How Bank of America, JPMorgan are keeping up with mortgage demand - Business Insider

— and then the Federal Reserve unleashed an emergency cut to its benchmark interest rate.

Following the rate cut, JPMorgan Chase's call centers and digital channels were flooded with mortgage-related inquiries, leading the bank this week to dial back its marketing spend. In contrast, Bank of America isn't shifting home-equity staff — because it extensively trained hundreds of them on mortgage underwriting in 2019 to give the bank more flexibility.

Mindful that many customers recently refinanced or took out a new mortgage, part of the calculus behind the cross-training initiative was that the bank wanted flexibility to handle a bump in home-equity flow, too.

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