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PHH Mortgage Announces Subservicing Agreement With Zillow Home Loans

PHH Mortgage Corporation, a subsidiary of Ocwen Financial Corporation, has announced that it has entered into a mortgage subservicing agreement with Zillow Home Loans LLC.

Earlier this year, Zillow Home Loans selected PHH Mortgage to provide subservicing for its residential mortgage portfolio. Following a collaborative onboarding and integration cycle, Zillow Home Loans and PHH completed an initial transfer of loans in August. PHH has worked with Zillow Home Loans to purchase loans on a correspondent and co-issue basis since 2019 and 2021, respectively.

“Our subservicing agreement with Zillow Home Loans is consistent with one of our core business strategies of growing our subservicing portfolio and strengthening our standing as one of the premier subservicers in the industry,” said George Henley, EVP and Chief Growth Officer at PHH. “We’re excited to be working with Zillow Home Loans, Zillow’s affiliated mortgage lender, to support their vision to create a more seamless real estate experience.”

As of September 30, 2023, PHH Mortgage’s total servicing portfolio was approximately $296 billion, which included approximately $167 billion of subservicing. Earlier this year, PHH was recognized for servicing excellence for the third consecutive year through Freddie Mac’s Servicer Honors and Rewards Program (SHARP) in the top-tier servicing group and for the second consecutive year through Fannie Mae’s Servicer Total Achievement and Rewards (STAR) performer recognition. The company also achieved HUD’s Tier 1 servicer ranking.

Headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, Ocwen provides solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH is focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs.

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.

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