CUNA Selling Mortgage Ops to PHH

Published October 03, 2005, 2:00 p.m. EDT

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Updated October 03, 2005, 2:00 p.m. EDT

1 Min Read

CUNA Mutual Group, Madison, Wis., has signed a letter of intent to sell most of its mortgage operations to PHH Mortgage, Mt. Laurel, N.J., for an undisclosed amount.News of a possible sale was first reported by National Mortgage News in its Oct. 3 issue. According to a statement released by CUNAMG, PHH will acquire "certain mortgage-related assets, and assume origination, servicing and sub-servicing contracts" for CUNA Mutual Mortgage Corp. Over the past 12 months, CUNA Mutual Mortgage funded $1 billion in residential loans -- mostly through wholesale and correspondent relationships. At deadline time it was unclear who would wind up with CUNAMMC's $11 billion in servicing rights.

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