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Servicing Hedge Challenges PHH.(PHH Corp.)
MOUNT LAUREL, NJ -- PHH Corp., which is in the midst of an accounting review, released un-audited first-quarter performance measures last month, including what the company's CEO described as "disappointing" mortgage results related to mortgage servicing, among other issues.
Moreover, PHH Corp. has not completed its financial statements for last year and does not expect to be ready to file its second-quarter 2006 statements on time either, the company said last week.
Terry Edwards, president and CEO of PHH, said mortgage results suffered due to "industrywide margin pressure, loan origination volume declines and increased costs to hedge the servicing portfolio."
During the first quarter, PHH reported total mortgage closings of $9.24 billion, down slightly from $9.42 billion in the first quarter of last year.
The company's mortgage loan servicing portfolio grew to $156 billion as of March 31, up about 8% from a total of $143.5 billion as of March 31, 2004.
On the positive side, he said PHH has signed five new outsource clients for mortgage services, including Citizens Bank of ...
- Servicing Weighs on PHH.(PHH Corp.'s revenue)
- Magazine article from: Mortgage Servicing News December 1, 2006 700+ words
...LAUREL, NJ -- PHH Corp., which is...its mortgage servicing portfolio and a weak loan...origination market. PHH Corp.'s recent...continues to rate PHH Corp. as an "outperform...to hedging the servicing portfolio, 2006 pretax...
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- Newspaper article from: The Washington Post Caroline E. Mayer November 12, 1996 700+ words
...estate franchises, said yesterday that it will acquire PHH Corp., a company that provides employee relocation and other...PHH also has an active mortgage banking operation, with a servicing portfolio of more than $22 billion. Total assets were $5.7 billion...
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- Press release article from: M2 Presswire March 15, 2007 700+ words
...March 2007-bellwetherreport.com: PHH CORP is Added to the Bellwether Watch list...M2 COMMUNICATIONS LTD RDATE:15032007 PHH CORP (NYSE:PHH) is Added to the Bellwether...seeking the most up to date information on PHH CORP are invited to sign up for a free complimentary...
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- Press release article from: PR Newswire July 9, 1992 700+ words
PHH CORP. $100 MILLION SENIOR NOTES RATED 'A...NEW YORK, July 9 /PRNewswire/ -- PHH Corp.'s $100 million floating rate notes...Gerard of Fitch, 212-908-0577/ CO: PHH Corp. ST: IN: SU: RTG GK -- NY074 -- 8004...
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- Press release article from: PR Newswire October 22, 1992 700+ words
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- Press release article from: PR Newswire October 29, 1992 700+ words
PHH CORP. $50 MILLION 3.45 PERCENT NOTES RATED...NEW YORK, Oct. 29 /PRNewswire/ -- PHH Corp.'s $50 million 3.45 percent medium...908-0577, of Fitch/ (PHH) CO: PHH Corp. ST: IN: SU: RTG LR -- NY037 -- 6522...
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- Press release article from: PR Newswire May 4, 1992 700+ words
PHH CORP. $53 MILLION NOTES RATED 'A+' BY FITCH...NEW YORK, May 4 /PRNewswire/ -- PHH Corp.'s $25 million 4.62 percent notes...908-0500, both of Fitch/ (PHH) CO: PHH Corp. ST: Maryland IN: TRN SU: RTG KD...
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- Press release article from: PR Newswire May 20, 1992 700+ words
PHH CORP. $22 MILLION 4.2 PERCENT NOTES RATED...NEW YORK, May 20 /PRNewswire/ -- PHH Corp's $22 million 4.2 percent medium...Fitch, 212-908-0577/ (PHH) CO: PHH Corp. ST: IN: SU: RTG CK -- NY072 -- 2352...