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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


PHH Originations Worse, Delinquency Better

$7.8 billion Q1 volume

April 30, 2010

By Mortgage Daily staff


Residential production fell more than 10 percent at PHH Mortgage. But loan delinquency improved.

Home loan fundings were 32,619 loans for $7.8 billion, PHH Corp. reported today in its first-quarter earnings report. Business was down from $8.7 billion in the fourth-quarter 2009 and 39,348 loans for $8.9 billion in the first-quarter 2009.

The Mt. Laurel, N.J.-based firm said 44 percent of the latest quarter's activity was for purchase transactions, reflecting the "typical first quarter low point in purchase cycle." Based on units, 70 percent of first-quarter business was retail and the rest was third-party.

Correspondent business accounted for 22 percent of first-quarter originations, increasing from a 20 percent share the prior period.

Loan applications were $12.2 billion, easing from the fourth quarter's $12.5 billion and suggesting second-quarter business might ease.

During the first quarter, PHH said it launched its private-label mortgage service with KeyBank. So far in the second quarter, private-label deals were launched with USE Credit Union and Northfield Bank.

A new operational process has resulted in a 58 percent reduction in underwriting time.

The total servicing portfolio closed out March at $153.1 billion, higher than $151.5 billion three months earlier and $149.2 billion one year earlier. The latest total included a $130.5 billion owned servicing portfolio and a $22.6 billion subserviced portfolio.

PHH owned just $0.2 billion in mortgages as of March 31.

Based on loan balances and including non-performing loans, total mortgage delinquency was 7.06 percent, falling from 7.52 percent on Dec. 31. The March 31 figure reflected 2.71 percent in foreclosures, real estate owned and bankruptcies.

"We believe that our delinquencies remain at approximately half the industry average,
given our strong underwriting policies and procedures," the report said.

Industry delinquency stood at 15.02 as of Dec. 31, according to data from the Mortgage Bankers Association.

In the first-quarter 2009, PHH delinquency was just 5.71 percent.

The mortgage production segment earned a $25 million first-quarter profit, lower than the $73 million fourth-quarter profit. The mortgage servicing segment, however, had a $13 million loss, swinging from an $86 million profit.

Income before taxes at parent PHH Corp. was $19 million, worse than $169 million in the fourth quarter. A year earlier, earnings were $5 million.

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