In what will likely be one of its final quarterly earnings reports as an independent company, the parent of PHH Mortgage released scant details about its operational results — though losses continued.
First-quarter earnings data released Tuesday by Mount Laurel, New Jersey-based PHH Corp. indicate losses before income taxes
were $26 million during the first-three months of 2018.
PHH cut its losses compared to the same-three months last year, when the total was $77 million. But losses widened from the final-three months of last year, when they were $7 million.
Because of its pending acquisition by Ocwen Financial Corp., which is expected to be completed during the second half of this year, PHH did not release supplemental earnings materials.
Only portfolio retention originations were reported, and they totaled just 1,096 loans for $0.208 billion.
The total mortgage servicing portfolio was reported at 648,040 loans that had an aggregate unpaid principal balance of $143.455 billion as of March 31, 2018.
The portfolio was 671,790 loan for $148.155 billion three months earlier and 754,655 loans for $163.626 billion one year earlier.
Most recently, the portfolio was comprised of 38,790 loans in which PHH was the primary servicer and 609,250 loans that were subserviced.
The capitalized servicing rate was 0.89 percent, while the multiple was 3.3, and the servicing fee was 27 basis points.
Headcount concluded March 2018 at 1,225.
