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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Chase's Massive Servicing Integration Going Well

Bear, WaMu acquisitions have brought servicing staff to 19,923

Sept. 10, 2009

By staff

JPMorgan Chase & Co. has so far been successful integrating the servicing operations of Washington Mutual Bank and The Bear Stearns Companies Inc. -- both which it acquired last year. The combined unit is operating with a staff of nearly 20,000.

The New York-based institution's servicing operations are conducted through subsidiaries Chase Home Finance LLC and J.P.
Morgan Chase Bank, N.A., Moody's Investors Service reported today.

The servicing operations have strong collection abilities and servicing stability, the ratings agency explained. In addition -- the unit's loss mitigation
results, foreclosure timeline management and REO timeline management are all above-average.

"The company is proactive in reaching out to
seriously delinquent borrowers through innovative local programs, including setting up loss mitigation offices," Moody's stated.

The prime residential servicing portfolio was 6.1 million loans for around $1.000 trillion as of Aug. 31, while the subprime portfolio was roughly 906,000 mortgages for $0.153 trillion. The company segregates loss mitigation functions for prime, subprime and home-equity loans.

JPMorgan inherited EMC Mortgage Corp. with its May 2008 acquisition of Bear. Subsidiary Bear Stearns Residential Mortgage Corp.
serviced 475,000 loans for $80 billion as of September 2007.

It acquired failed WaMu from the Federal Deposit Insurance Corporation, inheriting some of a $0.690 trillion servicing portfolio as of June 30, 2008.

Including both acquisitions, the servicing portfolio now stands approximately at $1.4 trillion.

The combined servicing staff at the integrated operation was 19,923 as of Aug. 31, Moody's said.

In March, senior management from all operations were integrated, while servicing sites were consolidated in a strategic move.

Moody's noted that JPMorgan has successfully converted its servicing portfolio to the LPS
servicing platform and is in the process of transferring the WaMu and EMC portfolios.

JPMorgan profile

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