MOUNT LAUREL, N.J. – PHH Corp., operator of the biggest mortgage bank for credit unions, yesterday said it plans major layoffs in its attempt to reduce costs by at least $100 million over the next two years.
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The company’s mortgage operation is expected to contribute $40 million of the savings by making changes, such as having one underwriter handle a mortgage application from start to finish. The remainder of the projected savings are expected to come from PHH’s fleet business.
Details of the job cuts were not disclosed.
