At deadline both JPM and Quicken declined to comment to National Mortgage News.
The purchase price, said the official who works in the mortgage technology space, could be upwards of $50 million.
If JPM buys the LOS code it likely would be used only for Chase’s retail origination platform.
A few weeks back, NMN reported that Chase had planned to roll out a new mortgage origination technology platform next year, information that was disclosed in both a filing with the Securities and Exchange Commission and in a presentation made to stock analysts.
The SEC filing, however, contained no information on who the vendor might be and JPM declined to discuss the matter.
Quicken is not a technology vendor, which makes the deal somewhat unusual. Among residential funders, Chase ranks second, Quicken fourth, according to figures compiled by NMN and the Quarterly Data Report.