PHH Corporation (PHH:NYSE)

PHH Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss attributable to company of $52 million or $0.94 per diluted share on net revenue of $507 million compared to net loss attributable to company of $84 million or $1.56 per diluted share on net revenue of $533 million in the same period of previous year. Loss before income taxes was $80 million against $141 million in the same period of previous year. The improved third quarter 2009 results as compared to the same period last year were primarily a reflection of higher margins on mortgage loans, higher volumes of more profitable first mortgage retail originations and interest rate lock commitments. For the nine months ended September 30, 2009, the company reported net income attributable to company of $56 million or $1.02 per diluted share on net revenue of $1,862 million compared to net loss attributable to company of $38 million or $0.70 per diluted share on net revenue of $1,838 million in the same period of previous year. Income before income taxes was $111 million against loss before income taxes of $65 million in the same period of previous year. The improved year-to-date 2009 results as compared to the same period last year were primarily a reflection of higher margins on and volumes of mortgage loans and higher volumes of more profitable first mortgage retail originations.

PHH Corporation announced that Jerome J. Selitto has been named President and Chief Executive Officer and appointed to the Board of Directors, effective immediately. George Kilroy, who in June had stepped in on an interim basis as Acting President and CEO of PHH, will continue to lead the company's fleet management business and serve as a member of the company's Board of Directors. Mr. Selitto brings to PHH nearly forty years of experience in the mortgage industry and in capital markets, as well as a long and successful track record of building companies that have created value by transforming key sectors of the home lending market. Mr. Selitto served most recently as a senior consultant and then member of the senior management team of mortgage industry software provider Ellie Mae and, before that, as Chief Executive Officer of DeepGreen Financial.

PHH Corporation expected to Report Fiscal Year 2009 Results on March 1, 2010. This event was calculated by Capital IQ (Created on November 4, 2009).