HSBC yanks massive PHH mortgage servicing portfolio

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HSBC yanks massive PHH mortgage servicing portfolio It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio.

PHH will cut one-third of its local workforce in Amherst, New York, where is currently employs 294 people, according to an article in Buffalo.

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For over 30 years, PHH Mortgage has provided industry-leading mortgage services and helped countless homebuyers and homeowners find financing solutions.

Currently, PHH Mortgage has two primary servicing operations, one in Mount Laurel and another in Jacksonville, Fla. The parent company, PHH Corp. employs about 6,500.

LAUREL, N.J.–(BUSINESS WIRE)– PHH. servicing portfolio offset by increases in our subservicing UPB. In the second quarter of 2013, we assumed approximately $47 billion of subservicing UPB related.

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PHH disclosed Thursday that it recently received notice from HSBC Bank that it plans to sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH Mortgage Corporation, a wholly-owned subsidiary of PHH, on behalf of HSBC.