JPMorgan Chase will buy the servicing rights on $45bn of mortgages from Ocwen Financial.
The 260,000 mortgages were originated by Fannie Mae, and the deal moves the company into second place behind Wells Fargo in terms of the size of its servicing.
The companies did not disclose an amount for the deal, but analysts reckon JPMorgan could have paid a cash sum of $400m.
