PHH Corp. (PHH) Misses Q3 EPS by 19c; Enters Agreement to Sell GNMA MSR Portfolio

November 8, 2016 4:48 PM EST

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PHH Corp. (NYSE: PHH) reported Q3 EPS of ($0.35), $0.19 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $197 million versus the consensus estimate of $198.67 million.

Updates:

  • Entered into a definitive agreement to sell substantially all of the GNMA MSR portfolio and related servicing advances to Lakeview Loan Servicing, subject to GNMA approval and certain origination source consents, with total book value of $120 million. Proceeds, excluding transaction and other costs, are currently expected to be $122 million(1).
  • Initiating the exit from the PLS business and intend to be substantially complete by the first quarter of 2018. Estimate total pre-tax losses related to the exit from PLS, including operating losses, of $175 million to $205 million.
  • Intend to complete the final phase of the evaluation of strategic alternatives by the end of January 2017.

For earnings history and earnings-related data on PHH Corp. (PHH) click here.



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