Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


Last $25.70 USD
Change Today 0.00 / 0.00%
Volume 243.5K
PHH On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

phh corp (PHH) Key Developments

PHH Corp. Orders to Pay $109 Million over Allegations Illegally Accepted Kickbacks on Reinsurance Premium Payments

PHH Corp. has been ordered to pay $109 million over allegations that it illegally accepted kickbacks on reinsurance premium payments after Consumer Financial Protection Bureau Director Richard Cordray partially overruled a decision previously made by an administrative law judge. Cordray issued the decision, agreeing with an administrative law judge who found last year that PHH (and several related companies) received mortgage kickbacks in the form of reinsurance payments from insurers to which it had referred customers. The judge tied the violations to reinsurance premiums paid and to loans that closed since July 21, 2008. But Cordray's final decision expanded the scope of the allegations, saying PHH's violations occurred more often than the judge ruled and dated back to loans that closed earlier than the 2008 date. The CFPB has an internal administrative proceeding process that it can use to file a case against a company. An administrative law judge from the CFPB's Office of Administrative Adjudication then makes a recommendation to the director, who can accept or overrule it. In the PHH case, Administrative Law Judge Cameron Elliot issued a recommendation in November 2014 that found that PHH had violated RESPA by accepting kickbacks through a subsidiary company. Judge Elliot's decision, however, limited the violations to the kickbacks the subsidiary received that were tied to loans that closed after July 21, 2008. But Cordray ruled Thursday that Judge Elliot had 'misunderstood' another case that was about one-time kickback payments to a title insurer, which became the basis for his decision on PHH. PHH and related the parties involved - PHH Mortgage Corp., PHH Home Loans LLC, Atrium Insurance Corp. and Atrium Reinsurance Corp. - were the first group to appeal to the agency's administrative enforcement process. As part of his decision, Cordray denied that appeal. Instead, Cordray ordered PHH to pay $109 million, representing the amount of reinsurance premiums it received beginning July 21, 2008. The CFPB will then send the money to the Treasury Department.

PHH Corporation Announces Consolidated Financial Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Half of 2015

PHH Corporation announced consolidated financial results for the first quarter ended March 31, 2015. For the quarter ended March 31, 2015, the company reported net income from continuing operations attributable to the company of $21 million or $0.34 per diluted share. Net loss from continuing operations attributable to the company for the quarter ended March 31, 2014, was $58 million or $1.01 per diluted share. Tangible book value per share was $31.64 at March 31, 2015, up 5% from $30.21 at December 31, 2014. Net revenue was $261 million compared to $111 million a year ago. Income from continuing operations before income taxes was $31 million compared to loss of $93 million a year ago. Net income attributable to the company was $21 million or $0.34 per diluted share compared to loss of $42 million or $0.73 per diluted share a year ago. Core loss (pre-tax) was $36 million compared to $52 million a year ago. Core loss (after-tax) was $20 million compared to $34 million a year ago. Core loss per share was $0.38 compared to $0.60 a year ago. Adjusted cash inflow was $8 million compared to adjusted cash outflow of $96 million a year ago. The company anticipates reporting positive core earnings for the second half of 2015, excluding one-time items.

PHH Corporation Presents at Keefe, Bruyette, & Woods Mortgage Finance Conference, Jun-02-2015

PHH Corporation Presents at Keefe, Bruyette, & Woods Mortgage Finance Conference, Jun-02-2015 . Venue: Millennium Broadway Hotel, 145 West 44th Street, New York, New York, United States.

PHH Corporation, Q1 2015 Earnings Call, May 07, 2015

PHH Corporation, Q1 2015 Earnings Call, May 07, 2015

PHH Corporation to Report Q1, 2015 Results on May 06, 2015

PHH Corporation announced that they will report Q1, 2015 results After-Market on May 06, 2015

 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup
Recently Viewed
PHH:US $25.70 USD 0.00

PHH Competitors

Market data is delayed at least 15 minutes.

Company Last Change
Flagstar Bancorp Inc $18.12 USD -0.28
Home Loan Servicing Solutions Ltd $0.69 USD -0.0007
Nationstar Mortgage Holdings Inc $17.38 USD +0.58
Ocwen Financial Corp $10.05 USD -0.10
Walter Investment Management Corp $22.75 USD +0.11
View Industry Companies
 

Industry Analysis

PHH

Industry Average

Valuation PHH Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 1.2x
Price/Book 0.8x
Price/Cash Flow 7.7x
TEV/Sales NM Not Meaningful
 | 

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact PHH CORP, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.