Earlier this year, LenderLive Network announced that it would be taking over PHH Mortgage Corporation’s private-label fulfillment operations in Jacksonville, Florida.
The move was part of PHH’s shift away from private-label originations, which the company announced last year. At the time, the company said that it intended for the process to be substantially complete by the first quarter of 2018.
Now, the transition to LenderLive taking over PHH’s private-label fulfillment operations is complete.
According to LenderLive, the company is now processing, underwriting and closing loans on an outsourced basis for PHH fulfillment clients served out of the Jacksonville facility.
When the deal was first announced in February, LenderLive said that PHH will outsource loan processing, underwriting and closing activities to LenderLive until the contracts with its current clients that are served out of Jacksonville are transitioned and/or completed.
As part of the transition, LenderLive said that it also hired a majority of the former PHH employees in the related fulfillment areas.
LenderLive said that it also now responsible for the PHH’s Jacksonville facility, which has been rebranded as LenderLive.
Back in Feburary, LenderLive said that the Jacksonville operations center, which is capable of supporting nearly 700 employees, will provide LenderLive the opportunity to expand its operations to meet the significant demand for services from LenderLive’s current and future clients.
“We are excited about the opportunity of adding a significant number of talented mortgage professionals and establishing a new operations center for LenderLive in Jacksonville,” Rick Seehausen, chief executive officer of LenderLive, said in February.
“The arrangement accelerates our long-stated imperative of driving scale and operating leverage in our private label mortgage solutions business,” Seehausen continued. “We look forward to welcoming our new associates and demonstrating the benefits of our platform and business model to PHH clients. This is a win-win for everyone involved.”