Five Leading Financial Institutions Select PHH as Mortgage Origination and Servicing Partner;
Adds More Than 25,000 Financial Advisors to Sourcing Footprint
MT. LAUREL, N.J.--(BUSINESS WIRE)-- PHH Mortgage Corporation (“PHH Mortgage” or the “Company”), a subsidiary of PHH Corporation (NYSE:PHH
), today announced that it has agreed to provide mortgage services to five new financial institution clients through its Private Label Solutions (PLS) business.
The Company reported that, in the second and third quarters of 2011, it signed agreements with these new PLS clients to provide end-to-end mortgage process management services to loan officers, financial advisors and their customers. The Company also said it was unable to reach an agreement to renew an existing relationship with Charles Schwab Bank, and indicated that it expects the addition of its new PLS clients to more than offset any resulting lost income from Charles Schwab Bank.
Luke Hayden, president of PHH Mortgage, commented, “PHH Mortgage is the preferred mortgage solution for the nation’s leading financial institutions, large regional banks, community banks, credit unions and real estate companies, and we are pleased to welcome these five new PLS clients. As a result of these signings, we will expand our nationwide footprint for sourcing mortgage originations, with a net gain of more than 25,000 financial advisors affiliated with our PLS clients, further strengthening our position as one of the leading knowledge-based mortgage originators and servicers in the United States.”
PHH Mortgage provides end-to-end mortgage process solutions for its client partners, from origination to loan processing, underwriting and servicing, allowing financial institutions to offer mortgages under their own brand names while reducing the operational costs and risk of their mortgage businesses. The company’s PLS resources consist of a broad product menu, experienced regulatory compliance staff, innovative technology and an award-winning loan servicing platform; existing clients include leading financial institutions such as First Tennessee Bank, Key Bank, Merrill Lynch and UBS.
About PHH Mortgage
PHH Mortgage Corporation, a subsidiary of PHH Corporation (NYSE:PHH - News), provides cost-effective mortgage solutions for financial institutions, real estate brokers, and government agencies. PHH Mortgage provides full-service capabilities for originating, processing, closing and servicing mortgage loans, and is one of the top five originators of retail residential mortgages and one of the top 10 mortgage servicers in the United States1. For more information, visit www.phhmortgagesolutions.com.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. For additional information about PHH Corporation and its subsidiaries, visit www.phh.com.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors. Investors are cautioned not to place undue reliance on these forward-looking statements. You should understand that these statements are not guarantees of performance or results and are preliminary in nature. Statements preceded by, followed by or that otherwise include the words “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “may result”, “will result”, “may fluctuate” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts.
You should consider the areas of risk described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in PHH Corporation’s periodic reports filed with the Securities and Exchange Commission under the Exchange Act, including PHH Corporation’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by PHH Corporation and its businesses generally. Except for PHH Corporation’s ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, PHH Corporation undertakes no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.
1 Inside Mortgage Finance, Copyright 2011