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Jumbo Mortgage News

PHH Better Than Average Jumbo Originator

Nonconforming originations have low delinquency

Dec. 28, 2012

By Mortgage Daily staff

PHH Mortgage Corp. does a better job of originating jumbo mortgage loans than the average jumbo originator.

In the world of non-agency loans, jumbo mortgages are those that exceed $417,000.

PHH originated around 975 jumbo loans from Jan. 1, 2009, through May 15, 2012, that it eventually sold into the secondary market.

According to Moody's Investors Service, just one of those loans has become at least 60 days past due.

In addition, the ratings agency noted that no repurchase demands have been issued on any of the loans.

As a result, Moody's rates the Mount Laurel, N.J.-based company's originator ability as above average.

"Moody's above average assessment of PHH's originator ability is based on Moody's above average assessment of PHH's sales and marketing practices; above average property valuation policies and procedures; strong closing procedures; and average credit risk management and underwriting policies," the announcement stated.

PHH ranked as the eight-biggest residential originator in the third quarter with $14.4 billion in production, according to an analysis by Mortgage Daily.

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