Exec comes to the company as SVP of default subservicing
PHH Mortgage has brought on industry veteran Michael Keaton (pictured) as its new senior vice president of default subservicing.
In this newly created role, Keaton will oversee the growth of the company’s sub-performing and non-performing servicing through strategic subservicing opportunities. He will report directly to Scott Anderson, executive vice president and chief servicing officer.
A seasoned mortgage professional with more than 30 years of experience, Keaton joined PHH from Shellpoint Mortgage Servicing, where he most recently served as a chief servicing officer. Before Shellpoint, he held several executive-level positions in Resurgent Capital Services and Wendover Financial Services.
“We are very excited to have Michael join our team. He brings a unique combination of executive leadership and extensive operational experience in default servicing with the skill set and industry credibility to drive business results,” Anderson said. “With the continued downturn in the mortgage industry and broader recessionary environment, we believe our proven special servicing capabilities will create opportunities to support homeowners, clients and investors through a challenging mortgage cycle.”
The nonbank mortgage company saw record growth in its subservicing business over the past year. In 2021, PHH serviced approximately 1.4 million loans with a total UPB of $268 billion.
Read more: PHH Mortgage’s subservicing business posts record growth in 2021
“Last year was a record year in terms of wins and volume for our subservicing business,” said George Henley, chief growth officer of PHH Mortgage. “We won business from mortgage banks, regional banks, private investors and MSR holders of varying sizes. Our clients have recognized PHH as a superior alternative to other subservicers in the market and have entrusted us to provide an immediate lift for their valued customers.”
