One month after going public, PHH Corp., Mt. Laurel, N.J., has adopted a policy of not entering into "employment agreements" with any of its executives or workers, including its chief executive, Terence W. Edwards.The company, the parent of PHH Mortgage, the nation's 13th-largest residential lender, made the announcement in a filing with the Securities and Exchange Commission. Mr. Edwards had a contract with PHH but agreed to terminate it and continue to serve on an "at-will" basis. The company did not return telephone calls by MortgageWire's deadline. (See the March 7 issue of National Mortgage News for more details.)
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