Chase has made several operational and policy changes in recent years that affect how homeowners bank and refinance

Chase Bank has undergone significant shifts in its mortgage lending, branch operations, and customer service structure over the past few years. These changes range from closing physical branches to tightening mortgage underwriting standards to restructuring how they handle loan servicing. If you bank with Chase, refinance through them, or are considering a mortgage with them, understanding what has changed and why matters for your financial planning.

The changes are not uniform — some affect all customers, while others apply only to specific loan products or regions. Knowing which changes apply to your situation helps you make informed decisions about where to bank, how to refinance, and what to expect from the application process.

Key Takeaways

  • Chase has closed hundreds of branches nationwide since 2020, concentrating on digital banking and reducing in-person services in some areas.
  • Chase mortgage lending standards have become stricter, requiring higher credit scores and larger down payments for some borrowers than in previous years.
  • Chase sold a portion of its mortgage servicing portfolio, meaning some homeowners with Chase mortgages now make payments to a different company.
  • Chase has reduced the number of loan officers and mortgage specialists available, which can mean longer wait times for applications and refinances.

Branch closures and what they mean for account holders

Chase closed over 600 branches between 2020 and 2024, with the pace accelerating in recent years. The bank has stated this reflects a shift toward digital banking, where customers handle most transactions through mobile apps and online portals rather than visiting a physical location. However, the closures are not evenly distributed — some regions have lost significantly more branches than others, and rural areas have been hit harder than urban centers.

If your local Chase branch closed, you can still access your account online, by phone, or through ATMs. For services that require in-person help — such as notarizing documents for a mortgage application, depositing large checks, or resolving account disputes — you may need to travel to a branch farther away or use a partner bank's ATM network. Chase customers can use ATMs at other banks in the MoneyPass network without fees, but this does not replace the convenience of a nearby branch for complex transactions.

The branch closures have also affected mortgage applicants. Fewer loan officers in your area can mean longer waits to speak with someone, more reliance on phone and video calls, and less ability to walk into a branch with questions during the application process. Many homeowners have found it easier to work with mortgage brokers or lenders with more local presence during this transition.

Stricter mortgage lending requirements

Chase has tightened its mortgage underwriting standards over the past three years, particularly for borrowers with credit scores below 740 or down payments below 20 percent. The bank now requires more extensive documentation of income, employment history, and debt obligations than it did previously. Self-employed borrowers, those with recent job changes, and borrowers with non-traditional income sources face particular scrutiny.

Down payment requirements have shifted as well. While Chase still offers loans with 3 percent down through FHA and conventional programs, the interest rates offered to lower-down-payment borrowers have widened compared to those with 20 percent down. This means a borrower putting down 5 percent may pay a noticeably higher rate than one putting down 20 percent, making the difference in monthly payment substantial over a 30-year loan.

Credit score minimums have also risen. Chase now typically requires a minimum credit score of 620 for FHA loans and 640 for conventional loans, though approval at these minimums is rare and usually comes with higher rates and additional conditions. Borrowers with scores in the 680 to 720 range report longer processing times and more requests for additional documentation than they experienced in previous years.

Mortgage servicing changes and payment transfers

Chase sold a significant portion of its mortgage servicing portfolio to other companies between 2021 and 2023. This means that if you have a Chase mortgage, you may have received a notice that your loan was transferred to a different servicer — possibly Pennymac, Mr. Cooper, Fidelity, or another company. When this happens, you no longer make your payment to Chase; you make it to the new servicer instead.

A servicing transfer does not change the terms of your loan or your interest rate. It only changes who collects your payment and handles customer service. However, the transition period can be confusing. You may receive conflicting information about where to send your payment, your account number may change, and the new servicer's online portal may work differently from Chase's. During the transfer window, it is critical to confirm the new payment address and account number before sending money.

Some homeowners have reported that servicing transfers led to temporary issues with escrow accounts (the account that holds money for property taxes and insurance), billing statements, and access to loan documents. These issues typically resolve within 30 to 60 days, but they can cause stress if you are not expecting them. If your loan was transferred, contact the new servicer directly to confirm your account is set up correctly and that your payment schedule has not changed.

