Partnership will enable FAR to grow its reverse mortgage portfolio
Finance of America Reverse (FAR) has tapped PHH Mortgage to subservice its portfolio of reverse mortgages.
FAR announced Wednesday that it has entered into a reverse subservicing agreement with PHH, a subsidiary of nonbank servicer and originator Ocwen Financial.
PHH chief servicing officer Scott Anderson said the agreement aligns with its core business strategy of growing its subservicing portfolio and is a "testament to the strength and quality of our servicing platform as a premier subservicer for both forward and reverse mortgages."
"We are very pleased to enter into this new subservicing relationship with FAR," Anderson added. "We look forward to a long-term relationship with FAR and delivering on the expectations that they have for their servicing partners and customers."
PHH's total reverse servicing portfolio was about $31 billion in UPB in the fourth quarter of 2022, including $23 billion in subservicing UPB. Last month, the company renewed its partnership with the National Association for the Advancement of Colored People (NAACP) to continue hosting virtual borrower outreach events for customers struggling to make their mortgage payments.
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