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A Sale Near for PHH?(PHH Mortgage)
Mount Laurel, NJ -- PHH Corp. here, the nation's 10th largest servicer, has adopted a policy of not entering into "employment agreements" with any of its executives or workers, a move that some industry executives say could be a precursor to a sale.
The company, the parent of PHH Mortgage, announced the change in a filing with the Securities and Exchange Comm-ission in early March.
As Mortgage Servicing News went to press, the company had not returned several telephone calls.
One mortgage executive familiar with PHH - formerly known as Cendant Mortgage - said venture capital firms are looking at the company. "Not having management contracts will make it easier to sell," said the executive, requesting his name not be used.
PHH's CEO, Terry Edwards, had a three-year contract with the company, but he too agreed to terminate it and continue to serve at the private-label lender on an "at-will" basis.
One investment banking veteran, requesting his name not be used, said it is "highly unusual" for a lender as large as PHH (formerly known as Cendant Mortgage) to do away with management contracts.
The company services about $145 billion in residential loans. It is the second-largest non-depository ...
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...2002 Fitch Ratings upgrades Cendant Mortgage Corp.'s (Cendant) residential...financial stability of its parent, PHH Corporation, which is rated...practices for second liens. Cendant Mortgage, headquartered in Mt. Laurel...
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...July 21, 2000 Fitch affirms Cendant Mortgage Corp.'s (Cendant's) `RPS2...the financial backing of its parent, PHH Corp., which is rated `A' by Fitch. Cendant, formerly known as PHH Mortgage Services prior to 1997, and...
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...Ratings affirms the following Cendant Mortgage Corporation mortgage pass-through...underwriting guidelines established by Cendant Mortgage Corporation. The mortgage loans...primary mortgage insurance policy. PHH Mortgage Corporation, rated...
Source: HighBeam Research, A Sale Near for PHH?(PHH Mortgage)