December 7, 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). 125 to 150 jobs at 21st Mortgage's downtown Knoxville office,
75 at Clayton Homes' Blount County facility
"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
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
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
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
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 email@example.com.