PHH Units Get Extensions on Credit Suisse Warehouse Lines

Two subsidiaries of PHH Corp., Mount Laurel, N.J., have entered into individual agreements with Credit Suisse First Boston Mortgage Capital LLC for two-year extensions on their committed warehouse credit facilities.

PHH Mortgage Corp. and PHH Home Loans LLC now have lines which will terminate no later than May 22, 2015. The two extensions provide PHH with an aggregate committed warehouse capacity of $675 million.

The agreements were announced on an 8-K filing made by PHH Corp. and obtained through DisclosureNet.com. According to PHH’s 1Q13 10-Q filing, the amount available from Credit Suisse remains unchanged from the lines which were originally supposed to expire last Wednesday.

According to the 10-Q, PHH has total committed warehouse capacity of $3.4 billion, with the largest line coming from Fannie Mae, with a capacity of $1 billion. It was one year ago that PHH entered into an agreement with Fannie Mae revising the terms of that facility, including removal of language that allows for termination based on the company’s credit ratings.

PHH also has an uncommitted line from Fannie Mae of $2 billion, a servicing advance line of $120 million and an off-balance-sheet gestation facility from JPMorgan Chase of $500 million.