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PHH Profits Drop as Company Weighs Selling Mortgage Unit

MAY 8, 2014 6:14pm ET
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PHH Corp. in Mount Laurel, N.J., swung to a net loss in the first quarter, driven by losses in the mortgage banking business that it is considering selling.

The $8.5-billion-asset company lost $42 million, or 73 cents per share, compared to a profit of $52 million a year earlier.

The loss in the mortgage production business widened to $60 million from $45 million in the last quarter of 2013. The mortgage servicing line lost $29 million, after turning a profit of $86 million in the previous quarter.

"In the first quarter, our fleet business again delivered strong earnings while results in our mortgage business were consistent with the mortgage industry environment and our expectations," said Glen Messina, PHH's president and CEO.

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