PHH Corp. has sold off one of its operating units in a transaction that generated an estimated nearly $100 million in gross proceeds.

Back in February, the Mount Laurel, New Jersey-based organization disclosed that it had reached an agreement to sell assets owned by PHH Home Loans.

The transaction, which was anticipated to generate cash proceeds of $92 million before estimated transaction and other costs, was expected to include a series of interim asset sale closings.

Source: Mortgage Daily