PHH Reports Loss For Third Quarter
MT. LAUREL, N.J. – PHH Corp., which operates the biggest mortgage bank for credit unions, reported a narrow loss of $8 million for its fiscal third quarter, down from a $52 million loss for the third quarter last year.
The lower loss was attributable to a 14% rise in revenues, to $572 million, compared to the same quarter last year. The third quarter performance also was hurt by a $191 million loss in the fair market value of the company’s mortgage servicing rights.
For the first three quarters of the year PHH reported a $133 million loss, compared to a $56 million profit for the same period last year, as three-quarter revenues declined by more than 18% to $1.5 billion.
Total mortgage closings were $12.7 billion for the quarter, up 26% over second quarter 2010.