A few months after announcing its exit from warehouse lending, JPMorgan Chase has decided to stay in the business after all, National Mortgage News (NMN) has learned.
However, the mega bank only plans to provide lines of credit to just a handful of non-bank customers that tend to sell loans to it on a correspondent basis.
A warehouse borrower familiar with the about-face said "they are moving the warehouse group to their commercial banking division." A JPM spokesman confirmed this.
For full details see the Monday print edition of NMN.