October 22, 2017 10:14 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

Phone:

866-946-0081

Fax:

856-917-6000

Key Executives for PHH Mortgage Corporation

Chief Executive Officer and President
Age: 55
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: 65
Compensation as of Fiscal Year 2017.

PHH Mortgage Corporation Key Developments

PHH Mortgage Corporation to Pay over $74 Million to Resolve Mortgage Fraud Case Brought by Whistleblower

The United States Department of Justice announced that PHH Mortgage Corporation (PHH) has agreed to pay the United States over $74 million to settle claims that loans originated by PHH that were insured by the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) and the Department of Veteran Affairs (VA) and for loans sold by PHH to Fannie Mae and Freddie Mac failed to meet the required underwriting regulations. Portions of the settlement resulted from a lawsuit filed under the qui tam whistleblower provisions of the False Claims Act by Mary Bozzelli, a former employee of PHH. Ms. Bozzelli is represented by Nelson Thomas, Michael Lingle, and Jonathan Ferris of Thomas & Solomon LLP in Rochester, New York. As part of the settlement agreements, the United States is awarding Ms. Bozzelli over $9 million for the role she played in blowing the whistle on PHH's mortgage fraud.

PHH Mortgage Corp Continues to Wind Down its Buffalo-Area Operations

PHH Mortgage Corp. announced that it will lay off the majority of its remaining Amherst employees and exit the back-office facility it has occupied since the fall of 2015. Eighteen local employees are expected to remain in telecommuting jobs. PHH's diminished presence in Western New York is a stark change to the company's original plans in this region.

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.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 15, 2017
PHH Mortgage Corporation, Private Label Mortgage Operations in Jacksonville
Merger/Acquisition
December 28, 2016
PHH Mortgage Corporation, Portfolio of Mortgage Servicing Rights And Related Servicing Advances
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