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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


PHH Only Lender to Maintain Mortgage Volume

Q3 originations unchanged from Q2

Nov. 7, 2013

By Mortgage Daily staff

Compared to the previous quarter, PHH Mortgage has been the only residential lender to avoid a decline in mortgage production.

Third-quarter residential originations were $14.771 billion, parent PHH Corp. reported in its earnings report.

Volume was identical to second-quarter production, making the Mt. Laurel, N.J.-based company the only mortgage lender so far tracked by Mortgage Daily that didn't see a quarter-over-quarter decline.

PHH managed to increase originations from the same three-month period last year, when $14.388 billion was closed.

Volume during the first nine months of 2013 totaled $42.861 billion.

The most recent period included $6.239 billion in loans to be sold and $8.532 billion in fee-based closings.

By origination channel, retail private-label originations accounted for $10.313 billion of third-quarter activity, while retail -real estate production was $3.166 billion and wholesale-correspondent volume was $1.292 billion. Private-label business was the only channel to show an increase.

Fourth-quarter production is on track for a decline based on new applications, which dropped to $12.6 billion from $19.7 billion in the second quarter. Applications from the wholesale-correspondent were down by more than half.

"We are taking swift and decisive action in our mortgage business to reduce capacity, lower fixed costs, and reposition the business for a smaller, home purchase driven market," PHH Corp. President and Chief Executive Officer Glen A. Messina said in the report.

The total loan servicing portfolio declined to1,232,712 mortgages for $227.973 billion from 1,259,697 loans for $228.637 billion serviced three months earlier.

But the portfolio was up from $185.143 billion 12 months earlier.

The Sept. 30, 2013, total included $132.899 billion in owned servicing and $95.074 billion in sub-servicing.

Excluding foreclosures and real estate owned, 30-day delinquency fell to 3.34 percent from 3.58 percent as of June 30.

The past-due rate worsened from 3.04 percent as of Sept. 30, 2012.

The foreclosure-REO rate was 2.39 percent as of the end of the latest period.

Unresolved repurchase demands slipped to $150 million from $154 million at the end of the second quarter.

The mortgage production segment had a loss of $16 million before income taxes, swinging from a $56 million second-quarter profit. The business earned $141 million in the third-quarter 2012.

While PHH withheld its servicing income before taxes, it did report a $28 million loss net of taxes, improving from a $205 million loss in the year-earlier period.

Prior to income taxes, PHH Corp. had a $74 million loss, swinging from a $158 million profit in the prior quarter and worse than the $56 million third-quarter 2012 loss.

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