The previously announced sale of $45 billion in mortgage servicing rights fromOcwen Loan Servicing, a wholly-owned subsidiary of Ocwen Financial (OCN), to Chase, the banking business for JPMorgan Chase & Co. (JPM) is now official.

The sale was previously announced in March, and includes 266,000 "high-quality" Fannie Mae loans worth an estimated $45 billion.

The deal was subject to a definitive agreement and required approval from Fannie Mae and the Federal Housing Finance Agency. Those approvals are now official and the deal is done, according to Chase and Ocwen

“Buying this prime servicing book will improve the quality of our servicing portfolio and will help drive a stronger and less volatile mortgage business,” said Chase Mortgage Banking CEO Kevin Watters.  “We expect the portfolio, in addition to lower delinquency rates overall, will help improve the value of our business.”

Ocwen has been on a quest since December 2014 to get rid of its massive agency mortgage servicing rights holdings.

In March, the company said it was selling a $25 billion MSR portfolio to Nationstar Mortgage (NSM), just over a month after agreeing to sell another $9.8 billion portfolio of agency servicing to Nationstar.

Today’s announcement is the latest in a string of agency MSR sales for Ocwen, which said in December that it plans to exit agency servicing entirely.

“Ocwen previously announced that the company signed a letter of intent with a buyer on the sale of mortgage servicing rights on a portfolio of performing agency loans owned by Fannie Mae with a total unpaid principal balance of approximately $45 billion,” Ocwen said in a statement to HousingWire.

“The letter of intent was subject to a definitive agreement and Fannie Mae and FHFA approvals,” Ocwen continued. “The agreement is now signed and the necessary approvals have been obtained. This sale to Chase furthers Ocwen’s corporate strategy of reducing the size of the company’s agency servicing portfolio”

Earlier this year, Ocwen said that it is “on track” to sell agency MSRs for approximately $55 billion in unpaid principal balance in the next six months for prices “significantly above” its estimated carrying value.

Ocwen has been under the gun since February of last year, when the New York Department of Financial Services stopped its plans to buy a $2.7 billion MSR portfolio. Since then the NYDFS completely killed that deal with Wells Fargo (WFC) and any other bulk purchases of MSRs.

So the completion of a MSR deal of this size is significant.