Vanderbilt Purchases Chase Portfolio

Communications Director

Eric Vreeland
evreeland@knoxvilletn.gov
(865) 215-3480

400 Main St., Room 654A
Knoxville, TN 37902

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Vanderbilt Purchases Chase Portfolio

Posted: 12/07/2004
Vanderbilt Mortgage and Finance, Inc. and JPMorgan Chase & Co. today announced they have signed a definitive agreement for Vanderbilt to purchase Chase Home Finance's $4 billion manufactured housing loan portfolio. The transaction is expected to be completed by December 31st. The portfolio will be serviced by Vanderbilt and 21st Mortgage Corporation in Knoxville, Tenn. The terms of the agreement were not disclosed.Chase Home Finance is a unit of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $1.1 trillion and operations in more than 50 countries. Vanderbilt Mortgage and Finance , Inc. is a subsidiary of Clayton Homes, Inc., a leading manufactured housing company. Clayton is a wholly-owned subsidiary of Berkshire Hathaway (BRK.A; BRK.B).

"This is an important development for downtown Knoxville and the region as a whole," said Mayor Bill Haslam. "The addition of significant new jobs at 21st Mortgage contributes to the revitalization of downtown, and Clayton Homes growth continues to raise Knoxville's profile as a great place for a national company to do business."

Knoxville area impact

125 to 150 jobs at 21st Mortgage's downtown Knoxville office, 75 at Clayton Homes' Blount County facility

Locally hired

Immediate need

Pay range from $25,000 to $50,000

Full benefits, parking, health club membership

Goods and services - office furniture, telephone equipment etc. - for both companies sourced locally

Two fast-growing, national companies

21st Mortgage added 160 jobs in last 24 months
Clayton Homes adding 335 in Blount County
45,000 square foot addition to Blount County facilities
21st Mortgage purchased Centre Square HQ in downtown Knoxville
Knoxville area is the national hub for mortgage servicing of manufactured housing loans

The Chase transaction


More than $4 billion, manufactured housing portfolio

Over 100,000 loans

Transaction to be completed by December 31, 2004

Will be serviced by 21st Mortgage in Knoxville and Clayton Homes in Blount County

About the new jobs

Most positions require college degree or working toward degree

Prefer business majors but any one with good communication skills, high energy, and a desire to grow is eligible

Entry level and experienced staff needed
Company training program so prior lending experience not necessary

Positions to be filled include, financial counselor, credit manager, field marketing, legal assistant, loan processor, payments processor, filing clerk, junior and senior accountants and information technology

21st Mortgage holds a job fair every Monday from 5 to 7 p.m. at its offices at 620 Market St. No appointment necessary - bring resume. Fax resume to 865-292-0043 or email resume to recruitingmanager@21stmortgage.com