Company to provide subservicing for Zillow's residential and correspondent mortgage portfolio
PHH Mortgage, a subsidiary of Ocwen Financial, has entered a new mortgage subservicing agreement with Zillow Home Loans, extending the companies' partnership.
Earlier in the year, Zillow Home Loans selected PHH Mortgage to provide subservicing for its residential mortgage portfolio. The partnership, which followed an extensive period of onboarding and integration, saw its first transfer of loans completed in August.
PHH has previously collaborated with Zillow Home Loans, purchasing loans on a correspondent and co-issue basis since 2019 and 2021, respectively. According to its news release, PHH's total servicing portfolio as of September 30 was valued at approximately $296 billion, which included around $167 billion in subservicing.
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PHH chief growth officer George Henley commented on the deal: "Our subservicing agreement with Zillow Home Loans is consistent with one of our core business strategies of growing our subservicing portfolio and strengthening our standing as one of the premier subservicers in the industry."
Henley expressed enthusiasm about the partnership, noting its alignment with Zillow Home Loans' objective to streamline the real estate experience.
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