PHH Buys CUNA Mutual's Mortgage Assets

PHH Mortgage, Mt. Laurel, N.J., has announced the purchase of the mortgage assets of CUNA Mutual Mortgage Corp., increasing PHH Mortgage's credit union servicing portfolio to approximately $16 billion.The financial terms of the transaction were not disclosed. Under the agreement, PHH Mortgage acquired certain mortgage-related assets and assumed origination, servicing, and subservicing contracts, the company reported. The majority of CUNA Mutual's originations come from wholesale and correspondent channels, and its servicing portfolio for credit unions totaled approximately $10 billion, PHH Mortgage said. The company said it was chosen by CUNA Mutual because its private-label business model enables CUs to customize mortgage products and services at competitive rates. "PHH Mortgage is able to say to all credit unions that we do not cross-sell any products and services that may compete with a credit union's product menu," said Terry Edwards, president and chief executive officer of PHH Mortgage. The company, a subsidiary of PHH Corp., can be found on the Web at http://www.phh.com.