PHH Corporation Comments on Settlement with New York State Department of Financial Services
2016年11月10日 - 5:08AM
ビジネスワイヤ(英語)
PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today
issued the following statement in conjunction with the agreement to
settle certain matters regarding legacy mortgage servicing and
origination activities of PHH Mortgage Corporation and PHH Home
Loans, LLC, as applicable, with the New York State Department of
Financial Services (“DFS”).
“We have agreed to resolve concerns raised by the DFS arising
from legacy servicing and origination examinations conducted
between 2010 and 2014 in order to avoid the distraction and expense
of litigation. While we provided detailed responses to the
examination findings and worked cooperatively with the DFS on this
matter, we concluded that settling these matters is in the best
interest of PHH and its constituents. As acknowledged by the DFS in
the agreement, PHH has made substantial strides in improving our
servicing operations. These enhancements are part of our ongoing
investments in compliance, technology, process management, and
oversight infrastructure. We remain committed to making necessary
enhancements in our operations and serving our customers in a fair
and appropriate manner.”
Under the terms of the agreement, PHH will pay a civil monetary
penalty of $28 million, engage an independent third-party auditor
for a period of 12 months, and conduct a review of a sample of
loans originated from 2008 to 2014 to review certain origination
practices and disclosures. As previously stated, the agreement will
not result in material changes to PHH’s legal reserves or
reasonably possible losses in excess of such reserves.
About PHH Corporation
Headquartered in Mount Laurel, New Jersey, PHH Corporation is a
leading provider of end-to-end mortgage solutions through its
subsidiary, PHH Mortgage. Its outsourcing model and proven
expertise, combined with a strong commitment to operational
excellence and customer service, has enabled PHH Mortgage to become
one of the largest non-bank originators and servicers of
residential mortgages in the United States. PHH Mortgage provides
mortgage solutions for the real estate market and financial
institutions, and offers home financing directly to consumers. For
additional information, please visit www.phh.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Generally, forward looking-statements are not
based on historical facts but instead represent only our current
beliefs regarding future events. All forward-looking statements
are, by their nature, subject to risks, uncertainties and other
factors that could cause actual results, performance or
achievements to differ materially from those expressed or implied
in such forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements. Such
statements may be identified by words such as “expects,”
“anticipates,” “intends,” “projects,” “estimates,” “plans,” “may
increase,” “may fluctuate” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could.”
You should understand that forward-looking statements are not
guarantees of performance or results and are preliminary in nature.
You should consider the areas of risk described under the heading
“Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors” in our periodic reports filed with the U.S. Securities and
Exchange Commission, including our most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, in connection with
any forward-looking statements that may be made by us or our
businesses generally. Such periodic reports are available in the
“Investors” section of our website at http://www.phh.com and are
also available at http://www.sec.gov. Except for our ongoing
obligations to disclose material information under the federal
securities laws, applicable stock exchange listing standards and
unless otherwise required by law, we undertake no obligation to
release publicly any updates or revisions to any forward-looking
statements or to report the occurrence or non-occurrence of
anticipated or unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20161109006177/en/
PHH CorporationInvestorsHugo Arias,
856-917-0108hugo.arias@phh.comorMediaDico Akseraylian,
856-917-0066dico.akseraylian@phh.com
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