I have a mortgage with JP Morgan chase. If I join PwC am I expected to refinance my loan with another company since it’s an audit client? If so am I expected to bear all the closing cost related to the refinance? I’ll be joining at SM level.

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No. If the loan is secured by your primary residence, it will be grandfathered.

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Even if it wasn't primary residence it's fine if the same as EY independence. You bought the loan before you worked there. I had the same situation with one of EY's clients.

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I’m not PwC, but these rules tend to be the same everywhere, and they’re usually misunderstood because of the secondary mortgage market. The question is who owns the note, not who services it. JPMC probably sold it to Fannie Mae or Freddie Mac. If Fannie Mae, it doesn’t matter since Deloitte audits them. If Freddie Mac, you’d probably have to grandfather since PwC audits them. The servicer of an existing mortgage doesn’t matter when switching firms, as they don’t have an economic interest in the note anymore. If you wanted to get a new mortgage with JPMC, then you’d have an issue.

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K2, yeah, I’m aware. If it’s a non-conforming loan, though, they’ll tell you and you’ll usually be made aware that they’re keeping it. The interest rates are higher and it’s a discussion you have with the loan officer or mortgage broker. That’s why I said if they don’t tell you it’s portfolio they’re extremely likely to sell it. If you don’t have that discussion, it’s probably a conforming loan, and lenders are highly incentivized to sell them. I’m sure there are cases of lenders keeping conforming loans, but the model is set up so that’s not the norm.

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No need to refinance. You might not be assigned to work on that engagement.

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Even at the senior manager level (which OP said they were)? Normally independence rules apply to management even if not on a client. Just curious if it’s different for mortgages at PwC.

I called and they said as long as I’m not working on the client I’m allowed to have the mortgage and even own stock in these companies. Much more reasonable than policies I recall from KPMG.

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Just a twist I’m in the process of closing on a refinance with Chase I had a loan with them and they offered to reduce the cost. If this is closed before my start date it’ll be grandfathered in?

KPMG1: You shouldn't promise things for which you have no basis to do so. Shame! OP: You will likely be fine. At worst, you can't work on that client.

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