PHH Corporation provides outsourced mortgage and fleet management services in the United States and Canada. The company’s mortgage banking activities include originating, purchasing, selling and servicing mortgage loans through its wholly owned subsidiary, PHH Mortgage Corporation and its subsidiaries (collectively, PHH Mortgage). The company provides commercial fleet management services to corporate clients and government agencies throughout the U.S. and Canada through its wholly owned subsidiary, PHH Vehicle Management Services Group LLC (PHH VMS). Segments The company operates through three segments: Mortgage Production, Mortgage Servicing, and Fleet Management Services. Mortgage Production The Mortgage Production segment provides mortgage services, including private-label mortgage services, to financial institutions and real estate brokers through PHH Mortgage. PHH Mortgage generally sells mortgage loans that it originates to secondary market investors, which include various institutional investors, and typically retains the servicing rights on mortgage loans sold. The company sources mortgage loans through its retail and wholesale/correspondent platforms. Within retail platform, it operates through two principal business channels: private label and real estate. Retail - Private Label: In the private-label services channel, the company offers complete mortgage outsourcing solutions to wealth management firms, regional banks and community banks, including Merrill Lynch Home Loans, a division of Bank of America, National Association and Morgan Stanley Private Bank, N.A. Retail – Real Estate: The company’s real estate channel is primarily supported by its relationship with Realogy Corporation. Wholesale/Correspondent: Within the wholesale/correspondent channel, the company purchases closed mortgage loans from community banks, credit unions, mortgage brokers and mortgage bankers, and also acquires mortgage loans from mortgage brokers that receive applications from and qualify the borrowers. The Mortgage Production segment includes PHH Home Loans, LLC, which is a joint venture that the company maintains with Realogy Corporation. The company owns 50.1% of PHH Home Loans through its subsidiaries and Realogy Corporation owns the remaining 49.9% through their affiliates. The company has the exclusive right to use the Century 21, Coldwell Banker and ERA brand names in marketing its mortgage loan products through PHH Home Loans and other arrangements that the company has with Realogy Corporation. The company works with brokers associated with NRT Incorporated, Realogy Corporation’s owned real estate brokerage business, brokers associated with Realogy Corporation’s franchised brokerages and third-party brokers that are not affiliated with Realogy Corporation. Mortgage Servicing The Mortgage Servicing segment services mortgage loans originated by PHH Mortgage, purchases mortgage servicing rights, and acts as a subservicer for certain clients that own the underlying servicing rights. Fleet Management Services The Fleet Management Services segment provides commercial fleet management services to corporate clients and government agencies throughout the United States and Canada. The company primarily focuses on clients with fleets of approximately 75 vehicles. The company provides its clients fleet leasing services and additional services and products, including fleet management, maintenance services, accident management services and fuel card programs. Trademarks The company’s holds ‘PHH’ and related trademarks and logos. Except for the ‘Arval’ mark, which the company licenses from a third party, it owns the material marks used in Fleet Management Services segment. Seasonality The Mortgage Production segment is subject to seasonal trends that reflect the pattern in the national housing market. Home sales rise during the spring and summer seasons and decline during the fall and winter seasons. Competition The company’s competitors in the mortgage business include Bank of America; Wells Fargo Home Mortgage; Chase Home Finance; Quicken Loans; and CitiMortgage. Its competitors in the fleet management business include GE Commercial Finance Fleet Services; Wheels, Inc.; Automotive Resources International; Lease Plan International; and other local and regional companies. History PHH Corporation was founded in 1946.
phh corp (PHH:New York)
3000 Leadenhall Road
Mount Laurel, NJ 08054
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To contact PHH CORP, please visit www.phh.com. Company data is provided by Capital IQ. Please use this form to report any data issues.