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MetLife Inc. is selling its $70 billion mortgage servicing business to JPMorgan Chase & Co. for an undisclosed price.
MetLife said Friday that the move is part of its strategy to focus on the insurance side of its business. It decided last year that it no longer wanted to serve as a bank holding company and subsequently sold off a number of those non-core businesses.
JPMorgan Chase said the deal will strengthen its own servicing business. It expects that business will grow as consumers refinance to take advantage of currently low interest rates.
The deal will increase the company's $1.1 trillion servicing business by more than 5 percent.