Jerome J. Selitto named CEO of PHH Corporation

October 28, 2009

The board of directors of PHH Corporation has announced that Jerome J. Selitto has been named president and chief executive officer and appointed to the PHH board of directors, effective immediately. George Kilroy, who in June had stepped in on an interim basis as acting president and CEO of PHH, will continue to lead the company’s fleet management business and serve as a member of the company’s board of directors. Selitto brings to PHH nearly 40 years of experience in the mortgage industry and in capital markets, as well as a long and successful track record of building companies that have created value by transforming key sectors of the home lending market. Selitto served most recently as a senior consultant and then member of the senior management team of mortgage industry software provider Ellie Mae and, before that, as chief executive officer of DeepGreen Financial, the groundbreaking online home equity lender that he helped found. Earlier, he launched and helped lead mortgage insurance company Amerin Guaranty Corporation (now Radian Guaranty) and held senior leadership positions at First Chicago Corporation, PaineWebber and Kidder, Peabody & Co.
Jim Egan, chairman of the PHH Corporation board of directors said, “Jerry Selitto is an innovative leader with a proven ability to drive change in an organization and execute transformational strategies that create value for its stakeholders. Jerry was the architect of two companies in the mortgage industry that created distinctive competitive advantages, found innovative and cost-efficient ways to serve their customers and created new opportunities to generate revenue. We are confident that his strategic vision, leadership ability and experience re-designing corporate processes will drive increased value across our mortgage and fleet management businesses and help take PHH to a new level of success.”
Selitto said, “I am thrilled to have the opportunity to join PHH. This is a great company with valuable assets, talented employees, world-class clients, and significant opportunities for growth. PHH’s mortgage and fleet management businesses are well-positioned in the marketplace, and I look forward to working closely with my colleagues across the company to create new opportunities and significant value for our shareholders, customers and employees.”
Egan continued, “I want to thank George Kilroy for his strong leadership and tireless efforts during this period of transition. With George’s leadership, PHH has continued to adapt to changing market conditions and increase efficiency in a very difficult environment. We appreciate George taking on this challenge and look forward to his continued leadership of our fleet management business and his ongoing input as a member of PHH’s senior leadership team and Board of Directors.”
Selitto worked most recently at Ellie Mae as a senior consultant and, later, as a member of the senior management team to help develop a sales and marketing strategy for a new division of the company focused on linking lenders and mortgage originators on a real-time basis, allowing the lender to immediately screen for loan attributes that met their purchase criteria. Prior to that, in 2000, Mr. Selitto founded DeepGreen Financial, an innovative web-based federal savings bank and mortgage company that grew to become one of the nation’s most successful online home equity lenders, originating over $5 billion in home equity loans. From 1992 to 1999, he served as founder and Vice Chairman of Amerin Guaranty Corporation (now Radian Guaranty), a mortgage insurance company he helped grow to an 8% market share and a successful IPO.
Mr. Selitto previously served as a Managing Director at First Chicago Corporation and PaineWebber Inc., and as a senior executive at Kidder, Peabody & Co., William R. Hough & Company, and the Florida Federal Savings and Loan Association.
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