Earnings Decline At PHH

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MT. LAUREL, N.J. - (11/11/05) -- PHH Corp., which is acquiring CUNAMutual Group's mortgage operations, said costs related to thisyear's spin-off from Cendant Corp. pushed down third quarterearnings by 25% to $46 million, or 86 cents a share, even whilerevenues were rising 19% to $292 million for the period. Spin-offrelated costs of $280 million have pushed the mortgage and fleetfinancing company into the red for the first three quarters, to thetune $186 million, or $3.51 a share, compared to a profit of $157million, or $2.99 a share, for the first nine months last year.PHH's acquisition of CUNA Mutual's mortgage operations gives itrelationships with more than 1,000 credit unions, making it thelargest mortgage bank for credit unions.

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