JPMorgan Chase is buying roughly $45 billion worth of home loans from Atlanta-based Ocwen Financial Corporation.
The deal — which starts on June 1 — includes servicing rights for 266,000 mortgages that are currently owned by Fannie Mae, according to Bloomberg. JPMorgan’s portfolio of billing, collections and foreclosures on mortgages in the U.S. will now be roughly $1 trillion.
“Buying this prime servicing book will improve the quality of our servicing portfolio and will help drive a stronger and less volatile mortgage business,” head of JPMorgan’s mortgage division, Kevin Watters, said in the statement cited by the website. [Bloomberg] — Claire Moses