MOUNT LAUREL, N.J. – PHH Corp., operator of the largest mortgage bank for credit unions, said Friday third quarter losses widened to $38 million, or 69 cents a share.
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The company, which is being taken over by GE Capital, said third quarter financials included a $249 million write-down on the value of its mortgage servicing rights.
For the first three quarters of the year PHH, which includes PHH Mortgage and PHH Fleet, lost $24 million, or 44 cents a share.
PHH Mortgage became the biggest mortgage bank for credit unions in 2005 when it bought the assets of CUNA Mutual Mortgage and its $13 billion residential loan portfolio. The company does business with more than 2,000 credit unions.
