Chase Manhattan Mortgage Creates Metro Area Office

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Operations of Troy Nichols' Oklahoma City office have become a part of Chase Manhattan Mortgage Corp., in a consolidation move to give that organization a major presence in the Midwest, it was announced Wednesday.

Chase Manhattan Mortgage Corp. is the new name of the subsidiary formed by The Chase Manhattan Bank NA.

Chase Manhattan actually purchased Troy Nichols in July 1993 for an undisclosed amount. That's according to Rolanda Legg, branch manager for the Oklahoma City office of Chase Manhattan Mortgage Corp.

The Oklahoma City office of Troy Nichols is located at 4141 Northwest Expressway. The mortgage firm is based in Monroe, La.

Decision to merge Troy Nichols was influenced by Chase Manhattan's purchase of La Jolla, California-based American Residential. It bought American Residential in September for $348 million worth of stock.

In November, Chase Manhattan Bank changed the named of its mortgage subsidiary to Chase Home Mortgage. In turn, the bank merged Chase Home Mortgage, Troy Nichols and American Residential into one company now called Chase Manhattan Mortgage Corp. in order to acquire a bigger market share.

Chase Manhattan Mortgage Corp. is the fifth largest loan originator in the nation and would like to be the third largest, Legg said. …