As of April the 2nd Chase has changed up the verification process once again. At least we have seen this on with EMC (Chase side of the business) and the particular agents we were dealing with work both Washington Mutual loans as well as EMC’s portfolio. They are not only requesting the standard “what’s their mailing address” or ” what is the last four of the borrower’s social” to now what is the complete name including the middle initials. Now this isn’t as bad as CitiMortgage who’s Office of the President (or Executive Response Unit) forces you to actually tell you what the middle initial stands for but it is still another security loop whole that us professionals will need to be on.
Now this rule has not been fully rolled out because we have hundreds of short sales and loan modifications with Chase and so far it is only EMC that we have seen requesting these. Are you seeing the same? Log in and let us know what you’ve been working against.