While JPMorgan Chase has long offered trustee services to clients, JPMorgan just recently fully integrated its operations following the January 2002 acquisition of Systems & Services Technologies Inc. (SST). The firm hopes to be the one-stop shop for asset- and mortgage-backed lenders of all sizes.
After edging out the competition, SST is now the leading candidate to take over the servicing rights for the Union Acceptance Corp. portfolio should bond insurer MBIA be successful in its quest for a successor servicer. Although it is not yet final, UAC disclosed last week that it "has agreed in principle to a proposal on such a servicing platform transfer transaction," with SST, according to records filed with the Securities & Exchange Commission. The runner-up in the bidding for the servicing rights to UAC's portfolio was said to be Wells Fargo.