PHH Corp. has sold off one of its operating units in a transaction that generated an estimated nearly $100 million in gross proceeds.
Back in February, the Mount Laurel, New Jersey-based organization disclosed that it had reached an agreement to sell assets owned by PHH Home Loans.
The transaction, which was anticipated to generate cash proceeds of $92 million before estimated transaction and other costs, was expected to
include a series of interim asset sale closings.
An initial closing was targeted for June.
On Monday, PHH announced it completed the sale as well as five interim asset sale closings.
The buyer was Guaranteed Rate Affinity LLC, a joint venture between Guaranteed Rate Inc. and Realogy Holdings Corp.
Proceeds realized from the deal are now estimated at $96 million.
PHH Corp. President and Chief Executive Officer Robert B. Crowl called the completed sale “an important step in our efforts to re-engineer the organization focused solely on subservicing and portfolio retention services.”
