PHH Mortgage Inks New Private Label Mortgage Deal

The newest client for PHH Mortgage's private label outsourced origination platform is Amalgamated Bank, New York. Amalgamated customers can apply for loans at a bank branch, online, or via telephone with PHH staying in the background as the private label processor. Product types include fixed and adjustable rate mortgages, jumbo loans, second/vacation homes, condos and co-ops. Amalgamated will continue to offer its Money Sense financial literacy workshops for first-time homebuyers. It has 14 branches in New York City, three in Los Vegas and one each in Lyndhurst, N.J., Washington and Pasadena, Calif. Hector Fernandez, Amalgamated's first vice president, said the private label deal was struck "as the housing market begins to show signs of emerging from a long period of adversity. Refinancing activity continues to be strong."