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Chase Hopes Servicing Income Will Boost Profits When Rates Rise.
Chase Home Finance, Edison, N.J., has been building the servicing side of its business in preparation for a potential change from a downward interest rate cycle in which production fares well to an upward rate cycle in which servicing would fare well, company president and chief executive officer Stephen J. Rotella said.
CHF's year-to-date servicing portfolio size as of March was $432 billion. So far, the growth in the company has been "primarily organic," but Chase is likely to consider acquisitions of mortgage-related companies going forward if the current market peaks as anticipated and the reverse in business cycle results in either sales or exits from the business on the part of companies not prepared for the change-in-market conditions, Mr. Rotella told attendees at a press conference here last month.
When sizing up potential acquisitions, Chase will draw on its parent company's internal strengths by working with the investment banking side of its corporate parent, J.P. Morgan Chase, on acquisitions, but it will also work with "outside investment banks," said Luke S. Hayden, executive vice president responsible for consumer market risk management.
In terms of growing its loan portfolio, Chase has been "opportunistic," said Mr. Hayden. About 90% of the company's loans are sold into the secondary ...
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Source: HighBeam Research, Chase Hopes Servicing Income Will Boost Profits When Rates Rise.