Items Tagged with 'PHH Mortgage Corporation'

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  • PHH, Realogy agree to pay $17 million to settle lawsuit over alleged kickbacks

    Class action suit accused companies of title kickbacks involving joint venture
    PHH Corp. and Realogy Holdings will pay $17 million as part of a class action settlement over alleged kickbacks involving a former joint mortgage venture between the two companies. The lawsuit, which was originally filed in 2015, accused the companies of violating the Real Estate Settlement Procedures Act by “improperly paying and receiving kickbacks, referral fees, or other things of value in connection with the referral of title insurance and other settlement services.”
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  • PHH promotes Madeline Flanagan to senior vice president and general counsel

    Replaces William Brown, who is stepping down as part of leadership changes
    PHH announced Monday that Madeline Flanagan will succeed William Brown as senior vice president and general counsel of PHH, effective Jan. 1, 2018. Brown is set to depart as part of series of leadership changes that included Robert Crowl replacing Glenn Messina as the company's president and CEO.
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  • Monday Morning Cup of Coffee: Trump tapping familiar face to lead DOJ's civil division?

    What will become of False Claims Act charges under new leader?
    It looks like President Donald Trump is about to install a familiar face as the leader of the Department of Justice’s civil division. If that happens, what happens to the DOJ's recently preferred tactic of using the False Claims Act to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration? The answer, and more, in your Monday Morning Cup of Coffee.
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  • LenderLive takes PHH private-label mortgage operations

    PHH dramatic business shift continues
    Earlier this week, PHH announced that it plans to exit its joint mortgage venture with Realogy Holdings, ceding the business to Guaranteed Rate as PHH continues to shift its business focus. But that’s far from the only change for the company. LenderLive is now set to take over PHH's private-label mortgage operations.
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  • PHH selling off entire mortgage servicing rights portfolio

    New Residential buying up all PHH's MSRs, PHH will subservice for 3 years
    Nearly two months after announcing plans to sell off its Ginnie Mae mortgage servicing rights portfolio, PHH said Wednesday that it now plans to sell its entire remaining mortgage servicing rights portfolio in a massive deal with New Residential Investment.
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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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  • HSBC yanks massive PHH mortgage servicing portfolio

    PHH's subservicing portfolio will be cut by nearly 30%
    It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.
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  • Two Harbors enters flow sales agreement for MSR portfolio

    Falls in line with investment hedging trend
    Real estate investment trust Two Harbors Investment Corp.’s wholly owned subsidiary, Matrix Financial Services Corporation, entered into an agreement with PHH Mortgage Corporation for the purchase and sale of mortgage servicing rights, following a growing trend in the industry.
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