Expanding its mortgage services, ""PHH Mortgage Corporation"":http://www.phhmortgagesolutions.com/ has announced the addition of five private clients, and the new financial institutions will gain access to the company's mortgage offerings through its ""Private Label Solutions"":http://www.phhmortgagesolutions.com/html/privateLabelSol.html division. PHH Mortgage, a subsidiary of ""PHH Corporation"":http://corporate.phh.com/phoenix.zhtml?c=187859&p=irol-Corporate, will now provide end-to-end mortgage processing management to the PLS participants.[IMAGE]
During the past two quarters of the year, PHH Mortgage's PLS sector lost ground with the non-renewal of an agreement with ""Charles Schwab Bank"":http://www.schwabbank.com/. The company said in a recent statement that the five clients added to the PLS portfolio will not only offset the loss but that projections show that income from the five companies is set to exceed that of the previous arrangement with Charles Schwab.
PHH Mortgage delivers origination services including loan processing, underwriting, and servicing through its PLS[COLUMN_BREAK]
segment, and additionally, companies utilizing the platform can extend mortgages under their brand name, reducing costs and mitigating risk while enhancing products for customers. The resources available to PLS partners are diverse, with companies able to avail themselves of regulatory compliance staff, technology initiatives, and loan servicing options. Current clients of PHH Mortgage's PLS program include First Tennessee Bank, Key Bank, Merrill Lynch, and UBS.
Commenting on the five company additions, PHH Mortgage's president, Luke Hayden, said, ""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. 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.""
Based in Mount Laurel, New Jersey, PHH Corporation specializes in mortgage and vehicle fleet management. PHH Mortgage is also listed among the top five retail originators of retail mortgages in the U.S. The names of the five financial institutions now working with the company's PLS division have not been released, but PHH Mortgage indicated via a public statement that each company will receive support for its loan officers, financial advisors, and borrowers. Within its own operations, PHH Mortgage possesses full service capabilities throughout the mortgage industry vertical, and is a part of the top 10 mortgage services in the country.