The company has not filed an annual or quarterly report since its Q2 FY2018 10-Q, filed Aug 3, 2018. Its latest SEC filing is a SC 13G/A from Feb 13, 2019.
10-Q for Q2 FY2018, filed Aug 3, 2018
The sections below describe the company as of the FY2017 annual report.
Provides mortgage origination, loan servicing and subservicing, and portfolio-retention services to financial institutions, real estate brokers, and owners of mortgage servicing rights.
10-K for FY2017, filed Mar 1, 2018Our mortgage business has provided outsourced mortgage banking services to a variety of clients, including financial institutions and real…View ↗
Throughout 2017, our Mortgage Production segment provided private label mortgage services to financial institutions and real estate…View ↗
We service loans on behalf of the investors or owners of the underlying mortgage or MSRs, and because we do not hold loans for investment…View ↗
PHH earns origination fees and gains when it sells mortgage loans to secondary-market investors. Servicing clients pay a stated fee per loan for subservicing, which varies by delinquency and is earned as PHH performs the work.
10-K for FY2017, filed Mar 1, 2018We generate revenue through fee-based mortgage loan origination services and the origination and sale of mortgage loans into the secondary…View ↗
Our PLS business includes offering mortgage outsource solutions to wealth management firms, regional banks and community banks. All loans…View ↗
Loan servicing income—Subserviced portfolio. Loan servicing income related to the subserviced portfolio includes fee income related to…View ↗
$456M
10-K for FY2017, filed Mar 1, 2018
$456M ↗
Financial institutions and real estate brokers use PHH for mortgage origination; owners of mortgage servicing rights use it to service loans, and subservicing clients can also receive portfolio-retention services.
10-K for FY2017, filed Mar 1, 2018Our mortgage business has provided outsourced mortgage banking services to a variety of clients, including financial institutions and real…View ↗
Throughout 2017, our Mortgage Production segment provided private label mortgage services to financial institutions and real estate…View ↗
We record portfolio retention results in our PLS channel. Portfolio retention services are a product offered to our subservicing clients in…View ↗
We service loans on behalf of the investors or owners of the underlying mortgage or MSRs, and because we do not hold loans for investment…View ↗
Not on paper. It lost $194M in FY2017, but brought in more cash than it spent: $302M of free cash flow.
10-K for FY2017, filed Mar 1, 2018
10-Q for Q2 FY2018, filed Aug 4, 2018
−$35MView ↗
8-K, filed Oct 4, 2018
On October 4, 2018, PHH Corporation (the “Company”) completed its previously announced merger (the “Merger”) with POMS Corp (“Merger Sub”)…View ↗
Shrank. Revenue fell 62% in 4 years, from $1.2B in FY2013 to $456M in FY2017, about 21% a year.
Mortgage-only business
The older report described mortgage services alongside a commercial fleet-management business; the latest report says PHH had sold Fleet Management Services and operated as a stand-alone mortgage business.
10-K for FY2014, filed Feb 27, 2015 10-K for FY2017, filed Mar 1, 2018We were incorporated in 1953 as a Maryland corporation. For periods between April 30, 1997 and February 1, 2005, we were a wholly owned…View ↗
Origination narrows to portfolio retention
The older report described private-label, real-estate, and wholesale or correspondent origination. The latest report says future originations will come solely through portfolio-retention services as PHH exits private-label and real-estate channels.
10-K for FY2014, filed Feb 27, 2015 10-K for FY2017, filed Mar 1, 2018Mortgage ProductionView ↗
We source mortgage loans through our retail and wholesale/correspondent platforms. Within our retail platform, we operate through two…View ↗
· Wholesale/Correspondent (4% in 2014 compared to 10% in 2013): We purchase closed mortgage loans from community banks, credit unions…View ↗
Subservicing becomes the focus
The older report described servicing loans with retained servicing rights alongside growing subservicing. The latest report describes a capital-light business focused on subservicing and portfolio retention after sales of much of its capitalized servicing portfolio.
10-K for FY2014, filed Feb 27, 2015 10-K for FY2017, filed Mar 1, 2018
Competes with Wells Fargo Home Mortgage, Chase Home Finance, Bank of America, CitiMortgage, Quicken Loans, Ocwen Financial, and Nationstar Mortgage Holdings
10-K for FY2014, filed Feb 27, 2015The mortgage origination and servicing markets in which we operate are highly competitive. We compete with large financial institutions as…View ↗
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