After launching it in June, mortgage servicer PHH Mortgage has announced that it is expanding its correspondent lending channel across the United States.
The mortgage lender said that it is in the process of growing its correspondent channel. PHH Mortgage projects its current monthly origination volume of $150 million to continue its upward trend over the next 12 months.
“Growing our lending business is a top priority, and establishing sustainable sources of MSRs is a key component of our strategy,” said Tim Yanoti, executive vice president and chief growth officer of PHH Mortgage. “We have built an efficient, scalable correspondent lending platform that is focused on delivering a consistent quality service experience for our clients and their customers. We are excited about the progress thus far in our correspondent channel and expect to continue ramping up volume in a disciplined manner.”
Ocwen Financial Corporation acquired PHH Corp for $360 million last year. Ocwen has been providing forward servicing and mortgage lending services through PHH Mortgage since completing the merger of its legal entity, Ocwen Loan Servicing, into PHH Mortgage in June.
“The successful completion of the loan transfers and legal-entity consolidation are the most important milestones in the PHH integration,” said Glenn Messina, president and chief executive officer of Ocwen Financial. “Completion of these critical activities serves as a catalyst for continued growth and process improvement, and enables our planned cost re-engineering for the balance of 2019 and 2020.