Chase Reviews Mortgage Servicing Platform
Chase seeks upgraded system to replace multiple legacy platforms for $515 billion portfolio
CHICAGO and BROOKFIELD, Wis., Nov. 18, 2005 – Chase has selected Fiserv’s mortgage servicing platform, MortgageServ, to complete a formal due diligence to replace and substantially upgrade multiple legacy platforms for servicing its $515 billion portfolio, the companies announced today.
“We plan to consolidate and upgrade our platform to help grow our mortgage business,” said Scott Powell, head of servicing at Chase. “We continue to invest in this core business.”
Last month, Chase announced that it planned to add 800 mortgage officers – an increase of 30 percent – over the next year.
“MortgageServ would give Chase not only excellent support for all its mortgage products, but it also will provide the flexibility to roll out new products quickly to meet customer needs,” said Leslie M. Muma, Fiserv president and CEO. “Chase would be able to integrate delinquency and default management into its core servicing system.”
An industry leader, Chase offers a comprehensive range of home finance products and services to meet customer needs. It originated $144.6 billion in mortgage loans and $42.2 billion in home equity lines and loans in 2004, ranking it among the largest mortgage originators in the country. It also purchases servicing rights to mortgage portfolios.
Chase offers mortgages through more than 2,500 bank branches in 17 states and 225 Chase mortgage offices in 32 states as well as through brokers and correspondents. Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 and 2005 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
- Contact Information
- Thomas A. Kelly
- JPMorgan Chase & Co.
- Contact via E-mail
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.