"Last year was a record year in terms of wins and volume for our subservicing business"
PHH Mortgage, a subsidiary of non-bank mortgage company Ocwen Financial, has reported seeing “significant growth” in its subservicing business in 2021.
According to its release, PHH added $56 billion in subservicing unpaid principal balance (UPB) to its portfolio. In addition, the company added $152 billion in total servicing UPB, a 166% gain from 2020, and closed 2021 servicing roughly 1.4 million loans with a total UPB of $268 billion.
The company said it was able to capitalize on several industry and market trends last year, citing pandemic-driven fluctuations in MSR values, record-high origination volumes adding pressure to in-house servicing departments and ongoing re-evaluations of subservicers’ performance.
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“Last year was a record year in terms of wins and volume for our subservicing business,” said PHH chief growth officer George Henley. “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. According to Inside Mortgage Finance, the size of the total subservicing market is approximately $3.8 trillion, and we believe PHH is well-positioned with our scale and capacity to fully participate in this growth.”
PHH expects to board forward and reverse subservicing clients totaling approximately $35 billion in UPB in the first half of this year.
“Our best-in-class servicing platform is centered on our six C’s of performance: competency, putting the client first, customer centricity, technology-enabled capabilities, a bank-grade risk and compliance model, and a strong value-based culture that underpins everything we do. We believe our servicing platform is among the best in the industry,” said Scott Anderson, executive vice president and chief servicing officer. “Our performance and recent industry recognitions are reflective of the overall strength and quality of our team and capabilities.”
