As losses worsened from a year earlier at the parent of PHH Mortgage, loan originations diminished, and the servicing portfolio was slashed. A further decline in production is likely.
In its third-quarter earnings report, parent PHH Corp. disclosed a $78 million loss before income taxes for the three months that concluded on Sept. 30.
Losses at the Mount Laurel, New Jersey-based firm worsened from $29 million in the same three months last year. But they subsided from $83 million during the prior three-month period.
Source: Mortgage Daily