PHH Mortgage Corp., a subsidiary of PHH Corp., is now offering additional subservicing solutions to small and midsized institutions, such as community banks, credit unions and mortgage investors.
In addition to its traditional private-label offerings – which include customer service, escrow administration, payment and collections – PHH Mortgage says its platform can accommodate the servicing of any single-family residential mortgage portfolio acquired from the Federal Deposit Insurance Corp. (FDIC) under a loss-sharing agreement. The company's subservicing solution now has the capacity and functionality to service these organizations' loan portfolios, whether they consist of performing or nonperforming loans, PHH Mortgage says.
The company has also developed a hybrid subservicing offering that allows the financial institution client to maintain customer contact while PHH Mortgage completes all the back-office servicing processing.Â This enables the financial institution to eliminate its need for in-house servicing systems, while a having control over customer-facing functions. PHH Mortgage services the loans and private labels all the statement generation and Web functionality.
"This new subservicing offering is different from our standard subservicing offering because typically, the financial institution allows us to handle the customer-facing communication," says Martin L. Foster, senior vice president of servicing for PHH Mortgage. "Today, many organizations do not have the volume, scale or operations necessary to maintain an efficient and compliant servicing department, but are concerned about losing a customer touch point. This new service allows the financial institution to maintain its brand loyalty, which is especially important for regional banks and credit unions."Â
SOURCE: PHH Mortgage