PHH Corporation
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| PHH Corporation | |
|---|---|
| Name | PHH Corporation |
| Type | Public |
| Industry | Mortgage services |
| Founded | 1946 |
| Headquarters | Mount Laurel, New Jersey, United States |
| Products | Mortgage servicing, fleet management |
PHH Corporation was an American company historically engaged in mortgage servicing and fleet management, with headquarters in Mount Laurel, New Jersey. Over its history the company interacted with major financial institutions, regulatory agencies, and corporate counterparts across the United States and global markets, and underwent acquisitions and divestitures that reshaped its operations. PHH played a visible role in the post-2008 mortgage servicing landscape and the fleet leasing sector until strategic changes altered its business mix.
History
Founded in 1946, PHH expanded from regional origins into national prominence through acquisitions and organic growth, intersecting with firms and events such as Lehman Brothers, Bank of America, JPMorgan Chase, Wells Fargo, and the broader fallout from the 2007–2008 financial crisis. During the 1990s and 2000s PHH engaged with capital markets actors including Goldman Sachs, Morgan Stanley, and Citigroup as securitization and secondary market activity shaped mortgage servicing. Regulatory and judicial milestones—illustrated by actions involving the Securities and Exchange Commission, Consumer Financial Protection Bureau, and cases before the United States Supreme Court and various United States Court of Appeals panels—affected PHH's legal posture. Corporate transactions tied PHH to firms such as Allied Capital, Ocwen Financial Corporation, and later acquirers in the automotive services sector. The company’s history also intersected with landmark legislation and oversight regimes, including provisions under the Dodd–Frank Wall Street Reform and Consumer Protection Act, enforcement by the Federal Reserve System, and investigations influenced by state attorneys general in jurisdictions like New Jersey and California.
Business operations
PHH historically operated two principal lines: mortgage servicing and fleet management. Its mortgage servicing business serviced portfolios related to investors like Fannie Mae, Freddie Mac, Ginnie Mae, and private-label securitization vehicles sponsored by investment banks such as Barclays and Deutsche Bank. The servicing operations involved interactions with mortgage originators and sellers including Countrywide Financial, IndyMac Federal Bank, Chase Home Finance, and loan servicers like Ocwen. The fleet management arm provided leasing, maintenance, and remarketing services to corporate clients including multinational firms like General Electric, Ford Motor Company, General Motors and fleet purchasers such as Arval and LeasePlan. Operational partnerships and vendor relationships connected PHH to technology and service providers like Fiserv, Equifax, Experian, and collections or loss mitigation consultants used industry-wide. PHH’s service delivery intersected with mortgage investor standards promulgated by entities including Mortgage Bankers Association and auditing firms such as Ernst & Young and Deloitte.
Financial performance
PHH’s financial trajectory reflected cyclical pressures in the mortgage and automotive markets, with revenue streams tied to servicing fees, interest income, ancillary borrower fees, and fleet lease revenue. Periods of heightened credit losses and valuation adjustments tracked macro events linked to Global financial crisis of 2008, shifts in interest-rate policy by the Federal Open Market Committee, and capital-market volatility affecting counterparties such as AIG and Bear Stearns. Public filings reported to the Securities and Exchange Commission disclosed metrics including servicing portfolio size measured in unpaid principal balance, impairment reserves, and net income volatility comparable to peers like ServiceLink, Wells Fargo Home Mortgage, and Enterprise Holdings in the fleet arena. Strategic divestitures, restructuring charges, and acquisition activity influenced balance-sheet composition alongside interactions with rating agencies such as Moody's Investors Service, Standard & Poor's, and Fitch Ratings.
Corporate governance and leadership
PHH’s board and executive team engaged with corporate governance frameworks promoted by institutional investors and proxy advisory firms including BlackRock, Vanguard Group, State Street Corporation, and Institutional Shareholder Services. Leadership transitions reflected industry consolidation and shareholder pressures similar to patterns at companies like Bank of New York Mellon and American International Group. Senior executives navigated oversight from regulatory bodies including the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, while audit committees worked with external auditors such as KPMG and PricewaterhouseCoopers. Compensation and succession planning were informed by governance trends highlighted at gatherings like the World Economic Forum and indices such as the S&P 500 benchmark practices.
Legal issues and controversies
PHH faced regulatory enforcement actions and litigation concerning mortgage servicing conduct, borrower remittance processing, and fee disclosures, in contexts involving litigants and regulators such as Consumer Financial Protection Bureau, state attorneys general offices (e.g., New Jersey Attorney General), and investor groups represented by firms like Latham & Watkins and Sullivan & Cromwell. High-profile disputes mirrored matters litigated by companies such as Ocwen Financial Corporation and Countrywide Financial regarding servicing practices, borrower remediation, and repurchase claims by secondary market investors like Fannie Mae and Freddie Mac. Antitrust or contract disputes surfaced in commercial arenas with counterparties similar to Avis Budget Group and Hertz Global Holdings in fleet-related matters. Litigation outcomes and consent orders affected operational practices and produced settlements, injunctive relief, or appellate decisions in federal courts including circuit-level panels.
Corporate social responsibility and sustainability
PHH publicly addressed environmental and social considerations through policies on vehicle fuel efficiency, fleet emissions reduction, and borrower assistance programs, echoing initiatives pursued by corporations such as Toyota Motor Corporation, Tesla, Inc., Ford Motor Company, and sustainability frameworks advanced by organizations like the United Nations Global Compact and the Carbon Disclosure Project. Philanthropic and community engagement activities aligned with nonprofit partners and workforce development programs similar to those supported by United Way and Habitat for Humanity. Reporting and disclosures referenced expectations from investors and stakeholders including CalPERS and green bond market participants, while operational sustainability sought alignment with regulatory standards pertaining to emissions and consumer protection overseen by agencies like the Environmental Protection Agency.