JPMorgan to raise mortgage borrowing standards

Major player: JP Morgan Chase Bank headquarters in New York. The bank was the fourth largest US mortgage lender in 2019. — Reuters

NEW YORK: JPMorgan Chase & Co, the country’s largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.

From tomorrow, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.