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PHH Mortgage, a prominent name in the U.S. mortgage landscape, provides a wide array of home loan options, including various purchase and refinance options for conventional and government-backed loans.
Let’s look at PHH Mortgage, exploring its origins, growth, and current status in the mortgage industry.
Origins and Growth of PHH Mortgage
Founded in 1946 and originally named PHH Home Loans, PHH Mortgage has evolved into a significant player in the American financial services sector. Headquartered in Mount Laurel, New Jersey, PHH Mortgage carved a niche as a prominent U.S. outsourcer of home loans. This unique position in the market allowed the company to process and originate mortgages not only for smaller banks but also for some of the world’s most prominent financial institutions, including giants like Morgan Stanley and HSBC Holdings Plc.
From April 30, 1997, to February 1, 2005, PHH operated as a subsidiary of Cendant Corporation (currently Avis Budget Group), engaging in mortgage banking, employee relocation services, vehicle fleet management, and fuel card services. On February 1, 2005, following a spin-off from Cendant, PHH started functioning independently and was listed as a public company on the New York Stock Exchange under the ticker symbol NYSE: PHH.
Over the decades, PHH Mortgage has expanded its reach and capabilities, solidifying its status as a leading mortgage originator and servicer in the United States.
The company distinguished itself through customer-centric services, technological innovation, and a wide array of mortgage products tailored to meet diverse consumer needs. Its growth was marked by an expansion into various states, providing an extensive network of loan officers and mortgage consultants to assist clients throughout the mortgage process.
Current Position in the Mortgage Industry
Today, PHH Mortgage remains a prominent player in the mortgage sector. The company offers a comprehensive range of mortgage products, including fixed-rate and adjustable-rate mortgages, government-insured loans like FHA and VA, and jumbo loans for high-value properties. Their options include purchasing, refinance, and cash-out refinancing.
The company’s commitment to technology and innovation remains strong, with a focus on digital solutions that streamline the mortgage application and management process for both borrowers and loan officers. This technological emphasis ensures a more efficient, transparent, and user-friendly experience for all parties involved.
Acquisition by Ocwen Financial Corp
On October 4, 2018, PHH Corporation marked a significant turning point when Ocwen Financial Corp acquired it for approximately $360 million. This acquisition resulted in PHH becoming a wholly owned subsidiary of Ocwen, a significant transition that reflected the evolving dynamics within the mortgage industry. Concurrently, PHH’s stock, previously listed on the New York Stock Exchange, was delisted, with Ocwen’s stock (NYSE: OCN) becoming the sole representation of the combined entity in the financial markets.
The acquisition aligned two major players in the mortgage sector. Glen A. Messina, the former CEO of PHH, took the helm as President and Chief Executive Officer of Ocwen, and employees of PHH transitioned to Ocwen.