Jump to content

PHH Corporation

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 67.202.213.1 (talk) at 18:32, 2 March 2016 (History). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

PHH Corporation
Company typePublic
NYSEPHH
IndustryFinancial services
Founded1946
Headquarters
3000 Leadenhall Road
Mount Laurel, New Jersey
,
Key people
Glen A. Messina (CEO)
Robert B. Crowl (CFO)
ProductsMortgage services
Mortgage loans
RevenueDecreaseUS$ 639 million (2014)[1]
Decrease US$ -284 million (2014)[1]
Decrease US$ 87 million (2014)[1]
Total assetsDecrease US$ 4.296 billion (2014)[1]
Total equityDecrease US$ 1,571 billion (2014)[1]
WebsitePHH.com

The PHH Corporation is an American financial services corporation headquartered in Mount Laurel, New Jersey[2] which provides mortgage services to some of the world's largest financial services firms.[3] PHH is the biggest U.S. outsourcer of home loans, processes and originates mortgages on behalf of small banks and some of the world’s largest financial firms, including Morgan Stanley and HSBC Holdings Plc.[3]

History

PHH was founded by Duane Peterson, Harley Howell and Richard Heather in 1946 in Mount Laurel, New Jersey and incorporated in 1953 as a Maryland corporation[1] providing mortgage services, employee relocation services, fleet management services.

Between April 30, 1997 and February 1, 2005, PHH was a wholly owned subsidiary of Cendant Corporation (now known as Avis Budget Group) and its predecessors that provided mortgage banking services, facilitated employee relocations and provided vehicle fleet management and fuel card services.

On February 1, 2005, as a result of a Cendant spin-off, PHH began operating as an independent, publicly traded company under the stock symbol NYSEPHH.

On July 1, 2014, all issued and outstanding equity interests in their Fleet Management Services business and related fleet entities were sold to Element Financial Corporation, for a purchase price of $1.4 billion. The Fleet business was focused on providing commercial fleet management services to corporate clients and government agencies throughout the U.S. and Canada which included fleet leasing services and additional services and products for vehicle maintenance, accident management, driver safety training and fuel cards. The transaction resulted in a $241 million net gain on sale reported on the 2014 Annual Report.[2]

References

  1. ^ a b c d e f "2014 Form 10-K, PHH Corporation". United States Securities and Exchange Commission.
  2. ^ a b "Company Overview, PHH Corporation". PHH Corporation.
  3. ^ a b "Banks Burdened With Compliance Costs Outsource Home Loans, Kathleen M. Howley". Bloomberg Business.