PHH Corp. (PHH) Misses Q3 EPS by 19c; Enters Agreement to Sell GNMA MSR Portfolio
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PHH Corporation Announces Third Quarter Results
November 8, 2016 4:47 PM ESTAnnounces Sale of Its GNMA MSR Portfolio and Exit from PLS Business
3Q16 Highlights:
Net loss attributable to PHH Corporation of $27 million or $0.50 per basic share, which includes $23 million of pre-tax expenses related to notable items, including $11 million related to an increase in reserves for legacy regulatory matters, and a $13 million pre-tax unfavorable market-related fair value adjustment to our mortgage servicing rights (MSRs), net of derivatives related to MSRs. Entered into a definitive agreement to sell substantially all of the GNMA MSR portfolio and related... More