Chase Mortgage Co., a subsidiary of The Chase Manhattan Corp., signed a purchase agreement last week to acquire the residential mortgage business of Mellon Bank, N.A., positioning Chase to become the nation's largest mortgage servicer.

The acquisition includes a $55 billion servicing portfolio with 630,000 customers, warehouse loans and other assets. Mellon also has annual origination capability of more than $4 billion, company officials stated.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.