Items Tagged with 'PHH Corp.'

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CFPB fights back against "unconstitutional" ruling; asks court to rehear PHH case

Embattled agency asks for full Court of Appeals review
The Consumer Financial Protection Bureau is not ready to give up in its fight against PHH. The case started when the bureau added $103 million to a $6 million fine against PHH for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks. PHH sued, and the CFPB’s leadership structure was eventually declared unconstitutional by the United States Court of Appeals for the District of Columbia Circuit. On Friday, the CFPB asked the full court to rehear the case.
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PHH fined $28 million by NYDFS for "shoddy" mortgage servicing

Lender's actions echo several crisis-era practices
The New York Department of Financial Services announced Wednesday that it is fining PHH $28 million for what it calls “shoddy mortgage origination and servicing practices.” In announcing the fine, the NYDFS provided a list of the violations that PHH committed, and it reads like a laundry list of some of the same practices that gave the mortgage business a bad name before, during and after the financial crisis.
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PHH exiting private label origination business; selling off Ginnie Mae MSRs

It was all good a month ago
It was the best of times, it was the worst of times for PHH. A little less than a month ago, PHH was riding the highest of highs, having just landed a landmark legal victory over the Consumer Financial Protection Bureau in a case that saw the structure of the CFPB declared unconstitutional. Now, less than 30 days after celebrating its big victory over the CFPB, PHH is reporting another loss, and announcing the exit from at least one more of its business lines.
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Monday Morning Cup of Coffee: What's the real impact of landmark CFPB-PHH ruling?

And will housing come up at the last presidential debate?
The mortgage business is still reeling in the wake of the landmark ruling from the United States Court of Appeals for the District of Columbia Circuit, which last week declared the Consumer Financial Protection Bureau's leadership structure unconstitutional and vacated a $103 million fine against PHH. So what's the real impact of the decision? Plus, will they actually discuss housing during the final presidential debate this week?
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Will PHH victory undermine CFPB authority in similar court battle?

This is the case no one is talking about...yet
PHH's victory against the Consumer Financial Protection Bureau’s leadership structure opens the door for another, lesser-known case of a small Texas bank. The case got put on hold until the PHH case was finalized since they had similar challenges. Now with the case finalized, will the bureau face more charges on its authority?
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"A good day for democracy" or a "reckless decision": Mortgage industry reacts to watershed PHH-CFPB ruling

Reaction from all sides to Court of Appeals decision
While it’s too early to know the full impact of the United States Court of Appeals for the District of Columbia Circuit’s decision to rule the structure of the Consumer Financial Protection Bureau unconstitutional and vacate a $103 million fine against mortgage lender PHH, opinions from all sides are pouring in on just what the court’s decision could mean for housing and for the financial services industry as a whole.
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PHH wins landmark victory: CFPB ruled unconstitutional

Mortgage lender triumphs over CFPB in fight over $103 million fine
What was once unthinkable actually happened, as the United States Court of Appeals for the District of Columbia Circuit handed an earth-shattering victory to PHH, declaring the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacating a $103 million fine against PHH.
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Bank of America to continue outsourcing Merrill Lynch mortgages to PHH

PHH, Bank of America announce extension of mortgage lending relationship
Under the terms of a new agreement between PHH Corp. and Bank of America, PHH will continue to provide mortgage origination services to Merrill Lynch clients. The agreement, which was announced Thursday, renews a deal between PHH and Bank of America that outsources the origination of Merrill Lynch’s mortgages to PHH.
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PHH posts another big loss in third quarter

Company driven deeper into the red
For the second quarter in a row, PHH Corp. posted a loss, driving the company deeper onto the negative side of the ledger for 2015. Much of the loss was due to setting aside millions for the legal and regulatory battles the company is facing.
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PHH Home Loans promotes Kevin McGarrity to Northeastern regional executive

Previously served as regional vice president
PHH Home Loans, a joint venture between PHH Mortgage and Realogy Holdings Corp, announced that the company promoted Kevin McGarrity into the role of regional executive for the Northeastern region. McGarrity most recently served as regional vice president of PHH Home Loans for New Jersey, Pennsylvania, Delaware and New York.
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