JPM-One Deal Won't Affect Mortgages--For Now

J.P. Morgan Chase's $60 billion purchase of Bank One Corp., Chicago, will have little immediate impact on the residential mortgage market.According to figures compiled by National Mortgage News, JPM's Chase Home Finance unit is ranked fourth in both servicing and production, and the addition of Bank One's residential finance unit will change its market share slightly but leave it at number four. Over the past year Bank One has been de-emphasizing mortgages. In June it exited the wholesale channel entirely, agreeing to sell the unit to RBC Mortgage, a Canadian-owned company. Bank One ranked 27th among residential funders in the third quarter, and 19th among servicers. Meanwhile, JPM said in a statement that Stephen Rotella, the head of Chase Home Finance, will serve on the "executive committee" of the combined banks. (See the Jan. 19 issue of NMN for full details.)