Comerica Inc. of Dallas has hired PHH Corp.'s mortgage outsourcing unit to handle back-office origination work.
Loan officers at the $63 billion-asset Comerica will use Web-based origination software from PHH, whose employees will handle processing, underwriting, and closing tasks in Comerica's name, the Mount Laurel, N.J., outsourcer said Thursday.
Comerica also will use PHH's inbound call center and a private-label Web site to take mortgage applications.
PHH said it will service all loans originated under the arrangement, regardless of whether the loans are sold, to ensure that Comerica will be able to cross-sell other products and services to the borrowers.
The outsourcer does similar work for Merrill Lynch & Co. Inc., Charles Schwab Corp., and other financial services companies.
A deal to sell PHH to General Electric Co., which would have sold the mortgage unit to Blackstone Group LP, fell through last year after the credit markets seized up.
