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PHH Mortgage Corp. is a subsidiary of Ocwen Financial Corp., which is a non-bank mortgage servicer and originator.
Has recently announced that it has signed a reverse mortgage sub-servicing agreement with Finance of America Reverse LLC. The deal is viewed as an opportunity for PHH to expand its reverse sub-servicing portfolio and grow its business.
PHH did not disclose the terms of the deal. However, in the fourth quarter of 2022, the company had a reverse servicing portfolio of around $31 billion in unpaid principal balance (UPB), out of which approximately $23 billion was in sub-servicing UPB.
The passage suggests that the agreement has significant potential for PHH to expand its reverse sub-servicing portfolio and enhance its position as the sole entity in the United States with the capability to both originate and sub-service reverse mortgages.
Scott Anderson, the executive vice president and chief servicing officer at PHH, expressed satisfaction with the new sub-servicing agreement with FAR, stating that it aligns with one of their key business strategies of expanding their sub-servicing portfolio.
The speaker highlighted the excellence of their servicing platform, which is considered a top sub-servicer for both forward and reverse mortgages.
The statement expresses that the speaker, representing PHH, is excited about establishing a lasting partnership with FAR.
They aim to meet and exceed the expectation that FAR has for their servicing partners and customers.
Ocwen Financial Corp. is a mortgage services and origination company in West Palm Beach, Florida. It offers solutions through its leading brands, PHH Mortgage, and Liberty Reverse Mortgage.
PHH Mortgage is a major mortgage servicer in the United States, while Liberty is one of the country’s largest lenders for reverse mortgages.
Meanwhile, Finance of America Reverse, A division of Finance of America Companies based in Plano, Texas, also operates in the reverse mortgage space.
Reference Source: National Mortgage Professional
