Citizens Republic Bancorp, based in Flint, Mich., has selected private-label mortgage services provider PHH Mortgage, a subsidiary of PHH Corp., as a strategic partner for its mortgage loan origination business.
PHH Mortgage will provide Citizens with mortgage loan processing, servicing of new mortgage loan originations, certain secondary marketing functions and other mortgage-related loan origination services.
The arrangement allows Citizens' mortgage loan officers to use Web-based software, while PHH employees will do all the loan-processing work using the Citizens name, the companies note. PHH Mortgage will also take mortgage loan applications directly through a Citizens-branded call center and Web site.
Benefits to Citizens' clients include a broad product menu, faster approvals, streamlined and reduced documentation requirements for most loans, and access to loan processing status 24 hours a day, seven days a week.