Longer processing times for applications and refinances

Chase has reduced its mortgage staff in recent years, which has extended the time it takes to process new applications and refinance requests. What once took 30 to 45 days now commonly takes 45 to 60 days or longer, depending on the complexity of your application and current volume at the bank. During busy seasons — spring and early summer — wait times can stretch to 75 days or more.

The delays stem from fewer loan officers, fewer underwriters, and increased documentation requirements. Each application now requires more back-and-forth between the applicant and the bank to verify income, employment, and assets. If you are refinancing to lock in a lower rate, these delays can be costly — rates can change daily, and a 30-day delay might mean missing a window where your rate was favorable.

To speed up the process, have all documents ready before you apply: recent pay stubs, W-2s or tax returns, bank statements, and employment verification letters. Respond to document requests immediately rather than waiting. Some borrowers have found that working with a mortgage broker who can shop your application to multiple lenders — rather than going directly to Chase — results in faster approval, even if the rate is slightly higher.

Changes to customer service and support channels

Chase has shifted customer service toward automated phone systems and online chat rather than live representatives. Wait times to speak with a person have increased significantly, and some customers report that chat support cannot resolve complex issues. For mortgage-related questions, you may be transferred multiple times or asked to call back during specific hours when mortgage specialists are available.

The bank has also reduced the availability of loan officers for pre-approval calls and initial consultations. Many borrowers now begin the process through an online form and do not speak with a person until after they have submitted substantial documentation. This can make it harder to ask clarifying questions early in the process or to understand whether you are a good fit for Chase's current lending criteria before investing time in an application.

For homeowners with existing Chase mortgages (or those serviced by Chase), the customer service changes mean that resolving issues with escrow, making extra payments, or requesting loan modifications can take longer than in the past. Having your loan number, account details, and any relevant documentation ready before you call can reduce wait times and help the representative assist you more quickly.

What these changes mean for your refinancing or purchase decision

If you are considering a mortgage with Chase, the stricter standards and longer timelines mean you should start the process earlier than you might have in the past. Get pre-approved well before you make an offer on a home, and have all documentation ready to submit immediately. If your credit score is below 700 or your down payment is below 15 percent, compare rates from other lenders as well — you may find better terms elsewhere.

If you already have a Chase mortgage and are thinking about refinancing, be aware that the current processing times mean you should lock in a rate as soon as you are comfortable with it, rather than waiting to see if rates drop further. The cost of waiting for a slightly better rate can be offset by the risk that rates move against you while your application is being processed.

For existing Chase customers, the branch closures and service changes may push you toward online banking and digital tools. If you prefer in-person service or need to handle complex transactions, you might consider moving your accounts to a bank with more local branches or a credit union in your area. There is no penalty for switching banks, and doing so before you apply for a mortgage can simplify the process.

Frequently Asked Questions

Can I still get a mortgage from Chase if my credit score is below 640?

Chase's current minimum credit score for conventional loans is typically 640, and approval below that threshold is rare. If your score is lower, you may be able to get an FHA loan with a 620 score, but rates will be higher and you will face stricter underwriting. Other lenders may have more flexible standards, so it is worth comparing options before applying to Chase.

What happens if my Chase mortgage gets transferred to another servicer?

Your loan terms and interest rate do not change. You will simply make your payment to the new servicer instead of Chase. Confirm the new payment address and account number before sending money. If you experience billing errors or escrow issues during the transfer, contact the new servicer in writing and keep copies of all correspondence.

Why is my Chase mortgage application taking so long?

Chase has reduced staff and increased documentation requirements, which has extended processing times to 45 to 60 days or longer. Respond to document requests immediately and have everything ready before you apply. If you are on a tight timeline, consider getting pre-approved by another lender in parallel so you have options if Chase's timeline does not work for you.

Is it better to refinance with Chase or switch to a different lender?

That depends on the rate Chase offers, how long you plan to stay in the home, and your comfort with their current service levels. Get a rate quote from Chase and at least two other lenders, then compare the total cost over the time you expect to own the home. If Chase's rate is competitive and their timeline works for you, staying with them is simpler. If another lender offers a better rate or faster processing, the switch may be worth it.

Can I still use Chase's ATMs if my local branch closed?

Yes. Chase customers can use any Chase ATM nationwide without fees. You can also use ATMs in the MoneyPass network at other banks without fees. For services that require a teller — such as notarizing documents or depositing large checks — you will need to visit a branch, which may now be farther away.