Chase Manhattan Mortgage Corp. has renewed its subservicing contract with Source One Mortgage Services for another year, giving Source One more time to build its subservicing business.

Source One said in December 1996 that it was selling $17 billion of servicing rights, the bulk of its portfolio, to Chase. As a part of the deal, Chase agreed to have Source One subservice the loans for at least a year, with the option of extending the deal for two further years.

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