PHH Corp., the biggest mortgage bank for credit unions, reported it will be unable to file its financial report for the second quarter, as it works to restate earnings going all the way back to 2001.
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The company, which acquired CUNA Mutual Group's $10-billion portfolio of credit union mortgages last year, reported earlier that it expects to report a loss for fiscal year 2005, when it was spun off from Cendant Corp., as well as for the first quarter of 2006.
The company has yet to disclose the details of the deal with CUNA Mutual, which provided mortgage banking for more than 1,000 credit unions. PHH is one of the biggest mortgage banks in the country and has a servicing portfolio of more than $160 billion.
