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PHH Corp (PHH.N)

PHH.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

PHH says HSBC Bank USA to sell mortgage servicing rights currently subserviced by PHH unit
Thursday, 25 Aug 2016 09:10am EDT 

PHH Corp : Informed by HSBC Bank USA that it entered into agreement to sell mortgage servicing rights with respect to mortgage loans . Rights with respect to approximately 139,000 mortgage loans currently subserviced on behalf of HSBC by unit PHH Mortgage Corporation . Says advised that the purchaser of the mortgage servicing rights does not intend to retain PHH Mortgage Corporation as subservicer . PHH Corp says expects servicing responsibilities with respect to subject mortgage loans to be transferred to purchaser or its designee in Q4 2016 . PHH Corp says as of June 30, 2016, the units expected to transfer accounted for approximately 29 pct of the company’s total subservicing portfolio units . Says estimates that action represents a reduction in pre-tax earnings of approximately $10 million on an annualized basis . PHH Corp says sale of mortgage servicing rights does not impact HSBC’s origination activity with the company . Expects total subservicing units to decline by approximately 229,000, or approximately 47 pct of total subservicing units as of June 30, 2016 . Taking actions intended to realign direct operating costs, including actions to re-engineer facilities and overhead costs Source: (http://bit.ly/2bIzvgt ) Further company coverage: [PHH.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

PHH Corp posts Q2 loss per share $0.22
Monday, 8 Aug 2016 04:15pm EDT 

PHH Corp : Phh Corporation announces second quarter 2016 results . Q2 loss per share $0.22 . Qtrly core loss per share $0.08 . Says "taking appropriate actions to reallocate capacity to growth opportunities and reduce expenses as necessary" . Qtrly GAAP net revenues $ 196 million versus $ 237 million . Q2 earnings per share view $-0.46 -- Thomson Reuters I/B/E/S . Says "continue to see a trend by Merrill Lynch to insource a significant portion of their mortgage production volume" . Says "in past week, Merrill Lynch has advised us of their intention to insource additional volume" .PHH says Merrill Lynch's actions would result in total volume reductions representing approximately 60 pct of their total 2015 loan closing dollar volume.  Full Article

Silver Point Capital reports 8.3 pct passive stake in PHH
Monday, 18 Jul 2016 06:04pm EDT 

PHH Corp : Silver Point Capital, L.P.'s stake in PHH Corp is a passive stake .Silver Point Capital, L.P. reports 8.3 pct stake in PHH Corp as of July 6, 2016 - SEC filing.  Full Article

PHH Corp and Bank of America, N.A to continue mortgage relationship
Thursday, 17 Dec 2015 04:17pm EST 

PHH Corp:Says its subsidiary, PHH Mortgage Corporation, has entered into a new agreement with Bank of America, N.A., to continue to provide mortgage origination services to Merrill Lynch clients.Terms of the new agreement will commence on January 1, 2016.Current agreement will terminate on December 31, 2015.  Full Article

BRIEF-PHH Corp issues statement in response to D.C. Circuit Court of Appeals opinion

* PHH Corp says issues statement regarding opinion issued by D.C. Circuit Court of Appeals Source text for Eikon: Further company coverage: