Freedom Mortgage is purchasing JP Morgan Chase’s rural housing business, effective July 1, reports Brena Swanson of HousingWire.

The loans backed by the Department of Agriculture make up less than 5% of Chase’s home loan business and occupy 0.9% of total applications, according to the latest mortgage application report from the Mortgage Bankers Association.

“This decision aligns with our overall strategy to simplify our mortgage business. We will continue our strong partnership with the USDA to service our existing customers,” said Elizabeth Seymour, a spokesperson for JPMorgan Chase.

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