After losing a chunk of outsourcing business earlier this year from its largest client, PHH Corp.’s operating subsidiary will lose the rest of the client’s business.
In April, Merrill Lynch Home Loans advised PHH Mortgage Corp. that it planned to handle new applications and originations for some products in-house.
Merrill Lynch, a subsidiary of Bank of America, N.A., additionally indicated that it had significantly reduced its volume forecast for the remainder of this year.
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From:: Financing