PHH Officially Exits Private Label Fulfillment

On Monday, LenderLive Network LLC, a mortgage services provider, announced that it has completed its transaction with PHH Mortgage Corporation. LenderLive will now assume PHH’s private label fulfillment operations in Jacksonville, Florida.

Late last year, PHH Corp announced that it was backing out of the private label fulfillment business, and planned to turn its operations over to LenderLive. The transaction was previously announced in February, and PHH will outsource loan processing, underwriting, and closing activities to LenderLive until the contracts with its current clients served out of Jacksonville have been transitioned and/or completed.

"We are excited about the opportunity of adding a significant number of talented mortgage professionals and establishing a new operations center for LenderLive in Jacksonville,” said LenderLive CEO Rick Seehausen in February. “The arrangement accelerates our long-stated imperative of driving scale and operating leverage in our private label Mortgage Solutions business.”

In addition, LenderLive has brought on a majority of the PHH employees from the fulfillment area. The facility has been rebranded as LenderLive. Throughout this year, clients requiring outsourced fulfillment services will be transitioned to LenderLive. Another benefit of the agreement: The Jacksonville operations center will allow LenderLive to expand its operations to meet the demand for services from its current and future clientele.

“We look forward to welcoming our new associates and demonstrating the benefits of our platform and business model to PHH clients,” Seehausen added. “This is a win-win for everyone involved.”