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Servicing Weighs on PHH.(PHH Corp.'s revenue)
MOUNT LAUREL, NJ -- PHH Corp., which is in the midst of an accounting restatement, recently advised investors that financial performance for 2006 will be held in check by the high cost of hedging its mortgage servicing portfolio and a weak loan origination market.
PHH Corp.'s recent update on its accounting restatement suggests the restatement will have less impact than previously expected, according to analysts at Friedman Billings Ramsey. But they also said in a report that guidance for pretax breakeven results was disappointing. Nonetheless, FBR continues to rate PHH Corp. as an "outperform" stock with a price target of $31.
The outlook for breakeven results this year reflects lower mortgage banking earnings and higher costs related to the restatement, FBR noted. PHH is expected to release its restated 2005 results in mid-November. However, PHH said it is not yet ready to announce when its 2006 quarterly results will be finalized.
Terry Edwards, president and chief executive office of PHH, said in the company's announcement that "assuming no significant swings related to hedging the servicing portfolio, ...
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Byline: Andrea K. Walker Jul. 22--PHH Corp., a mortgage and fleet management company with a large...for mortgage reinsurance being counted as cash flow from mortgage servicing, the statement said. "We ceased capitalizing new mortgage...
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- Press release article from: Business Wire February 13, 2003 700+ words
...13, 2003 Fitch Ratings has assigned a 'BBB+' rating to PHH Corp.'s (PHH) $1 billion senior note offering. The maturities...business and potential impact of the interest rate environment on mortgage servicing rights.
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- Magazine article from: Baltimore Business Journal Harrison, David November 15, 1996 700+ words
...are fierce rivals. But when it comes to the acquisition of PHH Corp. by HFS Inc., the two men have a lot in common. Foster...workers or members. PHH's affinity business, along with its mortgage servicing unit, was a key factor in HFS's decision to buy the company...
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- Magazine article from: Dallas Business Journal Staton, Tracy April 16, 1990 700+ words
PHH Corp. to sell sub Speaking of architects, management...negotiating to purchase the spaceplanning group from PHH Corp. The parent company wants to sell -- and management wants to buy -- but PHH Corp. must entertain other bidders to satisfy its...
Source: HighBeam Research, Servicing Weighs on PHH.(PHH Corp.'s revenue)