PHH Corp. said Tuesday that its fourth-quarter profit nearly doubled from a year earlier, to $181 million, helped by strong performance in its mortgage business.
The Mount Laurel, N.J., company also said its chief financial officer, Sandra E. Bell, is leaving "to pursue other opportunities."
David Coles, a managing director at the turnaround firm Alvarez & Marsal, has been named interim CFO.
PHH has hired the recruiting firm Heidrick & Struggles to search for a permanent successor.
Jerry Selitto, PHH's president and chief executive, said its mortgage production volume increased in 2010 by 30%, to $49 billion, and its market share grew to 3.1% from 2.1%.
Its mortgage servicing rights portfolio increased by $15 billion, to $166 billion, while the weighted average interest rate fell by 40 basis points, to 4.9%.
PHH had a profit of $284 million on its mortgage business for the fourth quarter, with $33 million coming from the origination side and $251 million from the servicing side. The servicing profit includes a $287 million market-related adjustment to the value of its servicing rights.
