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PHH Mortgage

PHH Mortgage is a leading provider of mortgage services and the top lender for providing mortgage by phone. A subsidiary of PHH Corporation (NYSE: PHH), PHH Mortgage provides mortgage services to credit unions, financial institutions, affinity groups, real estate brokers, corporations, and government agencies. PHH Mortgage is currently listed as a “STRONG” (the highest rating) residential mortgage loan servicer by Standard and Poor’s Ratings Services.

Loans Funded by PHH Mortgage

PHH Mortgage is one of the top ten originators of retail residential mortgages in the United States. They offer unsurpassed service, a full range of programs at competitive rates, and the smoothest mortgage experience in the industry.

In 2004 alone, PHH Mortgage provided $53 billion in mortgage financing, and every day they help more people fulfill the dream of home ownership. PHH Mortgage operates out of two main facilities in Mount Laurel/Moorestown, NJ and Jacksonville, FL, employing a combined total of more than 6,300 team players. They have received numerous awards, including the Top 100 List (Training Magazine), Top 25 Companies that Care (Jacksonville Magazine) and more.

Their mission statement is a promise to their customers, “to treat customers like family while providing financing for the American dream. The experience will be smooth, easy, and at times, fun. We will do this with unequalled passion and expertise.”

The company will guarantee a borrower’s closing date. If they don’t meet that date, they will reduce the interest rate on the loan by 1/8 of one percent for the life of your loan.

They offer free pre-approvals to qualifying homebuyers. With a mortgage pre-approval, one can shop for a home with confidence. A client can know just how much they  can afford and increase their negotiating power.

PHH Mortgage has purchased the mortgage assets of CUNA Mutual Mortgage Corporation. With this purchase, PHH Mortgage, which has been serving credit unions since 1989, will double the number of credit unions it serves as a leading mortgage provider, from 500 to more than 1,000. The servicing portfolio for credit unions will increase to approximately $16 billion.

Under terms of the agreement, PHH Mortgage acquired certain mortgage-related assets, and assumed origination, servicing, and sub-servicing contracts. The majority of originations for CUNA Mutual Mortgage Corp. come from wholesale and correspondent channels. CUNA Mutual Mortgage Corp. was servicing approximately $10 billion in loans with credit unions nationwide. In the last 12 months, the origination volume was approximately $1 billion.

CUNA Mutual Group selected PHH Mortgage due to the mortgage company’s ability to enhance the mortgage experience for credit union customers and their members. PHH Mortgage’s private-label business model allows flexibility with the unique ability to customize mortgage products and services at competitive rates with outstanding service guarantees.

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