Applying Glue to Your Sphere of Influence

Chase Manhattan Mortgage Corporation to Acquire Advanta Corporationmortgagepress.comChase Manhattan Mortgage Corporation, Advanta Corporation, aquisition Chase Manhattan Mortgage Corporation, a subsidiary of J.P. Morgan Chase and Company, has signed a definitive agreement to acquire the mortgage business of Advanta Corporation. The acquisition includes a $15.8 billion mortgage loan servicing and sub-servicing portfolio with more than 200,000 customers and other net assets. Advanta also has an annual origination capability in excess of $1 billion. The proposed acquisition will supplement Chase's origination activity in the non-prime mortgage business and enhance Chase's position as a nationwide originator of non-prime mortgages. The Advanta non-prime servicing portfolio is one of the largest in the nation and includes Chase's non-prime portfolio, which Advanta has been sub-servicing. The acquisition is subject to approval of Advanta's shareholders and certain regulatory filings and approvals. The transaction is expected to close in the first quarter of 2001. Chase and Advanta will work together to ensure a seamless transition for Advanta customers.