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JPMorgan to purchase MetLife's $70B mortgage servicing portfolio

MetLife (MET) announced an agreement to sell MetLife Bank, N.A.'s approximately $70B mortgage servicing portfolio to JPMorganChase Bank, N.A. (JPM). Terms of the transaction were not disclosed. The transaction is subject to certain regulatory approvals and other customary closing conditions. The $70B servicing portfolio will increase Chase's $1.1T servicing business by more than 5%.