Mortgage

PHH laying off more employees in New York

Cuts will leave company with 30 employees in region

Given the headlines of late, it may be easy to forget that PHH Mortgage Corp’s landmark battle with the Consumer Financial Protection Bureau isn’t the only issue the company is facing.

The company is also in the middle of a significant shift in its business, necessitated by substantial changes in its mortgage servicing operations.

Included among those changes was the August announcement that HSBC Bank planned sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH, on behalf of HSBC.

HSBC’s decision led to layoffs in PHH’s workforce in Amherst, New York in September, but according to a new report from the Buffalo News, PHH is preparing to layoff more employees in Amherst later this year.

Here are the details, from Buffalo News reporter Matt Glynn:

PHH Mortgage Corp. will lay off 69 employees in Amherst at the end of June and then exit the Wehrle Drive building it leases.

This is the third wave of layoffs the company has announced since last September. At the end of June, PHH will have about 30 employees left in the region. Those workers will telecommute, said Dico Akseraylian, a spokesman.

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