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JPMorgan to exit USDA origination business

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JPMorgan to exit USDA origination business

JPMorgan Chase &Co. is selling its U.S. Department of Agriculture Rural Developmentmortgage origination business to Mount Laurel, N.J.-based Freedom Mortgage Corp., National Mortgage News reported April 4.

The price of the deal was not disclosed in the report.

JPMorgan spokeswoman Amy Bonitatibus told the news service thatthe company will continue its partnership with the U.S. Department of Agricultureto service existing customers until the portfolio runs off.