PHH Mortgage Corp., a subsidiary of Ocwen Financial Corp. and non-bank mortgage servicer and originator, has entered into a reverse mortgage subservicing agreement with Finance of America Reverse LLC (FAR).
“This agreement is consistent with one of our core business strategies of growing our subservicing portfolio,” says Scott Anderson, executive vice president and chief servicing officer at PHH. “We look forward to a long-term relationship with FAR and delivering on the expectations that they have for their servicing partners and customers.”
As of the fourth quarter of 2022, thecompany’s total reverse servicing portfolio was approximately $31 billion in UPB, which included approximately $23 billion in subservicing UPB. The agreement with FAR provides a meaningful opportunity to grow PHH’s reverse subservicing portfolio and strengthens its standing as the only organization in the U.S. that can both originate and subservice reverse mortgages.
