Mae, FHA, VA, Rural Housing and state housing finance agencies. Other strategic partners include ACORN, Delta Sigma Theta, the National Association of Hispanic Real Estate Professionals, the National Association of Real Estate Brokers, the Asian Real Estate Association of America, Neighborhood America and the Human Rights Campaign. Chase has also expanded existing relationships with other strategic alliances with member-based organizations, such as AFL-CIO and 100 Black Men of Atlanta. For example, Chase will build upon its 11-year exclusive relationship with Union Privilege, the benefit arm of the AFL-CIO, by continuing to provide the Union Plus Mortgage Program for them. To date, this partnership has provided over 67,000 loans for more than $11.4 billion - which include special provisions, such as strike and disability benefits - to union members and their families. |
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