Tag Archives: PHH

A years-long legal battle between the Bureau and PHH centered on accusations of illegal kickbacks. Read on to find out why the Bureau decided to drop the case, and what this means for the lender and servicer.

PHH Corporation (PHH), headquartered in Mount Laurel, New Jersey announced that Albert Celini has joined the Company as SVP, Risk and Compliance. Celini will succeed Leith Kaplan and assume the role of Chief Risk and Compliance Officer of PHH Corporation, effective January 1, 2018.

PHH Corporation (PHH) announced that Madeline Flanagan will succeed William Brown as SVP and General Counsel of PHH Corporation, effective January 1, 2018. Flanagan has served as SVP and General Counsel of PHH Mortgage, the Company’s mortgage subsidiary, since 2012. ...

According to a filing with the U.S. Securities and Exchange Commission on Monday, PHH Mortgage Corporation has closed the sale of nearly its entire Freddie Mac portfolio of mortgage servicing rights (MSR) to New Residential Mortgage, LLC—about 81,500 loans. New Residential picked up the portfolio for approximately $110 million. Of that sum, $101.5 million was attributable to the purchase rights for the Freddie Mac MSR portfolio and $8.5 million was for related servicing advances.

Ocwen has filed three motions against the CFPB in hopes of speeding up a Circuit Court of Appeals decision on the Bureau's constitutionality. The motions arrive on the back of a recent suit filed by the CFPB against Ocwen on April 21. The suit alleged Ocwen committed errors throughout the servicing process and improperly foreclosed on at least 1,000 homeowners.

The case, as previously reported by DS News, sees New Jersey-based lender PHH Corp. trying to overturn a $109 million penalty issued by the CFPB in June 2015 over alleged violations of the Real Estate Settlement Procedures Act.

"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,” said Rick Seehausen, LenderLive CEO. “The arrangement accelerates our long-stated imperative of driving scale and operating leverage in our private label Mortgage Solutions business.”

The court also ordered that the three-judge panel’s ruling this past October be vacated.

Colgate Selden, former Senior Counsel in the CFPB Office of Regulations, discusses the possible effect that the PHH Corp. v. CFPB decision will have on the Bureau's daily operations.

The U.S. Court of Appeals for the District of Columbia on Tuesday ordered a restructuring of how the CFPB operates within the executive branch, calling the Bureau’s structure “unconstitutional.”