Thu, Aug. 6, 12:43 PM
Thu, Aug. 6, 12:20 PM
- "We have encountered delays in executing our strategies to drive organic growth and our servicing segment continues to operate at a loss," says CEO Glen Messina. Citing regulatory uncertainty, the volatile nature of the mortgage industry, and a need to increase scale, Messina announces a delay in the repurchase program.
- The Q2 net loss from continuing operations was $13M or $0.23 per share.Core loss of $73M or $1.43 per share, with tangible book value per share of $25.03 down 17% from the start of the year.
- The company took a pretax $34M, or $0.41 per share after-tax charge for legal and regulatory reserves. There was also a pretax $30M, or $0.36 per share after-tax charge for early debt retirement.
- Mortgage production segment profit of $3M vs. a loss of $19M in Q1 and a loss of $27M a year ago. Mortgage closings of $12.1B up 29% Q/Q, up 30% Y/Y.
- Mortgage Servicing segment loss of $46M vs. a $57M profit in Q1 and a $10M profit one year ago. The UPB on the portfolio of $104.7B fell 16% Y/Y.
- PHH -25%
Wed, Aug. 5, 4:50 PM
Fri, Jun. 5, 10:46 AM
- Yesterday's 4.7% selloff in PHH Corp (NYSE:PHH) bakes in the worst possible outcome from the CFPB's $109M disgorgement order, says Oppenheimer analyst Ben Chittenden, reiterating his Outperform rating and $30 price target.
- He notes the CFPB figure compares to $6.4M recommended by an administrative judge, and that PHH will appeal.
- "Our working assumption is that some of the claims payments will be allowed to offset the reinsurance premiums and the ultimate disgorgement amount will be significantly less."
- Previously: PHH Corp. slides as CFPB takes action over title insurance (June 4)
Thu, Jun. 4, 2:59 PM| Thu, Jun. 4, 2:59 PM | Comment!
Wed, May 6, 4:55 PM
Tue, Feb. 24, 2:54 PM
- The company late last year opened new offices in Dallas and Houston, and this month opened in L.A., Boston, Orlando.
- "The opening of these offices represents the company's first steps executing against our new retail expansion strategy," says Ralph Melbourne, SVP of real estate.
- PHH expects to expand coverage in the top 25 home purchase markets through additional retail offices this year and next.
- Source: Press release
Tue, Feb. 17, 4:19 PM
Mon, Feb. 16, 5:35 PM
Nov. 4, 2014, 4:48 PM
Oct. 8, 2014, 9:40 AM
Aug. 8, 2014, 10:39 AM
- One is a collared deal agreement with JPMorgan for $100M of company stock, the other an uncollared agreement with JPMorgan for another $100M. PHH Corp. (PHH +1%) is laying out the money today.
- The plan for the $200M accelerated buyback was announced about a month ago following the sale of Arval which generated $821M in net proceeds.
Aug. 4, 2014, 4:11 PM
Aug. 3, 2014, 5:35 PM
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Jul. 15, 2014, 9:44 AM
- PHH Corp. (PHH +1.7%) is on the move in early action after Oppenheimer upgrades to Outperform with $30 price target.
- Looking at standalone financials for the mortgage business following the sale of PHH's leasing operation, Oppenheimer sees little downside risk to the stock and says underlying trends in mortgages should improve going forward.
Jul. 10, 2014, 3:57 PM
- Its work here done, Orange Capital slashes its stake in PHH Corp. (PHH +2%) to 2.9% of the company from 7.2% at last report.
- Orange late last year began agitating for a break-up of PHH and the company this week closed on the sale of its fleet management operation to Element Financial.
- Selling too early? PHH continues to trade below book value and earlier this week announced a sizable buyback, much of which will be accelerated.
PHH vs. ETF Alternatives
PHH Corp along with its subsidiaries is engaged in providing end to end mortgage solutions. It offers mortgage loan origination services & sells mortgage loans, & provides servicing activities for originated & purchased loans and acts as a sub-servicer.
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