PHH Corp. reported strong overall earnings for its second quarter, which ended Oct. 31.

Net income for the company, which has separate mortgage origination, relocation, and motor vehicle fleet management segments, increased 23% over a year ago, to $19.6 million.

Operating income for PHH Mortgage Services, the mortgage banking segment, increased 4% to $10.9 million, while its mortgage servicing portfolio increased 30% to $24.4 billion.

In mid-November, PHH announced that it would be acquired by HFS Inc., a hotel and real estate office franchiser that owns of Avis Inc.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.