After taking heavy losses on its mortgage servicing rights hedges last year, PHH announced in December that it was exiting the private-label origination business and selling off its servicing rights portfolio.
Under the terms of the agreement with LenderLive, PHH will outsource loan processing, underwriting and closing functions to LenderLive until its current contracts that are served out of its Jacksonville office have been transitioned or completed. LenderLive will service those accounts from the Jacksonville operations center and hire between 250 and 400 PHH employees to work there. Over the course of the year, clients will be transitioned from PHH to LenderLive.
“We are excited about the opportunity of adding a significant number of talented mortgage professional
s 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.”
Leadership shake-up at PHH
LenderLive to assume PHH private-label operations
Almost two months after announcing its takeover of PHH Mortgage’s private-label fulfilment operations in Jacksonville, Fla., LenderLive has completed the transition, according to HousingWire.