Residential loan production volume has fallen to a small fraction of its year-earlier level at PHH Corp. Delinquency worsened, though the company cut its losses.

Before income taxes, losses from continuing operations at the Mount Laurel, New Jersey-based company came in at $36 million, according to PHH’s second-quarter earnings report.

PHH cut its losses from $75 million during the same three-month period in 2017. But the amount of losses swelled from $26 million during the first-three months of this year.

Source: Mortgage Daily