Chase Expands Help for Sandy Homeowners
Makes 75% of insurance money available immediately
Launches new website to help customers keep track of their claims
Guarantees property inspections within 48 hours of request
NEW YORK -- February 27, 2013
Chase announced today that it is making more insurance money available
immediately, using technology to help homeowners track their insurance claims,
and guaranteeing prompt inspections.
"We are continuously looking for additional ways to help customers rebuild
their homes quickly,” said Kevin Watters, Chief Executive Officer of Mortgage
Banking. “These new actions will release a total of $235 million to help our
customers get back on their feet.”
More insurance money upfront
Chase now will make immediately available 75 percent of a customer’s insurance
funds, or $40,000, whichever is greater. This applies to all affected
homeowners who were current on their mortgage when Sandy hit and will release
an additional $20 million, bringing the total funds released by Chase to $235
million, or 84 percent of all insurance funds received.
Also, Chase can now provide the expanded upfront money available to all
mortgage customers as a result of Fannie Mae’s and Freddie Mac’s decision to
accept these higher thresholds on loans they own.
A website to track progress
Chase launched a new website to help customers keep track of their claims.
Specifically, the website allows customers to:
*Upload claim check information, including the amount, cause of property
damage, date damage occurred, and an address to send the disbursement
*Request inspections as repairs are completed
*Upload documents for faster delivery and view which documents the bank has
received and processed such as completed inspection reports
*Know when to expect their claim funds. Customers can see the amount of the
check ordered or mailed, and track the delivery of the check
Chase knows that homeowners need quick service, so it has set three 48-hour
*Guarantees that inspections will be scheduled within 48 hours of the
customer requesting them
*Requires inspectors to submit their report to Chase within 48 hours of
completing the inspection
*Sends a check overnight to customers within 48 hours of a satisfactory
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and 4 million small businesses through more than 5,500 bank
branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile
banking as well as through relationships with auto dealerships. More
information about Chase is available at www.chase.com.
Amy Bonitatibus, 614.422.6699
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