Chase Adds Staff to Expedite Loan Modifications

JP Morgan Chase has added 8,000 loan officers and other staff to help process loan modifications more quickly with the intention of significantly reducing the number of its loans that go into foreclosure.

In the most heavily impacted areas Chase has loan officers on the ground to conduct face to face counseling sessions with clients.  It has met with 140,000 mortgage holders since it opened its centers in 2009 and has modified 900,000 loans using a combination of HAMP and its own proprietary system.  Of these total modification applications, 214,529 mortgages have been modified permanently.

The teams that handle Short Sales and Deed-in-Lieu programs have also been enlarged so that those who do not qualify for a modification, or fall out of the program can be considered for these strategies as the next step in the process toward stopping foreclosure.