As mortgage servicers confront liquidity issues caused by the coronavirus pandemic, the industry is waiting to see whether recent moves by lenders and investors would exacerbate the crisis and restrict borrowers’ access to credit.

JPMorgan Chase recently made temporary changes to its mortgage requirements, including requiring a 20 percent down payment and a credit score of 700 or greater. The bank is also decreasing the maximum loan-to-value and debt-to-income ratio and increasing reserve requirements for its purchase mortgage customers.

Chase’s moves are seen as extreme, said Mike Kemple, Bridgewater Savings Bank’s senior residential lending officer, but they are not the only changes the mortgage industry has seen in recent weeks, perhaps pointing to trends that could affect the secondary market.

The industry was already experiencing a crisis because mortgage servicers have had to pay investors even while granting forbearance requests to borrowers.

Speaking during an online panel discussion hosted on April 16 by The Warren Group, publisher of Banker & Tradesman, in partnership with the Massachusetts Mortgage Bankers Association, Kemple said he had seen in recent weeks increased credit scores required for FHFA loans and investors who would not take jumbo loans.

Along with affecting the ability to sell loans on the secondary market, changes to lending requirements could affect borrowers’ access to credit.

Chase’s new requirements do not affect its DreaMaker program, which provides loan products for low- and moderate-income borrowers. But if other lenders follow Chase’s lead by requiring 20 percent down and lower debt-to-income ratios, Kemple said, loans to first-time homebuyers could be much harder to come by.

“We hope that others won’t follow Chase, but we can’t say right now that won’t be the case – it’s too early to say,” Kemple said. “But it is affecting new business.”

MMBA board Chair Sue Quilty from Residential Mortgages Servicers said the mortgage industry has been watching “on the edge of your seat” whether these types of moves become trends.

“Chase’s announcement is causing a lot of anxiety, I would say, if other people are going to follow suit,” Quilty said.

Kemple said a mortgage facility from the federal government would help restore confidence to the market. Industry groups in recent weeks have been calling for a liquidity facility.

Borrowers have been affected in other ways during the coronavirus crisis. Quilty said during the panel discussion that the industry had seen restrictions on cash-back mortgage refinances in recent weeks.

In another sign that borrowers could see even more restrictions on their ability to access credit if other lenders follow suit, Chase confirmed in an email to Banker & Tradesman that it was suspending HELOC lending.

“Due to the economic uncertainty, we’re temporarily pausing new applications for home equity lines of credit,” Amy Bonitatibus, chief marketing officer at Chase Home Lending, said in a statement.