PHH Corp. will exit the private-label mortgage origination business entirely by the first quarter of 2018, the company announced in its third-quarter earnings. It is taking this action after losing Merrill Lynch as a client.

Furthermore, the company is selling its $14.8 billion Ginnie Mae mortgage servicing rights portfolio to Lakeview Loan Servicing at a slight premium to book value, with expected proceeds of $122 million, the company said in its third-quarter earnings release. This portfolio has a fair market value of $104 million.

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