This is correct. There is a bit of a caveat though. While Chase's automatic system will consider it dropped on the 1st of the 24th month, something else may inhibit instant approval. Not all agents are privy to the "1st of the 24th month" rule, and during recon you might be told that you are not eligible because the precise 2 year mark has not yet been reached. The solution in this case is to HUCA.