MT. LAUREL, N.J. – PHH Corp., the mortgage bank that acquired CUNA Mutual Mortgage, reported yesterday that it expects to report a loss of $29 million for its fiscal year. PHH reported major declines across the board in its mortgage business last year, including an 14% drop in closings, an 21% decline in refinancings, a 11% fall in loans sold. The company, which acquired 100,000 residential mortgages as part of the CUNA Mutual deal, has been struggling with its financial reporting since its spin-off last year from Cendant Corp. The spin-off included Cendant’s fleet management business, as well as PHH Mortgage, one of the biggest mortgage banks in the country.
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