PHH Mortgage Corporation, a subsidiary of PHH Corporation, has announced that it has agreed to provide mortgage services to five new financial institution clients through its Private Label Solutions (PLS) business. The company reported that, in the second and third quarters of 2011, it signed agreements with these new PLS clients to provide end-to-end mortgage process management services to loan officers, financial advisors and their customers. The Company also said it was unable to reach an agreement to renew an existing relationship with Charles Schwab Bank, and indicated that it expects the addition of its new PLS clients to more than offset any resulting lost income from Charles Schwab Bank.
“PHH Mortgage is the preferred mortgage solution for the nation’s leading financial institutions, large regional banks, community banks, credit unions and real estate companies, and we are pleased to welcome these five new PLS clients," said Luke Hayden, president of PHH Mortgage. "As a result of these signings, we will expand our nationwide footprint for sourcing mortgage originations, with a net gain of more than 25,000 financial advisors affiliated with our PLS clients, further strengthening our position as one of the leading knowledge-based mortgage originators and servicers in the United States.”
PHH Mortgage provides end-to-end mortgage process solutions for its client partners, from origination to loan processing, underwriting and servicing, allowing financial institutions to offer mortgages under their own brand names while reducing the operational costs and risk of their mortgage businesses. The company’s PLS resources consist of a broad product menu, experienced regulatory compliance staff, innovative technology and an award-winning loan servicing platform; existing clients include leading financial institutions such as First Tennessee Bank, Key Bank, Merrill Lynch and UBS.