MetLife Bank (MET) sold an approximately $70 billion mortgage servicing portfolio to JPMorganChase (JPM).
“The acquisition of this high-quality portfolio reflects our strategy to strengthen and grow our Servicing business,” said Eric Schuppenhauer, head of mortgage servicing at Chase. “We will be able to provide our full range of products and services to an additional 350,000 individuals and families. We expect that many of these customers will take advantage of historically low interest rates by refinancing.”
The $70 billion servicing portfolio will increase Chase’s $1.1 trillion mortgage servicing business by more than 5%.
Terms of the transaction were not disclosed.
MetLife is long in leaving the mortgage business. MetLife sold the warehouse finance business to EverBank, sold the reverse mortgage servicing rights to Nationstar, and ceased writing all types of residential mortgages.
