March 23, 2017 1:58 AM ET

Thrifts and Mortgage Finance

Company Overview of PHH Mortgage Corporation

Company Overview

PHH Mortgage Corporation provides residential mortgage services for real estate companies, investment firms, banks, credit unions, and relocation professionals in the United States. The company originates, processes, closes, and services mortgage loans. It offers correspondent lending, private label solutions, loan subservicing, and relocation services. PHH Mortgage Corporation was formerly known as Cendant Mortgage. The company was founded in 1989 and is headquartered in Mount Laurel, New Jersey. It has additional offices in Dallas and Houston, Texas; Los Angeles, California; Boston, Massachusetts; and Orlando, Florida. PHH Mortgage Corporation operates as a subsidiary of PHH Corporation.

1 Mortgage Way

Mount Laurel, NJ 08054

United States

Founded in 1989





Key Executives for PHH Mortgage Corporation

Chief Executive Officer and President
Age: 54
General Counsel and Vice President
Senior Vice President of Servicing
Senior Vice President of Private Label Solutions
Senior Vice President of Real Estate Sales
Age: 64
Compensation as of Fiscal Year 2016.

PHH Mortgage Corporation Key Developments

PHH Mortgage Corp. Plans Third and Final Round of Job Cuts in Western New York and Expects to Stop Doing Business at its Amherst Office as of July 1

PHH Mortgage Corp. is planning a third and final round of job cuts in Western New York and expects to stop doing business at its Amherst office as of July 1. Local layoffs have been anticipated for six months. Last year, the mortgage service provider lost a subservicing contract with HSBC Bank USA N.A. when HSBC decided to switch to another provider. Around the same time, PHH decided to consolidate all of its mortgage origination work in Jacksonville, Florida, where it has an office. Some of that origination work had been done in Amherst. Those two factors triggered job cuts at PHH's local office on Wehrle Drive. The company laid off 91 local employees in December and another 80 jobs are due to eliminated by the end of this month. The events of the past six months mark a stark change from what PHH officials anticipated when the company entered the market in 2013. Early on, as many as 800 local jobs were expected to be created as a result of more work stemming from the then-new contract with HSBC. To house its back-office operations, PHH agreed to lease a new $34 million office complex at 1760 Wehrle Drive that was constructed by Zaepfel Development Co. The project received $4.5 million in earmarks from the Amherst Industrial Development Agency and Empire State Development Corp. Last fall, the company had received about $200,000 of the $4.5 million total.

PHH Mortgage Corp. Announces Another Series of Job Cuts

PHH Mortgage Corp. another series of job cuts is set to strike at the company's Amherst operations, where the workforce continues to shrink due to a loss of mortgage subservicing business and a transfer of business to another market. Effective March 31, 80 employees will be laid off, according to a WARN notice filed December 15 with the New York State Department of Labor. That leaves about 120 employees, but the company announced that there will be even more cuts to come later next year. PHH also confirmed plans to permanently close its office at Drive in Amherst during the second half of 2017. The $34 million complex constructed by Zaepfel Development Co. was built specifically to house PHH's back-office functions. Consequently, the company announced plans to cut 91 local jobs on Dec. 31.

PHH Corp. to Pay $28 million to Settle Concerns Related to Mortgage Servicing and Origination with New York State Department of Financial Services

PHH Corp. agreed to settle certain matters regarding legacy mortgage servicing and origination activities of PHH Mortgage Corp. and PHH Home Loans LLC with the New York State Department of Financial Services. Under the agreement, PHH will pay a civil monetary penalty of $28 million, engage an independent third-party auditor for a period of 12 months, and conduct a review of a sample of loans originated from 2008 to 2014 to review certain origination practices and disclosures.

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Recent Private Companies Transactions

February 15, 2017
PHH Mortgage Corporation, Private Label Mortgage Operations in Jacksonville
December 28, 2016
PHH Mortgage Corporation, Portfolio of Mortgage Servicing Rights And Related Servicing Advances

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