Actually, the Advanta non-prime servicing portfolio includes Chase's non-prime portfolio, which Advanta had been subservicing. The acquisition is subject to approval by Advanta's shareholders and certain regulatory filings and approvals.
"Extending mortgage credit to traditionally under-served groups using sound principles and practices for granting and securing credit is the foundation of fair and prudent lending," says J.P. Morgan Chase & Co. EVP Luke Hayden. "This acquisition will expand Chase's platform, enabling us to better serve borrowers who don't meet traditional credit standards."
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