MT. LAUREL, N.J. – PHH Corp., operator of the biggest mortgage bank for credit unions, said net income for its first quarter rose to $8 million, even as revenues slid almost 2% to $577 million.
The company, which provides private label mortgage originations for credit unions, said its loan originations fell by 12% in the first quarter.
Jerry Selitto, president of PHH, said the company increased its credit union business in the quarter. “We began to execute on our strategy of expanding our private-label relationships with credit unions and smaller banks with the roll-out of two additional clients,” he said in a statement. “Our wholesale/correspondent originations increased in comparison to the first quarter of 2009, and we continue to take the steps necessary to increase our penetration rate in our real estate channel, including the major restructuring of our sales organization and the hiring of another senior sales executive with extensive mortgage industry experience.
