PHH Mortgage Corp.’s parent company has revealed that it is losing another large mortgage subservicing contract. As a result, the subservicing portfolio will be nearly cut in half this year.
In 2012, the Mount Laurel, New Jersey-based company announced a deal to subservice HSBC Mortgage Corp.’s prime mortgage holdings and third-party mortgage servicing portfolio.
The deal, which didn’t involve any asset transfers, additionally included an arrangement for PHH to manage mortgage processing for New York-based HSBC’s residential loans originations.
…read more
From:: Financing