PHH Mortgage Announces New Subservicing Agreement With Zillow Home Loans; Agreement Expands Existing Correspondent Relationship To Strategic Servicing Partner
Portfolio Pulse from Benzinga Newsdesk
PHH Mortgage, a subsidiary of Ocwen Financial Corporation (NYSE:OCN), has entered into a mortgage subservicing agreement with Zillow Home Loans, expanding their existing relationship. The initial onboarding of loans was completed in August 2023. This partnership aligns with PHH's strategy to grow its subservicing portfolio and reinforces its position as a leading subservicer. PHH has been recognized for servicing excellence by Freddie Mac, Fannie Mae, and HUD, highlighting its industry standing.
November 13, 2023 | 10:42 pm
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Ocwen Financial Corporation's subsidiary PHH Mortgage has secured a subservicing agreement with Zillow Home Loans, which may lead to increased revenue and growth in its subservicing portfolio.
The agreement with Zillow Home Loans is likely to have a positive impact on Ocwen Financial's revenue and growth prospects in the mortgage servicing sector. The news emphasizes PHH's strategic expansion and its recognition for servicing excellence, which could boost investor confidence and potentially lead to a short-term increase in OCN's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Zillow Group, through its Zillow Home Loans arm, has entered into a subservicing agreement with PHH Mortgage, which may enhance its mortgage lending operations and customer experience.
Zillow Group's partnership with PHH Mortgage for subservicing could improve operational efficiency and customer experience in its mortgage lending business. This strategic move may be viewed positively by investors, potentially leading to a short-term uptick in Zillow's stock (Z).
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Zillow Group, Inc. - Class A (ZG) could see benefits from the subservicing agreement between its Zillow Home Loans division and PHH Mortgage, potentially improving its mortgage services.
The subservicing agreement with PHH Mortgage is expected to support Zillow Group's vision of a seamless real estate experience, which could have a positive short-term impact on ZG's stock as it may improve the company's mortgage lending services.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70