Chase Manhattan Corp. on Wednesday grabbed for the leadership position among home lenders, announcing a deal to buy Mellon Bank Corp.'s mortgage unit.

Terms were not disclosed, but brokers said Mellon Mortgage's $55 billion loan servicing portfolio would be worth $620 million to $900 million, based on recent sales of servicing on conventional mortgage loans at 1.125% to 1.625% of face value.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.