PHH Corporation Names Luke Hayden to Head Its Mortgage Business

PHH Corporation (NYSE:PHH) today announced that mortgage industry veteran, Luke S. Hayden, has been named President of PHH Mortgage, effective immediately. In this role, Hayden will report to Jerry Selitto, President and Chief Executive Officer of PHH Corporation. He succeeds Mark Danahy, who is leaving the company to pursue other opportunities.

Hayden most recently was Chief Executive Officer of Mortgage Renaissance Investment Trust, New York, a company designed to provide equity capital to support non-agency lending and securitization. Previously, he led the restructuring of GMAC Mortgage’s capital markets activities and integrated its RFC and GMACM affiliate operations. His 30-year career in mortgage banking includes 13 years at JP Morgan Chase Corporation, where he was Executive Vice President of Consumer Market Risk Management responsible for Chase Home Finance’s mortgage portfolio and capital markets activities. Prior to Chase, Hayden held senior positions at Security Pacific National Bank and First Interstate Bank of California. He received his BA from Brown University and his MBA from UCLA’s Anderson School of Management.

“PHH’s long-term success will be driven by how well we perform in three critical areas: providing excellent service to our clients, increasing efficiency through our $100 million transformation effort, and our ability to grow both our mortgage and fleet operations. On the mortgage side, this means driving higher levels of customer service through greater process efficiency, expanding our footprint across additional channels, and diversifying our sources of liquidity to support higher levels of origination,” said Selitto. “Luke Hayden is uniquely well qualified to execute against these goals. In the past decade, he helped build one of the major national mortgage franchises and has since become a recognized ‘go-to’ expert on securitization, restructuring and mortgage risk.”

Hayden commented, “The mortgage business is at an inflection point. The era of poorly conceived products and lax underwriting practices is behind us. The consolidation of lending operations is creating opportunities for lenders, investors and service providers to rethink their strategies and approaches to the origination, servicing and investment of mortgage products. These trends are particularly favorable for nimble, but disciplined originators and servicers like PHH. I’ve known and worked with Jerry Selitto and members of his team in the past and I’m pleased to be joining them.”

Selitto added, “I want to thank Mark Danahy for his contributions to PHH Mortgage, and particularly for the stability and leadership he has provided as our company navigated a very challenging period for the mortgage industry.”

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. For additional information about the company and its subsidiaries, please visit our website at www.phh.com.

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