The acquisition of PHH Corp., which has operated as an independent organization for more than a dozen years, has been completed.

Mount Laurel, New Jersey-based PHH previously operated as part of Cendant Corp. At the time, PHH Mortgage Corp. was known as Cendant Mortgage.

As a subsidiary of Cendant, the mortgage unit had a built-in referral network since Cendant was also the parent of real estate franchise businesses that included Century 21 and Coldwell Banker.

Source: Mortgage Daily