PHH Corporation
| Company type | Public |
|---|---|
| NYSE: PHH | |
| Industry | Financial services |
| Founded | 1946 |
| Headquarters | , |
Key people | Glen A. Messina (CEO) Robert B. Crowl (CFO) |
| Products | Mortgage services Mortgage loans |
| Revenue |  US$ 639 million (2014)[1] |
| US$ -284 million (2014)[1] | |
| US$ 87 million (2014)[1] | |
| Total assets | US$ 4.296 billion (2014)[1] |
| Total equity | US$ 1,571 billion (2014)[1] |
| Website | PHH.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 NYSE: PHH.
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
- ^ a b c d e f "2014 Form 10-K, PHH Corporation". United States Securities and Exchange Commission.
- ^ a b "Company Overview, PHH Corporation". PHH Corporation.
- ^ a b "Banks Burdened With Compliance Costs Outsource Home Loans, Kathleen M. Howley". Bloomberg Business.