Mortgage servicing giant Rocket Mortgage recently announced the sale of 4% of its servicing book to JP Morgan Chase. This strategic transaction positions JP Morgan Chase to become the largest mortgage servicer in America, surpassing Wells Fargo in the servicing space for the first time.
The sale of this servicing portfolio is expected to have a positive impact on Rocket Mortgage, with the company receiving a tidy sum from the transaction. As a result, the lender can allocate resources to other areas of its business such as expanding in strategic markets and servicing digital mortgage products. This positioning will allow Rocket Mortgage to remain competitive and profitable as the mortgage industry continues to evolve.
Key Elements:
• Rocket Mortgage sold 4% of its servicing book to JP Morgan Chase in April
• JP Morgan Chase positioned to become the largest mortgage servicer in America, surpassing Wells Fargo
• Sale of the servicing portfolio is expected to have a positive effect on Rocket Mortgage
• Recouped funds from the transaction can be allocated to forward-thinking investments, such as digital mortgage products
You can read this full article at: https://www.housingwire.com/articles/rocket-sells-roughly-20b-in-msrs-to-jpmorgan-chase/(subscription required)
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