NEW YORK--(BUSINESS WIRE)--Chase today announced that it will purchase the mortgage servicing rights (MSRs) for 266,000 high-quality Fannie Mae loans worth an estimated $45 billion from Ocwen Loan Servicing, LLC a wholly-owned subsidiary of Ocwen Financial Corporation. Ocwen previously announced in a March 2, 2015, release its intention to sell this portfolio of loans.
“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.”
The buy is consistent with the bank’s desire to enhance the quality and efficiency of the mortgage business. Chase will officially begin welcoming new customers— half of which already have another Bank product— later this month and will begin onboarding the loan portfolio on June 1, 2015.
“We are pleased to welcome new customers to Chase Mortgage Banking and look forward to showing them why Chase is the number one large bank in customer satisfaction,” said Mike Weinbach, Chase Mortgage Banking head of Servicing. “Delivering a great customer experience will be our top priority as we begin transitioning new customers in June.”
Customers with questions should visit Chase.com/WelcomeToChase after May 15 or send questions to @ChaseSupport on Twitter.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE:JPM), a leading global financial services firm with assets of $2.6 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, small business lending, mortgages, credit cards, auto financing and investment advice. Customers can choose how and where they want to bank: More than 5,500 branches, 18,000 ATMs, mobile, online and by phone. For more information on Chase Mortgage Banking, go to Chase.com/mynewhome. Follow us @Chase on Twitter and Instagram, and like us on Facebook.